Daily Digest

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Daily Digest 8/1 - PA Looking To Reduce Pension Liability, Is An Oil Supply Crunch Inevitable?

Wednesday, August 1, 2018, 9:43 AM

Economy

Once oil wealthy, Venezuela's largest state struggles to keep the lights on

“I never thought I would have to go through this,” said bakery worker Cindy Morales, 36, her eyes welling with tears. “I don’t have food, I don’t have power, I don’t have money.”

A 24% increase in health-insurance costs? Why New York is saying no

What's happening?
The individual mandate required people — particularly healthy, young people — to buy insurance, aiming to lower the cost to all consumers.But President Donald Trump and the Republican-controlled Congress repealed the measure last December, calling it costly and ineffective.

Average Canadian family paying more than $12K to fund public health care: study

The average single adult makes $44,348 and pays $19,759 in taxes, with $4,640 going to health care insurance.

Pennsylvania looking for ways to reduce pension liability

Depending on what numbers used, the state Employees’ Retirement System and Public School Employees’ Retirement System have between about $66 billion and $89 billion in unfunded liabilities. Basically, the money needed to pay thousands of pensions isn’t there.

Utility tax buys Rockford time to develop budget plan

The tax on natural gas and electricity is expected to produce more than $9 million a year, but with improving technologies and energy efficiency it is a stagnant funding source. Meanwhile, the city’s employee pension costs and salary growth continue to outpace its revenue growth.
“Basically, it’s the finger in the dam,” Alderwoman Venita Hervey, D-5, said.

The Pension Hole for U.S. Cities and States Is the Size of Japan’s Economy

Many retirement funds could face insolvency unless governments increase taxes, divert funds or persuade workers to relinquish money they are owed

Treasury Sees Second-Half U.S. Borrowing at Most Since 2008

Department lifts third-quarter issuance estimate to $329 bln

4 Financial Savants Warn About The Great Crash Of 2020

Alan Greenspan, also former head of the Fed. “There are two bubbles: a stock market bubble and a bond market bubble.”
His biggest worry is the bond market, which he fears rising inflation will smash, with dire consequences. He made these remarks in January, on Bloomberg Television.

More than 450 Floridians ordered to surrender guns under 'red flag' law (Sparky1)

A majority of risk-protection cases have involved people with histories of mental illness who threatened to hurt themselves, according to an analysis of Pinellas County records by ABC.

According to reports that emerged in the aftermath of the Stoneman Douglas shooting which left 17 dead, the accused shooter engaged in threatening and troubling behavior before he lashed out.

Entire police force resigns in small Massachusetts town (Thomas R.)

Blandford's police officers claimed their working situation had become untenable. They cited wages of $14-$15 an hour among other grievances, including radios that don't work and poorly fitting or expired bulletproof vests.

The officers also complained that their best car, a secondhand 2010 Ford Crown Victoria, does not have air conditioning and that its seat is stuck in a reclining position.

Is A Supply Crunch In Oil Markets Inevitable? (Michael S.)

The downturn that began in 2014 led to a severe cutback in spending on exploration and development. Spending plunged by 25 percent in 2015, followed by another 26 percent decline in 2016. Since then upstream expenditures have bottomed out, rebounding 4 percent last year. The industry is only track to increase spending by another modest 5 percent in 2018. But there is little sign that the industry will return to spending at the same rate that it did prior to the downturn.

Losing Earth: The Decade We Almost Stopped Climate Change (Thomas R.)

With support from the Pulitzer Center, this two-part article is based on 18 months of reporting and well over a hundred interviews. It tracks the efforts of a small group of American scientists, activists and politicians to raise the alarm and stave off catastrophe. It will come as a revelation to many readers — an agonizing revelation — to understand how thoroughly they grasped the problem and how close they came to solving it.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/31/18

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."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4191
US Boost in Long-Term Debt Sales Sends 10-Year Yield Above 3%

US Boost in Long-Term Debt Sales Sends 10-Year Yield Above 3%

Bloomberg-2 hours ago
The U.S. Treasury Department will raise the amount of long-term debt it sells to $78 billion this quarter while launching a new two-month bill. It also will lean ...

Exclusive: California utility PG&E calls in debt restructuring lawyers ...

