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[Markets] Election: Here’s where Trump and Biden stand on health care The two White House contenders may be divided on Obamacare and Trump’s handling of the COVID-19 pandemic, but they do have some things in common on health-care matters.
Published:9/28/2020 1:46:31 PM
[13ad50b9-4d35-5da0-ae3e-8f39fcdc9e02] Sally Pipes: Supreme Court and ObamaCare – here's what to expect if law is not upheld The death of Justice Ruth Bader Ginsburg has suddenly made the demise of ObamaCare a possibility.   Published:9/28/2020 7:15:00 AM
[] Trump: Americans will benefit if our now very conservative Supreme Court terminates ObamaCare Published:9/27/2020 1:07:38 PM
[Politics] Sen. Mike Lee Confident Barrett Able To 'Figure Out' Obamacare Legality Sen. Mike Lee, R-Utah, said Sunday Supreme Court justice nominee Amy Cohen Barrett will have to "figure it out" on whether Obamacare is constitutional if she's confirmed and hears the case set to come before the high court.... Published:9/27/2020 10:37:05 AM
[] Sunday morning talking heads Published:9/27/2020 7:36:04 AM
[] Democrats Can't Quite Decide on a Line of Attack Against Judge Barrett Published:9/26/2020 10:58:06 AM
[Politics] Brett Kavanaugh Emerges as Unlikely Liberal Hope for Court Swing Vote U.S. Supreme Court Justice Brett Kavanaugh remains anathema to many liberals. The death of Justice Ruth Bader Ginsburg means he also may soon be their best hope to save abortion rights and Obamacare.Kavanaugh, who prefers narrower rulings than some of his conservative... Published:9/23/2020 5:26:12 AM
[Markets] Ron Paul: Debt Is The Real Pandemic Ron Paul: Debt Is The Real Pandemic Tyler Durden Mon, 09/14/2020 - 14:25

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

According to the Congressional Budget Office’s (CBO) latest “Update on the Budget Outlook,” this year’s $3.3 trillion federal deficit is not just three times larger than last year: it is the largest federal deficit in history. The CBO update also predicts that the federal debt will equal 104 percent of the gross domestic product (GDP) next year and will reach 108 percent of GDP by 2030.

The CBO update also shows that the Social Security, Medicare, and highway trust funds will all be bankrupt by 2031. This will put pressure on Congress to bail out the trust funds thus further increasing the debt.

This year’s spike in federal spending was caused by the multi-trillion dollar coronavirus relief/economic stimulus bills passed by Congress and signed by the president. However, spending had already increased by $937 billion from the time President Trump was sworn in until the lockdown.

Federal spending is unlikely to be reduced no matter who wins the presidential election. Former Vice President Joe Biden has proposed increasing spending on everything from Obamacare to militarism to “green” cronyism. Yet some progressives are attacking Biden for being to “stingy” in his spending proposals. Even more distressing is how few progressives are critical of Biden’s support for increasing the military budget.

With some notable exceptions, such as his infrastructure plan, President Trump is not proposing any massive new spending programs. However, he is not promising to stop increasing, much less cut, federal spending.

Most Republicans have abandoned their Obama-era opposition to deficit spending to support President Trump’s spending increases. This repeats a pattern where Republicans oppose deficit spending under a Democrat president but decide that “deficits don’t matter” when a Republican is sitting in the Oval Office. If Biden wins in November, Republicans will likely once again discover that deficits do matter, especially if Democrats also gain control of the Senate.

Government spending forcibly takes resources from the private sector, where they are used to produce goods and services desired by consumers, and puts them in the hands of politicians and bureaucrats. This distorts the market, reducing efficiency and lowering the people’s standard of living. This, combined with pressure to monetize the federal debt, causes the Federal Reserve to pump money into the economy leading to a boom-bust business cycle.

Unless Congress begins reducing spending, the coming economic crisis will be even worse. The logical place to start cutting spending is ending all unnecessary overseas commitments, corporate welfare, and shuttling down all unconstitutional federal agencies — starting with the Department of Education.

The savings from these cuts can be used to start paying down debt and providing for those truly dependent on the current system while we transition away from the welfare state. Private charities, including ones run by religious organizations, are better than government bureaucracies at providing effective and compassionate aid to those in need.

Most politicians will not vote to curtail the welfare-warfare state unless their constituents demand it. The people will not demand an end to big government as long as so many believe that the government has a moral responsibility to, and is capable of, providing them with economic and personal security.

Therefore, our priority must be on getting people to reject the entitlement mentality and embrace the philosophy of liberty and personal responsibility. This will enable us to build a movement capable of convincing politicians to stop voting for more spending and debt and instead vote to respect the Constitutional limitations on government in all areas.

Published:9/14/2020 1:43:52 PM
[Children] A vote for Trump is a vote for the children

A favorite leftist argument is that something is “for the children.” To really benefit kids, protect them from the left and vote for Trump. How often have you heard leftists insist upon a person or policy by saying, “It’s for the children.” Obamacare was “for the children.” An open border

The post A vote for Trump is a vote for the children appeared first on Bookworm Room.

Published:9/4/2020 1:39:01 AM
[Markets] Lancet Study Finds US Has, By Far, The World’s Most Overpriced Medical Care Lancet Study Finds US Has, By Far, The World’s Most Overpriced Medical Care Tyler Durden Wed, 09/02/2020 - 02:20

Submitted by Eric Zuesse, originally posted at Strategic Culture

The medical journal, The Lancet, is one of the world’s Big Three scientific journals of medicine; that’s the triumvirate of authorities for physicians worldwide, and the other two are the Journal of the American Medical Association, and the New England Journal of Medicine. On August 27th The Lancet published “Measuring universal health coverage based on an index of effective coverage of health services in 204 countries and territories”. Here is the visual that’s in it, which shows the United States as having, by far, the world’s costliest medical care, at around $9,000 per person per year, and yet as having lower quality of health care than virtually all other industrialized nations do:

Here is another such study, showing the same thing, and calculating it more simply:

What explains this?

