Daily Digest

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Daily Digest 5/10 - Crisis In Venezuela, PA Budget Woes Deepen

Wednesday, May 10, 2017, 8:15 AM

Economy

Firing Fuels Calls for Independent Investigator, Even From Republicans (jdargis)

“I am troubled by the timing and reasoning of Jim Comey’s termination,” Mr. Burr said in a statement. It “further confuses an already difficult investigation by our committee,” he said, adding that Mr. Comey had been “more forthcoming with information” than any of his predecessors.

Poop bombs: the Venezuelan opposition’s new weapon

The first recorded use of excrement bombs was last weekend at a skirmish in Los Teques, the capital of Miranda state, just a few kilometers out of Caracas. According to an account that soon went viral, around a dozen National Guard officers were pelted with excrement. Before moving out again, several members of this militarized police force were allegedly so disgusted that they vomited.


Hidden numbers reveal scale of Venezuela’s economic crisis

Venezuelans are seeing the value of their money shrink at the fastest pace in the world. The IMF estimates an inflation rate of 720 per cent for this year, skyrocketing even further in the coming years. Economists disagree on Venezuela’s actual inflation rate, with their estimates ranging from 350 per cent to 2,200 per cent.

Ventura adjusts CalPERS payments

In 2014-15, Ventura paid $13.8 million to its retirement system for past and present employees. During the next budget cycle, which starts July 1, that bill will climb by more than $4 million – to just under $18 million. Those costs will rise even faster in the years ahead,

Rahm Delays Briefings For Aldermen On How CPS Will Fill Massive Budget Gap (Chicago)

CPS must pay its employees' pension fund $721 million by June 30, something it could no longer afford to do after Rauner vetoed a bill in November that would have given Chicago's schools $215 million.

Texas House approves Houston pension reform bill

Rep. Mike Schofield, R-Katy, meanwhile, modified the bill to make firefighters' benefit cuts contingent on voters' November approval of $1 billion in pension obligation bonds, which Turner wants to inject into the underfunded police and municipal pensions.

U.K. corporate deficits rise in April

The total deficit of defined benefit funds covered by the Pension Protection Fund, London's 7800 index grew 8.4% for the month and 30.2% for the year ended April 30, to £245.6 billion ($317.9 billion). The funded ratio of these plans fell to 86%, from 87% as of March 31, and 87.6% as of April 30, 2016.

Oregon raises almost $75 million in tax revenue from marijuana sales

Tax money collected from Oregon's legal marijuana sales has been a rare bright spot as lawmakers fight over how to fill a $1.6 billion budget deficit.


Pennsylvania’s budget woes will deepen with aging population

Already one of the nation’s oldest states, the growth of Pennsylvania’s retirement age population is projected to balloon in the coming decade, while its working-age population shrinks.

Slow revenue growth worries cash-strapped states

State tax revenues grew by a startlingly weak 1.2 percent in the last fiscal year, raising concerns among legislators and economists that states are in for a new round of painful budget cuts.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/9/17

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."

4 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4009
Auto Loan Fraud Soars in a Parallel to the Housing Bubble

Crumbling roads, bridges bring higher taxes, fees

Daily Astorian-21 hours ago
The taxes are to expire when the debt is paid off in about 20 years. .... for a $1 trillion national infrastructure program that his administration has yet to detail.

Auto Loan Fraud Soars in a Parallel to the Housing Bubble

Bloomberg-2 hours ago
... levels seen in mortgages during last decade's housing bubble, according to a ... than with the housing crisis, just because there's less car debt outstanding.

Japan's gov't debt reaches record high by end of fiscal 2016

Xinhua-46 minutes ago
TOKYO, May 10 (Xinhua) -- Japan's central government debt reached a record high of 1,071.56 trillion yen (9.4 trillion U.S. dollars) by the end of fiscal 2016, the ...

Price Boom Far From Over in $450 Billion Danish Mortgage Market

Bloomberg-8 hours ago
After half a decade of negative interest rates, Denmark's housing market looks like it can only move in one direction: up. Michael Rasmussen, the chief executive ...

