Kansas May End Federal Jobless Aid to Encourage Workers

Link: https://www.governing.com/work/kansas-may-end-federal-jobless-aid-to-encourage-workers

Excerpt:

Gov. Laura Kelly said Thursday she was weighing whether to end Kansas’ participation in federal unemployment programs started during the COVID-19 pandemic, as many Republican states say they will pull out of the initiatives.

Businesses have complained of difficulties in hiring workers, something many Republicans have chalked up to a slate of programs aimed at cushioning the blow for residents laid off due to the economic turmoil of the past year.

Kelly’s office confirmed in a statement Wednesday that Kansas wasn’t following in the footsteps of Missouri, Iowa and about a dozen other state in ending their participation in the programs.

Author(s): Andrew Bahl, The Topeka Captial-Journal

Publication Date: 14 May 2021

Publication Site: Governing

Colonial Pipeline Hack Reveals America’s Vulnerabilities

Link: https://www.governing.com/security/colonial-pipeline-hack-reveals-americas-vulnerabilities

Excerpt:

If you want to get Americans’ attention, hit their ability to drive. Panic buying and gas lines were quickly seen in the Southeast. Midweek, 71 percent of the gas stations in car-burdened Charlotte, North Carolina, were dry.

Ransomware takes control of a company’s or organization’s software or data until the owners make a payment. Even paying a ransom doesn’t guarantee the owners will get control again.

Initial reports said Colonial refused to pay ransom. But Colonial handed over nearly $5 million to the hackers. Bloomberg reports that the payment was in difficult-to-trace cryptocurrency. In exchange, Colonial received a decrypting tool to help restore its disabled network.

DarkSide, believed to be based in Eastern Europe, released a statement saying, “We are apolitical, we do not participate in geopolitics … Our goal is to make money, and not creating problems for society.”

But no one is safe from cybercrime, whether the attacker is a shadowy group or tied to a nation-state, whether they want money or data or to paralyze infrastructure. Whether the victim is an individual who opened an email containing malware or a leading technology company.

Author(s): Jon Talton, The Seattle Times

Publication Date: 14 May 2021

Publication Site: Governing

CalPERS Long Term Care Program Bleeds Policyholders Dry via 10X Higher Premiums, Gross Mismanagement, Bad Faith Dealing

Graphic:

Excerpt:

To justify the rate increases, CalPERS asserts that there is nothing problematic with the program, other than the usual suspects of low interest rates and unexpected policyholder behavior, issues that all long-term care providers have faced. But that is, at best, a half-truth.

While all other long-term care providers have faced the same challenges, there is no evidence that any other insurer in the nation has responded with premium increases like CalPERS. For example, the Federal Long Term Care Insurance Program has raised rates as much as 150%. For commercial policies, premiums rose up to 75% for UNUM Group in some states, while in California premiums for Mutual of Omaha policy premiums rose 20%, Transamerica premiums rose 25%, and Thrivent premiums rose about 37%.

During the past two decades, roughly the timeframe of the policies subject to the lawsuit, inflation has risen 49% and the cost of long-term care services about 120%. The chart below shows actual policy rates and the initial policy rate along with inflation and long-term care trends.

Author(s): Yves Smith, Lawrence Grossman

Publication Date: 14 May 2021

Publication Site: naked capitalism

Why do Americans die earlier than Europeans?

Link: https://www.theguardian.com/commentisfree/2021/may/04/why-do-americans-die-earlier-than-europeans

Excerpt:

A 30-year-old American is three times more likely to die at that age than his or her European peers. In fact, Americans do worse at just about every age. To make matters more grim, the American disadvantage is growing over time.

In 2017, for example, higher American mortality translated into roughly 401,000 excess deaths – deaths that would not have occurred if the US had Europe’s lower age-specific death rates. Pre-pandemic, that 401,000 is about 12% of all American deaths. The percentage is even higher below age 85, where one in four Americans die simply because they do not live in Europe.

…..

There have been many efforts to account for the US mortality disadvantage. There is no single answer, but three factors stand out. First, death rates from drug overdose are much higher in the US than in Europe and have risen sharply in the 21st century. Second is the rapid rise in the proportion of American adults who are obese. In 2016, 40% of American adults were obese, a larger proportion than in Europe. Higher levels of obesity in the US may account for 55% of its shortfall in life expectancy relative to other rich countries. Third, the US stands out among wealthy countries for not offering universal healthcare insurance. One analysis suggests that the absence of universal healthcare resulted in 45,000 excess deaths at ages 18-64 in 2005. That number represents about a quarter of excess deaths in that age range.

…..

Above age 65, healthcare insurance coverage is nearly universal via Medicare. An international review of medical practice by the National Academy of Sciences suggested that the US does comparatively well in identifying and treating cardiovascular diseases and many cancers. But the prevalence of these diseases, the principal killers in wealthy countries, is unusually high in the US. Heart disease, a type of cardiovascular disease and America’s number one cause of death for decades, is strongly linked to lifestyle factors such as obesity. Although the connection between obesity and health risks is well known, consumer preferences for unhealthy food are strong. Not just because humans are biologically vulnerable to sweets and fats, but because major food producers and distributors are incentivized to turn this weakness into profit.