Quite simply, the United States is the world’s most corrupt nation, and medical care is such an extreme necessity when a citizen needs it, so that they’ll pay whatever the system charges them for it — and investing in healthcare products and services is therefore enormously profitable in the United States. Actually, the only other market-sector that competes with it for providing simultaneously high returns and low risk (the combination that offers the best of both worlds to investors) is consumer staples, such as foods, which likewise are necessities of life. When people are desperate, they’ll pay, whatever the cost, because these are things they don’t just want — they need. Here, from Maksim Papenkov’s award-winning 6 February 2020 paper, “An Empirical Asset Pricing Model Accommodating the Sector-Heterogeneity of Risk”, is his sector-specific calculation of stock-market profitability during 2000-2018, showing that “HC” Health Care, and “CS” Consumer Staples, were the best at combining low risk with high returns, during that 19-year period:

(“CD” there is Consumer Discretionary and includes Automobiles and Hotels. It’s the only sector that has higher returns than Health Care, but those returns are twice as risky. The S&P500 have lower returns than Health Care and slightly higher riskiness. At the opposite end, “IT” Information Technology is both the riskiest and the least profitable; and “F” Financials are the second-worst sector for investors. The most-profitable sectors are the necessities, the sectors that take the most from the most-desperate.)

In May 2017, Axene Health Partners published their actuary, Chris Slaybaugh’s, study, “International Healthcare Systems: The US Versus the World”, which stated:

The United States is the only industrialized country in the world that does not have Universal Health Coverage for all citizens. … Rather than one system, United States citizens and residents are insured under a variety of sometimes overlapping systems. The United States is also the only developed country where a significant number of citizens are permitted to be uninsured and where a person’s employment can determine whether they have insurance and what insurance they have. … The extent to which medical bills contribute to bankruptcy is hard to tease out from other factors, but even those who are skeptical of the claim that medical costs cause the majority of bankruptcies concede that they are a significant contributor.13

In the rest of the developed world, by contrast, medical costs are rarely or never cited as a driver behind personal bankruptcy.

In fact, CNBC headlined on 11 February 2019, “This is the real reason most Americans file for bankruptcy” and reported that,

Two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall.

While the high cost of health care has historically been a trigger for bankruptcy filings, the research shows that the implementation of the Affordable Care Act [“Obamacare”] has not improved things.

What most people do not realize, according to one researcher, is that their health insurance may not be enough to protect them.

While Barack Obama was running for President in 2008, he was promising to provide Americans with a “public option” in order to reduce profits for health insurance companies and thus lower costs, but he dropped that proposal immediately when he won the 2008 election, and he never pushed for it (not even to use as a bargaining chip with the Republicans in shaping his Obamacare). (In fact, Obama chose the conservative head of the Senate Finance Committee, Democratic Senator Max Baucus, to draft his Obamacare, because Baucus was against there being a public option, and because the progressive Democratic Senator Ted Kennedy’s Health, Education & Labor Committee had just drafted an Obamacare with a public option — Obama refused to have Kennedy draft his healthcare legislation. Obama was actually against there being a public option; only his public rhetoric was for it. Joe Biden is apparently now following the same tactic, of lying promises to the public, and true promises to his billionaire backers, to win the White House.) Obama promised the public “universal coverage”, which means 100% of the population covered, like in all other advanced economies, and his Obamacare increased the percentage insured from 84.5% when he came into office in 2009, to 87.7% two years after Obamacare started in 2013 — around 3%, by 2015 (which was after two years). That was still far short of the promised 100%. He was lying through his teeth in order to win election, and the ‘news’-media still hide (instead of expose) the fact that he did, and that he was actually an agent of the billionaires. He’s now the big hero among Democrats, because maybe Trump is even worse. Trump is up-front about his fascism. And Trump’s opponent now is another hypocrite (after Obama), Obama’s V.P., Joe Biden, who was the U.S. Senate’s leading Democratic Party segregationist and won his nomination by claiming to have been instead a civil-rights champion. Everything in U.S. politics is bait-and-switch. That’s the reality in America’s ‘democracy’: a bait-and-switch ‘democracy’, which serves actually only the wealthiest few. The politicians who are elected serve only the wealthy and well-connected.

America is the most libertarian, or “neo-liberal,” of the advanced industrial nations, and this is why it has the world’s most overpriced medical care. It provides the most liberty for the billionaires.

One of the few extremely bold Americans who rose high in the U.S. healthcare system and tried to tell the public how intensely corrupt it is, has been Marcia Angell, M.D, who held numerous prestigious posts in the U.S. medical system, and she was for a while the Editor-in-Chief of the New England Journal of Medicine. On 15 January 2009, Dr. Angell headlined “Drug Companies & Doctors: A Story of Corruption”, and wrote:

Conflicts of interest pervade medicine. … It is simply no longer possible to believe much of the clinical research that is published, or to rely on the judgment of trusted physicians or authoritative medical guidelines. I take no pleasure in this conclusion, which I reached slowly and reluctantly over my two decades as an editor of The New England Journal of Medicine. … So many reforms would be necessary to restore integrity to clinical research and medical practice that they cannot be summarized briefly. Many would involve congressional legislation and changes in the FDA, including its drug approval process. But there is clearly also a need for the medical profession to wean itself from industry money almost entirely. … Breaking the dependence of the medical profession on the pharmaceutical industry will take more than appointing committees and other gestures. It will take a sharp break from an extremely lucrative pattern of behavior. But if the medical profession does not put an end to this corruption voluntarily, it will lose the confidence of the public. …

She had said, nine years earlier:

If we had set out to design the worst system that we could imagine, we couldn’t have imagined one as bad as we have. … Our health care system is based on the premise that health care is a commodity like VCRs or computers and that it should be distributed according to the ability to pay. … That market ideology is what has made the health care system so dreadful, so bad at what it does. … That is a fundamental mistake in the way this country, and only this country, looks at health care. … The only way to both reduce cost and increase access and quality is to change the system, to scrap it and start over. … I would pay for health care in a single payer system, and what goes into that pot can vary. In Germany, employers have to contribute to that pot. I don’t think that’s a good idea. I would rather see it come straight out of tax revenues.

Experts who are that public-spirited and knowledgeable about the system should be appointed by U.S. Presidents to lead the FDA and the Department of Health and Human Services, but the billionaires prevent that (of course).

On June 27th, NPR headlined “After Pushing Lies, Former Cigna Executive Praises Canada’s Health Care System”, and interviewed a retired PR executive for America’s health insurance companies, who said that maybe the work that he had done smearing Canada’s socialized health insurance — “to spread misinformation about Canada or use cherry-picked data and anecdotes” so as to deceive Americans to accept America’s existing medical system — was partly to blame for America’s having performed significantly worse than Canada had done on the coronavirus crisis. (As of 29 August 2020, Canada had 3,378 cases per million and was the 76th worst out of 215 countries, whereas U.S. had 18,522 cases per million and was the 9th-worst. On deaths, Canada was the 27th-worst at 241, whereas U.S. was the 11th-worst at 564.)

