Via Mike Shedlock of MishTalk.com,
The Pension Benefit Guarantee Corporation (PBGC), an entity created to “guarantee” pensions of private corporations, is on the verge of bankruptcy.
Teamsters and other unions are poised to take huge pension hits. Previously, airline employees have taken a hit.
Please consider PBGC Running Out of Cash to Cover Union Pension Funds.
Markit's Services PMI tumbled to 5-month lows in February (down to 53.8) - erasing the post-Trump-bounce - as rates of expansion in activity, new work and employment all eased. The February drop in PMI is the largest in a year as Markit warns that "business optimism has mellowed.. and companies are becoming more cautious."
Of course that is the absolute opposite of what ISM Services reports - surging higher to a 15-month high at 57.6 (well above expectations)
As written by Jack Salmon and first appearing on The Hill
With 19 states raising the minimum wage at the beginning of 2017, it seems that Sen. Bernie Sanders (I-Vt.) "Fight for 15" campaign is becoming a reality.
While Democrats have been wholeheartedly behind the movement to increase the minimum wage, now Republican lawmakers are increasingly leaving the door open to minimum wage increases. The prevailing argument in favor of raising the minimum wage is that a higher minimum wage would reduce poverty and alleviate income inequality.
It seems that a group of 79 recently fired IT workers at the University of California San Francisco, whose jobs have been replaced by H-1B visa holders from India, may have finally found an issue on which they can agree with Trump. According to the University Professional and Technical Employees CWA Local 9119 this mass firing is the first time a public university has offshored American IT jobs. Per ARS Technica:
We spend a lot of time talking about the various pension ponzi schemes that will inevitably wreak havoc on the global financial system at some point in the not so distant future. That said, you should also be keeping an eye on so-called long-term-care (LTC) health insurance providers who, as Penn Treaty Network of America Insurance teaches us this morning, have been perpetuating a ponzi scheme of their own.