Submitted by Lance Roberts of Real Investment Advice
Almost a full year after the election of Donald Trump to the White House, one of the key promises made to voters was the largest “tax cut” since Ronald Reagan was in office. As President Trump stated in Indiana yesterday:
The same firm that 'assured' us all back in 2006 that RMBS, CDOs, synthetic CDOs and CDO-squared structures were all very safe products and well deserving of their AAA ratings would now like for you to know that they've "stress tested" subprime auto ABS facilities and found that they're "very stable."
NFL franchise owners provoked quite a reaction on Sunday and Monday when they walked onto the field and locked arms with players – and, in some cases, kneeled (just not during the National Anthem) – in a demonstration of defiance to President Donald Trump, who late Friday night picked a fight with both the NBA and NFL by first disinviting the Golden State Warriors to the White House, then labeled any NFL player who kneels during the anthem a “son of a bitch” for “disrespecting our heritage.”
Back in January 2017, the University of California system of schools approved their first in-state tuition hike in six years. And while one might hope that the extra millions of dollars raised as a result of those hikes would go toward a better education for students, in reality, a large chuck will go to fund the exorbitant pensions of retired teachers.
We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 - $84 billion underfunded, depending on which discount rate you feel inclined to use. As we've argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven't a prayer of ever again being made whole.