Daily Digest

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Daily Digest 10/10 - PA Debt Much Higher Than Reported, Death by Fertilizer

Wednesday, October 10, 2018, 9:34 AM

Economy

Our View: Having insurance no shield from high health care costs

When they need health care, insured workers are also paying more out of pocket than in 2008. Ten years ago, the average deductible in an employer-sponsored plan was around $300. Last year, the average was more than $1,330.

California Taxes: The Sky Is the Limit

Of course, this is in addition to the revenues derived from the Cap-and-Trade program, a significant portion of which is devoted to the not so fast Bullet Train boondoggle. According to Legislative Analyst Office, Cap-and-Trade will add 24 to 73 cents to the cost of a gallon of gas. This will cost drivers about $2.5 to $7.5 billion. Call it $5 billion.
Overall, these proposed taxes will exceed $25 billion.

Report: Pennsylvania's debt much higher than reported, up to $82 billion

According to good government group Truth in Accounting, Wagner may be more right than he knows, and in fact the size of the state’s public pension and retiree health care debt may be larger than the state itself has acknowledged. That’s according to a recent report, “The Financial State of the States,” which assigns Pennsylvania a “D” grade and identifies $82.1 billion in unfunded debts.

‘Great Depression’ ahead? IMF sounds dire warning

The International Monetary Fund head isn’t known for breathlessness on the world stage. And yet the IMF sounded downright alarmist in its latest Global Financial Stability report, stating that “large challenges loom for the global economy to prevent a second Great Depression.”

Inequality is worsening and could hit U.S. credit rating: Moody's

"Over the past two decades, income and wealth inequality have increased in the U.S. as high- and very high-income households have commanded rising shares of income and wealth," Moody's analysts wrote in the research report. "The top 10 percent of income earners have seen their overall median net worth increase by almost 200 percent since 1995, while the bottom 40 percent of income earners have experienced a decline in median net worth over the same period."

The rating game: 'Junk' Italy still hard to imagine, funds say

Moody’s and S&P Global, both rating Italy two rungs above ‘junk’, are widely expected to downgrade in late October as the new government’s outsize spending plans put it on a collision course with EU authorities.

Has the derivatives volcano already begun to erupt?

Foreign exchange derivatives form the biggest mountain of obligations in the world financial system – a notional amount of about $90 trillion, up from $60 trillion in 2010. Breaking down the numbers....

A Reverse Bucket List (GE Christenson)

Jack Nicholson and Morgan Freeman starred in the 2007 movie, “The Bucket List.” A “bucket list” defines things we want to do before we die, before we “kick the bucket.”

A reverse bucket list—as used here—is a list of things already occurred, but we wish had not happened.

Death by Fertilizer (Paul D.)

This breakthrough solution created a crisis as large as the one it solved. Since Haber’s discovery, humans have nearly doubled Earth’s natural flow of fixed nitrogen, overwhelming the capacity of ecosystems to remove it. The resulting buildup is poisoning the planet’s waterways, creating a crisis some consider even more threatening than the buildup of carbon dioxide in the atmosphere.

Gold & Silver

Click to read the PM Daily Market Commentary: 10/9/18

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."

2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4210
Global debt levels reached a record $182 trillion in 2017, says

Global debt levels reached a record $182 trillion in 2017, says IMF

The Hindu BusinessLine-10 hours ago
Global debt levels reached a record $182 trillion in 2017, having grown 50 per cent in the previous decade, but the picture looks less grim when public assets ...

Italy Wakes Up to Bond Spreads Again in Throwback to Crisis Days

Bloomberg-4 hours ago

The extra yield on Italy's 10-year debt touched 308 basis points Wednesday, close to ... Since then, the ECB has pumped some 2.6 trillion euros ($3 trillion) into .

Zimbabwe faces its worst economic crisis in a decade

KZTV Action 10 News-5 hours ago

... the current crisis, induced by foreign currency shortages and a ballooning debt, ... Plastic bags of 100-trillion Zimbabwe dollar banknotes were not enough to ..

Household Debt Per Person Tops 80 Mln Won

KBS WORLD Radio News-12 hours ago
Nearly four out of ten South Koreans have an average household debt of 80 ... total household debt increased by five-point-three percent or 77 trillion won from a ...

Quincy fire, police pension costs rise

Herald-Whig-12 hours ago
QUINCY -- Pension costs for police and firefighters continue to climb. The Quincy City Council on Tuesday night received actuarial figures that showed the city ...

 

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5842
Tone Deaf Beyond All Repair

Certain entrenched politicians in Washington DC are exceedingly tone deaf and out of touch. Consider the following statements.

Democrats Rage Against the Judiciary

Their campaign against Kavanaugh failed, so they resort to smearing the Supreme Court itself.

Oct 9, 2018

Having lost the fight over Brett Kavanaugh, Democrats quickly pivoted to attacking the Supreme Court as an institution.

After the confirmation vote Saturday, Sen. Dianne Feinstein tweeted that his appointment “undermines the legitimacy of the Supreme Court.”

Connecticut Sen. Richard Blumenthal, another Democrat on the Judiciary Committee, added: “The damage done today will be enduring—to the United States Supreme Court & to our country.” What’s next, encouraging citizens to disregard certain rulings by certain justices?

 

I find those to be offensively tone-deaf statements.  To me the Subprime [sic] Court lost all legitimacy a long time ago. 

First there was the ridiculous and completely bizarre ruling that cited the 14th amendment to give the 2004 election to Bush while stripping away Florida’s rights as a state to manage its own election processes.  This ruling was so weird that the Subprime Court specifically said it was not to be used as a precedent nor could it be used again. It was just a, you know, one-time thingy, by interventionist judges who rather suddenly completely forgot what their mandate and duties included. Just that one time.

As soon as the Subprime Court did that, I completely lost all respect for the institution which I had long thought of as comprised of humans, to be sure, but thoughtful and historitcally grounded people with whom I might not agree, but certainly respected.  Well, that went right out the window.

Second was the Citizens United “decision” that gave personhood to corporations. Worst. Decision. Ever. One that did far more enduring damage to the country than can really be calculated.

If Richard Blumenthal really cared about “damage done” by the Subprime Court he’d weigh in as passionately about actual prior Subprime Court decisions than on what possibly might happen with a Kavanaugh on board.

Of course, none of the entrenched politicians give one whit about anything other than their own power and gaining temporary political advantage.  If they cared about “the people” and such we’d have a verifiable voting system but we have nothing of the sort.  The Senate and Congress could also pass a law stripping corporations of personhood, if they wanted to.  But they don’t want to because the current system works for them.  Personally.

So when I read or hear politicians suddenly get a case of ‘the principles’ I grit my teeth and scowl a bit because I am quite allergic to hypocrites and liars. 

The Subprime Court did not ‘lose’ its legitimacy, it threw it away. 

Again, it did this a very long time ago, something that has been exceptionally evident to those paying attention, which makes the above politician's comments completely tone deaf.

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