Daily Digest

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Daily Digest 11/13 - A Troubled France, Venezuela Expands Price-Gouging Crackdown

Wednesday, November 13, 2013, 8:55 AM

Economy

Street repair cuts eyed to offset pension costs (Bloomington)

The city’s fire and police pension funds are about 50 percent and 60 percent funded, respectively, with a combined unfunded liability — the difference between the money available and the amount in benefits retirees and current employees have earned — of about $78 million.

State law requires the funds reach 90 percent by 2040, but the state’s formula for reaching that results in exponentially higher costs in later years.

Medicaid signups an early Obamacare bright spot

Often dismissed, Medicaid has signed up 444,000 people in 10 states in the six weeks since open enrollment began, according to Avalere Health, a market analysis firm that compiled data from those states. Twenty-five states are expanding their Medicaid programs, but data for all of them was not available.

NY Enrolls Nearly 50,000 Into Health Exchange, On Par With Entire Federal Site

The state said that 49 percent of the enrollees chose Medicaid, or 23,653 people. And 51 percent, or 24,509, chose private health insurance.

Anthem Blue Cross extends some canceled health insurance policies

Despite that financial help, Covered California estimates that nearly 600,000 of the 1 million Californians getting cancellation notices may pay higher rates next year for individual policies with improved coverage.

In addition to higher premiums, some consumers are worried about moving to a health plan that doesn't include their preferred doctors and hospitals. Many insurers have sharply limited their medical networks for new policies next year to help hold down the premiums.

France: A troubled Republic

There is an incipient taxpayer's revolt. There are 3.3 million people out of work. Growth is anaemic and France's credit rating has just been downgraded for the second time in two years. In Brussels and Berlin, it is the country which worries officials and politicians more than any other in Europe.

Yesterday President Hollande was booed on the Champs Elysees. The occasion was a solemn event to remember the fallen from World War One. That did not stop cries of "Hollande resign" and "Socialist dictatorship" from a small group of protestors.

Japan Consumer Sentiment Falls Most Since Quake in Hit to Abe

Abe is balancing the need to improve the fiscal health of a country with the heaviest debt burden in the world against a goal of ending 15 years of deflation and boosting growth. His reflationary policies pushed down the yen, lifting profits of Japanese exporters while also boosting consumer prices even as wages continue to stagnate.

Sugar Daddies and College Babies: UNR Students Dating Away Their Debt

More and more college girls are dating away their debt by spending time with wealthy, significantly older men. According to Fidelity, the average debt after college graduation is $35,200.

For many of these girls, it's business -- they go on regular dates, and in return, they get a financial allowance. However, many say this is no different from prostitution.

City hit with 1 more debt downgrade of bonds (Chicago)

The city faces a so-called pension cliff next year, when state law requires it to dramatically increase payments into pension funds for firefighters and police officers. The tab could mean extra payments of nearly $600 million — an amount equal to about one-fifth the city's day-to-day operating budget.

Venezuela Bonds Sink as Maduro Pledges Consumer Price Controls

Venezuela’s dollar bonds tumbled after Maduro in a speech on state television last night demanded that sellers of durable goods such as electronics open by midday today with “fair prices” on all products or face being seized by the government. Shoppers were lined up outside Caracas stores this morning seeking discounted goods before Christmas.

Venezuela expands crackdown on price-gouging

Venezuelans mobbed appliance and other stores Monday to cash in on price cuts ordered by the leftist government as local elections loom. President Nicolas Maduro, who ordered the crackdown over the weekend against inflation he says is running at 54 percent, appealed for calm.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/12/13

Provided daily by the Peak Prosperity Gold & Silver Group

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saxplayer00o1
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
U.S. October budget deficit $92 billion: Treasury

U.S. October budget deficit $92 billion: Treasury

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Time2help
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Joined: Jun 9 2011
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