Elderly unpaid medical debt increases: https://finance.yahoo.com/news/many-insured-older-americans-face-unpaid-medical-bills-173012522.html . Note that 98% of those over 65 are insured. Also note that the lowest category (Medicare + employer-sponsored care) either have a retiree medical plan or remain employed. The next-lowest category, Medicare + Medigap, can afford Medigap. Those joined low- or no-premium Medicare Advantage plans have a higher percentage rate of medical debt problems. The highest percentage rate of medical debt problems are among the uninsured or those who have only other insurance – that is, the groups with no access to a government-sponsored plan.
US inflation cools, but core inflation remains high: https://apnews.com/article/inflation-prices-interest-rates-economy-federal-reserve-4c0ea8315ab90c1b832ef6fa67dc0c7a . The market continues pressing its expectation that the Fed will not raise rates this month. As noted previously, I think that’s a mistake, and the Fed will then need to raise rates next month. WSJ: More: https://www.wsj.com/articles/consumer-price-index-report-may-inflation-cafcbef5 .
WSJ: We just make it up as we go: https://www.wsj.com/articles/the-case-for-an-inflation-cool-down-fd771360 . I have called out Mr. Lahart before for counterfactual statements and analysis, but this is becoming ridiculous. It is not true that inflation is coming down more slowly than most thought – as readers know, inflation is sticky, and the average time period for it to unwind is 5 years. Nor is it true that this is the reason behind the Fed’s rapid rate rise. EVERYONE (except Mr. Lahart) knows the Fed got behind the curve because they argued inflation was temporary, and had to catch up.
As goofy as those statements were, Mr. Lahart goes off the deep end with his suggestion that the Fed ignore the portions of the inflation statistics he doesn’t like. (A) Benchmark statistics do not work that way – the first principle is consistent measurement; (B) If the alternate approaches he suggests were adopted, the benchmarks would be more volatile – that is highly undesirable; and (C) I assume Mr. Lahart would not advocate this craziness when inflation was rising, because that would require even more rapid increases than the Fed has already made.
It is apparently not obvious to Mr. Lahart that using a different measure on the way up than on the way down defeats the very definition of a benchmark. WSJ does the world a disservice by featuring economics writers that don’t understand economics or statistics.
China’s economy continues to slow: https://www.wsj.com/articles/chinas-recovery-is-in-real-peril-now-a985e366 . To me, it was predictable that the Chinese would turn to saving more in the current environment. However, the statement in this article that Chinese urban households had a higher percentage of debt than their US counterparts is quite surprising. This seems culturally unsustainable in China.
WSJ: Binance worries keep compounding: https://www.wsj.com/articles/binance-emergency-fund-dwindles-as-sec-takes-aim-at-the-crypto-exchange-71a0613b . The “Secure Asset Fund for Users” is looking more like the “Secure Notational Asset Fund for Users” – that is, SNAFU (for you Catch-22 fans).
WSJ: E & Y CEO will leave a year earlier than planned after breakup SNAFU: https://www.wsj.com/articles/eys-global-head-to-retire-after-breakup-plan-fails-542ee644 . Poor execution leads to … an execution …
US sends more aid to Ukraine: https://apnews.com/article/ukraine-russia-pentagon-military-aid-35096c0fba566d4c345edcf5f222735d . WSJ: Ukrainian advances continue: https://www.wsj.com/articles/just-the-beginning-hardened-ukrainian-units-go-on-attack-in-countrys-east-b37e6a8c . More: https://www.wsj.com/articles/putin-says-russia-loses-tanks-as-ukraine-steps-up-offensive-891507a3 . Does the Journal understand that Putin is a source of disinformation?
Top Russian general reported killed in Ukraine: https://www.aljazeera.com/news/2023/6/14/top-russian-officer-reported-killed-in-ukraine-counteroffensive . Readers will recall that many Russian generals died in the first few months of the war. Rogov becomes the first general reported killed in over a year.
Orange Julius arraigned in Miami: https://www.nbcnews.com/politics/donald-trump/updates-trump-arraignment-florida-classified-documents-rcna88871 .
US halts online asylum appointments at Laredo crossing: https://apnews.com/article/mexico-border-cbp-one-laredo-bfccf8c3f52d9cec2563b40da905a391 . As soon as we create a workable asylum application system, Mexican gangs corrupt it.
AI used to create last Beatles song: https://www.wsj.com/articles/the-last-beatles-record-to-be-released-this-year-using-ai-paul-mccartney-says-45a950d6 . “Last” may not be accurate. AI can already recreate Lennon’s singing voice, as well as those of the other Beatles. AI could also use the existing Beatles’ library, which is vast, to write new songs. Whether using a studio band or AI’s sound reproduction abilities, you can set the voices to music, singing the new lyrics.
UPDATE: US Olympic sprinter Tori Bowie died at 32 from complications from childbirth: https://sports.yahoo.com/us-olympian-tori-bowie-dies-210437044.html . No cause of death was given initially when she died last month.
Cormac McCarthy passes at 89: https://www.npr.org/2023/06/13/598425063/cormac-mccarthy-dies-obituary . McCarthy’s best known work is perhaps No Country for Old Men, the basis of the movie which won the 2008 Academy Award for Best Picture. He also won the Pulitzer Prize for The Road. WSJ: More: https://www.wsj.com/articles/cormac-mccarthy-renowned-american-writer-dies-at-89-82841edb .
WSJ: Vegas Golden Knights thrash Florida Panthers 9-3 to win Stanley Cup in 5 games: https://www.wsj.com/sports/hockey/vegas-golden-knights-stanley-cup-510f0229 .