Puerto Rico's Debt Crisis Claims Another Casualty: Its Schools

New York Times-5 hours ago
... like 178 other schools across the island, it is set to close after the last day of the school term this week, in part to help Puerto Rico battle a $123 billion debt.

Report: Puerto Rico has worst drinking water violation rate

ABC News-10 hours ago

The water and sewer authority holds roughly $5 billion of the island's overall $73 billion public debt load that the government is seeking to restructure. Previous ..

Hartford Moves Closer to Bankruptcy, Will Solicit Proposals From ...

Hartford Courant-18 hours ago
Hartford faces a $65 million deficit next year and a $14 million shortfall this year. ... But the state has its own problems, with a more than $2 billion budget gap ...

Rising health care benefit costs show no sign of abating globally, Willis Towers Watson survey finds

Nasdaq - ‎1 hour ago‎
ARLINGTON, Va., May 10, 2017 (GLOBE NEWSWIRE) -- The cost of employer-provided health care benefits around the globe continues to climb with little relief in sight, according to a survey of medical insurers by Willis Towers Watson (NASDAQ:WLTW), ...

Conn. Health Insurance Request Average Premium Rate Hikes as High as 52%

Washington Free Beacon - ‎19 hours ago‎
Health care insurers in Connecticut have requested premium rate hikes as high as 52.1 percent, according to the state's insurance administration. The state has just two insurers participating in the Obamacare exchanges in 2017. Both have requested rate ...

Health insurance companies seek rate hikes up to 40 percent in DC

WTOP - ‎22 hours ago‎
WASHINGTON — Insurance companies offering individual health care plans in D.C. want to increase premiums from 13 percent to nearly 40 percent on average. Four major insurance companies have submitted health insurance rates for 2018 to the D.C. ...

ACA exchange premium rates could rise by an average of 20 percent in Virginia next year

Richmond.com - ‎16 hours ago‎
According to the 2016 Employer Health Benefits Survey compiled by the Kaiser Family Foundation, premiums for employer-sponsored health insurance have not experienced such high rate increases. The average premium for a family plan rose by 3 percent ...

 

Cornelius999's picture
Cornelius999
Status: Gold Member (Offline)
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Posts: 357
Note to Admin. I tried to

Note to Admin. I tried to give LisaR a thumbs up in the "Creature..." section but it keeps asking me to login in after I have ???

Tnx

Cornelius999's picture
Cornelius999
Status: Gold Member (Offline)
Joined: Oct 17 2008
Posts: 357
Update. It's fine now False

Update. It's fine now False Alarm.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4009
'Wages won't keep up:' UK central bank says inflation biting

'Wages won't keep up:' UK central bank says inflation biting

ABC News-31 minutes ago
Bank of England Governor Mark Carney speaks during the central Bank's quarterly Inflation Report press conference at the Bank of England in the City of ...

California aims to avoid budget deficit amid slowing revenues

WHTC-3 hours ago
... housing and state office renovations to avoid a deficit of $1.6 billion. ... would keep pressing for restraint in spending and an emphasis on paying down debt.

Moody's downgrades credit ratings for Canada's Big 6 banks

CBC.ca - ‎51 minutes ago‎
Moody's says high debt levels and soaring house prices could be bad news for Canada's big banks, and has downgraded their credit rating as a result. Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, ...

Draghi Stays Calm on Stimulus as Dutch Warn of Risks With Tulip

Bloomberg - ‎8 hours ago‎
The tension rose when he was quizzed multiple times him on the possibility that a government will one day have to restructure its debt, while on the topic of a nation leaving the currency bloc -- as Greece came close to doing in 2015 -- Draghi's ...

Nearly All Puerto Rico Tap Water Violates Safety Standards, Says ...

WHQR-13 hours ago
Problems continue to mount for the Commonwealth of Puerto Rico. To high unemployment, a lagging economy and billions in public debt, add unsafe drinking ...

Hollister: $675M retiree shortfall could lead to crisis

Lansing State Journal-15 hours ago
The study was done to address $675 million in unfunded pension and retiree health care costs. The city and State Department of Treasury each paid $100,000 ...

 

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