Daily Digest

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Daily Digest 8/20 - Your Shrinking Paycheck, Teachers Fight Pay Cuts ‘By Any Means Necessary’

Wednesday, August 20, 2014, 9:48 AM

Economy

36% of adults lack retirement savings, including many 65 or older

Savers have been hurt in recent years by historically low interest rates caused by the Federal Reserve’s attempts to stimulate the economy after the Great Recession. The moves have kept rates on savings accounts and certificates of deposit low, with both paying about 1% or less, according to Bankrate.com.

Average cost to raise a child hits $245,000, without college

The figures are based on the cost of housing, food, transportation, clothing, health care, education, child care and miscellaneous expenses, like haircuts and cell phones. But the estimates don’t include the cost of college — a big-ticket expense that keeps rising.

State workers face health insurance cost increase (Montana)

Medical premiums for a couple would increase from $926 to $1,070 a month, with the state paying $845. A single retiree would see health insurance rates rise from $734 to $931 a month, a 27 percent increase.

The state is proposing increasing deductibles from $500 to $750 for a single person and from $1,000 to $1,500 for a family.

'Severe' drought covers nearly 99.8% of California, report says

The latest long-term forecast shows the chances of a wet El Niño weather pattern starting this fall has decreased to about 65%, and if it does arrive, it will probably be weaker than originally expected.

Nearly Half of Americans Think the Recession Is Not Over

The U.S. economy has nearly recovered. Now someone has to convince Americans. Nearly half think the United States is still in recession, according to a recent Wall Street Journal poll. Some 76 percent don’t think their children’s generation will have a better life than they did.

Detroit bond deal can't send taxes to pensions, Syncora says

The bond deal is one of several settlements or legal issues that U.S. Bankruptcy Judge Steven Rhodes must rule on as part of the city’s historic bankruptcy-exit proposal. Under that plan, Detroit would impose about $7.4 billion in cuts on bondholders, pensioners and other creditors.

Detroit Teachers Union Will Fight Pay Cuts ‘By Any Means Necessary’

If the district does reduce wages, Johnson said it would essentially mean that teaches have taken a 20 percent pay cut since 2011.

“On top of that, the restructured health care means that the disposable income of our employees will have been reduced by somewhere around 25 percent.

Earth sliding into ‘ecological debt’ earlier and earlier, campaigners warn

The Global Footprint Network, which calculates earth overshoot day, said it would currently take 1.5 Earths to produce the renewable natural resources needed to support human requirements.

Senate studies airline fees at $6 billion and growing

Total baggage fees for the largest airlines rose from $464 million in 2007 to $3.35 billion last year. And change fees rose from $915 million to $2.8 billion during that period.

Your paycheck has been shrinking for 5 years

Since the Great Recession ended five years ago, the amount of money Americans earn each hour after adjusting for inflation has actually fallen. And that largely explains why the U.S. economy is growing less than two-thirds as fast as it normally does.

Hourly wages have risen about 10% overall since June 2009, to $24.45 an hour. But over the same span they’ve slipped 0.3% in “real” or inflation-adjusted terms.

Gold & Silver

Click to read the PM Daily Market Commentary: 8/19/14

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: 4238
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4238
August 20, 2014; Ambrose Evans-Pritchard: Euro Woe’s

August 20, 2014; Ambrose Evans-Pritchard: Euro Woe’s (McAlvany audio)

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Capital, not Capitalists in Control

Professor Peter Hudis explains why Capitalists are not in control.

Marx argues that there is a split between what is produced and the capital that is produced. Heinz does not produce canned beans, they produce money. Ditto any Capitalist venture. The prime directive is to produce an abstraction. And we can never have enough of an abstraction, can we.

Marxes motive was to knock this insanity on the head. Heinz would produce beans, not capital- and when they had produced enough beans everyone goes home.

The Prince of Illusions, anyone?

Pod-o-matic here.

 

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