Daily Digest

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Daily Digest 9/18 - Net Worth Of America's Richest Rises, Poverty Rate At 15%

Wednesday, September 18, 2013, 11:45 AM

Economy

Spain Wringing Savings From ECB Rally Raises Risks

The average duration of Spanish government paper was 6.24 years at the end of August, the lowest in almost a decade, and the debt coming due in less than 18 months jumped by 9.2 percent in the first seven months, data from the Treasury and the central bank show. Prime Minister Mariano Rajoy has to refinance at least 122 billion euros ($163 billion) of debt next year and fund a budget deficit he projects at about 59 billion euros.

Combined net worth of America's richest rises

According to Forbes, the 400 people on the annual list posted a combined net worth of $2 trillion, up from $1.7 trillion a year ago. That marks their highest combined value ever.

According to a study of Internal Revenue Service figures released last week, the top 1 percent of U.S. earners collected 19.3 percent of household income in 2012, their largest share in IRS figures going back a century.

CBO: Short-Term Defecit Cut Won’t Avert Crisis

Bloomberg’s Peter Cook reports on a CBO report that says short-term shrinkage of annual budget deficits since 2009 won’t reverse the 25-year growth of U.S. debt that requires Congress to avert a long-term fiscal crisis by choosing among spending cuts, tax increases or a combination of both. He speaks on Bloomberg Television’s “Market Makers.”

US poverty rate remains stuck at 15 percent (Interactive)

The Census Bureau reported Tuesday that 46.5 million Americans — or more than 1 in 7 — were living in poverty last year. That is not statistically different from the number of impoverished in 2011.

The median household income was $51,017, unchanged from the previous year, following two consecutive annual declines. The share of people without health insurance declined slightly, from 15.7 percent to 15.4 percent.

Deadbeat Illinois: IOUs leave juvenile center to consider cuts

The state has owed Mary Davis almost $5 million for more than a year, with much of it owed from 2005 or earlier. Nobody within the county government believes it will see that money, but that doesn’t change the immediate problems getting the facility through another year of budget deficits.

Employment gap between rich, poor widest on record

Rates of unemployment for the lowest-income families — those earning less than $20,000 — have topped 21 percent, nearly matching the rate for all workers during the 1930s Great Depression.

U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment.

Millions Living Above The Poverty Line Also Struggle To Get By

Keating is one of millions in this country just scraping by. Forty-five percent of Americans lack basic economic security, or the ability to pay for necessities like housing, utilities, food, health care, child care and transportation, according to a report released Monday by the nonprofit Wider Opportunities for Women.

French debt 'to hit nearly 2 trln euros'

France's public debt is expected to hit nearly two trillion euros ($2.7 trillion) by the end of 2014, or 95.1 percent of GDP, far higher than previous government estimates, the Le Figaro daily reported Tuesday.

One third of Czech hospitals face collapse

The committee said all hospitals are in a crisis, irrespective of their size and establisher. It said hospitals are increasing their internal debt and many are insolvent even though this is not much evident outwardly as yet.

Michigan's Genesee County Sells About $35 Million in Debt

The county, which is about 60 miles from Detroit, in the heart of auto country, paid higher interest rates than similar debt to entice investors, and it sold less debt than was earlier intended. The county originally planned to borrow about $53 million in the market.

Middle class faces food crisis (India)

The basic ingredient of any food item in India, the onions - are making the aam admi cry. With the prices of the onions going up by 245%, the people are now blaming the government for the spiralling prices, says it is difficult for them to run their household.

Argentina’s currency black market flourishes as woes grow

That problem will only deepen if Argentina slips into a technical default, which some observers believe is all but inevitable after a US appeals court last month ruled in favour of the holdouts demanding that Ms Fernández’s government pay the $1.3bn it owes them in full, in the latest chapter in a long-running saga that began when Argentina defaulted on about $100bn in debt in 2001.

Easy-to-extract oil to be depleted in Kazakhstan

Kazakh Minister for Oil and Gas Uzakbay Karabalin said that the period of easy-to-extract oil was coming to an end in Kazakhstan, Trend reports.

Gold & Silver

Click to read the Gold & Silver Digest: 9/17/13

Provided daily by the Peak Prosperity Gold & Silver Group

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