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Health Care Update: AARP tosses Seniors unda da bus, ignores 600b in proposed Medicare cuts to pat Team TOTUS on the back for RX deal…
Update: About that NYT CBS poll….see Ace for the scoop:
…Things must be really looking bleak on the government take over front given the NY Times’ need to dive even further in the tank for Obama than previously thought possible.
Over the weekend they came out with a poll saying everyone!!!11!! (well, 78% of Americans) supports “substantial changes to the health care system and are strongly behind one of the most contentious proposals”
That assumes you define “Americans” as people who voted for Obama since the NY Times poll substantially oversampled self-identified Obama voters….
So in a shockah to no one, the American Pharma Lobby has agreed to cut 80b over a decade in RX costs to Seniors enrolled in Medicare Part D, as part of their, ‘please take my wallet and dont hurt me’ strategy for dealing with TOTUS health care plans…
AARP actually stood beside TOTUS and said they were proud to be there today at the announcement, disgraceful, This as TOTUS proposes 600 BILLION in cuts to Medicare and a cap for Medicare growth that was VETOED by Big Dawg last time it reared its ugly head. It is rationing, period.
CALL YOUR CRITTERS. At MiM we support the Wyden-Bennett plan which will give vouchers to the poor and get them OFF Medicaid. If you are watching state budget debates you already know the growth in Medicaid is what will break the bank.
Stimulus Unemployment Update: LA, Bobby Jindall wins as state Senate kills unemployment expansion bill…FL: Stimulus may backfire, cost state more….
Gov. Bobby Jindal almost certainly will be spared having to veto expanded unemployment benefits, as a Senate committee complied with the administration Sunday evening and spiked a proposal that would have allowed Louisiana to claim another $98 million in federal stimulus benefits.The Senate Labor and Industrial Relations Committee voted along party lines on House Bill 841 by Rep. Avon Honey, D-Baton Rouge. Four Republicans joined the GOP governor and the business lobby, who said expanding benefits would lead to higher business taxes. …
…That federal law would qualify Louisiana for $98.4 million in unemployment aid if the state changes its unemployment program. The change in the law could not be conditional or adopted with a specific expiration, though the Legislature could repeal the change at some point after the federal stimulus timeline ends. Honey’s bill would have made more workers eligible, expanded training programs for recipients, and allowed an additional 26 weeks of benefits for recipients taking those new courses.
Twenty-nine states have expanded unemployment benefits. Tim Barfield, Jindal’s appointed head of the Louisiana Workforce Commission, told senators that as many as 14 state legislatures appear on the cusp of rejecting the stimulus money.
“This is a philosophical question,” Barfield said. “What is going to be the best impetus to starting our economy? We believe business is the best place for that.” Barfield said the increased benefits would continue to drain the state unemployment fund to the point of triggering higher unemployment insurance premiums for some businesses that lay off workers.
Here is the flip side – what happens when you ACCEPT that money, Florida update from Renee Araujo, Examiner.com:
…I recently wrote an article about how the Florida legislature had refused to pass a bill that would have increased unemployment benefits as per the prerequisite to receive government bailout money. Unfortunately, another bill extending unemployment benefits made it through and was signed early this month by Governor Crist. So what does that mean for Floridians?
Update: 3:49pm EST – 10 mins to the close. DOW down 165 to 8371, S/P down 24 to 896, NAS down 55 to 1772..and absolutely Everyone is watching the US dollar….
Oil, big pullback on World Bank economic forecasts lower than expected (from the D’uh! files) Oil now down 2.62 to 66.93,
all the commodities took a big hit on that forecast today as people were shocked, SHOCKED to consider that China stockpiling commodities does not in itself, mean an end to the global downturn, since once again, it is the AMERICAN consumer that drives the global economy….
they wish and wish for decoupling and a new world leader but it aint happenin’…again….here’ an idea, how about incentivizing the creation of some PRIVATE SECTOR JOBS here in the USA with oh I dunno, a tax cut? or even better, by stopping all the insane spending and crowding out of the privagte sector, stop meddling in everything under the sun!!! /sheesh
PS CNBC chryon says WH is announcing unemployment will exceed 10% this year, and in other earth shattering news the sun rises in the East…..
Another opportunity for the Bond Vigilantes to rein in the spending by demanding higher rates……or they could keep letting Uncle Sam play the role of Wimpy….
The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue of the world’s largest economy.
The sales will exceed the previous record of $101 billion set in auctions that took place in the last week of April and consist of two-year, five-year and seven-year securities. That record was matched by another $101 billion week in May.Though next week’s total was broadly in line with expectations, worries about supply have weighed on the U.S. government bond market, which will see a mammoth $2 trillion worth of new debt issued this year.
“Maybe the Treasury market reacted a little negatively and it will continue to be like this,” said Suvrat Prakash, U.S. interest rate strategist with BNP Paribas in New York. “Supply announcements and auctions on the horizon will make the market a bit nervous about upcoming debt.”
Bond prices were lower already in anticipation of the Treasury’s announcement and continued to sell off in reaction.
The price of oil, which is rising too fast, and long-term interest rates that are beginning to creep up are likely to suppress a budding recovery, Nouriel Roubini, president of RGE Monitor, told CNBC Monday.
DOW off 100 now….