Scotland Kills Europe
Scotland has direct access to the majority of the oil situated in and around the British Isles, it could be up to 30% of all the UK’s oil. That gets sliced off the plate, of UK’s portfolio. There is definitely going to be a major shift in the world’s oil markets, and the clock is ticking.
So after the divorce between Scotland and the UK, who is going to be in charge of tax for the coming weeks? This is going to be out of control. The main issue, How will Scotland will govern and maintain itself? Before the bloody battle, this is a part of a country has Oil Rights. In comparison think as if Texas wanted to finally become independent, yes, those oil rights.
There are more than 4.2 million people in Scotland, British Prime Minister David Cameron warns, “no U.K. pensions, no U.K, passports, no U.K. pound.” The European economic community as a whole, would be swayed into after effects.
What about the £30bn in Oil on the line.
When we take into consideration that Scotland has direct access to the majority of the oil situated in and around the British Isles, there’s potential for a major shift in the world’s oil markets, as well.
The divorce would be one of the largest in our century. Scotland is occupied by one-twelfth of the UK’s population, which the SNP believes would entitle Scotland to claim a share worth just under £30billion. Obviously, the oil issue is not addressed as it is a potentially scary story for investors and shift the oil business in Europe, with a stronghold.
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Unemployment Rate Declines to 11.1%
Coming at the heels of a surprising May performance, the US economy showed tenacity as it beat analyst predictions once again. The Bureau of Labor Statistics yesterday reported that the US added 4.8 million non-farm payrolls to the job market in June. This is 1.8 million more jobs than expected. This shows unemployment rate decline to 11.1%.
Related Article: Trump Says Economy ‘Roaring Back’ in June As 4.8 Million Jobs Added
Us Generated 4.8 Million Jobs Last June, Unemployment Declines to 11.1%
The majority of new jobs came from the private sector. The hospitality and leisure industry led the way with 2.1 million payrolls or 44%. Restaurants and bars recorded the most gains in the industry, posting 1.5 million new jobs. Meanwhile, government jobs remain few, with only 33,000 new ones during the month.
The increase in jobs so pulled down the unemployment rate to 11.1% in June, which is 2.2% lower than last month’s rate of 13.3%. Meanwhile, April’s 14.7% unemployment rate was the highest since the Depression Era of the 1930s. The 11.1% is still a high number, considering that the previous highest unemployment rate since 1941 is 10.8% in 1982.
While the new jobs showed efforts to reopen the economy, the recent spike in coronavirus cases now threatens any further progress. In a Washington Post report, the US set a new record of single day coronavirus cases, posting 55,220 cases on July 2. Establishments that opened last June have started closing again as a precaution.
Unemployment Also Rises
The US also reported 1.4 million workers filing for unemployment benefits for the first time. This brings the total number of Americans filing for unemployment at least two weeks in a row up to 19.3 million.
The current government stimulus package (CARES Act), provides an extra $600 unemployment insurance. This provision expires by July 31, after which Congress will debate on new rules and amounts. This also allows even self-employed workers to file for claims. Regular unemployment benefits before the coronavirus pandemic remain in effect.
Bars and restaurants in particular, who accounted for 30% of the increase in jobs last June, are in danger of laying off workers again, as states are rethinking their strategy of reopening their economies. This could lead to re-closing open establishments and delaying the reopening of outlets about to open. Either way, the industry is still affected by the ongoing health crisis. Bureau of Labor Statistics Commissioner William Beach noted that “After two months of job gains…that sector is still down 3.1 million jobs since February.”
Mixed Reactions, Uncertainty for July
While the news garnered positive reactions from various sectors, there were causes for concern among analysts. Glassdoor Chief Economist Andres Chamberlain looks at the report as a sign of good things to come: “Today’s positive jobs report does provide a powerful signal of how swiftly US job growth can bounce back and how rapidly businesses can reopen once the nation finally brings the coronavirus under control — a reason for optimism in coming months.”
Some are fearing the worst is yet to come. The rising number of infections hampered economic recovery efforts. Businesses and state governments have begun reconsidering plans for their gradual reopening. The effects of the second wave on unemployment will most likely show up in the July and August reports. Michael Pearce, the senior US economist at Capital Economics, believes that a full job market recovery will be more difficult while the US remains in recession. The fresh outbreaks have hampered efforts to jumpstart economic activity as “we expect the recovery from here will be a lot bumpier and job gains to be more muted.”
Goldman Sachs analysts believe that over half the United States is now reconsidering their reopening plans and will bring back restrictions on public activities. They estimated that among the states, only Vermont and New Hampshire are safe to reopen.
Watch this video about Unemployment Rate in US last June:
In the fifth month of the outbreak, new infections keep sidetracking the US’s plans to reopen the economy. Despite the rising coronavirus cases, many Americans insist on going back to work. This explains the increasing numbers in the labor market.
Given the resurgence of the virus, do you think the economy will still be on the rise and that more jobs are on the way? Or should we expect worse things in July?
Here’s When You Can Expect Social Security Cuts
Social Security is a retirement cornerstone for tens of millions of Americans. According to the Centers for Budget and Policy Priorities, every year it keeps 15 million retirees out of poverty.
Unfortunately, the program is facing massive financial hurdles. It has been collecting a net cash surplus for the last 38 years. However, starting next year, it is projected to run a $21.1 billion net cash outflow.
The program entered the decade with a reserve of $2.9 trillion in assets. Although, many expect the net outflows to increase each year and chip away at the reserve by $1.1 trillion. This leaves the program with only $1.8 trillion in reserves by 2029.
