Tag Archives: Middle Class Dismissed

Pressure on China central bank for 15% yuan depreciation: sources

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“China’s central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.  The PBOC has spent billions of dollars buying yuan over recent months to defend the exchange rate, but has failed to stabilize market sentiment. The currency has steadily lost another 2.6 percent against the U.S. dollar even after the bank sprung a surprise devaluation of nearly 2 percent in August.  China’s foreign exchange reserves fell by more than half a trillion dollars last year as the central bank bought yuan to support the exchange rate.”

http://www.reuters.com/article/us-china-markets-yuan-policymakers-idUSKBN0UL24020160107

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Obamacare architect: High-deductible plans overdone

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“One of the chief architects of the president’s health law said Friday the plans offered on government-run exchanges need to be more affordable in order to boost participation rates. High-deductible plans are part of the problem, Dr. Ezekiel Emanuel added. ‘We’ve overplayed the high-deductible plans. People are feeling this is less and less insurance. And just more and more, ‘I’m paying out of my pocket.” According to the government, the penalties for not getting health insurance are going up substantially in 2016.  The penalty is calculated as a percentage of taxable household income or per person, whichever is higher.”

http://www.cnbc.com/2015/11/20/obamacare-architect-high-deductible-plans-overdone.html

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UnitedHealth warns it may exit Obamacare plans

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“The nation’s largest health insurer warned Thursday that it may pull out of the Obamacare exchanges after 2016 – forcing more than a half million people to find other coverage – after low enrollment and high usage cost the company millions of dollars.  The possible move by UnitedHealth Group raises new questions about the viability of President Obama’s signature health law and follows the departure of more than half of the non-profit insurance cooperatives this year. If UnitedHealth drops out, consumers would lose one of the lowest-cost plans available in much of the country, and some wonder how smaller insurers could fill the void.”

http://www.usatoday.com/story/money/2015/11/19/unitedhealth-group-earnings-downgrade-obamacare-affordable-care-act/76040322/

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U.S. pension backstop faces $76.4B deficit; sharp premium hikes stir opposition

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“Despite the Pension Benefit Guaranty Corp.’s record high deficit, business groups say recent PBGC premium hikes meant to cover those deficits are unjustified and detrimental to the defined benefit pension system itself.  PBGC on Tuesday said its total deficit reached $76.4 billion in fiscal 2015, up nearly 24% from the year before. The deficit for single-employer pension plans accounted for $24.1 billion of that, up from $19.3 billion in fiscal 2014.  The widening deficit was driven by changes in interest factors that increased the value of single-employer program liabilities, PBGC said.”

http://www.businessinsurance.com/article/20151118/NEWS03/151119792/despite-pbgc-deficit-sharp-premium-hikes-stir-opposition

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Suicide rate in Alberta up 30% in wake of mass oilpatch layoffs

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“The suicide rate in Alberta has increased dramatically in the wake of mounting job losses across the province.  The most recent data only goes to June, but according to the chief medical examiner’s office, 30 per cent more Albertans took their lives in the first half of this year compared to the same period last year.  ‘This is staggering,’ said Mara Grunau, who heads the Centre for Suicide Prevention.  ‘It’s far more, far exceeds anything we would ever have expected, and we would never have expected to see this much this soon.'”

https://ca.news.yahoo.com/suicide-rate-alberta-jumps-30-140524274.html

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4,000 silver coins found in Roman treasure trove in Swiss orchard

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“The coins’ excellent condition indicated that the owner systematically stashed them away shortly after they were made, the archaeologists said. For some reason that person had buried them shortly after 294 and never retrieved them. Some of the coins, made mainly of bronze but with a 5% silver content (an unusually high amount), were buried in small leather pouches.  The archaeologists said it was impossible to determine the original value of the money due to rampant inflation at the time, but said they would have been worth at least a year or two of wages. How much the coins were worth today was beside the point, Matter said.”

http://www.theguardian.com/world/2015/nov/19/roman-treasure-found-in-swiss-orchard-exceeds-4000-coins

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Worst. Retirement. Option. Ever.

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“Roth IRAs, which is what the MyRA is, already exist and can be funded with as little as a few hundred dollars.  So the gap that supposedly exists doesn’t really exist at all.  Sure, the MyRA is extremely easy to join and backed by the U.S. government — which doesn’t say much when you look at the extreme level of debt our government has. But it generates a paltry 3% return at best. Almost any other diversified mutual fund will generate substantially better returns over time.  Therefore, the MyRA doesn’t really serve a purpose at all, except for providing the government with buyers of its debt at a time when the largest buyer — the Federal Reserve — has stopped buying.”

http://thesovereigninvestor.com/government-politics/worst-retirement-option-ever/

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Texas repeals regulations on hair braiding

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“Three decades into her career as a hair braider, Isis Brantley has struggled with lawsuits and regulatory hurdles. Once, she was even arrested, she says.  But on Monday she moved over to the right side of the law. Gov. Greg Abbott signed a bill lifting regulations on hair braiding in Texas. And Brantley was honored at the signing ceremony as a key reason for the change.  The legislation, House Bill 2717, would exempt hair braiders like Brantley from obtaining a cosmetology license to run a braiding business. Prior to its passage, state law required that braiders meet the same training and facilities requirements as barbers and cosmetologists — even though braiders don’t use any chemicals or tools.”

http://www.rawstory.com/2015/06/texas-repeals-regulations-on-hair-braiding/

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Dallas Puts the Brakes on Hard-Working Mechanic

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“Hinga Mbogo immigrated to Dallas from Kenya to live the American dream—but Dallas officials had other plans for him.  City officials are demanding that Hinga stop repairing cars at his popular shop, Hinga’s Automotive Company, because it doesn’t fit in with their plans to reimagine the up-and-coming neighborhood. The city barred Hinga from using his land for auto repair and told him to close his business after letting an ‘amortization’ period pass.  Dallas officials are using this technique to avoid compensating Hinga for the time and money he invested in his business and property. So even though the city is wrenching away this hard-working mechanic’s livelihood, the city isn’t paying him a dime.”

http://www.ij.org/dallas-puts-the-brakes-on-hard-working-mechanic

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The War on Air Conditioning Heats Up

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“It started with the pope. In his recent encyclical, Laudato Si’, he singled out air conditioning as a particularly good example of wasteful habits and excessive consumption that overcome our better natures.  Now, it seems to be open season on air conditioning. From a raging Facebook debate over an article that claims that air conditioning is an oppressive tool of the patriarchy to an article in the Washington Post that calls the American use of air conditioning an ‘addiction’ and compares it unfavorably to the European willingness to sweat through the heat of summer, air conditioning is under attack. So I want to defend it.”

http://fee.org/freeman/detail/the-war-on-air-conditioning-heats-up

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