Author: Mary Pat Campbell

5 Commodities That Could Explode As The Ukraine Crisis Escalates

Mary Pat Campbell

Link: https://oilprice.com/Metals/Commodities/5-Commodities-That-Could-Explode-As-The-Ukraine-Crisis-Escalates.html

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#4. Copper USGS data shows that Russia produced 920,000 tonnes of refined copper in 2021, about 3.5% of the world total, out of which Nornickel produced 406,841 tonnes.

UMMC and Russian Copper Company are the other two major producers, with Asia and Europe being Russia’s key export markets.

Prices of green metals, including copper, are projected to reach historical peaks for an unprecedented, sustained period in a net-zero emissions scenario. Copper prices are sitting at all-time highs thanks to surging demand, especially in developed countries, with increasing usage in electric vehicles and wind farms, solar panels and the power grid, combined with tight supply. 

Benchmark copper prices on the London Metal Exchange are currently sitting at $10,100 per ton, not far removed from its May 2021 all-time high of 10,724.50 per ton. 

Copper is being billed as the new oil, with the ‘green’ shift in the post-COVID economy supporting higher demand for copper and other base metals since EVs use about 4x more copper than gasoline-powered vehicles. The International Copper Association estimates that the rapid rise of EVs will raise copper demand in EVs from 185,000 tonnes in 2017 to 1.74 million tonnes by 2027.

Author(s): Alex Kimani

Publication Date: 21 Feb 2022

Publication Site: OilPrice.com

Influential fund manager Green Century tells insurers to drop Big Oil

Mary Pat Campbell

Link: https://www.marketwatch.com/amp/story/influential-fund-manager-green-century-tells-big-insurers-to-drop-big-oil-11645049047?twclid=11498308136175906819

Excerpt:

Green Century Capital Management tried to use shareholder muscle to persuade at least a trio of insurance companies to drop fossil-fuel clients.

So far, the insurance firms aren’t biting; all three have filed no-action requests with the Securities and Exchange Commission.

The resolutions, in advance of proxy season this spring, call on Chubb CB , Travelers TRV and The Hartford HIG to take this bold step as private-sector efforts to curb global warming from the burning of coal, oil CL00 and gas NG00 pick up, alongside global government action.

The insurance resolutions represent the first time that shareholders have laid down this sizable challenge to this industry for what the activists say are its contributions to the climate crisis. 

Author(s): Rachel Koning Beals

Publication Date: 17 Feb 2022

Publication Site: MarketWatch

9 Ways to Strengthen Social Security

Mary Pat Campbell

Link: https://www.aarp.org/retirement/social-security/info-2022/benefits-current-status-future-stability.html

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How did we get here? ​​As long predicted, demographics explain a good deal: In a decade, the entirety of the boomer generation — some 70 million Americans born between 1946 and 1964 — will have hit retirement age. As a result, the number of people receiving Social Security benefits come 2034 will be more than double the beneficiaries in 1985. ​​

But what wasn’t known as accurately was how much longer those boomers would live. “From 1940 to 2019, life expectancies at age 65 have increased by about 6.5 years,” says Amy Kemp, chair of the Social Security Committee of the American Academy of Actuaries.

The impact: Many workers will be receiving benefits for a longer period of time. And those with higher incomes, which are generally those who receive higher benefit amounts, tend to live longer on average. ​

Author(s): John Waggoner

Publication Date: 1 March 2022

Publication Site: AARP

A Bitcoin mining operation in the Finger Lakes runs up against New York’s climate law

Mary Pat Campbell

Link: https://gothamist.com/news/bitcoin-mining-operation-finger-lakes-runs-against-new-yorks-climate-law

Excerpt:

Residents and business owners in the Finger Lakes region have been protesting for more than a year against a natural gas plant that has powered a bitcoin mining operation in the area. But the plant’s future faces even greater peril from the state as critics and officials say it flies in the face of an ambitious new state law designed to cut down on carbon emissions.

Since spring 2020, the Greenidge Generation power plant in Dresden, New York has powered a 24-7 bitcoin mining operation, wherein computer servers solve complex algorithms to collect electronic currency. It now supports nearly 20,000 computers that last year produced 1,866 bitcoins with a projected revenue of more than $100 million. The endeavor was so profitable that the company plans to double their computing power and increase power generation close to maximum capacity.

But Greenidge’s red brick smokestacks and metal transformers have long been at odds with the pristine vistas and vineyards of the Finger Lakes. Formerly a coal plant that shuttered in 2011, its revival is once again endangering the region environmentally and economically, according to some residents.

It’s also at odds with New York’s Climate Leadership and Community Protection Act, which mandates a reduction of economy-wide greenhouse gas emissions 40% by 2030 and no less than 85% by 2050 from 1990 levels. And the conflict between the state’s climate goals and a burgeoning new industry reflects a growing tension nationally between the fight against climate change and the energy-intensive pursuit of mining for cryptocurrency.

Author(s): Rosemary Misdary

Publication Date: 17 Feb 2022

Publication Site: Gothamist

States Look at Pulling Pension Investments From Russia

Mary Pat Campbell

Link: https://www.route-fifty.com/finance/2022/03/state-governments-russian-pension-divestment/362581/

Excerpt:

A growing number of state governments are looking at dumping public pension fund investments they have in Russia in response to the country’s invasion of Ukraine.

California, Connecticut, Colorado and Illinois are among the states where officials are looking to do so.

While the divestment efforts are meant as a show of solidarity with Ukraine and a rebuke of Russia’s attack, the amount of money potentially affected compared to the overall size of the nation’s public pension assets is relatively small. And some of the actions would involve legislation and other measures that aren’t yet finalized.

Risks with investing in Russia that preceded the war, like corruption, and shortfalls with rule of law and transparency, mean that many pension managers would have been leery of investing heavily in the country in recent years.

“For most public pension funds in the U.S., Russia exposure is probably quite modest,” Ash Williams, former executive director and chief investment officer for Florida State Board of Administration, noted during an interview at an event the National Institute on Retirement Security held in Washington, D.C. on Tuesday.

Author(s): Bill Lucia

Publication Date: 1 March 2022

Publication Site: Route Fifty

CHICAGO PENSION DEBT DROVE CITY PROPERTY TAXES UP 164% BEFORE COVID-19

Mary Pat Campbell

Link: https://www.illinoispolicy.org/chicago-pension-debt-drove-city-property-taxes-up-164-before-covid-19/

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Chicago residential property tax collections across all units of government in the city were up 164% from 2000 to 2019.

Property taxes paid by homeowners within the city grew nearly 30% faster than property taxes in suburban Cook County during those 20 years. Suburban residential property taxes grew 116% while total residential property tax collections county-wide grew 133%.

While some of Chicago’s increase was driven by new property or growth in existing property tax values, the average homeowner still saw an 85% increase in their bill from 2000 to 2019. Since the record-setting 2015 property tax hike to pay for pension debt, the average Chicago bill has risen 27%. Prior to that hike, property taxes were on a lower trend from 2011 to 2014.

Author(s): Adam Schuster

Publication Date: 28 Feb 2022

Publication Site: Illinois Policy

Riverside County’s Unfunded Pension Gap Closes

Mary Pat Campbell

Link: https://patch.com/california/lakeelsinore-wildomar/rivcos-unfunded-pension-gap-closes-report

Excerpt:

It noted the county’s retirement apparatus is now 76.4 percent funded, compared to 71 percent a year ago. The key metric that reflects a sound pension system is considered 80 percent funded status.

The county’s unfunded pension gap is $2.24 billion, compared to $2.49 billion estimated in the prior year, according to PARC.

Publication Date: 1 Mar 2022

Publication Site: Patch.com

Hit hard by high inflation? This N.J. income tax move could bring relief, lawmakers say.

Mary Pat Campbell

Link: https://www.nj.com/politics/2022/03/hit-hard-by-high-inflation-this-nj-income-tax-move-could-bring-relief-lawmakers-say.html

Excerpt:

A six-year old income tax reform bill accomplished something remarkable in Trenton on Monday: It got Democratic and Republican lawmakers to agree on changing your tax policy.

The state Senate Budget and Appropriations Committee approved a Republican-backed measure, S676, that’s supposed to provide relief to New Jersey workers struggling to make ends meet amid the highest inflation levels in 40 years.

The concept is simple: If inflation goes up, so would New Jersey’s income tax brackets. For many, it would mean not having to pay higher taxes if salaries go up the rate of inflation.

…..

New Jersey uses a graduated income tax, which means residents shell out a larger percentage of earnings to the state as their incomes rise into higher tax brackets. When inflation pushes wages higher, it can often result in a net loss to workers that are pushed into higher brackets.

Author(s): Derek Hall

Publication Date: 2 Mar 2022

Publication Site: nj.com

Motor Vehicle Accident Deaths, Part 2: Age-Related Trends with Provisional Results in 2021

Mary Pat Campbell

Link: https://marypatcampbell.substack.com/p/motor-vehicle-accident-deaths-part?s=w

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The rates are per 100,000 people for the year, but the point is who has the highest, and we see that the answer is:

For 2019: age 85+

For 2020: age 20-24

I threw in the age 15-19 group as ringers, by the way. When we get to all the age groups, they’re not even #4 in the ranking.

Just in that little table, you can see that the rates went up for the youngsters and dropped for the seniors. Think about why that might be.

As noted in my polling question, I’m not adjusting for the number of miles driven, and I’m not going to dig for that data now. But would you like to make some assumptions about the driving habits of these different groups? Especially during the pandemic?

Author(s): Mary Pat Campbell

Publication Date: 2 March 2022

Publication Site: STUMP at substack

Allstate, John Hancock partner on safe driving for Vitality points

Mary Pat Campbell

Link: https://www.dig-in.com/news/allstate-and-john-hancock-partner-safe-driving-telematics

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John Hancock and Allstate have announced a partnership to reward John Hancock Vitality members with points for safe driving. The partnership is the first of its kind, and comes in response to an increase in vehicle crash-related injuries. Customers will benefit from understanding how their choices, including driving behavior, impact their overall health, John Hancock believes.

….

The Vitality Program, which combines life insurance with education, incentives and rewards to help members lead healthier, longer lives, will allow members to submit proof of safe driving status in Allstate’s usage-based insurance program through a cashback reward email or by submitting a recent bill to show a safe-driving discount.

Motor vehicle deaths in the U.S. rose 18.4% in the first six months of 2021 over 2020, according to data from the U.S. Department of Transportation’s National Highway Traffic Safety Administration. An estimated 20,160 people died in motor vehicle crashes in the first half of 2021, the largest number of projected fatalities since the same period in 2006. Research into driving behavior from March 2020 through June 2021, shows that speeding and traveling without a seatbelt remain higher than pre-pandemic times, according to findings from NHTSA.

Author(s): Kaitlyn Mattson

Publication Date: 24 January 2022

Publication Site: Digital Insurance

Study: Seattle’s Soda Tax Has Been Great for…Beer Sales?

Mary Pat Campbell

Link: https://reason.com/2022/02/12/study-seattles-soda-tax-has-been-great-forbeer-sales/

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A new study is pouring cold beer on Seattle’s soda tax. The study, published in the peer-reviewed journal PLoS ONE, reveals that since the city I call home adopted a soda tax in 2018, residents have swapped out soda and replaced that soda with beer. Pointedly, the study says Seattle’s soda tax “induced” consumers to buy more beer.

“The good people of Seattle responded to a tax on sugary drinks by buying more beer,” Christopher Snowdon, director of Lifestyle Economics at the Institute of Economic Affairs and a leading critic of the nanny state, tweeted after the study’s release.

The PLoS study, by University of Illinois-Chicago researchers Lisa M. Powell and Julien Lader, compared sales of beer in Seattle both before and since adoption of the soda tax with comparable sales in nearby Portland, Oregon, which has no soda tax.

Author(s): Baylen Linnekin

Publication Date: 12 Feb 2022

Publication Site: Reason