Daily Digest

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Daily Digest 5/28 - EU Austerity Rethink Urged, Tuition Hikes Anger Students

Wednesday, May 28, 2014, 8:20 AM

Economy

Spain should increase tax take, get debt down – IMF

Spain needs to increase tax revenues to protect its public services and make further efforts to cut its budget deficit to ensure a lasting economic recovery, the International Monetary Fund said in a report on Tuesday.

City Projects $27-$34 Million Deficit - Won't Rule Out Tax Increase (San Antonio)

The biggest problem facing the city is a problem which is also facing many families in San Antonio...the skyrocketing costs of health care.

City Budget Manager Maria Villagomez says the projected health costs for the current fiscal year, which ends at the end of September, are $8.9 million over budget, with police and fire health care costs up 16% just this year.


Police, fire pension 'deal' faces rocky future (Jacksonville)

With no legislation written, apparent lack of support among the unions' rank-and-file and concern from City Council members about where the $40 million per year to fund the deal would come from, the agreement could be in jeopardy.

The city is $1.7 billion behind in funding to the fund that pays retirement benefits to Jacksonville's police officers and firefighters.


Unpaid water bills lead to thousands of liens that could result in more foreclosures (NY)

Housing advocates say the city needs to do more to protect middle-class homeowners struggling to pay water rates that have skyrocketed by 78% since 2005.

Korea's household debt reaches record high

The level of Korea's household debt has risen yet again to another record high.
The Bank of Korea said Tuesday that the total amount of debt hanging over households amounted to 1 trillion U.S. dollars as of the end of March, up 3.3 billion dollars from three months earlier.

As interest rates rise, students struggle to pay loans

According to the Consumer Financial Protection Bureau, student loan debt has reached the $1.2 trillion mark and is the second largest source of household debt after mortgage. A new report released by the Congressional Budget Office early this month states that the government is set to raise interest rates again. According to Janet Lorin, a Bloomberg News higher education news reporter, the government pegged interest rates on most student loans to the 10-year Treasury note, meaning they are tied to the market, and on the rise.

Students plead poverty as U of O hikes tuition (University of Ottawa)

"Our food bank is the second most visited food bank in the Ottawa area," Roy said. It speaks to the poverty that students are facing because of the rising cost of tuition fees." But the university is pleading poverty, too.

New Costs From Health Law Snarl Union Contract Talks

Unions and employers are tussling over who will pick up the tab for new mandates, such as coverage for dependent children to age 26, as well as future costs, such as a tax on premium health plans starting in 2018. The question is poised to become a significant point of tension as tens of thousands of labor contracts covering millions of workers expire in the next several years, with ACA-related cost increases ranging from 5% to 12.5% in current talks.

EU Austerity Rethink Urged as Voters Back Protest Parties

European Union leaders north and south of the economic divide are channeling an anti-austerity electoral backlash as they seek to push the case for an easing of fiscal policy throughout the euro zone.

France's Hollande calls for EU to reduce role

French President Francois Hollande today called for the European Union to reduce its role "where it is not necessary" after Eurosceptic parties made sweeping electoral gains across the bloc.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/27/14

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."

3 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4066
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
US troops stranded in Afganistan.

Dmitry Orlov predicted that the US troops stationed all over the world would be left stranded.

Dr Paul Craig Roberts said that the US relies on Russia for a safe passage out of Afghanistan.

Obama has announced that some troops will be there for another two years.

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Africa turns East.

Disloyalty of the West to their frontier states has cost them Africa.

 

Seven of the world’s 10 fastest-growing economies are in Africa. Seventy percent of the continent’s people live in countries that posted average growth rates in excess of 4 percent over the past decade. Alongside these remarkable economic numbers, Africa is urbanizing rapidly. The percentage of people living in urban areas in Africa jumped from 32 percent in 1990 to 40 percent in 2010 and is expected to rise to 47 percent by 2025, according to U.N.-Habitat.

 

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