America’s billionaires derive the vast majority of their net worth from stocks (capital gains and dividends), and from interest that’s paid to them; and, since nothing does this for them better than healthcare investments, the current for-profit system in health care is terrific for them; and these few hundred people, billionaires, extract this wealth from the hundreds of millions of Americans, the general public, and want to continue doing so, and they consequently finance politicians such as Joe Biden and Donald Trump (and their predecessors, such as Bush and Clinton), and they also set up ‘charitable’ foundations, and donate to medical schools, so as to inculcate this libertarian belief, not just into the public, but especially into the students and professors, who receive that trickle-down from them, as employees and future employees. While many in academe are against it, they’re not the ones who get advanced to the prestigious and high-paid positions. “He that pays the piper calls the tune.” It’s top-down (aristocracy), and it only pretends to be bottom-up (democracy). And, so, the corruption continues, and Americans die younger, and poorer, because of this aristocratically controlled system. It’s the American way. It’s the American system. Of corruption. Americans call it “capitalism.”

Of course, another area in which the U.S. Government is extraordinarily corrupt is its Military-Industrial Complex; and, on August 28th, a former top official of the NSA, Bill Binney, provided, online, an in-depth description of what he personally knows about that. His personal knowledge is enormous concerning within the Government itself, but not outside it — i.e., not regarding the corporations and billionaires who control the economic rewards system that the top public officials, who typically are agents of the “Deep State” (the billionaires), are serving. However, what he says there is informative and highly reliable regarding the way that the Government’s bureaucracy itself functions, and he is extraordinarily honest about the intense corruption within the official Government. He makes clear that the U.S. Constitution is being systematically and routinely violated by top U.S. officials; so, the U.S. Government routinely violates the U.S. Constitution, in this ‘democracy’, where the system functions like clockwork, for the billionaires.

Published:9/2/2020 1:32:13 AM
[World] 'Medicare for All' is still a threat

Noticeably absent from the Democrats' latest policy platform: any mention of Medicare for All. But don't be fooled. Efforts to push government-run health care are still a real threat.

Rather than fully and openly embracing a single-payer model, this new approach hides itself behind expanding Obamacare and adding to it ... Published:8/26/2020 6:02:43 PM

[Politics] Supreme Court to Hear Arguments in Obamacare Case Nov. 10 The U.S. Supreme Court will hear arguments on Nov. 10, a week after the election, in a blockbuster case over the constitutionality of the Affordable Care Act.The justices plan to review a federal appeals court decision that found part of the original 2010 Obamacare law... Published:8/19/2020 12:02:47 PM
[2020 Election] Biden, If Elected, Plans to Put Obamacare on Steroids

Democratic presidential soon-to-be-nominee Joe Biden envisions a dramatic expansion of Obamacare if elected, returning the controversial program to the public eye and likely igniting a renewed legislative battle over medical care.

The post Biden, If Elected, Plans to Put Obamacare on Steroids appeared first on Washington Free Beacon.

Published:8/18/2020 4:25:43 PM
[Politics] Trump and Biden offer different visions of U.S. healthcare

Trump and Biden diverge on the coronavirus pandemic, Obamacare, Medicare and Medicaid, abortion rights, and how to rein in prescription drug prices.

Published:8/17/2020 9:17:05 AM
[Al Qaeda] Hey, Dems: Take a Look at What Happened to the USPS Under Obama

Hey, Dems: Take a Look at What Happened to the USPS Under Obama. What happened under Hussein? Not much, other than sticking us with Obamacare, race-bating, and setting pallets of money to Iran.

The post Hey, Dems: Take a Look at What Happened to the USPS Under Obama appeared first on IHTM.

Published:8/16/2020 2:41:32 PM
[Markets] What Lies Ahead? What Lies Ahead? Tyler Durden Sun, 07/19/2020 - 21:30

Authored by Dr. Jack Rasmus via JackRasmus.com,

On July 6, 2020 I posted my extended view and analysis why the 3rd quarter US GDP would falter–and lead to a W-shape recovery, as it typical of all Great Recessions. The current recession’s scenario was compared with 1929-30 and 2008-09, and 8 reasons were given why the US current economic rebound (not recovery) would falter. In this follow-on post a somewhat longer term scenario is added to the prior shorter, 3rd quarter view. It’s an addendum and sequel to the prior post, focusing on the more permanent impacts on the economy that will continue well into 2021 and beyond. Here’s the addendum piece, “What Lies Ahead”

WHAT LIES AHEAD?

The US economy at mid-year 2020 is at a critical juncture. What happens in the next three months will likely determine whether the current Great Recession 2.0 continues to follow a W-shape trajectory - or drifts over an economic precipice into an economic depression. With prompt and sufficient fiscal stimulus targeting US households, minimal political instability before the November 2020 elections, and no financial instability event, it may be contained. No worse than a prolonged W-shape recovery will occur. But should the fiscal stimulus be minimal (and poorly composed), should political instability grow significantly worse, and a major financial instability event erupt in the US (or globally), then it is highly likely a descent to a bona fide economic depression will occur.

The prognosis for a swift economic recovery is not all that positive. Multiple forces are at work that strongly suggest the early summer economic ‘rebound’ will prove temporary and that a further decline in jobs, consumption, investment, and the economy is on the horizon.

A Second Wave of Permanent Job Losses

Through mid-June to mid-July, the COVID-19 infection rate, hospitalization rate, and soon the death rate, have all begun to escalate once again. Daily infections consistently now exceed 60,000 cases—i.e. more than twice that of the earlier worst month of April 2020. Consequently, states are beginning to order a return to more sheltering in place and shutdowns of business, especially retail, travel, and entertainment services. The direction of events cannot but hamper any initial rebound of the economy, let alone generate a sustained economic recovery. Exacerbating conditions, a second wave of job layoffs is clearly now emerging—and not just due to economic shutdowns related to the resurging virus.

Reopening of the US economy in June resulted in 4.8 million jobs restored for that month, according to the US Labor Department. That number included, however, no fewer than 3 million service jobs in restaurants, hospitality, and retail establishments. These are the occupations that are now being impacted again with layoffs, as States retrench once more due to the virus resurgence underway. But there’s a new development as well: A second jobless wave is now emerging in addition to the renewed layoffs due to shutdowns not only of the resumed service and retail occupations, but reflecting longer term and even permanent job layoffs across various industries.

