Daily Digest

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Daily Digest 10/18 - Obamacare Rates To Rise 30.6%, Student Loans Take Mental Toll

Wednesday, October 18, 2017, 9:18 AM

Economy

Pa. insurance department says Obamacare rates to rise 30.6 percent

Pennsylvania insurers offering Obamacare plans will need to raise premiums an average 30.6 percent in 2018, nearly four times the increase that had been anticipated before President Donald Trump scrapped government subsidies five days ago.

Cost of Living: $33,000 hospital bill shocks new mom

“I’ve never received a bill that large, so it definitely was sticker shock,” said Chloe. “We accumulated more debt in four days at the hospital than for years of college.”

Emanuel to pile on to tax ‘fatigue’ with phone, ride-hailing increases (Chicago)

Besides restructuring Chicago’s amusement tax, Mayor Rahm Emanuel’s 2018 budget will raise both ride-hailing fees and the monthly tax tacked on to Chicago telephone bills — both cell phones and landlines — by 28.2 percent. That will free up money to shore up the Laborers Pension Fund until 2023.

Emanuel to end scoop-and-toss borrowing one year early (Chicago)

Last week, the City Council approved the mayor’s plan to borrow $3 billion in a way that could dramatically reduce interest rates and save Chicago taxpayers tens of millions of dollars a year.
The plan calls for the city to place $661 million in state sales tax revenue into a “special purpose corporation” and use that vehicle to refinance $3 billion in existing debt and possibly future debt for infrastructure projects.

Morning Spin: Rauner to start borrowing $6 billion today (Illinois)

And the Rauner administration continued to sign contracts, whether or not the money was there to pay for it. The state’s nearly $16 billion backlog of bills is triple the amount when Rauner took office in January 2015.
Under state law, unpaid bills can accrue as much as 12 percent in interest a year.

Student loans take a mental toll on young people

Many millennials said that student loans have impacted their ability to go on vacation, buy a car, pay rent or get necessities like food and clothing.
And then there are the long-term consequences: From buying a home to getting married and even having children, an increasing number of young adults are putting off major milestones because of that one large liability.

How the ‘scariest chart in financial markets’ ignores this economic law

Investors who see quantitative easing as an evil that has permanently distorted financial markets have passed around the statistic that European junk bonds now offer a lower yield than a 10-year Treasury note.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/17/17

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: 4066
Pension debt will force cuts to government services

Pension debt will force cuts to government services

OCRegister-12 hours ago
As recently as 2003, California's state government paid about $1.3 billion toward the state's two biggest pension funds — CalPERS, which funds retirements for ...

Whoa! Riverside County has almost $3 billion of unfunded pensions

MyNewsLA.com-14 hours ago
Riverside County's $2.8 billion in unfunded pension liabilities prompted the Board of Supervisors Tuesday to direct staff to analyze whether additional reforms ...

Palo Alto tries to get a grip on pension problem

Palo Alto Online-6 hours ago
It's a problem as vast as it's vague: an unpaid pension bill that stands at more than ... of rising pension costs and looking for ways to address their obligations.

2 insurers raising premiums in health insurance marketplace

Seattle Times-15 hours ago
TRENTON, N.J. (AP) — Two insurers will be charging higher premiums for New Jerseyans who buy coverage in the federal health insurance marketplace ...

Obamacare sticker shock: Horizon customers to pay 24 percent ...
NJ.com-18 hours ago

 

Health insurance hikes could exceed 50 percent

The Daily Citizen-15 hours ago
ATLANTA — Some Georgians will pay even steeper premium hikes for health insurance next year if Congress doesn't renew cost-sharing reduction payments ...

 

DennisC's picture
DennisC
Status: Gold Member (Offline)
Joined: Mar 19 2011
Posts: 272
Do You Live in a "Sinkhole State"?

Hint: it's not Florida.

This year's "Financial State of the States" was recently published by Truth in Accounting (TIA).  No big "shockers" in my opinion; pretty much the same five bringing up the rear again.  CT finally got a break, it moved up to 48th from 49th according to the published information (lookout MA).  The race to the botton is tight.  It's going to be interesting once the flat tires finally hit the potholed pavement and the chickens come home from the other side of the road (or your favorite mangled metaphor here).

http://www.truthinaccounting.org/news/detail/financial-state-of-the-stat...

There's a link to the pdf version here (also linked on the webpage above): http://www.truthinaccounting.org/library/doclib/FINAL-FSOS-BOOKLET.pdf

Bankers Slave's picture
Bankers Slave
Status: Platinum Member (Offline)
Joined: Jul 26 2012
Posts: 520
The Scottish government, answers the question.

 Whose kids are they anyway?

 

http://www.bbc.co.uk/news/uk-scotland-scotland-politics-41678797

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Moody's Warns of 'Likely' Hartford Default, Decades of Deficits

Moody's Warns of 'Likely' Hartford Default, Decades of Deficits Ahead

Hartford Courant-1 hour ago
Moody's Investor Service issued a dire warning to lenders Thursday: Hartford will likely default on its debt by early November and, if the city does not change ...

Japanese opt to play it safe as negative interest rates kick in

The Straits Times-18 hours ago
TOKYO • The Tokyo stock market might be riding two-decade highs, but a growing number of Japanese, wary of negative bank interest rates, are choosing to ...

Italians Have Perfected the Art of Waiting It Out

Bloomberg-10 hours ago
Italy's debt of more than €2 trillion ($2.4 trillion) rose to 132 percent of gross ... Want to know why Italy didn't have a mortgage bubble like Spain or the U.S.?

 

China's central bank just warned of a sudden collapse in asset prices

CNBC-10 hours ago
China will fend off risks from excessive optimism that could lead to a "Minsky Moment", central bank governor Zhou Xiaochuan said on Thursday, adding that ...

Report: Student loan debt delays homeownership by seven years

Washington Post-5 hours ago
The $1.4 trillion of student loan debt carried by Americans is a drag on the economy in numerous ways. A recent study by the National Association of Realtors ...

S. Korea's financial debt-to-GDP ratio reaches nearly 100 pct in 2016

Yonhap News-13 hours ago
The country GDP was tallied at US$1.64 trillion last year. The debt-to-GDP ratio has been on a steep rise since the government eased bank loan regulations to ...

State pension funds continue to fall behind. Here's how much you owe

CNBC-20 hours ago
States that have fallen behind on their pension obligations have been ... ($806) also face relatively low risk of having to make up for unfunded state liabilities.

Chicago taxpayers' long, costly path to pension solvency

Chicago Tribune-2 hours ago
The costs of city government continue to grow — considerably faster than the cost of living — and Mayor Rahm Emanuel and the City Council turn their attention ...

Colorado premiums up 34% in 2018 after end of CSR payments ...

The Denver Channel-16 hours ago
DENVER – Health insurance plans on Colorado's individual market will be, on average, 34 percent higher in 2018 than they were this year, and the Denver area ...

 

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