Labor

Standard and Poor's credit rating analysts for the state of New Jersey, David Hitchcock and John Sugden, apparently think that funding only half of your state's annual actuarially determined contributions is a bad thing...who knew?  So, just to make sure we achieve crystal clarity here, S&P believes that adding to NJ's $66 billion pension underfunded liability, which would be much higher but for a ridiculous assumption the state makes in setting its return on assets at an artificially high rate of 7.65%, each and every year by contributing less to the fund than what is

UMich consumer confidence rose in the preliminary March print, beating expectations at 97.6 with current conditions surging but expectations stalling somewhat.

This exuberance is occurring as real earnings growth slumps. But crucially, the partisan divide is unprecedented.

The overall level of consumer sentiment remained quite favorable in early March due to renewed strength in current economic conditions as well as the extraordinary influence of partisanship on economic prospects.

Authored by Mac Slavo via SHTFplan.com,

The toxic dollar is bringing hell in a handbasket.

Along with the student loan debt bubble and other major financial factors, the looming pensions crisis is bound to be the death of us all.

Because it’s based on a future promise to pay, it has long been a benefit dangled to solve strikes and union disputes – because, in the end, it is just more debt, whether private or public.

Despite the surge in consumer confidence and exuberance at what lies ahead, real wages for America's average joes declined year-over-year in February (down 0.3%). This is the first consecutive monthly drop in real wages since 2011 (which forced Bernanke to to hint at and then unleash QE2 later that year).

So not only is The Fed hiking into the weakest GDP growth outlook since 1987, noiw they are hiking into declining real wage growth (something tht has previously driven The Fed to a massvely dovish stance).

Authored by Michael Shedlock via MishTalk.com,

Despite a massive rally in the stock market, Illinois public pension liabilities continue to grow.

GARS, the Illinois General Assembly Retirement System, is only 13.52% funded, down from 17% funded in 2013. How long can GARS last?

Meanwhile, Illinois has accrued a combined net pension liability of roughly $130 billion on which it assumes a 7% return.