Posts Tagged ‘health care bill’

Why You Can Blame Bush For The Fact That His Tax Cuts Are Expiring In The First Place

Why You Can Blame Bush For The Fact That His Tax Cuts Are Expiring In The First Place

Courtesy of Joe Weisenthal at Clusterstock 

President George W Bush

Here’s a question you’ve probably had: Why are the Bush tax cuts expiring in the first place? 

Clive Crook at the FT has the answer:

What a commentary on the US approach to tax policy. The tax cuts are due to expire in the first place only because the Bush administration was cooking the books. The idea was to disguise the cuts’ long-term cost, which is colossal. Making them permanent would cost nearly $4,000bn over 10 years. The Republicans always wanted the changes to be permanent. The sunset provision was just a feint to make them look affordable.

Democrats are no better at playing budget games, notes Crook:

Democrats deplored the tax cuts as reckless – which they were – yet want mostly to preserve them. The middle-class part of the tax cuts, which they like, account for roughly three-quarters of the forgone revenue. Talk about having it both ways. Barack Obama organised his election campaign around this position. He complained of fiscal irresponsibility with one breath, then promised even lower taxes for most Americans – households making less than $250,000 a year, some 97 per cent of the total – with the next.

A similar contradiction might be seen with the healthcare bill, and the Democrats’ promise that it would be a budget reducer, a goal accomplished by pushing other decisions down the road.

Image: Wikimedia

 


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Massachusetts Upset In Making – Scott Brown Pulls Ahead of Martha Coakley

Word on politics – I agree with Mish’s summation at the end, complaining about the democrats is NOT an endorsement of the Republican party. Both parties have been "captured" and the biggest difference, in my mind, is the proportions of interests owning them. The Libertarian party could be improved by softening up some of its hard core principles, but it is the only party (or well-known party, there may be others) which has a platform that is inconsistent with continued over-the-top conflicts of interest and out-and-out corruption. – Ilene

Massachusetts Upset In Making – Scott Brown Pulls Ahead of Martha Coakley

Courtesy of Mish  

Massachusetts Senate Candidates Debate In Boston

In a move that could potentially decide the fate of the health care bill, and will certainly affect the balance of the Senate, Republican Scott Brown given not chance to win the election a few weeks ago has now moved into the lead.

Washington Examiner: ‘Bottom has fallen out’ of Coakley’s polls; Dems prepare to explain defeat, protect Obama

01/15/10 7:10 AM EST

Here in Massachusetts, as well as in Washington, a growing sense of gloom is setting in among Democrats about the fortunes of Democratic Senate candidate Martha Coakley. "I have heard that in the last two days the bottom has fallen out of her poll numbers," says one well-connected Democratic strategist. In her own polling, Coakley is said to be around five points behind Republican Scott Brown. "If she’s not six or eight ahead going into the election, all the intensity is on the other side in terms of turnout," the Democrat says. "So right now, she is destined to lose."

With the election still four days away, Democrats are still hoping that "something could happen" to change the dynamics of the race. But until that thing happens, the situation as it exists today explains Barack Obama’s decision not to travel to Massachusetts to campaign for Coakley. "If the White House thinks she can win, Obama will be there," the Democrat says. "If they don’t think she can win, he won’t be there." For national Democrats, the task is now to insulate Obama against any suggestion that a Coakley defeat would be a judgment on the president’s agenda and performance in office.

The private talk among Democrats is also reflected in some public polling on the race. Late Thursday, we learned the results of


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Phil's Favorites

Was coronavirus really in Europe in March 2019?

 

Was coronavirus really in Europe in March 2019?

Courtesy of Claire Crossan, Glasgow Caledonian University

The novel coronavirus – SARS-CoV-2 – may have been in Europe for longer than previously thought. Recent studies have suggested that it was circulating in Italy as early as December 2019. More surprisingly, researchers at the University of Barcelona found traces of the virus when testing untreated wastewater samples dated March 12, 2019.

The study was recently published on a preprint server, medRxiv. The paper is currently being subject to critical review by outside experts in preparation for...



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Biotech/COVID-19

Was coronavirus really in Europe in March 2019?

 

Was coronavirus really in Europe in March 2019?

Courtesy of Claire Crossan, Glasgow Caledonian University

The novel coronavirus – SARS-CoV-2 – may have been in Europe for longer than previously thought. Recent studies have suggested that it was circulating in Italy as early as December 2019. More surprisingly, researchers at the University of Barcelona found traces of the virus when testing untreated wastewater samples dated March 12, 2019.

The study was recently published on a preprint server, medRxiv. The paper is currently being subject to critical review by outside experts in preparation for...



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Zero Hedge

The Sinking Titanic's Great Pumps Finally Fail

Courtesy of Charles Hugh Smith, OfTwoMinds blog

The greater fools still partying in the first-class lounge are in denial that even the greatest, most technologically advanced ship can sink.

On April 14, 1912, the liner Titanic, considered unsinkable due to its watertight compartments and other features, struck a glancing blow against a massive iceberg on that moonless, weirdly calm night. In the early hours of April 15, the great ship broke in half and sank, ending the lives of the majorit...



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ValueWalk

These coronavirus stimulus benefits will expire this month

By Aman Jain. Originally published at ValueWalk.

The CARES Act was signed into law on March 27 by President Donald Trump. Along with the stimulus checks, the relief package offered several benefits. Many of these benefits were one-time or came with an expiration date. Let’s take a look at the coronavirus stimulus benefits that are set to expire this month.

Coronavirus stimulus benefits that will expire soon

One of the first benefits of the CARES Act that will expire is the extension to file your taxes. The original deadline to file taxes was April 15. Due to the coronavirus pandemic, the deadline was extended to July 15.

There were reports that this ...



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Chart School

Dow 2020 Crash Watch - Update

Courtesy of Read the Ticker

Like 1929 the markets have bounced. This time it is on the back of the FED $6.5T money printing.

Previous Post: Dow 2020 Crash Watch 

But can the FED blow $6T every time the market rolls down to test support.

Yes, maybe before the US 2020 elections the FED will do 'what it takes'. But post elections not so much, the year 2021 is a long way from the next election (presidential or congress) and defense of the markets may not be so supportive at $6T or $10T per market smash. The FED may hesitate, and that will be window for stocks to break lower.

The 36 month simple moving a...

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Kimble Charting Solutions

Red Hot China Attempting Key Breakout, Says Joe Friday

Courtesy of Chris Kimble

China ETF (FXI) has been “Red Hot” of late? Is it about to run out of steam or will it remain on fire going forward?

This chart of FXI comes from Investors Business Daily and Marketsmith.com. It reflects that FXI is above key long-term moving averages and its RS ratings is moving sharply higher of late.

Line (1) has been support and resistance several times over the past 3-years. The rally of late has FXI ...



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The Technical Traders

Retail Traders & Investors Squeezed to Buy High-Risk Assets Again

Courtesy of Technical Traders

Yes, we certainly live in interesting times.  This, the last segment of our multi-part article on the current Q2 and Q3 2020 US and global economic expectations, as well as current data points, referencing very real ongoing concerns, we urge you to continue using common sense to help protect your assets and families from what we believe will be a very volatile end to 2020.  If you missed the first two segments of this research article, please take a moment to review them before continuing.

On May 24th, 2020, we published this ...



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Lee's Free Thinking

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

 

These Charts Show COVID 19 Is Spreading in the US and Will Kill the Economy

Courtesy of  

The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.

The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.