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    Daily Digest 9/27 – Long Term Care Cost Surging, BofE Sounds Alarm On Debt Bubble Risks

    by saxplayer00o1

    Wednesday, September 27, 2017, 12:43 PM

Economy

Health Premiums Expected To Jump Nearly 60% In Virginia

The price hikes become even more astounding when compared with the average increases that the Affordable Care Act’s marketplace saw in the past three years, which hovered at around 11 percent before rising to 24.8 percent last year.
Next year, the average monthly premiums for plans range from $502 to $1,031.

Anthem cites soaring drugs costs to justify 35% rate hike in California

Overall, Anthem is proposing a 35 percent rate increase for about 135,000 consumers who buy their own insurance in and outside the Covered California exchange. It’s the largest increase statewide and assumes that federal subsidies for copays and deductibles will continue to be paid. The second highest, also assuming the U.S. government will continue paying those subsidies, is 28.6 percent by Molina Healthcare.

Long-term care costs are surging, survey says

Long-term care costs are surging and the most expensive option — a private nursing home room — may soon top $100,000 per year.

Puerto Rico economic crisis grows in wake of Maria’s human toll

As Puerto Rico faces catastrophic damage, it must restore the health and safety of its citizens while navigating the bankruptcy process to help it reduce a $74 billion debt load and a broke pension system.

Report: Six-Figure University of California Pensions Up 60% Since 2012

The Times says pensions, salaries and UC’s failure to contribute to the pension fund for two decades have left the retirement system in the red. Last year, there was a $15 billion gap between the amount on hand and the amount it owes to retirees.

Price tag for Kentucky’s ailing pensions could hit $5.4 billion over next two years

In presentations on Monday, the pension oversight board was told that total employer contributions for KRS in Fiscal Years 2019 and 2020 would be an estimated $2.47 billion each year, up from $1.52 billion in the current fiscal year. Nearly $995 million of that would be owed by local governments. The remaining $1.48 billion is what the state would owe.

Tokyo plans another Japan Post share sale to raise up to ¥1.3 trillion

But Japan is struggling with a debt load equal to more than twice the size of its economy — one of the heaviest in the world — and has been looking to sell off state assets to fund spiraling social-welfare costs.

Hartford mayor tells bondholders of dire fiscal status

The junk-rated city is waiting to see how much aid it might get from the state, which itself is struggling with high taxes, falling revenue, $73 billion of pension and debt obligations and people and businesses leaving.
Connecticut faces a $3.5 billion deficit over the next two years and its budget is nearly three months overdue.

California Pension Crisis An Increasing Drag On Cities, Counties

Critics say CalPERS has been hiding the enormity of the problem the same way a gambler hides their losses – by assuming that in the future, there will be huge and unlikely returns on their investment. Officially, CalPERS assumes a 7.2 percent annual rate of return on their investments -but most economists believe 3 to 4 percent is more realistic.

Bank of England sounds alarm on debt bubble risks

“With levels of outstanding borrowing approaching levels not seen since the economic crisis and households are increasingly financially vulnerable, debt is an issue that needs to become a priority for policymakers now,” said Mike O’Connor, chief executive of the StepChange debt charity.

Gold & Silver

Click to read the PM Daily Market Commentary: 9/26/17

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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7 Comments

  • Wed, Sep 27, 2017 - 7:18am

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2932

    Hartford debt default a 'virtual certainty,' says S&P

    Debt boom in India and China threatens new financial crisis, warns …

    Telegraph.co.uk16 hours ago

    “The largest 30 banks hold almost $43 trillion in assets, compared to less than $30 trillion in 2006, and concentration is continuing to increase in the US, China, ..

    China’s mortgage debt bubble raises spectre of 2007 US crisis

    South China Morning Post14 hours ago
    Young Chinese like Eli Mai, a sales manager in Guangzhou, and Wendy Wang, an executive in Shenzhen, are borrowing as much money as possible to buy …

    Central Bank Stimulus Alone Can’t Punch Up Wage Growth, IMF Says

    Bloomberg2 minutes ago
    Weak productivity growth and a shift to part-time work are key forces behind the sluggish wage gains across the developed world since the Great Recession, …

    Canadian Indebtedness to Limit Rate-Hike Path, Economists Say

    Bloomberg18 hours ago
    … little precedent to show what happens to confidence and spending when consumers see higher payments on their record C$2.1 trillion ($1.7 trillion) debt pile.