Reuters-14 hours ago
PG&E has already recorded a $2.5 billion pre-tax charge in its second-quarter earnings, after California officials blamed its power lines for sparking the deadliest ...

Chicago budget gap shrinks again, but big pension debt looms

Chicago Tribune-16 hours ago
The 2018 Annual Financial Analysis, a starting point for shaping next year's spending plan, pegged the 2019 operating budget shortfall at $97.9 million — the ...

Grand jury urges county cities to prepare for crushing pension costs

The Almanac Online-22 hours ago
Few budget-eating monsters weigh as heavily on the financial futures of California cities as a notably unsexy pest: pension costs. And, according to the findings ...

 

sand_puppy's picture
sand_puppy
Status: Diamond Member (Offline)
Joined: Apr 13 2011
Posts: 1961
Charges against Manafort

I looked over the charges against Manafort.  (Legal stuff is very painful to read--I relied on a summary and here and here.)

So the charges are:

1.  he avoided paying taxes.

2.  he hid money off shore (to avoid paying taxes)

3.  he "conspired against the United States" meaning that he worked with his partner (a conspiracy) to hide money off shore and avoid paying taxes (to the United States).

Since Muellers mandate was to investigate the charges that Russia influenced the US election, then, I would have to conclude that so far, nothing has been discovered.

Somewhat like the Stormy Daniels issue, and recorded private conversations with his attorney to pay hush money to old flings, nothing to link Russian election interferrence with Trump, just general dirt.

Correct me if I am wrong, but this continues to look like an unfocused attempt to dig up dirt, any kind of dirt, aimed at degrading Trumps image and popularity.

If I have missed something, please point it out.

 

Edwardelinski's picture
Edwardelinski
Status: Gold Member (Offline)
Joined: Dec 23 2012
Posts: 325
A Great Explainer on Manafort

See Andrew Prokop at Vox.com,Sameera Kahn at ProPublica,and Franklin Foer at the Atlantic on backround...

davefairtex's picture
davefairtex
Status: Diamond Member (Offline)
Joined: Sep 3 2008
Posts: 5530
here's the theory

As far as I can tell the operating theory of this investigation is, "Trump is guilty of having done something, at some point, and we're going to find it."

In truth, most people are guilty of having done something wrong at some point in their lives.   Its just that most people don't have a team of investigators poring over every detail of their life.  If you had a team of 50 investigators digging through your entire life, and that of all your friends and connections, think the investigators would find something?  You tell me.  And for the people that they didn't find something for, they could (hopefully) get them for lying to the FBI.

But that's not why this all started.  We were told that Mueller was going to investigate whether or not the Trump campaign conspired with or importuned "the Russians" to acquire information about HRC, and then publish it.

There's no evidence at all of this so far.

But it seems as though the whole focus of the matter has moved onto some sort of "gotcha" game.  As in, "Manafort didn't file his FBAR documents.  GOTCHA!"  Nothing to do with the original charter, but apparently the more "gotcha" points you score, the better you look.

Ultimately it seems Un American to hose Trump for having won the election.  But ... that's where we are.  Perhaps the Deep State wants to dissuade anyone who isn't backed by the corrupt machine from ever running again.  Perhaps Trump is just being made an example of.  "This is what you get for not going along with the program."

Certainly if I had any interest in going into politics, and had ideas of trying to fight the machine, the Mueller investigation tells me that I probably should avoid putting my hand into that particular meatgrinder.  Doesn't matter how clean you think you are, they'll find something if they look hard enough.  And having my attorney General recuse himself...geez.  How did that happen?  Maybe they have something juicy on him.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4191
China crackdown on bad debt forces wave of loans on the market

China crackdown on bad debt forces wave of loans on the market

Financial Times-17 hours ago
The supply of bad debt in China, estimated at $3tn last year, is expected to grow ... market had led to what was described as a bubble in distressed debt prices.

BOJ's Amamiya says central bank will buy bonds if yields rise rapidly

Reuters-12 hours ago
KYOTO, Japan (Reuters) - Bank of Japan Deputy Governor Masayoshi Amamiya said on Thursday the central bank will purchase government bonds “promptly ...

 

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