Daily Digest

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Daily Digest 11/22 - IL Teacher Shortage Leads To Uncertainty, LA In Pension Denial

Wednesday, November 22, 2017, 9:47 AM

Economy

Rising Medicare costs leave many U.S. seniors with a flat COLA

At the same time, 62 percent of beneficiaries relied on Social Security for more than half of their income in 2015, according to the Social Security Administration; 34 percent relied on the program for 90 percent or more of income. Seniors heavily reliant on Social Security find themselves forced to make tough choices as healthcare consumes a larger share of income.

Healthcare Premiums Set to Increase Next Year

A local Rio Grande Valley health insurance broker said many people will see higher premiums in 2018. Tomas Sanchez, an insurance broker at the Affordable Health Insurance Agency in McAllen, explained decisions made in Washington caused that increase to jump between 25 and 45 percent for many Americans.

Real Puerto Rico Fiasco Starts After Recovery

Puerto Rico’s government has defaulted on $74 billion in debt, and it has $50 billion in unfunded public pension obligations. Businesses and the economy have been mired in a decade-long recession, and analysts estimate economic losses of $20 billion to $40 billion since the hurricane hit. A longstanding exodus of residents accelerated after the storm.

Teacher Shortage and Pensions Lead to Uncertainty for Illinois

A recent report showed Illinois needs an additional 2,000 teachers. The teachers' retirement system is the largest of Illinois' five pension systems, which totaled close to 130 billion in unfunded liabilities.

Rising pensions costs a statewide concern (California)

"The county makes a contribution of 15-31% of employee pay to CalPERS .. We are expecting that to increase to something like 26-45% by the year '24-'25," said Jesse. Across the state, cities are considering tax hikes, budget cuts , many with the threat of bankruptcy looming in the not-too distant future.

Los Angeles: In Pension Denial

If the City lowered its investment rate assumption to 6.2%, the CalPERS projected rate of return, the unfunded pension liability would jump by two-thirds to $15 billion, lowering the funded ratio to an unhealthy 71%. Pension contributions would also increase by $400 to $500 million a year, blowing a hole in the City’s budget as pension contributions would devour over 25% of the City’s budget.

National Flood Insurance Program is billions of dollars in debt

Going into this year's hurricane season the National Flood Insurance Program was already 24 billion dollars in debt. With the devastation from Harvey, Irma and Maria most experts project the debt to double putting the program in a hole it will never be able to pay back the government.

Social Security is barreling towards a crisis, and no one wants to do anything about it

In 2034 — just 17 years from now — the Social Security Trust Fund will no longer be able to pay full promised benefits, requiring either an immediate benefit reduction of 23% or an increase in the payroll tax from 12.4% to over 16%.

More older Millennials are living with relatives, a legacy of 2007-09 recession

There are other reasons more older Millennials are living with relatives. Many are burdened by student debt and can't afford high rents, especially in larger cities. Total U.S. student loan debt hit a record $1.36 trillion in the third quarter, the Federal Reserve Bank of New York said last week.

The debt time bomb that keeps growing and now equals nearly half of US GDP

Debt of nonfinancial companies has grown $1 trillion in just two years and now totals $8.7 trillion, roughly 45 percent of GDP, according to Informa Financial Intelligence.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/21/17

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

DennisC's picture
DennisC
Status: Silver Member (Offline)
Joined: Mar 19 2011
Posts: 241
Need another blood pressure boost?

I saw this today.  I didn't (couldn't) watch the video, just the text part for me.  Comments ("reactions" at the bottom) are pretty entertaining too, IMO.

https://finance.yahoo.com/news/yellen-says-dangerous-allow-inflation-001...

Time for two fingers of wild turkey.  Can't see the yardarm due to the heavy fog.

lambertad's picture
lambertad
Status: Silver Member (Offline)
Joined: Aug 31 2013
Posts: 161
False Flags

Tin foil hatters are right again. 

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I wonder when it will generally be accepted as self evident that the USG doesn't really give a crap about citizens. 

JFK documents show CIA discussed buying MIGs and then attacking the US with them in order to provoke a war. 

Here's a link to the actual archived document

and an article on RT

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5466
Very entertaining!
DennisC wrote:

I saw this today.  I didn't (couldn't) watch the video, just the text part for me.  Comments ("reactions" at the bottom) are pretty entertaining too, IMO.

https://finance.yahoo.com/news/yellen-says-dangerous-allow-inflation-001...

Time for two fingers of wild turkey.  Can't see the yardarm due to the heavy fog.

you are right....the comments are highly entertaining!

Looks like nobody is buying the steaming pile of lies Yellen is peddling.

"Yes we have no inflation!"

....just pay no attention to tuition, medical insurance, package shrinkage, etc , etc., etc.

AKGrannyWGrit's picture
AKGrannyWGrit
Status: Gold Member (Offline)
Joined: Feb 6 2011
Posts: 399
Blood Pressure Boost

The US Central Banks target for inflation is 2%?  Well they over-shot that by about a mile!  I stop by my favorite Good-will store a couple times a week and their prices are even going up.  Who ever thought that shopping at Good-will would be expensive?  With health insurance costing as much as the mortgage what the hell are we supposed to buy food with?  Card board isn’t edible but maybe they don’t know that either.

Gerald Celeste says “when people have nothing left to lose, they lose it”. I think that’s prophetic.

Hello, any intelligent people in high places listening?

 Cranky Granny

 

thatchmo's picture
thatchmo
Status: Gold Member (Offline)
Joined: Dec 14 2008
Posts: 422
Happy Thanksgiving!

There is always many things to be thankful for.  I hope you all are enjoying family or friends, and at peace.  Aloha, Steve.

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1687
Walipini -- sunken greenhouses

We traveled to New England last week for a family wedding and met a crazy uncle who is building a giant 2000 sq ft Walipini in Colorado to grow pot.  He is surrounding it with solar panels (PV) to run grow lights and heat 50 gallon steel drums full of water that sit within the greenhouse to function as heat sinks.

The Walipini is a sunken green house that makes use of the delay in cooling of the deep sub-soil to extend the growing season farther into winter in cold climates.  (Late in the winter, the sub-soil becomes cold as well.)   It holds up well in wind.  Walls are sometimes lined with stone or water tanks to hold heat.

The main thing needed is a backhoe.  The second most helpful thing is a south facing hillside, though some are built on flat terrain.

Some pictures.  The first is a very primitive community in Peru.

Starting the Walipini.

Some are fitted with raised beds.

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