    California schools face $24 billion in retiree health costs

    Ventura County Star5 hours ago
    SACRAMENTO – California schools are on the hook for $24 billion in future health care costs for their retirees, a mountain of debt that’s forcing some districts to …

    Hartford debt default a ‘virtual certainty,’ says S&P

    MarketWatch20 minutes ago
    The city of Hartford, Conn., is on the brink of defaulting on its debt, S&P Global … for the current fiscal year that would close a two-year $3.5 billion spending gap.

    City pension woes hit home as shortfall hits $405 million (Palo Alto)

    The Daily Post20 hours ago
    The pension shortfall — also known as the unfunded liability — is the difference between what will be needed to pay employee pensions into the future and the …

    Jacksonville City Council approves $1.27 billion budget

    Florida Politics (blog)11 hours ago
    The other amendment: almost $23 million to be moved to pension from two … sales tax proceeds will only pay a fraction of the $3.2B unfunded pension liability, …

    Report gives Delaware ‘F’ grade for its fiscal health

    Los Angeles Times2 hours ago
    A new report has given Delaware an “F” grade for its fiscal health. The analysis from Truth in Accounting claims the state had an $8.5 billion gap between assets …

    REAL BREXIT BILL: Brussels now demands UK pays £10BILLION …

    Express.co.uk8 hours ago
    HUGELY generous pensions for retired Eurocrats have skyrocketed over the last year …. Britain is expected to contribute £10 billion to EU pension costs before …

    LA pension officials deliver another financial blow to the city budget

    Los Angeles Times12 hours ago
    A Los Angeles pension board voted Tuesday to scale back its long-range investment … The decision is expected to shift $38 million in retirement costs onto the …

    Obamacare premiums in Florida to rise 45 percent on average next …

    Miami Herald16 hours ago
    Health insurers selling Affordable Care Act plans in Florida will raise monthly premiums by nearly 45 percent on average next year, the state’s Office of Insurance …

    Health Premiums To Rise An Average Of 24-Percent On Washington …

    NW News Network10 hours ago
    If you buy individual health insurance through Washington’s Health Benefit Exchange get ready for sticker shock. Rates will go up by an average of 24 percent …
     

     

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  • Wed, Sep 27, 2017 - 8:49am

    #2

    sand_puppy

    Status Platinum Member (Offline)

    Joined: Apr 13 2011

    Posts: 1837

    It's Hard to Pretend that you are "Defending Democracy"

    … when the police are used to shut down voting.

    In reality, when the machinery of state is controlled by the oligarchy, that machinery is used to defend the systems used to plunder and control the population.

    Yet the rationale given to the populace is invariably benign and idealistic:  “ensuring quality,”  “protecting the children,” “for your own good,” and of course, “defending democracy.”

    In that Catalan Region of Spain, they are scheduled to vote on a referendum calling for independence from Spain on Sunday.

    The Spanish government has sent in the police to close the voting stations before the vote Sunday.

    It sounds like it is getting pretty dark there:

     

    The Catalan people are living in a police state. The true colours of the Popular Party government in Madrid are now being seen clearly.

    Quasi-military police imported in ferries waiting in Barcelona and Tarragona ports. Legitimate meetings broken up. Private houses entered and searched. Drivers stopped and their cars searched. Civil servants dragged before the courts. The rule of law forbidding the public to gather in their local schools. All reminiscent of the fascism from which the Popular Party has now found the “courage” to re-emerge.

    How much does it take before the population says “no more” and armed rebellion erupts?

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  • Wed, Sep 27, 2017 - 9:16am

    #3
    Petey1

    Petey1

    Status Member (Offline)

    Joined: Sep 13 2012

    Posts: 55

    Florida Obama care increases.

    Middle and lower class getting crushed!  

    http://www.miamiherald.com/news/health-care/article175550671.html

    Obama care costs going up on average 45 percent in one year.  Cost for family of four with crappy coverage around 17,000.  This can’t last much longer.

     

     

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  • Wed, Sep 27, 2017 - 12:09pm

    Reply to #3

    Chris Martenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4502

    Don't Worry, Yellen is on the Job!

    Petey1 wrote:

    Middle and lower class getting crushed!  

    http://www.miamiherald.com/news/health-care/article175550671.html

    Obama care costs going up on average 45 percent in one year.  Cost for family of four with crappy coverage around 17,000.  This can’t last much longer.

