Daily Digest

Image by dailyinvention, Flickr Creative Commons

Daily Digest 6/14 - Warning To NJ On Health Care Costs, Auto Loan Delinquencies Rise

Wednesday, June 14, 2017, 12:02 PM

Economy

Warning signals to New Jersey on health care costs

New York, Connecticut and Pennsylvania have recently done New Jersey a favor. The state’s neighbors have flashed a warning sign that the Garden State would do well to notice. In the past month, New York, Connecticut and Pennsylvania health insurers taking part in the Affordable Care Act (ACA) marketplace have filed their premium rates for 2018. The increases are staggering. They are part of a national trend that New Jersey will soon fall victim to if the debate over health care is not resolved quickly in our nation’s capital.

Insurers seek double-digit health premium increases (New York)

The state’s health insurance companies are seeking premium rate increases averaging 16.6% in the individual market and 11.5% in the small group market next year.
The Cuomo administration is reviewing the requests published last week on the website of the Department of Financial Services, which ultimately sets each insurer’s rate.
Insurers have complained that the state in recent years has kept rates artificially low.

In many states, the pension time-bomb is ticking

"Total US state aggregate adjusted net pension liabilities (ANPL) totaled $1.25 trillion, or 119% of revenue in fiscal 2015 … The results, based on compliance with new GASB 68 accounting rules, set a new ANPL baseline and are poised to rise for the next two fiscal years as market returns fall below annual targets."
Most state pension plans are underwater and sinking at an accelerating rate, said Moody's Senior Credit Officer Marcia Van Wagner in a news release.

Editorial: Illinois, banana republic, just 17 days to prove it

Its unpaid bills backlog stands at $14.7 billion, expected to reach $16 billion by month’s end; it was $6 billion when this governor entered office in 2015. State vendors are waiting, on average, seven months to be paid, with interest. By June 2018, if nothing is done, Illinois’ IOUs are projected to reach nearly $23 billion, almost three quarters what Illinois collects in revenue for an entire year, notwithstanding all its other obligations to schools, pensions, public safety, infrastructure, etc.

Just 17 days.

Deficit rises as spending on Medicaid and defense increases

The U.S. budget deficit rose to $88.4 billion in May from $53 billion a year earlier, as government spending in areas, such as Medicaid and defense, rose at a faster pace than revenue.

US credit card debt to surpass $1 trillion this year, report says

Credit card debt in the United States is $8,038 per household or $940.2 billion total, according to the latest report from the Federal Reserve. That number is up from $885.4 billion at the same time in 2016.

Auto loan delinquencies rise as drivers splurge on pricey cars

Leasing or loans now finance nearly 90 percent of retail car sales in the U.S., according to global asset manager Standard Life Investments. Altogether, more than 33 percent of American households are making car payments, according to a separate Pew Charitable Trusts study, with over $1 trillion in auto loans now outstanding.

Chinese local governments still getting deeper in debt

Most observers however, including Chinese policymakers and academics, believe a new approach is needed to keep GDP growing. In 2016, a 25 trillion yuan ($3.68 trillion) increase in new credit in the economy resulted in a mere 6 trillion yuan increase in GDP.

Aussie debt is about to top half a trillion

Half a trillion dollars of government debt is a new record and according to last month’s budget papers, government debt is set to hit $725 billion in the mid-2020s. Government debt was ‘just’ $273 billion at the time of the September 2013 election when the Coalition promised to return the budget to surplus and ‘pay off’ debt. It has failed in this policy.

Global negative-yielding sovereign debt jumps to $9.5 trln - Fitch

The value of negative-yielding government bonds globally increased by nearly $1 trillion to $9.5 trillion at the end of May from the beginning of March on worries about the French presidential election and a weaker dollar, Fitch Ratings said on Tuesday.

Gold & Silver

Click to read the PM Daily Market Commentary: 6/13/17

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."

6 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 3986
Burger flipping and constuction jobs

...and some other disruptive technology news for the day:

Robots that slice, grill, assemble and bag 400 burgers AN HOUR are a step closer to taking over fast food restaurants after $18million funding boost

The release of its innovated burger making machine boasted: 'Our alpha machine replaces all of the hamburger line cooks in a restaurant.

