Economy
Illinois to ask residents to vote on how income tax is levied on 2020 ballot (Saxplayer00o1)
Pritzker, who proposed the graduated tax plan as a way to help address a $133.5 billion unfunded pension liability and fund critical state services, said the amendment would create a more balanced income tax system.
China’s First Bank Seizure Since 1998 Shows Hidden Loan Risk (Saxplayer00o1)
Some banks are now getting squeezed as Chinese companies default at a record pace and financing costs for shadow-lending activities increase.
As part of the government clampdown, banks have been forced to reclassify loans overdue for more than 90 days as non-performing, a move that led to a record surge in soured debt and wiped out capital at some small lenders.
China showing signs similar to Japanese housing bubble that led to its ‘lost decades’, expert warns (Saxplayer00o1)
The increase has also lifted the housing price to income ratio sharply from 5.6 in 1996 to 7.6 in 2013, well above the Japanese rate of 3.0 at its peak in 1988. The price to income ratio is the basic affordability measure for housing.
EU likely to start disciplinary steps vs Italy in June over debt (Saxplayer00o1)
But latest statistics data on 2018 and Commission forecasts for 2019 and 2020 show that Italy’s debt rose from 131.4% of GDP in 2017 to 132.2% in 2018 and will go up to 133.7% this year and to 135.2% in 2020.
Lost Decade Specter Haunts Latin America as Big Economies Falter (Saxplayer00o1)
The region, still struggling to cope with the end of the commodities boom, has expanded only 0.7% a year on average during the past few years. That’s hardly enough to keep up with population growth, meaning that people are poorer today than they were in 2012, according to the International Monetary Fund. Now its biggest economies — Brazil, Mexico and Argentina — have contracted simultaneously for the second time in just over three years, causing yet another headache for policy makers.
Americans are old and having fewer kids. That’s a huge risk to the economy (Thomas R.)
Kelly said that the combination of retiring boomers and a shortage of working-age Americans creates a problem that “is particularly awkward for the economy.” He added that this trend should “persist throughout the 2020s.”
That’s why Kelly advises that the United States “should probably be having a serious conversation about temporarily boosting, rather than reducing, immigration, at least while the baby boom is retiring.”
DoubleLine holds a high level financial discussion on where the economy is heading with CEO of Quill Intelligence, Danielle DiMartino Booth and CEO of DoubleLine, Jeffrey Gundlach at the Rockefeller Center’s Rainbow Room in New York.
Eliminating Free Speech The Smart Way (thc0655)
Back in the early part of the twentieth century, the Bolsheviks did a wonderful job of eliminating the existence of views that opposed collectivism, through the use of concentration camps and execution. Later in the century, the Nazi (abbreviation for Nationalsozialistische, or National Socialist Party) also did a bang-up job of disappearing dissent against their rhetoric.
‘American Soil’ Is Increasingly Foreign Owned (Thomas R.)
It’s likely that even more American land will end up in foreign hands, especially in states with no restrictions on ownership. With the median age of U.S. farmers at 55, many face retirement with no prospect of family members willing to take over. The National Young Farmers Coalition anticipates that two-thirds of the nation’s farmland will change hands in the next few decades.
GM plans own large EV charging network in the US, can’t be bothered to invest in it itself (Thomas R.)
If GM is really convinced that electric vehicles are the future, as they have often been stating over the past few years, why wouldn’t they be willing to invest their own money in the project?
In an all-electric future, charging will be a big and profitable business. If you plan to make that future happen, why wouldn’t you want a piece of that pie?
By Crashing Walmart Meeting, Sanders Provides Preview Of Socialism Under His Watch (thc0655)
Intruding on a Walmart meeting uninvited would be just the beginning for Sanders if he were elected president in 2020. His time in the White House would be marked by many more unfriendly visits to private businesses. Sanders has been watching how socialists regimes across the world behave, and he’s learned from his comrades.
Electric truck maker and prospective GM plant buyer Workhorse ‘barely hanging on,’ report says (Thomas R.)
Even getting to that point might be tough, however, as the Times notes that in a recent filing, “Workhorse said it needed $22 million to make vehicles for UPS, DHL and other customers.”
Workhorse has received a $35 million line of credit for Marathon, however, which should give the company some time, and should cover for those orders.
Last male Sumatran rhino in Malaysia dies, eliminating chance of saving the species in the country (Sparky1)
On Sunday, Tam was “nearing the end,” according to BORA, adding that all caretakers could do was look after him and keep him comfortable. Tam died on Monday at about 35 years old.
Gold & Silver
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The post Daily Digest 5/29 – Big Economies Falter In Latin America, ‘American Soil’ Increasingly Foreign Owned appeared first on Peak Prosperity.
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