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What We Read Today 14 August 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Articles about events, conflicts and disease around the world

Global

  • Economics jargon promotes a deficit in understanding (The Guardian)  Our democracy depends on politicians and journalists who can translate technical language and communicate clearly. But when it comes to economics, they are hopeless.  Econintersect:  Bless The Guardian for publishing this, but unfortunately few of the people who need to read this will.

U.S.

  • 9 things to know about Social Security as it turns 80 (CNN Money)  Lots of articles this week about how Social Security is about to disappear, or at least be cut.  That is simply not true for retirement benefits.  There are problems with disability benefits (see next article) but not retirement.  Here is the statement that has been true for several years and is still true today:

While most 20-somethings don't think they'll be getting anything when they retire, that's probably not true.

Even if Congress doesn't reform the system at all, Social Security will be able to pay full benefits through 2034, and then three-quarters of scheduled benefits through 2089.

  • Barack Obama: Social Security Disability Running Out Of Money In 2016 — Check Cuts Needed? (The Inquisitr)  One of the worst 2016 predictions facing the United States is that the Social Security Disability fund is running out of money. Barack Obama, Democrats, and Republicans all have preferences for how to handle the financial crisis, but will Social Security check cuts be required?  Econintersect:  As this article talks all the way around but does not face directly, cuts to disability payment swill only occur as a choice by Congress because "they don't know where the money will come from".  It is our position that this is an argument of ignorance, sold by those supporting the oligarchy-enriching money and banking system we have today.  The problem would not exist if public functions were financed by a national public bank.
  • Gundlach, BlackRock Now Buying Top-Rated Debt They Had Shunned (Bloomberg)  Bonds issued by the highest-rated and most financially sound U.S. companies are once again appealing to the world’s biggest debt investors.
  • The next city for Google Fiber is... (CNN Money)  ... San Antonio.  It moves to the head of the line to join existing systems in Kansas City area, Provo, Utah, and Austin, Texas.  Map for existing and other upcoming sities below:

google.fiber.map

Greece

Switzerland

Syria

China


History Shows Time to Sell Dollar Is Now With Fed Near Liftoff (Bloomberg)  The last two Fed tightening cyles have seen the U.S. Dollar index decline.  After the tightening ends then the dollar stabilizes and/or rises.

dollar.tightening

Other Economics and Business Items of Note and Miscellanea

  • 5 Estate Planning Tips for Blended Families (Financial Planning)  This is a short but useful summary of the most important planning areas for blended familes, which are very common in the U.S., possibly approaching a majority of middle and uper class families.

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