Economy
Peoria Residents Face New Property Tax Fee Devoted Entirely To Pensions (Saxplayer00o1)
Peoria is not alone: Springfield city leaders learned in August the city must find another $269 million to properly fund its pensions over the next two decades. Other cities, such as Harvey, Carol Stream and Rockford, have also had to raise taxes or make significant cuts to pay for pensions. East St. Louis is facing $2.2 million in firefighter pension debt and is at risk of losing its state funding until the city pays it.
Forty States in the U.S. Do Not Have Enough Money To Pay Their Bills (Saxplayer00o1)
Despite the fact that the total U.S. economy is still growing, states have not been able to lower their unfunded liabilities. This is not good news given that the rate of growth in the U.S. is starting to slow down,
The World’s Wealthiest Families Are Stockpiling Cash as Recession Fears Grow (Saxplayer00o1)
Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said this month he thinks there’s a 75% chance of a U.S recession before the November 2020 presidential election, while the World Bank cut its 2019 global forecast to the slowest since the financial crisis a decade ago. More than two thirds of European family offices surveyed by UBS, meanwhile, think Brexit will hurt the U.K. over the long-term.
European third-quarter revenue estimate worsens as corporate recession drags on (Saxplayer00o1)
Third-quarter earnings are forecasts to fall 1.9%, unchanged from last week, marking the third consecutive quarter of contraction and confirming that Europe is in a corporate recession.
Medical Price Roulette (Sparky1)
The health care market in the United States is opaque. Most people don’t know the costs of medical procedures they need until after the fact, leaving patients with little to no ability to factor price into their health care decisions. In an effort to change this, CBS News is working on a series of reports designed to bring transparency to the health care marketplace.
More Americans are house-rich, but they’re leaving that cash in the house (Sparky1)
Just $54 billion in equity was withdrawn in the first quarter of this year. That is the lowest volume in four years and the lowest share of available equity tapped since Black Knight began tracking the metric in 2008. Less than 1% of tappable equity was withdrawn. Cash-out refinance withdrawals fell from $27.9 billion in the fourth quarter of 2018 to $27.3 billion in the first quarter of 2019, despite a steep decline in mortgage rates.
Persistence of negative bond yields ‘vaguely troubling,’ warns key central-bank group (Saxplayer00o1)
In some countries, including Germany, the entire yield curve has moved into negative territory. And in some cases, even households can borrow at negative rates, while more investors are paying for the privilege of lending money to governments and corporations.
“Even at the height of the Great Financial Crisis of 2007-09, this would have been unthinkable,” said Claudio Borio, BIS chief economist, in prepared remarks at a Friday news conference. “There is something vaguely troubling when the unthinkable becomes routine.”
Sanders pointed out that when people make more money than he does, it makes him feel bad. But when he starts to make a lot of money, it feels good to him. So his wealth tax plan will adjust with how much money Sanders makes. Should he start making billions, then the tax plan will really start to hammer the trillionaires and ease up on the billionaires a bit. Once he’s a trillionaire, which should be pretty quick what with socialism’s inflation and all, then the quadrillionaires will be in Sanders’s sights.
Jeff Bezos would pay $9 billion a year in wealth taxes under Bernie Sanders’ plan (Thomas R.)
“I don’t think billionaires should exist,” Sanders told The New York Times. If his tax plan were put into effect, billionaires would lose half their wealth in 15 years, provided all other factors (like their stock prices or business values) remained constant.
Google Claims… (thc0655)
Oh, “they” will try, but within days, weeks or months other actors will figure it out. Someone will leak it, someone else will exploit it, and what always happens with any technology will happen again — it will be duplicated and used everywhere.
China and Russia will have it in a week — if they don’t already have it.
Gold & Silver
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The post Daily Digest 9/25 – The World’s Wealthiest Families Are Stockpiling Cash, Medical Price Roulette appeared first on Peak Prosperity.
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