Daily Digest 6/5 - Portugal 'Should Leave Euro', Beef Prices At Record High
The U.S. Environmental Protection Agency (EPA) today released results of a survey showing that $384 billion in improvements are needed for the nation’s drinking water infrastructure through 2030 for systems to continue providing safe drinking water to 297 million Americans.
Private economists estimate an annual inflation rate of around 24%, more than double the widely questioned official rate. That helps to swell government revenue from sales tax, as prices for goods soar. A number of unions have also agreed to wage hikes on the order of 24% in recent weeks, with those sharp raises contributing to the growth in income taxes.
"We have reached the limit" of what austerity can achieve in terms of improving the public finances, he said.
The government is now in a bind: "If it raises taxes, its revenue will drop. If it cuts public services, the recession will get worse and the deficit will deepen."
For the economist, the path to salvation is clear: investment and devaluation.
Portugal's UGT labour union said on Monday it will take part in a general strike called for June 27, making it the second time the two biggest unions would walk out together since the country's EU/IMF bailout in 2011.The move will pile pressure on the centre-right governing coalition, which took office in 2011 and whose popularity has dwindled after it enacted the largest tax increase in Portugal's modern history this year to meet stringent deficit targets under the bailout.
“In the past 18 months, 162 businessmen have committed suicide because they have ended up in the teeth of this agency, Giuseppe Graziani, who heads up the group, told reporters, according to Reuters.He was referring to Equitalia, an arm of the government to chases down unpaid taxes.These businessmen, Reuters reports, accuse the agency of heightening Italy’s economic slump.
After they’re released from prison, people are supposed to sign up with the Sacramento County Probation Department for a probation officer.Yet FOX40 has learned that many of the 20,000 probationers in Sacramento County are going unsupervised.“We do the best we can with budget cuts,” Senior Deputy Probation Officer Kristy Dyson said Monday.
Due to lack of government funding, many members of the Spanish national police are being forced to cough up around €1,000 each for bullet-proof vests and slash-resistant clothing.
This fiscal year, Chicago Public Schools is paying about $200 million toward its pensions. If Springfield takes no action, that number would jump to $600 million next year for pensions. The school system’s budget is a little more than $5 billion.
The five Illinois pension systems are the worst-funded among U.S. states at about 43 percent, Bloomberg data show. The latest collapse of rescue efforts resulted from a standoff between House Speaker Michael Madigan and Senate President John Cullerton, Democrats who backed competing measures.
Chinese gold imports are likely to swell further after more than doubling to an all time high in March as retail consumers pounced when prices plunged to a two-year low last month.China is the world's second largest buyer after India, and in both countries the steep fall in international gold prices in April unleashed years of pent up demand for coins, bars and jewellery.
Experiencing the magic of Disney is now going to take a little more magic from mommy and daddy's wallet. Disney announced that starting Sunday, a one-day ticket to the Magic Kingdom at Walt Disney World resort in Orlando, Florida. jumped to $95 from $89 for ages 10 and up. Disneyland in California also saw price increases, going to $92 from $87 for a "1-Day 1 Park" adult pass.
Beef prices are hitting record highs just as the summer grilling season begins. Steak averages $4.81 a pound at the store and ground beef $3.51 -- historically high numbers, according to economists. The spike is caused in part by high feed costs because of several droughts that have led to the smallest number of cattle in the U.S. herd since 1952.
The restrictions on overseas purchases by banks on a consignment basis will be expanded to include state-run trading companies and others authorized to directly import gold, the Reserve Bank of India said in a notification on its website. The central bank also tightened financing norms for inbound shipments. The restrictions come after Finance Minister Palaniappan Chidambaram yesterday said the country can’t afford high levels of imports and policies will be reviewed if needed.
Last year, red light cameras generated more than $100 million in revenue in approximately 70 Florida communities.
More than half of every citation goes to the state, with cities, counties, and the camera companies splitting the rest. In 2013, the cameras are on pace to generate $120 million.
Gold & Silver
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