Daily Digest 12/11 - 5 Days To Reach Budget, Shale Reality Check
It is estimated the two new freeway cameras will snap up to 400 speeding motorists a day, meaning they would rake in $8 million over three years. Police have described the vandal attacks as ‘deplorable’.
Renting has become significantly less affordable in recent years, a report released Monday by the Harvard Joint Center for Housing Studies finds. In fact, 50% of U.S. renters spent more than 30% of their gross income on rent (the traditional measure of affordability) in 2010, up a record 12 percentage points from the 38% of households facing such a burden a decade prior. And many of those households, about 27% of renters, spent more than half of their salary on rent, up from just 19% of renters a decade ago.
The news comes as the U.S. Department of Education also reported its highest-ever numbers, estimating that 1.2 million students nationwide were homeless in the 2012-13 school year, a 10 percent increase from the previous year. Forty-three states reported increases from last year, with 10 states citing jumps of 20 percent or more.
On average, the Salvation Army pantry distributes 500 bags of food each month. But in September and October, that number increased to 800.
In November, the pantry distributed almost 900 bags.
Jameson and the CEO Food Pantry of Rensselaer County already find it difficult to keep the shelves stacked each week and now with more coming in because of the SNAP cuts, they worry about being able to serve the growing need.
"We're seeing more folks that have less resources and now they're coming in with less SNAP benefits to spend. We're very concerned," says Rev. Jameson.
Revenues are projected to grow over the next five years, but they will be outpaced by expenditures. The IFO projects a state deficit of roughly $530 million this year, in excess of $800 million in 2014-15 and more than $2 billion by 2018-19.
Unfunded liabilities in the Public School Employees' Retirement System and the State Employees' Retirement System are the primary drivers of the growing deficit. That's the result of the state's failure to properly fund those accounts for more than a decade.
The last full audit of local-government borrowings in China estimated debt at 10.7 trillion yuan ($1.75 trillion) at the end of 2010. A separate audit of 36 local governments found these governments alone had outstanding debt totaling CNY3.85 trillion at the end of 2012, up 12.9% from 2010.
"Our patients are the most vulnerable in Greek society. They are pensioners and low-paid wage-earners, whose income has dropped by 35% to 50% since the start of the crisis," says Chroneos. "They can't afford private treatment, not even the [€25] cost of hospital admission [...] They will simply stop getting treatment."
This is the final week of the year that both the House and Senate are scheduled to be in session. Lawmakers are scrambling to pass a budget deal to avoid another government shutdown.
The Senate is also expected to renew an expiring ban on plastic firearms. But will Congress get to the farm bill, long-term jobless benefits or cuts in Medicare payments to doctors?
Greece needs to implement further fiscal measures in order to unlock €1 billion of funding due to the country under its bailout programme, the head of the group of 17 euro zone finance ministers has warned.
Speaking after yesterday’s eurogroup meeting in Brussels, Jeroen Dijsselbloem said it was highly unlikely that disbursement of the outstanding tranche could be achieved before the end of the year.
Taper & Quantitative Easing Reality Check (Thomas C.)
Quantitative easing started revolutionizing the US financial markets in 2008 (QE1), with the emergency creation of more than $800 billion in new money out of the nothingness to stop an institutional bank run already in progress, that was within days or weeks of annihilating both Wall Street and the European banking system.
Unlike previous studies looking at potential production and economic impacts, this report is based on analysis of real production data (compiled in the most comprehensive oil and gas production database publicly available) and should therefore help ensure that public policy decisions on the development of the Monterey are grounded in data, not assumptions.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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