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    Daily Digest 8/6 – Liberia Struggles To Contain Ebola, A Modern-Day Dust Bowl

    by saxplayer00o1

    Wednesday, August 6, 2014, 2:24 PM

Economy

Charleston, WV mayor proposes sales tax increase to fund police and firefighter pension funds

The funds have a deficit of more than $287 million. The sales tax increase ordinance would give the city police and fire pension funds money until the 2027, according to City Manager David Molgaard.

U.S. National Debt Now Stands at $1.1 Million per Taxpayer

According to financial magazine Forbes, $17 trillion is just the tip of the ice berg. The United States has nearly a hundred times that in long-term unfunded liability, According to Forbes, the total amount of unfunded liabilities is $126 trillion, or $1.1 million per U.S. taxpayer. While the US National Debt Clock may calculate that every man, woman and child owes $55,346 in funded liabilities, it is the actual tax payers that will end up paying over $1 million in both funded and unfunded liabilities to pay this debt back.

Prices soar as Liberia struggles to contain Ebola

President Ellen Johnson Sirleaf has announced a raft of new rules aimed at halting the tropical virus, which passes from person to person through bodily fluids, including bans on bush meat and crowded taxis.

She also said anyone caught selling soap, bleach or chlorine at inflated prices would be prosecuted. But residents of the capital Monrovia say they have seen goods and services more than double in price since the enforcement of the new measures.

Ukraine Alarmed by Russian Buildup as People Flee Luhansk

Russia, which annexed Crimea from Ukraine in March, has deployed 45,000 soldiers, 160 tanks and as many as 1,360 armored vehicles, a Ukrainian military spokesman, Andriy Lysenko, told reporters in Kiev today. There are also 192 Russian warplanes and 137 military helicopters, as well as artillery systems and multiple rocket launchers, he said.

A modern-day Dust Bowl

But the drought’s biggest victim could be California’s Central Valley, the source of fully half the nation’s fruits and vegetables, where panicked farmers are taking extraordinary steps to survive a drought that could drive them out of business. In Kern County, one farmer recently drilled five new wells at 2,500-feet deep apiece — twice the height of the Empire State Building — in a desperate attempt to tap into new water sources below.

Obamacare rates to soar by as much as 23 per cent in 2015

A federal court ruling, if it stands, would hike monthly costs by as much as $450 because the federal government would no longer be able to subsidize rates in 36 states

U.S. Treasury to put public pensions under scrutiny

Public pensions had $4.89 trillion in assets in the first quarter of 2014, the highest on record, according to data from the U.S. Federal Reserve. But they also had the largest liabilities on record going back to 1945 – $5.03 trillion – and their funding gap has widened since the 2007-2009 recession.

Russia to Use Pension Savings as Short-Term Budget Fix for Second Year

Such steps reflect growing strains on Russia's public finances, which are being hit by a severe economic slowdown exacerbated by Western sanctions over Ukraine.

How Tax Inversions Became the Hottest Trend in M&A (Scroll to the graph of the corporate tax rates)

Another leading driver of cross-border deals, many of which are inversions, is the large cash stockpiles U.S. companies are hoarding overseas to avoid bringing the money home, which would trigger hefty tax bills. U.S. nonfinancial companies held nearly $950 billion of cash overseas at the end of 2013, according to Moody's MCO -1.28% Analytics.

Wealth gap is slowing U.S. economic growth, S&P says

Adjusted for inflation, the top 0.01 percent’s average earnings have jumped by a factor of seven since 1913. For the bottom 90 percent of Americans, average incomes after inflation have grown by a factor of just three since 1917 and have declined for the past 13 years.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/5/14

Provided daily by the Peak Prosperity Gold & Silver Group

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