Economy
Major Shocker: Conservatives Win Australia as Labor’s Climate Agenda Backfires (ezlxq1949)
It was supposed to be the big issue of the 2019 Australian federal election: climate change. A range of polls and surveys had left many analysts, myself included, with the sense that this would be a crucial issue at the ballot box.
The annual Lowy Institute Poll demonstrated stronger support for climate change action in Australia in 2019 than in any previous survey since 2006.
Their biggest challenge? Avoiding a recession (ezlxq1949)
The result of what the Reserve Bank describes as “persistently slow growth in household incomes and declining housing prices” has been something of a strike in consumer spending. The real value of spending per household hasn’t been falling, but it hasn’t really been climbing either.
Ford will cut 10 percent of its salaried employees (Thomas R.)
Hackett has helped oversee the launch of an entirely new spinoff company dedicated to autonomous vehicles, a $500 million investment in EV startup Rivian, and a number of software and cloud efforts meant to make the company’s cars more connected.
Estimated Impacts of Tariffs on the U.S. Economy and Workers (2019) (Dr Rob)
This study, prepared for Tariffs Hurt the Heartland, estimates the economic effects on the U.S. economy and U.S. jobs of U.S. tariffs and quotas on steel, aluminum and selected products from China, and retaliation by U.S. trading partners. The study investigates comprehensive impacts of actual and threatened tariffs on the U.S. economy and U.S. workers one to three years after they have been in effect. Key findings include significant reduction in U.S. GDP and the net loss of millions of U.S. jobs. The study breaks job impact estimates down by state for two of the four tariff scenarios examined.
Stocks making the biggest moves after hours: GM, Snap, Merck and more (Thomas R.)
Shares of General Motors seesawed after news broke that the company will be ending its ‘Maven’ car-sharing service in eight of the 17 North American cities in which it is currently offered. Maven, launched in 2016, will end the service in the next few months in cities including Chicago and Boston. GM did not disclose the full list of cities where service will be eliminated. Cities the service will continue to operate in include Los Angeles, Washington D.C., Detroit and Toronto.
Ron Paul: Violence Against Women Act Does Violence to the Constitution (sand_puppy)
The law also forbids anyone subject to a restraining order obtained by a spouse or a domestic partner from owning a gun. This is a blatant violation of the Second Amendment’s prohibition on federal laws denying anyone the right to own a gun. Whether someone subject to a restraining order, or convicted of a violent crime, should lose their rights to own firearms is a question to be decided by state and local officials.
Why You Need A Retirement Plan A, B And C (Thomas R.)
Most people are counting on everything going right for their retirement plan to work out. For most people their Plan A looks like this: Work and ideally save/invest until 65, claim Social Security and Medicare and then live for 25+ years in retirement with income from a Pension (for about 30% of people), Social Security (Social Security accounts for half of retirement income for ~50% of the population) and drawing down Savings (excluding the approximately 20% of people with nothing saved).
A Hegemon Checkmated (sand_puppy)
Some claim (based on no evidence at all) that the US would actually want to have one of its aircraft carriers sunk, to use as an excuse for an escalation. But how exactly would it escalate? By having some more of its aircraft carriers sunk? Add to this the fact that the US no longer seems to build aircraft carriers. Its last effort, the Gerald R. Ford, aptly named after the “dim bulb” president, is undergoing endless repairs in the hopes that it will some day become useful for something. Add to this the fact that the US no longer has the money to build such gigantic war toys: the way things have been going, in just a few years the entire federal budget is going to be swallowed up by interest payments on the federal debt.
A nationwide tax on soda? Economists say it would be good for the country, and here’s their ‘optimal’ rate. (Thomas R.)
Other research has looked at whether soda taxes reduce consumption or help improve health outcomes. Taubinsky said his group’s research is the first to weigh several factors together, including tax revenues, health outcomes, effect on health-care costs, the impact of soda taxes on low-income residents, and the enjoyment people get from soda that makes them likely to drink it even when they know it’s unhealthy.
Oil Rises But Some Drillers Are Filing For A Second Bankruptcy (Michael S.)
U.S. shale production growth is expected to slow this year, according to Schlumberger. The world’s biggest oilfield services provider cited “higher cost of capital, lower borrowing capacity, and investors looking for increased returns” as the primary reasons for an expected 10-percent drop in E&P investments in North America’s onshore this year.
Oil is rallying on supply worries after Trump threatens the ‘official end of Iran’ (Thomas R.)
At the same time, Saudi Arabia’s energy minister, Khalid al-Falih, said there was consensus among the OPEC cartel and other oil-producing countries to reduce crude inventories “gently” while remaining responsive to the needs of a “fragile market,” according to Reuters.
Xcel’s new plan: Coal-free by 2030, nuclear until 2040 (Thomas R.)
Under Xcel’s proposal, the Allen S. King coal-fired power plant in Oak Park Heights, Minn., will close in 2028. Sherco 3, the company’s remaining Upper Midwest coal-fired generator, located in Becker, Minn., will close in 2030, a decade ahead of schedule. Xcel had already planned to retire Sherco’s other two coal units in 2023 and 2026 and build a natural gas plant on the Sherco site.
Glyphosate effects on earthworms (Uncletommy)
“Earthworms in untreated terraria were found all alive, while specimens exposed to glyphosate (Roundup 360®) showed a decreasing survival rate and a sharp decline in the number of cocoons.” … “Results indicate the occurrence of some resistance mechanisms on anecic earthworms in vineyards that have been exposed to glyphosate for at least three decades. However in spite of the long period of application of glyphosate the impact of this largely applied herbicide is still serious (up to 26% of mortality) especially on the deep-burrowing earthworms species (Oc. complanatus and L. terrestris).”
Gold & Silver
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