    Not to worry, Ms. Yellen is busy making sure that stocks hit high after high, while assuring nobody escapes their plan via precious metals or a reasonable rate of interest on savings.  

    If the middle class failed to buy stocks hand over fist on margin in 2009, tough luck for them!  They should not doubt their masters next time.  Let it be a lesson.

    Consider the health care increases suitable punishment for doubting the all mighty Federal Reserve and DC contingent.

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  • Wed, Sep 27, 2017 - 2:01pm

    Reply to #3
    mntnhousepermi

    mntnhousepermi

    Status Bronze Member (Offline)

    Joined: Feb 19 2016

    Posts: 149

    cmartenson wrote: Petey1

    cmartenson wrote:
    Petey1 wrote:

    Middle and lower class getting crushed!  

    http://www.miamiherald.com/news/health-care/article175550671.html

    Obama care costs going up on average 45 percent in one year.  Cost for family of four with crappy coverage around 17,000.  This can’t last much longer.

    Not to worry, Ms. Yellen is busy making sure that stocks hit high after high, while assuring nobody escapes their plan via precious metals or a reasonable rate of interest on savings.  

    If the middle class failed to buy stocks hand over fist on margin in 2009, tough luck for them!  They should not doubt their masters next time.  Let it be a lesson.

    Consider the health care increases suitable punishment for doubting the all mighty Federal Reserve and DC contingent.

     

    People who self pay need to get over their fear and just say “No” . Cancel their policies. There is no longer any penalty enforcement via the IRS. People can enroll in a catastrophic only, or use a HealthShare program, like this, https://www.libertyhealthshare.org/do-i-qualify . And, people need to pressure the government to allow more healthshare organizing based on other forms of community, not just religious, based on professional organizations, credit unions, neighborhood associations or whatever people want ! The first step is to stop participating, given that the costs are out of control for no coverage anyways.

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  • Wed, Sep 27, 2017 - 3:50pm

    #4

    blackeagle

    Status Bronze Member (Offline)

    Joined: May 16 2013

    Posts: 221

    Interesting maps

    While surfing the web, I found this site. It has plenty of interesting, instructive and sometimes frightening maps (deforestation, access to water, land degradation, population pressure, sea level rise, climate change, crop land, etc…). Many subjects talked on PP.

    Enjoy!

    Home page: http://atlas-for-the-end-of-the-world.com/index_0.html

     

     

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  • Thu, Sep 28, 2017 - 4:11am

    #5

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2932

    Will California ever pay off its massive debt?

    Will California ever pay off its massive debt?

    OCRegister11 hours ago
    But even these efforts have put only a small dent in the state’s total debt. … and, in total, the states have racked up over $1.5 trillion dollars in unfunded state debt…..the unfunded pension liabilities alone have been estimated in the high hundreds of billions of dollars, and perhaps as much as $1 trillion. This would put the debt burden at close to $100,000 per person.

    CalPERS rising costs could cause Oroville – and cities like it – to go …

    Oroville Mercury Register10 hours ago
    CalPERS rising costs could cause Oroville – and cities like it – to go bankrupt … of Oroville may consider filing for bankruptcy if pension costs continue to go up.
     

    PERS: Oregon pension deficit climbs to $25.3B, meaning higher …

    OregonLive.com11 hours ago

    Oregon’s public pension deficit has grown to $25.3 billion, which means schools and local and state governments will need to drain an additional $1.4 billion ..

    Japan Downgrade Risk Seen Rising as Default Swaps Climb

    BloombergQuint16 hours ago
    The cost of insuring Japan’s government debt against default rose to a 15-month high on Tuesday, with policy uncertainty adding to concerns about tensions …

    Japan’s Social Security Burden Frustrates BOJ Inflation Efforts

    Bloomberg15 hours ago
    “The rapidly rising labor costs are increasingly becoming a source of major … While the rate they pay toward pension premiums is scheduled to stop rising this …

    Millions may lose promised pension payout

    BBC News 18h ago
     

    Anthem won’t sell new Obamacare plans in most of Maine, current …

    CNBC19 hours ago
    Because those plans now will be sold outside of HealthCare.gov, their customers … will lose federal aid that reduces coverage costs if they stick with Anthem.

    Obamacare rates soar as White House refuses to make long term …

    USA TODAY16 hours ago

    Insurance rates for those who buy health care coverage through the Affordable … to commit to reimbursing insurers for subsidies that reduce out-of-pocket costs, .

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