Flood Week

Usually, the monthly PCE/Inflation/Income data and the Jobs numbers come out a week apart, with the former on the last Friday of the month and the later on the first Friday of the next month. But, this month, we are getting both back-to-back, so there is going to be a lot to look at before the weekend.

August Income

The changes in household balance sheets have been extraordinary. Looking at it cumulatively since March versus the February TTM average:

Versus the incoming February TTM average, households:

  • Earned $248 billion less;
  • But received an additional $793 billion in benefits, a surplus of $546 billion.
  • They consumed $504 billion less;
  • And paid $75 billion less in taxes and interest.
  • They took some of the savings and paid off $99 billion in revolving debt.
  • The net result is over a trillion dollars in excess savings.

Add that trillion dollars to:

  • An
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(Bloomberg) — New Jersey reported a 27% positive rate of coronavirus tests in Lakewood, contributing to a recent uptick in the statewide positivity rate to 3%, the highest in months. The NFL postponed a game for the first time after nine members of the Tennessee Titans were infected.

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U.K. Prime Minister Boris Johnson said he won’t hesitate to impose new restrictions as governments across Europe are tightening measures to battle a Covid-19 resurgence. The Dutch government urged citizens to wear masks, and the Czech Republic issued a 30-day state of emergency to stem a surge in cases.

The Spanish government will order extra restrictions on Madrid and possibly elsewhere to curb the spread in Europe’s hardest-hit nation, after the International Monetary Fund warned the nascent economic recovery is threatened by a second wave of infections.

Key Developments:

Global Tracker: Cases top 33.7 million; deaths exceed 1 millionCovid-19 pounds

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President Trump said Tuesday night that he paid “millions” of dollars in federal income tax, seeking to rebut a New York Times report this week that said he paid $750 in both 2016 and 2017.

“I paid millions of dollars in taxes — millions of dollars of income tax,” Mr. Trump said at the first presidential debate in Cleveland. “I paid $38 million one year. I paid $27 million one year.”

“Show us your tax returns,” Democratic rival Joseph R. Biden interjected.

“You’ll see it as soon as it’s finished. You’ll see it,” the president said.

Moderator Chris Wallace followed up to ask Mr. Trump if he would say how much he paid in federal income tax in 2016 and 2017.

“Millions of dollars,” Mr. Trump said.

“You paid millions of dollars?” Mr. Wallace said.

“Millions of dollars, yes,” he said. “And you’ll get to see it.”

Mr. Trump has

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SACRAMENTO — Gov. Gavin Newsom has vetoed a bill that would have authorized California to give low-income immigrants $600 to buy groceries.

The bill was aimed at helping people, including those living in the country illegally, who have been impacted by the coronavirus but are not eligible for other state and federal assistance programs.

It’s unclear how much the program would have cost, with estimates ranging from the tens of millions to hundreds of millions of dollars.

But while the bill would have authorized the program, it would not have paid for it. The bill said the program can only happen if the Legislature funds it or if the governor pays for it by using some of the emergency funding he has access to.

California lawmakers had to plug an estimated $54.3 billion shortfall in this year’s operating budget brought on by the economic downturn caused by the coronavirus pandemic.

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To get that lower-volatility return stream, you need to think differently

Interest rates have been in a progressive downward spiral for a very long time. Rates on the benchmark 10-year U.S. Treasury Bond peaked in the early 1980s.

For a 25-year old just starting to save money in an IRA account, this is, to coin a phrase from the Monty Python vernacular, “merely a flesh wound” to their retirement plan. Same thing for a 40-year old business owner just starting to fund their SEP or 401(k) plan.

But for someone who could potentially use that money within 10 years, much less 5, the impact of a recession, and the bear market in stocks that typically accompanies it? That is devastating!

For retirees, getting to higher rates won’t be much better

And, while bond investing has historically been considered the “safe, alter-ego” to the stock market,

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Pay the electric bill or the mortgage? Run the air conditioner or refill that prescription? Turn up the heat – or eat?

For too many Americans, these are critical dilemmas. Our research shows that even before the coronavirus pandemic, 1 in 4 households struggled with high energy burdens, spending more than 6% of their income on electricity and heat. For more than 1 in 10, that burden was severe, with energy costs consuming more than a tenth of their household budget.

These costs fall heaviest on those with lower incomes, older adults and communities of color. Fully two-thirds of low-income households experience a high energy burden. And compared with non-Hispanic white households, Black households spend 43% more of their income on energy costs, Hispanic households spend 20% more and Native American households spend 45% more.

Part of the problem is that many low-income families live in underinsulated housing with older

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It’s easy to think of good healthcare as being the key to a long, healthy life. But socioeconomic circumstances often play a far bigger role in life expectancy than access to high-quality healthcare. Consider the strong relationship between socioeconomic circumstances and life expectancy in Norway, a place where healthcare access is universal.

Let’s start with money. People who make less money live shorter lives, a relationship that is especially strong for men. As the following picture shows, people with lower incomes (on the left side of the graph) experience dramatically shorter life expectancies. Poor men are lucky to live to age 70, while wealthy women typically live more than a decade and ½ longer:

The effect of income on life expectancy depends on education. If you are poor and only have a high school education, that’s a life expectancy double-whammy.

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  Chemtrade Logistics Income Fund Announces Completion of $100 Million Partial
  Redemption of Convertible Debentures

Not for distribution to U.S. news wire services or dissemination in the United
                                   States.

Business Wire

TORONTO -- September 29, 2020

Chemtrade Logistics Income Fund (TSX: CHE.UN) (“Chemtrade” or the “Fund”)
announced today that it has completed the early partial redemption of $100.0
million of its 5.25% convertible unsecured subordinated debentures due June
30, 2021 (the “2021 Debentures”) on September 29, 2020. As previously
announced, the Fund will redeem a further $12.5 million principal amount of
its 2021 Debentures on October 5, 2020 (the “October Redemption”). Following
completion of this redemption and the October Redemption on October 5, 2020,
$14.0 million aggregate principal amount of the 2021 Debentures will remain
outstanding.

About Chemtrade

Chemtrade operates a diversified business providing industrial chemicals and
services to customers in North America and around the world. Chemtrade is one
of 
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“The American people deserve transparency from their leaders, it’s why as of today, I’ve released 22 years of my tax returns,” Biden tweeted.

Trump has not voluntarily released his tax records, breaking his own promise before his election and deviating from the practices of his predecessors. He has explained his decision not to release them by saying that he is under an IRS audit. But there is no law preventing him from releasing his taxes during such a review.

Biden’s running mate, Sen. Kamala D. Harris (D-Calif.), also released her 2019 taxes on Tuesday. Her return showed nearly $3.3 million in total income with her husband, Douglas Emhoff, who had a lucrative law practice from which he is currently on leave. They paid more than $1.1 million in federal taxes.

The revelations about Trump’s taxes have added a new political layer to the final weeks of the presidential contest. At

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Updated

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