Submitted by John Mauldin of Mauldin Economics
Today we’ll continue to size up the bull market in governmental promises. As we do so, keep an old trader’s slogan in mind: “That which cannot go on forever, won’t.” Or we could say it differently: An unsustainable trend must eventually stop.
Authored by Charles Hugh Smith via OfTwoMinds blog,
Labor’s share of the national income is in freefall as a direct result of the optimization of financialization.
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The US Economy Is Failing
Paul Craig Roberts
Do the Wall Street Journal’s editorial page editors read their own newspaper?
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.