'It does everything employees can do except better.'

 

 

This Startup Is Disrupting The Construction Industry With 3D-Printing Robots

 

 

cmartenson's picture
cmartenson
Status: Diamond Member (Online)
Joined: Jun 7 2007
Posts: 5397
Lee Camp on NYTimes Propaganda

I thought this was a very interesting take down of an attempted take-down.

http://www.nakedcapitalism.com/2017/06/lee-camp-write-propaganda-ny-time...

It's long but well worth the read.  The NYTimes was caught lying, fabricating, insinuating, misquoting, making stuff up, and quoting things so wildly out of context as to completely alter their meaning.  You really need to know that this both happens and passes for "journalism" today in the US.

All because, I presume,this comedic-journalist dared to ask a question or two about the enormously embarrassingly full-of-holes Seth Rich "investigation."

That's just how the NYTimes rolls...you either tote the State Sponsored water in the State-Approved buckets, or they try to take you down.  Again, I haven't trusted the NYTimes since Iraq War I, but if I were paying closer attention I bet I would have lost my faith a lot earlier than that.

At any rate, the reason we continue to do what we do here at PP is precisely because the mainstream media outlets and entirely given up and gone to the dark side.  They literally don't know right from wrong anymore.  

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1438
Governors committing treason to support Paris climate accord

https://www.theburningplatform.com/2017/06/14/governor-jerry-brown-of-california-advocates-the-overthrow-of-usa/#more-152530

Governor Jerry Brown of California is committing Treason Against the United States. He is leading a confederacy against the Federal Government and should stand trial, but of course that would be controversial. After Trump rejected the Paris Climate treaty, which had never been ratified by the Senate, the European Union announced that it would work with a climate confederacy of secessionist states in the USA. This is clearly Treason and all Federal funds should be cut off from the secessionist governments of California, New York and Washington, who have unilaterally and completely illegally entered into a foreign treaty rejecting the President of the United States on the Paris Accord.

Doug's picture
Doug
Status: Diamond Member (Offline)
Joined: Oct 1 2008
Posts: 3101
Nonsense

This is, of course, more alt-right nonsense.  Brown and other governors advocating pursuit of the goals of the Paris accords are simply trying to do the right thing.  They are not seeking overthrow of the US Gov't or secession from that gov't.  Given the state of the science of climate change, it could be argued that those who do otherwise (like Trump, Pruitt, et al) are trying to create a world ruled by fossil fuel interests.  i.e., an oligopoly of polluters.

True conservative groups like the Federalist Society have long advocated for states rights.  Part of the checks and balances upon which our nation was founded is the rights of states to pursue their own goals and policies free of national gov't interference when those goals and policies do not contravene the national interest.  Unless you confuse the interests of the US with those of the fossil fuel industries, there is no conflict with states trying to limit climate change.  That is, after all, in the states', national and world interest.

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1438
"There you go again, Doug"

Did you even read Martin Armstrong's article?  Why bother, when you can attempt to shut down inquiry and debate by slinging around labels and value judgments without the slightest appeal to facts ("more alt-right nonsense", "simply trying to do the right thing", "True conservative groups")?  The only thing you didn't do in your comment was to label Martin Armstrong a forbidden source for the independent-thinking people here at PP.com.  You've done that before with other sources, so excuse me for expecting you to do that here.

US states, cities and individuals are 100% free to hold themselves to whatever parts of the Paris accord they think are valuable.  No problem.  But did you read the portion of the US Constitution Armstrong quoted?  US States are apparently prohibited by the US Constitution from entering into treaties, alliances or confederations with foreign states.

U.S. Constitution – Article 1 Section 10

Article 1 – The Legislative Branch

Section 10 – Powers Prohibited of States

No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.

No State shall, without the Consent of the Congress, lay any Imposts or Duties on Imports or Exports, except what may be absolutely necessary for executing it’s inspection Laws: and the net Produce of all Duties and Imposts, laid by any State on Imports or Exports, shall be for the Use of the Treasury of the United States; and all such Laws shall be subject to the Revision and Controul of the Congress.