Household consumption patterns have changed fundamentally and permanently in a number of ways due to both the virus effect and the depth of the current recession. Many consumers will not be returning soon to travel, to shopping at malls, to restaurant services, to mass entertainment or to sport events at the levels they had, pre-virus.

In response, large corporations in these sectors have begun to announce job layoffs by the thousands. Two large US airlines—United and American—have announced their intention to lay off 36,000 and 20,000, respectively, including flight attendants, ground crews, and even pilots. Boeing has announced a cut of 16,000, and Uber,n just its latest announcement, a cut of 3,000. Big box retail companies like JCPenneys, Nieman Marcus, Lord & Taylor, and others are closing hundreds of stores with a similar impact on what were formerly thousands of permanent jobs. Oil & gas fracking companies like Cheasepeake and 200 other frackers now defaulting on their debt are laying off tens of thousands more. Trucking companies like YRC Worldwide, the Hertz car rental company, clothing & apparel sellers like Brooks Brothers, small-medium independent restaurant and hotel chains like Krystal, Craftworks—all are implementing, or announcing permanent layoffs by the thousands as well.

Reflecting this, since mid-June new unemployment benefit claims have continued to rise weekly at a rate of more than 2 million—with about 1.3 million receiving regular state unemployment benefits plus another 1 million independent contractors, gig workers, self-employed receiving the special federal government unemployment benefits. The latter group’s numbers are rising rapidly since mid-June.

As of mid-July no fewer than 33 million are receiving unemployment benefits, with another 6 million having dropped out of the labor force altogether and no longer even being counted as unemployed. Unemployment therefore remains at what will likely be a chronically high number, at around 40 million—with about 25% of the US labor force unemployed—as renewed service-retail sector layoffs, plus new permanent layoffs, both loom on the horizon.

Added to the growing problem of renewed service layoffs and the 2nd wave of permanent layoffs in the private sector is the growing likelihood of significant layoffs in the public sector, as states and cities facing massive budget deficits are forced to lay off several millions of the roughly 22 million public sector workers in the US. This potential public employee layoff wave will accelerate and occur sooner, should Congress in summer 2020 fail to bail out the states and cities whose budgets have been severely impacted by the collapse of tax revenues while facing escalating costs of dealing with the health crisis. Estimates as of last May are that the states and cities will need $969 billion in bailout funding this summer—roughly two-thirds for the states and the rest for cities and local governments.

The resurgence of layoffs from all these sources is a sure indicator that the economy’s rebound—let alone recovery—is in trouble. Rising joblessness means less wage income for households and therefore less consumption and, given that consumption is 70% of the economy, a slowing of the rebound and recovery. Problems in consumption in turn mean business investment suffers as well, further slowing the economy and recovery. Exacerbating the decline in personal income devoted to consumption due to unemployment is the evidence that even those fortunate enough to return to work after spring 2020’s economic shutdown are doing so increasingly as part time employed—which means less wage income for consumption compared to the pre-COVID period before March 2020.

Overlaid on these negative prospects for employment, consumption, business investment is the intensification of economic crisis-related problems.

Rent Evictions, Child Care & Education Chaos

There is an imminent crisis in rents affecting tens of millions. At the peak in April, it is estimated that roughly one-third of the 110 million renters in the US economy had stopped making rent payments due to the COVID-related shutdowns of the economy. The CARES ACT, passed in March, provided forbearance on rental payments, although perhaps as many as 20 states failed to enforce it. That forbearance directive expires at the end of July, with as many as 23 million rent evictions projected in coming months. A major housing crisis is thus brewing, as well as the second wave of job layoffs.

A combined education-child care crisis is about to occur almost simultaneously. The K-12 public education system is approaching chaos, as school districts plan to introduce remote learning on a major scale in order to deal with the renewed COVID-19 infection and hospitalization wave. The heart of the crisis is that tens of millions of US working class families dependent on two paychecks to survive economically cannot afford to accommodate school district practices for remote learning—especially for young children in the K-6 grade levels. Even if such families could afford to pay for expensive child care, the current US child care system is far from being able to accommodate them. Many minority and working class households, moreover, lack the computers and networking equipment, or even the requisite skills to set it up, to enable their children participate in remote learning.

Several forces are driving the shift to remote learning: school district fears of liability actions by parents if children become ill, the significant cost of ensuring disinfected classrooms, the lack of classroom space to allow distance learning on site, and the growing concern of teachers regarding their own exposure to infection. At least 1.5 million public school teachers are over age 50 and have health conditions that put them at greater risk of serious infection, should they attend closed-in classroom environments.

The child care plus K-12 education crisis will likely erupt within months on a major scale. Chaos in education is around the corner.

This fall, higher education—colleges and universities—will also experience chaos of their own kind. While distance learning will not be as serious an implementation problem as it will in K-12 levels, costs from the pandemic will force many smaller, private colleges into bankruptcy, consolidation or closure. Public colleges’ funding problems will require them to sharply reduce available services. Remote education will create a two-tier system of higher education—educational services delivered remotely and those of a more traditional nature on campus; or a hybrid of both.

However, demand for higher education services will likely decline sharply in the short term, during which higher education will experience a devastating decrease in tuition and other sources of college revenues. Some estimates show a third of freshmen plan to take what’s called a ‘gap year’: i.e. accept entrance but not attend for a year. That’s a massive revenue loss. Some estimates foresee a 15%-30% decline in new student attendance, with another 5%-10% decline in transfer students, and a similar decline of 5%-10% in continuing students. In addition, the attendance by international students, the ‘cash cow’ for most colleges, will also decline sharply due to the Trump administration’s new rules.

Still other developments will sharply reduce college revenues. Students forced to attend classes via remote learning will demand lower tuition. One can expect a wave of legal suits as students seek to ‘claw back’ full tuition expenses. Other secondary sources of college revenues—from fees, on-campus room and board, endowment earnings and gifts, and sports revenues—also spell a looming revenue crunch.

A wave of college consolidations and closures is inevitable. And with student loan debt at $1.6 trillion it is unlikely that the federal government will introduce new aid through that channel. Nor will States increase their subsidization of public colleges, given the severe state budget deficits on the horizon.
In short, the economic crisis is about to assume more socio-economic dimensions and character: rent, child-care, education chaos will soon overlay the continuing unemployment problem and worsening recession. Social and political discontent, frustration, and anxiety are almost certainly to rise in turn in coming months as a consequence.

Global Recession & Sovereign Debt Defaults

The weakness of the global economy is yet another factor likely to ensure the US economy’s W-shape trajectory. As noted previously, with 90% of other countries in recession, global demand for US exports will remain weak or declining. In addition, global supply chains have also been severely disrupted by the health crisis, or even broken, and will not be restored soon. The global economy is suffering from deep problems of both demand and supply. This too is a unique historical event. Never before have demand and supply problems occurred congruently. Together, they increase the potential for a global depression.
Commodity producing economies have been hard hit, especially oil and metal producing countries. Many were in a recession well before the COVID health crisis. Global trade in general had stagnated, registering little to no growth in 2019, for the first time since modern records were kept. Many countries had over-extended their borrowing, expanding their sovereign debt loads during the last decade. This was money capital borrowed largely from western banks and capital markets (i.e. shadow banks).

Now, with global trade flat and declining, and prices for their export goods deflating in price as well, these debt-extended countries cannot earn sufficient income from exports in order to pay the principal and interest on their debt. As a result, several countries in the worst shape may soon default on their debt payment to western banks, hedge funds, private equity firms, and so on. Debt defaults potentially mean the same western financial institutions that loaned the funds now experience financial crises in turn. In such a manner, financial instability events abroad are often transmitted to the domestic US economy through its banking system. It would not be the first time, moreover, that foreign bank crashes have spilled over the US and rest of the world economy and in the process significantly exacerbated a recession already underway.

Theoretically, countries experiencing severe sovereign debt crises could borrow from the International Monetary Fund. However, the IMF has nowhere near the funds to accommodate multiple large sovereign defaults that occur simultaneously. Nor is it likely that the US and Europe will increase the IMF’s funding to enable it to do so. Once it becomes clear the IMF cannot handle a crisis of such potential dimensions, the global capitalist economy will slip even further toward global depression.

The further deterioration now already occurring in economic relations between the US and China may also potentially impact the Great Recession in the US, and ensure its continued W-Shape recovery. Trump’s trade pact with China signed December 2019 has proven thus far a colossal failure. The president declared at the deal’s signing it would mean $150 billion in China purchases of US goods in 2020—especially farm products, oil & gas, and manufactured goods. At mid-year,

China has purchased only $5 billion of the agreed $40 billion in farm products and only $14 billion of $85 billion in US manufactured goods. Trump’s promised $150 billion was never agreed to by China, even before the Covid pandemic struck the US economy in 2020. China never agreed to a dollar value of purchases of US exports, but announced it would purchase based on conditions in 2020-21. Trump’s $150 billion was typical Trump misrepresentation of a deal never made. At best China would purchase perhaps $40 billion in agricultural goods—i.e. about the level of it purchases before Trump launched a trade war with it in March 2018. Failure to deliver his exaggerated public promise in 2020 Trump turned on on China and embraced further his anti-China hard line advisors on trade and other matters. The former ‘trade war’ with China will likely transform now, in the wake of Covid, into a broader economic war with China. Furthermore, the deterioration of relations with China, set in motion by the current recession and the collapse of global trade, shows signs of spilling over to other political and even military affairs.

Permanent Industry Transformations

The COVID health crisis is accelerating the transformation of entire industries and sectors of the economy, US and global. As noted above, household consumption patterns are already changing fundamentally and will continue as changed even after the health crisis passes. Entire industries will shrink as a consequence. Company consolidations and downsizing are inevitable in airlines, cruise lines, and even public land transport. So too will companies fail, consolidate and restructure in the hospitality, leisure and hotel industries, in mall-based retail establishments, inside entertainment (movies, casinos, etc.) to name but the obvious. Sports and public entertainment companies are struggling to redefine their business models and how they bring their ‘product’ to the public for consumption. Even education—public and private—is undergoing a radical shift. Not so obvious is similar fundamental change in oil & energy industries, and later as well in manufacturing as supply chains are slowly returned to the US economy.

Not only will these changes significantly (and often negatively) impact employment levels and wage incomes, but business practices as well. Already businesses are instituting new cost cutting practices under the pressure of the health crisis and shutdowns. These practices will become permanent. And since much of the practices and cost cutting will focus on workers’ pay and benefits, more of what economists call ‘long term structural unemployment’ will result—in addition to the current ‘cyclical unemployment’ occurring due to the current recession.

An historic consequence of the current Great Recession precipitated by the COVID-19 health crisis is the accelerating introduction underway of what some call the Artificial Intelligence revolution. AI is about cost-cutting. It’s about new data accumulation, data processing and statistical evaluation, to allow software machines to make decisions previously made by human beings. AI will eliminate millions of low level decision-making by workers in both services and manufacturing. A 2017 report by the business consulting firm, McKinsey, predicted no less than 30% of all workers’ occupations will be severely impacted by AI by the end of the present decade. 30% of jobs will either disappear or have their hours reduced significantly. That means less wage income and less consumption still.

The important linkage to the current Great Recession 2.0 is that the introduction of AI by businesses will now speed up. What McKinsey formerly predicted for the late 2020s decade will now take place by mid-decade. The economic consequences for the next generation of US workers, the late Millennials and the GenZers will be serious, to say the least. After decades of the permeation of low pay, low benefits ‘contingent’ part time and temp jobs since the 1990s, after the impact of the 2008-09 crash and aftermath on employment, after the acceleration of ‘gig’ jobs with the Uberization of the capitalist economy since 2010, and after the even more serious negative economic effects of the current Great Recession 2.0, the tens of millions of US workers entering the labor force today and in coming years will have to face the transformation of another 30% of all occupations. The future does not portend very well for the 70 million millennials and GenZers. US neoliberal economic policies and the Great Recession 2.0 is accelerating the long term structural unemployment crisis of both the US and the global capitalist economy.

Return of Fiscal Austerity

The US federal budget deficit under Trump averaged more than a trillion dollars annually during his first three years in office. The federal national debt at the end of 2019 was $22.8 trillion. As of July 2020 it has risen to $26.5 trillion—and rising. Earlier projections in March were that it would increase by $3.7 trillion in 2020. That has already been exceeded. So, too, will projections for 2021, or another $2.1 trillion. The deficit and debt will likely rise to more than $4 trillion in this fiscal year and another $3 trillion in 2021. That means the current national debt within 18 months will reach $30 trillion. And that’s not counting the debt level rise for state and local governments, already $3 trillion; nor the debt carried on the US central bank, the Federal Reserve, balance sheet which is scheduled to rise another $3 trillion at minimum.

The point of presenting these statistics is that the US elites, sooner or later, will introduce a major austerity program. It will likely come later in 2021. And it will make little difference whether the administration that time is headed by Democrats or Republicans. It will come and it will target social security, Medicare, Medicaid, Obamacare, education, housing, transport and other social programs.
A The first Great Recession provides a historical precedent. Obama’s recovery program in January 2009 provided for $787 billion in stimulus. But the joint Republican-Democrat austerity agreement introduced in August 2011 took back nearly twice that stimulus, or $1.5 trillion, in 2011-13. That austerity contributed significantly to the W-shape recovery from the 2008-09 economic crash and contraction—i.e. the first Great Recession. With the current deficit surge of $6 trillion to date, likely to increase to $9 to $10 trillion, the US economic elites will no doubt pursue a new austerity regime at some point within the next few years. That austerity will, like its predecessor, ensure at best a W-shape recovery typical of Great Recessions. At worst, it may prove the final event that pushes the US economy into another Great Depression.

Financial Instability

Those who deny that the US and global economy have already entered a second Great Recession offer the argument that the 2008-09 crash and recession was caused by the banking and financial crash of 2008-09, and therefore, since there has not yet been a financial crash, the economy at present is not in another Great Recession. But they are wrong.

Great Recessions are always associated with a financial crisis, but that crisis need not precede the deep contraction of the real, non-financial economy. The COVID-19 pandemic has played the role of a financial crash in driving the real economy into a contraction that is both quantitatively and qualitatively worse than a ‘normal’ recession. Furthermore, a subsequent banking system-financial crash is not impossible in the coming months, although not yet likely in 2020.
The preconditions for a financial crisis are in development. It won’t be precipitated by a residential mortgage crisis, as in 2007-08. But there are several potential candidates for precipitating a financial crash once again. Here are just a few:

  • The commercial property sector in the US is in deep trouble. Commercial property includes malls, office buildings, hotels, resorts, factories, and multiple tenant apartment complexes. Many incurred deep debt obligations as they expanded after 2010 or just kept operating by accruing more high cost debt when they were unprofitable. Today they are unable to continue servicing (i.e. paying principal and interest) on their excessive debt load. Many have begun the process of default and chapter 11 bankruptcy reorganization. Banks and investors hold much of the commercial property debt that will never be repaid. Excess derivatives (credit default swaps) have been written on the debt. A debt crisis and wave of defaults and bankruptcies in 2020-21 in the commercial property sector could easily precipitate a subprime mortgage-like debt crisis as occurred in 2008-09. And derivatives obligations could transmit the crisis throughout the banking system—as it did in 2009. Regional and small community banks in the US are particularly vulnerable.

  • The oil and gas fracking industry, where junk bond and leverage loan debt had already risen to unstable levels by the advent of the COVID crisis. The collapse of world oil and gas prices—which began before the COVID-19 impact and continues—will render drillers and others unable to generate the income with which to service their debt. Already more than 200 companies in this sector are in default and bankruptcy proceedings. Again, regional banks that financed much of the expansion of fracking in Texas, the Dakotas, and Pennsylvania will be impacted severely by the defaults. Their financial instability could easily spread to other sectors of banking and finance in the US.

  • State and local governments, should Congress fail to appropriate sufficient bailout funding in its next round of fiscal spending in July 2020. State and local governments are capable of default and bankruptcy—unlike the Federal government, which is not. The US has a long history of state defaults associated with the onset of Great Depressions. This time around, state financial instability will quickly spill over to public pension funds, and from public to private pensions, and from there to the municipal bond markets with which state and local governments raise revenue by borrowing to fund deficits.

  • Global sovereign debt markets, as previously noted. Defaults on massive debt accumulated since 2010 by many countries could result in serious contagion effects on the private banking systems of the advanced economies, including the US, Europe, and Japan. Should the IMF fail to contain a chain of sovereign debt crises that could follow in the wake of the current Great Recession, a chain reaction of defaults across emerging market economies in particular has the potential to precipitate a global financial crisis.

History shows that financial crises often originate from unsuspected corners of the economy. The above candidates are the ‘known unknowns’. There may also lurk in the bowels of the capitalist global financial system still more ‘unknown unknowns’—i.e. what are sometimes called ‘black swan’ events.

Political Instability

The US and other countries are on new ground in terms of potential political instability. The piecemeal curtailment of democratic and civil rights has been progressing at least since the mid- 1990s. In the 21st century it has been accelerating, both in the US and across the globe. Recent years have seen a growing public confrontation between contending wings of the capitalist elites and their political operatives. Institutions of even limited capitalist democracy are under attack and atrophying. And now political instability is growing as well at both the institutional and grass roots levels. One should not underestimate the potential for even more intense political confrontation among elites, or between segments of the US population itself, from having a negative impact on the current economic crisis and 2nd Great Recession. A Trump ‘October Surprise’ or a November 2020 constitutional crisis are no longer beyond the realm of the possible, but even likely.

The expectations of both households and business may serve as transmission mechanisms propagating political instability into more economic and financial instability. Political instability has the effect of freezing up business investment and therefore employment recovery. It has the further effect of causing households to hoard what income they have and raise the savings rate—at the expense of consumption. It also leads to government inaction on the policy necessary to provide stimulus for recovery.

On a global front, political instability may even assume a global dimension. History in general, and US history in particular, reveals that US presidents seek to divert public attention from domestic economic and social problems by provoking foreign wars. Targets for US attack, in the short term, are Iran and Venezuela—especially the latter, which is more susceptible to US military action. But tomorrow, in 2021 and after, it could well be Russia (Ukraine or Baltics US provocations), North Korea (a US attack on its nuclear facilities) or China (a US naval confrontation in the South China sea)—irrespective of the unlikely success of such ventures.

Like another financial-banking crash, a major political instability event—domestic or foreign—could easily send an already weak US economy struggling in the midst of a Great Recession into the abyss of the first Great Depression of the 21st century.

Published:7/19/2020 8:31:25 PM
[Media] Trump’s Wars

According to media reports, President Donald Trump has declared war on immigrants, China, the media, justice, Jeff Sessions, the intelligence community, the NFL, justice, the media, children, face masks, the FBI, Obamacare, the world order, women, institutions, Amazon, trade, the media, and justice.

The post Trump’s Wars appeared first on Washington Free Beacon.

Published:7/15/2020 3:35:59 PM
[2c9639f7-9c01-51d0-9af0-a3cdb1b5705b] Sally Pipes: Expand Medicaid? Democrats' plan would increase waste, fraud and debt Last month, the House passed?a bill that would supposedly "stabilize" ObamaCare by lavishing billions of dollars on Medicaid Published:7/12/2020 11:15:09 AM
[fd274eef-5e88-507e-ace2-38215248aaa7] Andrew McCarthy: Supreme Court ruling upholding religious liberty is good news, but should go farther The Supreme Court on Wednesday upheld the Trump administration’s exemptions to mandatory contraception coverage under ObamaCare for employers with sincerely held objections. The ruling is welcome, particularly in its recognition that First Amendment religious liberty is not confined to identifiably religious organizations, such as churches, but to all Americans. Published:7/8/2020 4:48:43 PM
[Volokh Conspiracy] [Josh Blackman] Mask Mandates and Broccoli Mandates The opposition to mask-mandates harkens back to the Obamacare challenge. Published:6/28/2020 10:39:48 PM
[abortion] Will the conservatives’ losing streak at the Supreme Court continue? (Paul Mirengoff) Tomorrow, beginning at 10 a.m. in the East, the Supreme Court will start issuing its final opinions of the term. The big cases yet to be decided include: June Medical Services v. Russo (regarding abortion), Trump v. Mazars USA and Trump v. Vance (regarding access to President Trump’s tax returns case), Little Sisters of the Poor Sts. Peter and Paul Home v. Pennsylvania (regarding the conscience exemption from Obamacare’s birth Published:6/24/2020 9:12:37 PM
[Health Care] Obamacare 2.0 Bill Would Be a Windfall, But Also Pyrrhic Victory, for Insurance Lobby

In December 2013, 11.8 million Americans had individual health insurance coverage. The federal government provided no subsidies for that coverage. Six years later, in December... Read More

The post Obamacare 2.0 Bill Would Be a Windfall, But Also Pyrrhic Victory, for Insurance Lobby appeared first on The Daily Signal.

Published:6/24/2020 2:46:56 PM
[Health Care] A Decade After Obamacare Became Law, Rep. Cathy McMorris Rodgers Is Working to Fix Issues It Created

The Affordable Care Act, or Obamacare, was supposed to cut insurance premiums, reduce the uninsured population, and provide the option to keep your plan and... Read More

The post A Decade After Obamacare Became Law, Rep. Cathy McMorris Rodgers Is Working to Fix Issues It Created appeared first on The Daily Signal.

Published:5/26/2020 2:33:17 AM
[Politics] Coronavirus widens healthcare divide between red states and blue states

A decade after Obamacare became law, California has vastly expanded health coverage; Texas has resisted. The difference is huge in many people's lives

Published:5/25/2020 7:30:41 AM
[Markets] Obama's Ambassador To Beijing Compares Trump To Hitler On Chinese TV Obama's Ambassador To Beijing Compares Trump To Hitler On Chinese TV Tyler Durden Fri, 05/22/2020 - 11:25

Since the beginning of the coronavirus outbreak, American leftists have been repeatedly caught parroting the rhetoric of the CCP as they decried President Trump's use of the term "Chinese Virus" as racist while amplifying unfounded claims that President Trump is solely responsible for all of the deaths in the US, despite the growing body of evidence that the coronavirus was spreading in the US even earlier than initially believed (the first known death has been dated to Feb. 6 in California, which suggests the virus was likely spreading in the US before the end of January).

As a reminder, China didn't inform the world about the evidence of human to human transmission (which they likely possessed for 6+ weeks at that point) until Jan. 22.

Despite all of this, Democrats have taken a distinctly "soft on China" tack, in opposition to President Trump's increasing hawkishness, even going so far as to side with the CCP (which, remember, just put 1 million+ Muslims into concentration camps) over the White House, as the National Review pointed out in a recent article.

One of the most galling examples of this phenomenon to date occurred Thursday, when former Obama-era ambassador and noted Sinophile Max Baucus, also a former Democratic Senator from Montana, compared President Trump to Hitler during an appearance in the Chinese press.

The former U.S. ambassador to China during the Obama administration has compared President Trump to Adolf Hitler and Joseph McCarthy on Chinese state-run television.

Max Baucus, who served as Montana senator from 1978 to 2014 until he was appointed ambassador to Beijing, compared Trump’s rhetoric on China to that of Hitler and McCarthy during a May 6 interview on CNN. Since then, Baucus has appeared on Chinese state television and repeated his claims.

"Joe McCarthy [and] Adolf Hitler…rallied people up, making people believe things that were really not true,” Baucus told China Global Television Network on May 12. "The White House and some in Congress are making statements against China that are so over the top and so hypercritical, they are based not on the fact, or if they are based on fact, sheer demagoguery, and that’s what McCarthy did in the 1950s."

Appearing on CNN is one thing. But what, we wonder, would motivate a former US Senator to appear in Chinese state-controlled media like this, blatantly parroting Chinese state propaganda, or at least willingly playing along with it.

Aside from criticizing President Trump, Baucus has waxed about America's impending decline on Chinese television, playing into an even more sinister theme of anti-Americanism.

On May 14, Baucus told China’s state-run Global Times, “We Americans are so used to being number one. We’re so used to being the leader in the world. Now that might change.”

During his time in the Senate, Baucus rose to become chairman of the Senate Finance Committee (which is different from the Senate Banking Committee before which Mnuchin and Powell testified earlier this week) and has been credited as a chief architect of Obamacare.

Published:5/22/2020 10:38:22 AM
[World] Nancy Pelosi's $3 trillion 'coronavirus relief' bill is a leftist boondoggle

In the pantheon of great lines suitable for induction into Bartlett’s Familiar Quotations is House Speaker Nancy Pelosi’s 2010 comment about Obamacare: “We have to pass the bill so that you can find out what is in it.”

While that seemed outrageous and even comical to many at the time, ... Published:5/18/2020 1:41:18 PM

[Satire] CNN Panel of Coronavirus ‘Experts’ Includes Celebrity Truant Greta Thunberg, Failed Obamacare Architect Kathleen Sebelius

CNN, the so-called news network that employs two of the entertainment industry's biggest whiners—Jim Acosta and Brian Stelter—is holding a town hall on Thursday to discuss the "facts and fears" surrounding the coronavirus pandemic.

The post CNN Panel of Coronavirus ‘Experts’ Includes Celebrity Truant Greta Thunberg, Failed Obamacare Architect Kathleen Sebelius appeared first on Washington Free Beacon.

Published:5/13/2020 3:37:38 PM
[Markets] Greta Thunberg Repurposed For CNN Town Hall On Coronavirus Greta Thunberg Repurposed For CNN Town Hall On Coronavirus

Greta Thunberg has overcome her ruined childhood to become an expert on COVID-19, according to CNN - which will feature the teenage climate activist in a Thursday town hall to discuss the virus.

Appearing alongside Thunberg for Coronavirus: Facts and Fears will be former Obama admin officials Richard Besser, who served as director of the Centers for Disease Control (CDC) for less than six months, and Kathleen Sebelius, who was Obama's Secretary of Health and Human Services - overseeing the disastrous Obamacare rollout which resulted in Republicans calling for her resignation.

What Thunberg can contribute to a discussion on COVID-19 is anyone's guess, but we're guessing anyone who dares to set foot in an airport is in for a guilt trip.

There couldn't be a funnier parody of the "facts first" network's promo for the event:

As Brad Polumbo opines in the Washington Examiner:

There are almost no words for how ridiculous this is. Anchor Chris Cuomo has touted CNN as the “facts first” network. Reliable Sources (ironic) host Brian Stelter regularly tut-tuts Fox News (sometimes justifiably) for having unqualified guests speaking on expert subjects. But at least they don’t tell their viewers to take their coronavirus wisdom from 17-year-old, troubled teenagers.

The same liberal journalists who have scolded people for so much as questioning the wisdom of the federal government’s top coronavirus experts, such as Dr. Anthony Fauci and Dr. Deborah Birx, are now literally telling people to get their scientific analysis from Greta Thunberg.

To be clear, you shouldn’t hold contempt for Thunberg — you should feel bad for her. She is a deeply troubled young woman with a long history of struggles with depression, OCD, eating disorders, bullying, and more. Sadly, she has latched onto an alarmist ascientific doomsday tale of a pending climate apocalypse as a way of coping. There’s nothing horribly wrong with this; Thunberg is a young woman of admirable passion and should pursue her beliefs. What’s disturbing is to see liberal journalists exploit such a young, ill-informed activist to push their political agenda even to her detriment.

*  *  *

We couldn't agree more.

Tyler Durden Wed, 05/13/2020 - 16:25
Published:5/13/2020 3:37:38 PM
[Markets] Bad Look Of High Stock Prices & High Unemployment Bad Look Of High Stock Prices & High Unemployment

Via Global Macro Monitor,

In less than an hour, the BLS will release the employment situation for April, which will illustrate the devastation the COVID crisis has inflicted on the U.S. labor market.  Since the crisis began 30 million plus American workers have filed for unemployment insurance, which is about 20 percent of the 150 million workforce.

Not all 30 million will show up in this morning’s number due to lags in how the data is gathered.  We expect the unemployment rate will probably peak in the May report and gradually begin to recover.  All bets off if the country is hit with a second wave of COVID infections and deaths.

Today’s Unemployment Rate Reflects A Closed Economy

Though we are very empathetic to those who have lost their jobs, we are also cognizant that many of the 30 million unemployed will return to work once the economic reopening accelerates and what really matters is how much long-term damage has been done to the economy and American labor force.  Nobody knows for certain as we are all engaged in a guessing game, which will probably be the case until the economic fog begins to burn off in the fall.

There will likely be an initial burst of economic activity due to a huge pent-up demand as America opens for business but the long-term reality will be determined by how much damage and hysteresis the lock-down has inflicted. 

Hysteresis in the field of economics refers to an event in the economy that persists into the future, even after the factors that led to that event have been removed.

– Investopedia

Stocks seem to be expecting a fairly rapid return to normal as the S&P is only a little over less than 10 percent from it’s all-time high.   We are not so sanguine and our priors are the unemployment rate will linger in the low double-digit range for sometime.  

A high stock market and double-digit unemployment is not a good look going into the November presidential election, especially for President Trump, who derives much of his support from his populist and anti-elitist rhetoric.

Top 10 Percent Of Households Own 88 Percent Of Stock Wealth

The elites, or let’s say the Top 10 percent of households, for example, own 88 percent of stock market wealth.  See our post,  Why The Stock Bull Is A Big Meh For Most Americans.

And a stock market clinging close to its highs with an unemployment rate that has nearly tripled will reopen the wounds of the Great Financial Crisis (GFC) that the “fat cats” were once again bailed out at the expense of Main Street.

The same toxic politics – but this time on steroids – which helped Trump get elected in 2016.

“This is the second time we’ve bailed their asses out,” grumbled Joe Biden, the Democratic presidential candidate, last month. The battle over who pays for the fiscal burdens of the pandemic is just beginning. On the present trajectory, a backlash against big business is likely…

The most overlooked risk is of a political backlash. The slump will hurt smaller firms and leave the bigger corporate survivors in a stronger position, increasing the concentration of some industries that was already a problem before the pandemic. A crisis demands sacrifice and will leave behind a big bill. The clamour for payback will only grow louder if big business has hogged more than its share of the subsidies on offer. It is easy to imagine windfall taxes on bailed-out industries, or a sharp reversal of the steady drop in the statutory federal corporate-tax rate, which fell to 21% in 2017 after President Donald Trump’s tax reforms, from a long-term average of well over 30%. Some Democrats want to limit mergers and stop firms returning cash to their owners.

The Economist

Moreover, a narrative is beginning to take shape that the Trump administration and his Republicans are more of a Trojan Horse for the 1 percent and Greenwich set.  That is, tax cuts for the wealthy and large corporations while cutting social services and healthcare for the middle class and pumping up and bailing out stocks at the expense of Main Street, where the top 10 percent directly hold almost 90 percent of total stock wealth while the bottom 90 percent have only a little over 10 percent.

At the same time, the Trump administration presents itself as sort of a dysfunctional Honey Boo Boo reality show to entertain its base.  Though what some may perceive as a nice circus act but not quite exactly the savior of the working and middle class that many voted for.

Finally, today’s cover of The Economist pretty much nails it and also frets how divorced financial markets are from the current and coming economic reality.

Tyler Durden Fri, 05/08/2020 - 07:58
Published:5/8/2020 7:01:09 AM
[The Courts] Roberts, Liberal Justices Wary of Trump Exemptions to Birth Control Mandate

The Supreme Court on Wednesday seemed wary of Trump administration exemptions to the Obamacare birth control mandate in a marathon teleconference session that lasted over 90 minutes.

The post Roberts, Liberal Justices Wary of Trump Exemptions to Birth Control Mandate appeared first on Washington Free Beacon.

Published:5/6/2020 4:50:10 PM
[World] Supreme Court Hears Oral Arguments on Obamacare Birth Control Case Published:5/6/2020 10:47:50 AM
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