The program isn’t facing bankruptcy or insolvency. Instead, it is more and more likely that retirees will soon face reductions in their benefits to keep the program afloat.
Two trusts actually make up Social Security. The first one is the Old-Age and Survivors Insurance (OASI) trust. It provides payouts to retired workers and survivors of deceased workers. The other is the Disability Insurance (DI) trust. This one supplies payments to workers that are long-term disabled.
When reporting on the state of the program, the Social Security Board of Trustees generally lumps the two trusts together. However, each trust is independent and faces individual risks.
Of the two, the OASI is projected to be in financial distress the soonest. The latest Trustee report estimates that the OASI will deplete its asset reserves by 2034. Meanwhile, the DI trust could possibly depleat its reserves in 2065.
But because the OASI is much larger than the DI trust ($2.8 trillion of the combined $2.9 trillion in reserves), the combined trusts are projected to become insolvent in 2035.
So expect the first major cuts to come in 2035 in an effort to avoid insolvency. Those efforts will involve a potential bitter pill for retirees to swallow.
Unless Congress finds a way to raise additional revenue and/or reduce outlays, retired workers and survivors of deceased workers can expect a 24% reduction in monthly benefits starting in 2035. While that seems a long time from now, it’s only 15 years away and will be here sooner than you think.
In real numbers, a retiree who receives the average monthly Social Security benefit of $1,503 today would see their monthly benefit reduced to $1,142 per month, or $361 less to live on. A married couple receiving $2,531 in monthly benefits would see their check cut by $608 per month, down to $1,923.
While the monthly reduction stings, looking at it from a lifetime benefit approach magnifies the worries for retirees trying to live out their golden years. A hypothetical worker who retires this year and starts receiving benefits would typically expect to collect about $500,000 in Social Security benefits. A 25% reduction means they would see their benefits cut by $120,000, down to only $380,000 in retirement benefits.
A married couple would see their projected $1 million in benefits reduced by $240,000 down to $760,000. That’s not an easily-replaced amount of retirement income.
If there is a glimmer of hope, it’s that Congress can take action to avoid – or delay – the day of reckoning. Yes, they’ve known since 1985 that the program would one day run out of money. But if there is one thing that the government is good at, it’s waiting until the last minute to really dig in and find a solution.
Let’s hope they can set aside their differences and put America’s retirees first.
‘The Great Reset’ Will Push Socialist Agenda Across The Globe
Quietly, while the coronavirus pandemic distracted the world, a group of liberal “key global governmental and business leaders” met in Switzerland and planned the next coup d’etat to take over the global economy. Many call it The Great Reset. It also means “dangerous times for those who support individual liberties and free markets.”
The World Economic Forum will hold a summit next year to further their initiative. According to them, “The Great Reset is a commitment to jointly and urgently build the foundations of our economic and social system for a more fair, sustainable and resilient future. It requires a new social contract centred on human dignity, social justice and where societal progress does not fall behind economic development.”
What it really is trying to accomplish is using the coronavirus pandemic as a cover. They’re aiming for a renewed push for socialism and climate change initiatives.
The Economy and the Pandemic
You have to ask yourself, how did capitalism or climate change create the COVID-19 pandemic? They obviously didn’t, but remember, never let a crisis go to waste.
Klaus Schwab, the founder and executive chairman of WEF, said “COVID-19 has shown us that our old systems are not fit for the 21st century,” and “we need a global reset… we must not miss this unique window of opportunity.”
António Guterres, the UN Secretary-General, also weighed in on the topic. He said, “We must build equal, inclusive, sustainable societies, that are more resilient in the face of pandemics and climate change.”
Kristalina Georgieva, the Managing Director of the International Monetary Fund, made it very clear that the expansion of social programs should serve as the goal of The Great Reset.
“If we were to concentrate in investing in people, in the social fabric of our societies, in access to opportunities and education for all, in expansion of social programs – then we can have a world that is a better world for all.”
And Al Gore, Mr. Climate Change himself, spoke during the summit. “This is a time for a reset to fix a bunch of challenges,” he said. “First among them, the climate crisis.”
Folks, viruses don’t care about socialism or capitalism. Viruses don’t care if we have zero global carbon emissions. To hide behind these agendas and blame a global pandemic on capitalism and global greenhouse gas emissions is xxxxx.
A Complete Overhaul?
In a recent article on Fox Business, Justin Haskins, who’s no fan of the agenda, offers his two cents. He says, “The purpose of the Great Reset isn’t merely to enact policies that would lead to additional wealth redistribution, but rather to completely overhaul the world’s existing structures and institutions.”
Haskins then points to comments by Schwab. He says, “the world must act jointly and swiftly to revamp all aspects of our societies and economies, from education to social contracts and working conditions.”
Haskins continues, “How, exactly, are these leaders planning on convincing Americans and citizens of every other industrialized nation to abandon modern capitalism? By scaring people into believing that these changes are essential for stopping the next great ‘crisis’ the world will face when the COVID-19 pandemic finally subsides: climate change.”
“At the World Economic Forum’s June meeting, one speaker after another cited climate change and environmental sustainability as the key justifications for radical economic changes that would include massive new regulations and restrictions on economic activity, wealth taxes and expansive government programs comparable to the Green New Deal.”
Ultimately, according to Haskins, the goal is for the global elites to control more of our lives. This also comes under the guise of helping the world.
“The elites at the World Economic Forum can effectively control economic activity on a scale” that no one has achieved before, he says. “These are truly dangerous times for those who support individual liberty and free markets.”
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