No State shall, without the Consent of Congress, lay any duty of Tonnage, keep Troops, or Ships of War in time of Peace, enter into any Agreement or Compact with another State, or with a foreign Power, or engage in War, unless actually invaded, or in such imminent Danger as will not admit of delay.

So is Gov. Brown (and the other governors working with him) advocating California enter into such a treaty in support of the Paris accord?  Armstrong reasons that he/they are:

There is absolutely no legal basis for Jerry Brown entering into any treaty, alliance, or confederation with the EU. Governor Cuomo of New York has also committed treason saying “New York State is committed to meeting the standards set forth in the Paris Accord regardless of Washington’s irresponsible actions.”

 

Jerry Brown should be put on trial right now. He had the audacity to say: “It is a little bold to talk about the China-California partnership as though we were a separate nation, but we are a separate nation.”

In an interview with the Huffington Post, Jerry Brown described California as “a real nation-state” and said “We’re a powerful state government. We have nine other states that agree with us.” Brown boasted.

In fact, this is a Climate Alliance of California, New York, Washington, Vermont, Massachusetts, Connecticut, Oregon, Colorado, Hawaii, Virginia and Rhode Island which is absolutely unconstitutional. ALL FUNDING should be cut off to these states just as they did to Iran.

It is one thing that each state can create its own laws and punish people within the state. Then they will see as more and more businesses leave. But to sign treaties with the EU, that is absolutely treason.

These issues seem worthy of investigation and debate.  Don't attempt to shut it down with your labels and value judgments.  Just let "the people" investigate, debate and decide.

Doug's picture
Doug
Status: Diamond Member (Offline)
Joined: Oct 1 2008
Posts: 3101
Treason

I don't know Mr. Armstrong, but it does strike me that anyone who is going to accuse another of treason under the Constitution should know what treason means according to that very same Constitution:

Quote:

18 U.S. Code § 2381 - Treason

Current through Pub. L. 114-38. (See Public Laws for the current Congress.)

Whoever, owing allegiance to the United States, levies war against them or adheres to their enemies, giving them aid and comfort within the United States or elsewhere, is guilty of treason and shall suffer death, or shall be imprisoned not less than five years and fined under this title but not less than $10,000; and shall be incapable of holding any office under the United States.

(June 25, 1948, ch. 645, 62 Stat. 807Pub. L. 103–322, title XXXIII, § 330016(2)(J), Sept. 13, 1994108 Stat. 2148.)
 
Now some of the other 194 nations to sign on to the Paris accords may be defined as enemies but most are allies, and certainly the nations of the Eurozone are allies.  All but two other nations agreed to the Paris accords.  So, its kind of hard to figure out who our enemies are based solely on who signed the agreement.  I guess that would be Nicaragua and Syria, the only two who didn't sign.  Oh wait, now that our POTUS has pulled us out of the agreement, those two must be our only allies and the other 194 nations our enemies.  Who knew?  That puts us in a pretty small and not necessarily friendly company.
 
Nothing Jerry Brown or Andrew Cuomo has said rises to the level of giving aid and comfort to enemies.  They have simply agreed to follow the guidelines set forth in the accords for reducing greenhouse gas emissions.  And, please note that those guidelines are voluntary, not mandatory.
 
Lets be clear, none of those governors are levying war or aiding and abetting enemies.  They are simply expressing their strong agreement with the accords and pledging to do what they can to see that their states are complying with those accords.  Plus, given the fact that we can't even come up with a list of enemies that doesn't include most of our allies, its hard to see how complying with the accords amounts to waging war or aiding and abetting those "enemies."  How are we harming ourselves?  By cleaning up the atmosphere?  By forestalling the worst of climate change?
 
Thought experiment.  Suppose all 50 governors agreed that they would lead their states to comply with the accords.  Would it be treason then?  The governors of nearly all US citizens?  In that event, seems to me the current POTUS would be the more likely traitor.
 
But, the point is there is no treason here.  To wildly speculate otherwise is irresponsible.

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments