According to government's own projections, the 'universal coverage' provided by the Affordable Care Act will still yield almost 4 million Americans who will prefer to pay an average tax of more than $1,000 to the government for 2016, rather than buying health insurance that year... and the total number of nonelderly uninsured Americans projected for calendar 2016 is some 30 million.
The Status Quo is dysfunctional because its model of how the world works is broken. It won't matter if gridlock remains in place or one of the parties gets to impose its "brand" of policy-tweaks; since no one on the political spectrum has any concept that the current model described in these 12 points is broken, fixing the political dysfunction won't fix the systemic dysfunction.
Remember all those allegations that Obamacare would be an unmitigated disaster for businesses, especially smaller companies? Well, now we have proof.
It appears Sen. Orin Hatch's comment that "everything from this ill-conceived tax's structure to its implementation has been a disaster," are coming true. As AP reports, an "Obamacare" tax on medical devices is falling short of its revenue target because thousands of companies aren't paying it, according to a government audit released Tuesday. An audit found the IRS received only 5,107 returns (against expectations of over 9,000) with a 24% shortfall in revenues. The tax is projected to generate $29 billion over the coming decade, so a 24 percent shortfall - if it were sustained - would be significant.
Good thing the Federal Reserve isn`t worried about inflation, another 2% rise is just noise. But when the Fed does start worrying about inflation, not only is it too late, it is 1970s too late!
Canada Releases Atrocious Jobs Data; Then Revises It Above The Highest Estimate Following Public OutcrySubmitted by Tyler Durden on 08/15/2014 09:08 -0400
This morning it was take two for the Canada jobs print, which was as follows: In July, Canada employment increased 41.7K in July according to Statistics Canada, from -9.4K in prior month. This was about 41K higher than the previous "erroneous" print, and double the original estimate: high enough to make everyone happy. In fact, it was so high, it surpassed the highest range of the forecast, which topped out at 41.4K based on 20 economists.
Remember this chart from November, when everyone was predicting a surge in global GDP and "escape velocity" growth for the US economy on the latest burst of irrational hopium that central-planning works (it doesn't)? It just got worse....
From Ukraine to Gaza, geopolitical risks are weighing heavily on investors’ minds. But there are plenty more out there that may not be getting headlines.
Tragically, the inability of our institutions to impart the skills required by the emerging economy hobble not just the unemployed but employers.
On the bright side, Marilyn Tavenner - appointed by President Obama to take over CMS within the Department of Health and human Services in 2013 - did not suffer a hard-drive crash. However, as MSNBC reports, she may be unable to cooperate with House Oversight and Government Reform Committee subpoenas because she deleted emails.
In recent weeks, Bloomberg Businessweek reports, President Obama and congressional Republicans have begun to offer the same simple-sounding solution for dealing with the flood of children crossing the U.S. border alone: Send the kids home. But with tens of thousands of them churning through the system, some just toddlers, the logistics are overwhelming. Since October, more than 57,000 children have arrived by themselves, most from Central America (as we show below), and 22,000 more have been detained with their parents (mostly children under 12). The American people appears considerably more concerned than the politicians - a Reuters/Ipsos poll shows 70% of Americans - including 86% of Republicans - believe undocumented immigrants threaten traditional U.S. beliefs and customs.
No insurance, no penalty appears to be Obamacare's new meme as The Wall Street Journal reports almost 90% of the nation's 30 million uninsured won't pay a penalty in 2016 because of a growing batch of exemptions to the health-coverage requirement. In the interests of socialism, the Obama administration has provided 14 ways people can avoid the fine (on top of exemptions carved out under the 2010 law for groups including illegal immigrants, members of Native American tribes and certain religious sects). The exemptions are worrying insurers, as they could make it easier for younger, healthier people to forgo coverage, leaving the pools overly filled with old people or those with health problems. That, in turn, could cause premiums to rise.