This week, the White House issued rules for health insurers to extend dependent coverage to “children” up to 26 years old. Beyond keeping the “Big Kids” dependent on Mommy and Daddy, it also directly undercuts the President’s famous campaign promise that American families would see a $2,500 reduction in their annual premiums. Now, we learn that family premiums will rise about 1 percent in 2012 just from this one provision of the new law. It will cost $3,380 for each dependent in 2011, according to this Associated Press report.
Speaking at the Eisenhower Library in Kansas on May 8th, Secretary Gates stated the following: “Given America’s difficult economic circumstances and parlous fiscal condition, military spending on things large and small can and should expect closer, harsher scrutiny.” Left unexamined, Secretary Gates’ statement would lead the average American to conclude that it is defense spending that is bankrupting the federal government and threatens to bankrupt the country. In fact, it is Secretary Gates’ statement that deserves closer, harsher scrutiny. While the fiscal condition of the government, as Secretary Gates contends, …
With 14.9% unemployment and a massive 800,000 jobs lost in the last decade, times are tough in Michigan. But despite the desperate conditions, some Michiganders have decided to keep collecting government unemployment checks instead of accepting job offers and heading back to work, according to a Detroit News report: In a state with the nation’s highest jobless rate, landscaping companies are finding some job applicants are rejecting work offers so they can continue collecting unemployment benefits. It is unclear whether this trend is affecting other seasonal industries. But the fact …
President Obama’s nominated Solicitor General of the United States, Elena Kagan to be justice on the Supreme Court yesterday. Kagan has no judicial experience and a scant record of writing, but Kagan did express a very illuminating opinion concerning the Senate’s confirmation process. In a book review of “The Confirmation Mess” by Stephen L. Carter in the Spring of 1995, Elena Kagan wrote: When the Senate ceases to engage nominees in a meaningful discussion of legal issues, the confirmation process takes on an air of vacuity and farce, and the …
On March 15th, appearing with labor and environmental leaders, Los Angeles Mayor Antonio Villaraigosa unveiled a new alternative energy plan that he said would ensure the Los Angeles Department of Water and Power would meet his goal of securing 20% of its energy from renewable sources such as wind and solar by December 31st. At the time, he claimed it would create 16,000 jobs and only raise consumer electric bills between 8.8% and 28.4%. But less than two weeks later those energy rate hike estimates had skyrocketed with the DWP …
This weekend, the secretary of defense called for additional spending cuts to keep the defense budget flat for the future. But flat budgets aren’t always smart budgets—or even an effective way to cut waste. The defense budget doesn’t need simple cuts. It needs true reform. The Heritage Foundation has long argued that internal defense-budget imbalances continue to threaten the modernization of America’s military equipment. Real reform—beyond weapons system cuts—must be enacted to funnel money back to this priority.
Supporters of Sen. Chris Dodd’s financial regulation bill say it will end financial bailouts. In fact, the Senate — anxious to reassure Americans on that fact — even added an amendment last week with a stated purpose “[t]o prohibit taxpayers from ever having to bail out the financial sector.” But someone forgot to tell the folks across town at Freddie Mac and Fannie Mae. Freddie last week announced it had lost $8 billion in the first quarter of the year, and would be asking for another $10.6 in taxpayer help. …
Following Thursday’s indecisive election, events in London are moving at a furious pace. In just the past few hours, Gordon Brown – still Prime Minister – has offered to resign to facilitate the creation of a ‘progressive’ coalition government composed of the Labour Party, the Liberal Democrats, and a variety of smaller parties. Meanwhile, negotiations continue between the Conservatives and the Liberal Democrats. There is even the possibility that the economic crisis now gripping Greece, and threatening to engulf Europe, will lead to a ‘Government of All Talents,’ like the …
The Greek financial crisis and its spillover effects in Europe provide a scary look at America’s possible economic future if we don’t get our economic house in order. Underneath the big bailout numbers ($146 billion rescue package for Greece; trillion dollar support for the Euro and European government bonds) are three related economic developments: 1. The Greek government is defaulting on its economic promises to its citizens – Wage concessions and overly generous pensions, work rules and social spending bought votes and support for the government. Now the bills are …
Remember the White House’s insistence that, under Obamacare, you keep your insurance plan if you like it? We didn’t believe it then. Turns out we were right. CNN reports that AT&T, Verizon, John Deere and others may well drop the health care coverage they now offer their employees. Obamacare makes it much cheaper for these companies to dump their workers into the government-controlled health exchanges and pay a penalty for NOT insuring them. From CNN:
