timelets | Jun. 8th, 2018

Jun. 8th, 2018

While the so-called president starts culture and trade wars,

The combined Social Security trust funds -- one for disability, one for retirement -- as well as Medicare's hospital-insurance trust fund, will begin eating into their reserves this year, according to reports released this week by the programs' trustees. The trust funds for these safety-net programs are now projected to diminish until they are depleted. The Medicare hospital-insurance fund is projected to run dry in 2026.

PD 8 June 2018
SN The Wall Street Journal

The majority of Americans don't have significant savings to retire. They expect Social Security to be there for them in old age.

Americans consumers are going to pay for the steel tariffs at the pump:

Steel typically contributes up to 10% to 20% of the cost of drilling and completing an oil well, according to the Texas Alliance of Energy Producers. In turn, up to half of the specialized pipe and tubular steel products that the industry relies on are imported, according to the Independent Petroleum Association of America -- meaning energy companies will need to suck up nearly the entire 25% price increase, absent any tariff exemptions. U.S. steel prices, already among the highest of major economies, have risen by 20% since late February, when news of the planned tariffs first broke.

For pipelines, the situation is even worse: A 2017 study by consultancy ICF found that 77% of the steel used in line pipe was imported at an approximate cost of $2.2 billion in both 2015 and 2016, implying additional annual construction costs of about $550 million if the top line 25% tariff rate stays.

PD 8 June 2018
SN The Wall Street Journal

During this Stanley Cup season I've realized that hockey fantasy writers are much better predictors than TV/Radio experts. I wonder whether there's enough data to show it rigorously and generalize into other fields of expertise.

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Economics 101: tariffs
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Jun. 8th, 2018

Jun. 8th, 2018

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