We have been covering the consumption tax, pardon, endless spending black hole that is Obamacare for over a year, so we doubt it will come as a surprise to anyone that in 2015 healthcare was the second biggest use of US consumer funds, soaking up a record $1.9 trillion in real dollars, and more importantly for US economic "growth", the single biggest source of incremental spending by nearly a factor of two.
Last July, Cook County judge Rita Novak dealt Chicago Mayor Rahm Emanuel a bitter blow in his efforts to cut pension expenses.
“A Cook County judge will rule on the legality of a 2014 pension law aimed at reforming two of Chicago’s underfunded city retirement systems,” the Illinois Policy Institute wrote, in the lead up to the crucial ruling. “While the pension law included some much-needed reforms, such as an increase in the retirement age, if upheld the law ultimately would put Chicago residents on the hook for millions of dollars of tax increases.”
Still hovering near 43 year lows, initial jobless claims printed a better than expected 265k against expectations of 269k. Continuing claims also dropped from 2.218m to 2.179m - also back near 43 year lows. So, the mystery is - why is the ISM's composite manufacturing and services employment index collapsing to 6 year lows?
hhmm?
More money for everyone. That sounds like a great idea.
Much like free healthcare for everyone.
And free college tuition.
And just “free shit” in general.
Unfortunately, “there’s no such thing as a free lunch” is one old adage that generally turns out to be true in almost all cases.
Iain Duncan Smith, the work and pensions secretary has said he is stepping down from his post because of pressure to make cuts to disability benefits. Sounding almost like he cared, IDS said the cuts were a “compromise too far” in a Budget that “benefits higher earning taxpayers” Labour leader Jeremy Corbyn said: “The resignation of Iain Duncan Smith reveals a government in disarray and a chancellor who has lost the credibility to manage the economy in the interests of the majority of our people. “The Budget has exposed George Osborne’s record of profound unfairness and economic failure.