Author(s): Samuel Preston, Yana Vierboom

Publication Date: 4 May 2021

Publication Site: The Guardian UK

Quantifying impacts of the COVID-19 pandemic through life expectancy losses: a population-level study of 29 countries

Link: https://www.medrxiv.org/content/10.1101/2021.03.02.21252772v4

Graphic:

Abstract:

Variations in the age patterns and magnitudes of excess deaths, as well as differences in population sizes and age structures make cross-national comparisons of the cumulative mortality impacts of the COVID-19 pandemic challenging. Life expectancy is a widely-used indicator that provides a clear and cross-nationally comparable picture of the population-level impacts of the pandemic on mortality. Life tables by sex were calculated for 29 countries, including most European countries, Chile and the USA for 2015-2020. Life expectancy at birth and at age 60 for 2020 were contextualised against recent trends between 2015-19. Using decomposition techniques we examined which specific age groups contributed to reductions in life expectancy in 2020 and to what extent reductions were attributable to official COVID-19 deaths. Life expectancy at birth declined from 2019 to 2020 in 27 out of 29 countries. Males in the USA and Bulgaria experienced the largest losses in life expectancy at birth during 2020 (2.1 and 1.6 years respectively), but reductions of more than an entire year were documented in eleven countries for males, and eight among females. Reductions were mostly attributable to increased mortality above age 60 and to official COVID-19 deaths. The COVID-19 pandemic triggered significant mortality increases in 2020 of a magnitude not witnessed since WW-II in Western Europe or the breakup of the Soviet Union in Eastern Europe. Females from 15 countries and males from 10 ended up with lower life expectancy at birth in 2020 than in 2015.

Author(s): José Manuel Aburto, Jonas Schöley, Ilya Kashnitsky, Luyin Zhang, Charles Rahal, Trifon I. Missov Melinda C. Mills, Jennifer B. Dowd, Ridhi Kashyap

Publication Date: 6 April 2021

Publication Site: medRxiv

Mortality Charts by Country and Cause, Karl Pettersson

Link: https://mortchart-en.klpn.se/sexesyrs.html

Graphic:

Excerpt:

The aim of this site is to give comprehensible information about trends for cause-specific mortality in different population. Charts may be viewed or downloaded after choice of population, age group and cause of death group. The measures shown in the charts have been calculated using open data from WHO (2017), but the WHO are not responsible for any content on the site. For some countries where population is not available from WHO (2017) for recent years, estimates from United Nations Department of Economic and Social Affairs, Population Division (2015) is used instead.

There are several other websites with visualizations of mortality trends. One of the most advanced is IHME (2015), which contains data for all countries in the world, and uses complicated algorithms to adjust for uncertainties in the underlying data. On this website, the charts are generated dynamically, and the sites may sometimes be slow. Moreover, the visualizations do not go further back in time than 1980, while WHO (2017) has data available from 1950, for several populations. Whitlock (2012) is a website with a great number of static charts based on WHO (2017). This website is no longer maintained, however, because its creator has died.

Author(s): Karl Pettersson

Date Accessed: 17 May 2021

Publication Site: Mortality Charts

Death rates at specific life stages mold the sex gap in life expectancy

Link: https://www.pnas.org/content/118/20/e2010588118

Graphic:

Excerpt:

Female life expectancy exceeds male life expectancy. Males at ages 15 to 40 die at rates that are often three times female levels, but this excess mortality is not the main cause of the life expectancy gap. Few deaths occur at younger adult ages compared with mortality after age 60 or, historically, among newborns. Our demographic analysis shows that, up through the early decades of the 20th century, the life expectancy gap largely resulted from excess deaths of infant boys. Afterward, higher mortality among men 60+ became crucial. The higher mortality of males at ages 15 to 40 has played a modest role.

Author(s): Virginia Zarulli, Ilya Kashnitsky, James W. Vaupel

Supplementary online material: https://www.pnas.org/content/pnas/suppl/2021/05/06/2010588118.DCSupplemental/pnas.2010588118.sapp.pdf

Github: https://github.com/CPop-SDU/sex-gap-e0-pnas

Publication Date: 18 May 2021

Publication Site: PNAS

Harvey, Illinois’ ARP relief dragged into pension fund conflict

Link: https://www.bondbuyer.com/news/harvey-illinois-arp-relief-dragged-into-pension-fund-conflict#new_tab

Excerpt:

A Harvey, Illinois, pension fund claims it’s entitled to share in the Chicago suburb’s American Rescue Plan funds and wants to block the distribution of aid until a judge decides.

The financially stressed suburb south of Chicago, which has battled over the last decade with its public safety pension funds, the city of Chicago, and bondholders about its obligations, settled a legal dispute with its police and firefighters’ over past due payments in 2018.

The Firefighters Pension Fund is now staking a claim on Harvey’s share of the $350 billion for local, state and tribal governments in the coronavirus relief package President Biden signed in March, arguing Harvey’s share is subject to the 10% claim on city tax funds that flow through the state and are sent directed to the fund the city agreed to in a 2018 settlement.

Author(s): Yvette Shields

Publication Date: 14 May 2021

Publication Site: Bond Buyer

Puerto Rico Oversight Board overrules legislature on PREPA privatization spending

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202105141647SM______BNDBUYER_00000179-6c0f-d5f6-a179-7e4fb2ce0001_110.1

Excerpt:

The Puerto Rico Oversight Board voted to overrule the territory’s House of Representatives on spending for the privatization of the Puerto Rico Electric Power Authority transmission and distribution system.

On Wednesday the House voted 43 to 0 with 2 abstentions against authorizing a revision to this year?s General Fund budget allocating $750 million for the privatization.

On Thursday the board said it had used its budgetary powers in the Puerto Rico, Oversight, Management, and Economic Stability Act to overrule the House vote. On Saturday the board had sent a letter to the leadership of the Puerto Rico House of Representatives and Senate asking them to approve the funding and saying that if it did not the board would act without their approval.

The board said the monetary allocation was ?to ensure the necessary levels of working capital to operate PREPA?s electrical grid and comply with the agreement between LUMA Energy, PREPA and the P3 Authority, by which LUMA is to assume the operation and management of PREPA?s transmission and distribution system on June 1.?

Author(s): Robert Slavin

Publication Date: 14 May 2021

Publication Site: Fidelity Fixed Income News

Coronavirus State and Local Fiscal Recovery Funds

Link: https://home.treasury.gov/policy-issues/coronavirus/assistance-for-state-local-and-tribal-governments/state-and-local-fiscal-recovery-funds

Excerpt:

FUNDING OBJECTIVES

Treasury is launching this much-needed relief to:

Support urgent COVID-19 response efforts to continue to decrease spread of the virus and bring the pandemic under control

Replace lost revenue for eligible state, local, territorial, and Tribal governments to strengthen support for vital public services and help retain jobs

Support immediate economic stabilization for households and businesses

Address systemic public health and economic challenges that have contributed to the inequal impact of the pandemic

The Coronavirus State and Local Fiscal Recovery Funds provide substantial flexibility for each government to meet local needs—including support for households, small businesses, impacted industries, essential workers, and the communities hardest hit by the crisis. These funds can also be used to make necessary investments in water, sewer, and broadband infrastructure.

Concurrent with this program launch, Treasury has published an Interim Final Rule that implements the provisions of this program.

Date Accessed: 17 May 2021

Publication Site: Treasury Department

Illinois fires first salvo in lobbying effort to revise ARP guidance

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202105131555SM______BNDBUYER_00000179-66e7-df04-a57d-f6f7664e0001_110.1

Excerpt:

Illinois? borrowing through the Federal Reserve?s Municipal Liquidity Facility provided a lifeline for critical services during the COVID-19 pandemic, so the state should be allowed to use its incoming federal coronavirus relief money to pay it off, Comptroller Susana Mendoza tells the federal government.

The state?s $3.8 billion of short-term borrowing, including $3.2 billion through the Federal Reserve?s Municipal Liquidity Facility ?was essential for the continued performance of government services during the most fiscally challenging times for the state?s cash flow during the pandemic, all directly related to the COVID-19 crisis,? Mendoza wrote in a letter to Treasury Secretary Janet Yellen.

?We want to promptly repay federal taxpayers for the crucial help they provided us during the pandemic,? wrote Mendoza, the elected constitutional officer who manages state debt, pension, and bill payments. The state?s updated American Relief Plan share is $8.1 billion.

Mendoza fired off the letter Wednesday, two days after the release of a 151-page guidance on how states, local governments, and tribes can spend their shares of the $350 billion Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund that?s built into the American Rescue Plan.

The guidance imposes a sweeping ban on using funds to cover principal and interest repayment, even when the borrowing was directly related to the COVID-19 crisis.

Author(s): Yvette Shields

Publication Date: 13 May 2021

Publication Site: Fidelity Fixed Income News

Households including most U.S. children to get monthly stimulus payment

Link: https://www.reuters.com/world/us/households-including-most-us-children-get-monthly-stimulus-payment-2021-05-17

Excerpt:

A poverty-fighting measure included in the COVID-19 relief bill passed this year will deliver monthly payments to households including 88% of children in the United States, starting in July, Biden administration officials said on Monday.

The Democratic-backed American Rescue Plan, signed into law by President Joe Biden in March as a response to the coronavirus pandemic, expanded a tax credit available to most parents.

Those people will get up to $3,000 per child, or $3,600 for each child under the age of 6, in 2021, subject to income restrictions. The benefit will reach 39 million households, many automatically and by direct deposit every month, starting on July 15.

Publication Date: 17 May 2021

Publication Site: Reuters