Daily Digest

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Daily Digest 12/21 - Reducing Social Security Checks, Saving Italy’s Banks Means Missing Public Debt Target

Wednesday, December 21, 2016, 11:51 AM

Economy

CalPERS fiddles while taxpayers’ wallets burn

This is CalPERS’ fault. Its projected earnings fell through because it had a poor return on a lot of its investments and unrealistic earnings estimates. How can it say the return will be 7.5 percent and it comes in at .06? At the conference there weren’t many details, Perez said, though there was an acknowledgement its global investments were off. Our savings accounts yield more.

Manitoba forecasts $1-billion deficit for current fiscal year

"Slower than expected economic growth in the U.S., Canada, Japan and many European countries, combined with the U.K.'s vote to exit the European Union, have all contributed to a weaker economic outlook for advanced economies overall," the report stated.

Puerto Rico revised budget gap projection up $10 billion to $67.5 billion: Board

Puerto Rico's federally appointed financial oversight board revealed on Tuesday a fresh budget deficit projection prepared by the outgoing government that is $10 billion more than forecast in October, the board said in a statement.

Saving Italy’s Banks Means Missing Public Debt Target Again

In UniCredit’s 2017 Outlook report, Federico had forecast the debt ratio to gross domestic product would rise next year to 133.2 percent. She said in an interview that she now sees it 1 percentage point higher, exceeding 134 percent.

Paschi Said Failing to Lure Investors as State Readies Aid

If government funds are used in the bank’s recapitalization, its bondholders will probably have to take losses under European burden-sharing rules. The cabinet is considering a so-called precautionary recapitalization that may reduce the potential losses. A meeting is scheduled Friday to determine the details, a government official said.

The government is reducing Social Security checks to recover unpaid student debt

The federal government is increasingly taking money out of recipients’ Social Security checks to recover millions in unpaid student debt, leaving thousands of retired and disabled Americans with below-poverty incomes, according to a report set to be released Tuesday.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/22/16

Provided daily by the Peak Prosperity Gold & Silver Group

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saxplayer00o1
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California Drivers Pay Up for Underfunded Highway Patrol Pension

Japan's Embattled Students Learn to Live Under a Burden of Debt

Bloomberg-54 minutes ago
While Japan is nowhere near the level of the U.S. -- students there owe some $1.3 trillion in total, compared with about $76 billion in Japan -- the rise of college ...

Britain's debt soars to £1.7TRILLION as borrowing jumps AGAIN

Express.co.uk-5 hours ago
BRITAIN'S debt pile reached almost £1.7 TRILLION last month, as the Government continues to borrow billions each month to fund its spending, figures revealed ...

Brazil lawmakers water down fiscal austerity deal with states

Reuters-20 hours ago
The legislation also reduces debt payments and extends the maturity on 427 billion reais ($127 billion) of debt owed by all of the 27 states. "It was not possible to ...

California's coming $20 billion healthcare emergency

Los Angeles Times-8 hours ago
California is facing a $20 billion healthcare emergency. ... Replacing such a deficit in healthcare spending with state funds alone would require California either ...

Saudis Brace for More Economic Pain

Wall Street Journal-9 hours ago
Saudi Arabia's fiscal deficit ballooned to a record deficit of $98 billion, or about 16% of gross domestic product, in 2015 due to a sharp drop in the price of oil.

As Puerto Rico Moves On, Another U.S. Territory Crisis Arises

Bloomberg-39 minutes ago
... which is mulling another downgrade over the growing fiscal distress in the region. Meanwhile, Puerto Rico is moving closer to restructuring its $70 billion debt ...

California Drivers Pay Up for Underfunded Highway Patrol Pension

Bloomberg-5 hours ago
"It's a pension tax -- call it what it is," said state Senator John Moorlach, a Republican who introduced a bill that would implement measures to cut pension costs.

 

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4239
Central banks have cut interest rates 690 times since Lehman

Central banks have cut interest rates 690 times since Lehman ...

CNBC-6 hours ago
The top 50 central banks around the world have seen a total of 690 interest rate cuts since the collapse of ... They have also cut rates into negative territory.

Brazil cenbank slashes growth forecast, signals heftier rate cut

Reuters-1 hour ago
"The bank is signaling it has space to increase the size of the rate cut," said ... At 13.75 percent, the central bank's benchmark Selic interest rate remains one of ...

Cabinet OKs record-high ¥97.45 trillion budget as social security, defense outlays swell

The Japan Times - ‎14 hours ago‎
It enables Japan to cut its dependence on debt, albeit slightly, to 35.3 percent from 35.6 percent in the fiscal 2016 initial budget. New bond issuance is reduced by ¥62.2 billion to ¥34.37 trillion in fiscal 2017, while total issuance comes to ¥153.96 ...

Japan's embattled students learn to live under a burden of debt

TODAYonline-13 hours ago
While Japan is nowhere near the level of the US — students there owe some US$1.3 trillion (S$1.8 trillion) in total, compared with about US$76 billion in Japan ...

Nigeria's debt service bill tops N4tr in three years

Guardian-11 hours ago
By the end of 2017, Nigeria would have spent N4.1 trillion on debt servicing. The 2017 budget proposal has N1.7 trillion for debt servicing. The debt service ...

Calpers Rings Pension Warning Bell

Bloomberg-1 hour ago
The California fund is big, but it pales in comparison to the estimated $3.6 trillion of assets in state and local government retirement systems as of 2015, ...

Editorial: CalPERS keeps loading debt on taxpayers

East Bay Times - ‎18 hours ago‎
That places the system's shortfall at about $170 billion, which averages more than $13,000 of debt for each California household. It's actually worse than that. And the longer the union-dominated CalPERS board fails to comprehensively address its ...

Study: Americans owe $747 billion in credit card debt

WSFA-14 hours ago
According to a recent NerdWallet.com study, the total debt owed by U.S. consumers currently sits at $747 billion. The total owed by the average household ...

City's pension liability zooms up by $937 million

San Diego Reader-14 hours ago
... pension liability as of June 30 has soared to $2.65 billion, up by $937 million ... #"Pension-fund managers are once again hiding the size of the pension debt," ...

San Diego facing deeper budget cuts than expected

The San Diego Union-Tribune-17 hours ago
The IBA analysis, however, projects significantly larger deficits over the next two ... in the city's $1.3 billion annual budget for Fiscal 2018, which begins July 1.

 

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