Monday, August 24, 2009
AS Americans listened to people yammer on about "death panels" and other distortions of some of the health "reform" proposals circulating in Congress, larger and more important questions have gone unasked and unanswered.
First on the list should be: Are members of Congress out of touch with reality?
The nation can't pay for Social Security and the health entitlement programs it has now. (more)
They began to pull away from everyone else in the 1970s. By 2006, income was more concentrated at the top than it had been since the late 1920s. The recent news about resurgent Wall Street pay has seemed to suggest that not even the Great Recession could reverse the rise in income inequality.But economists say — and data is beginning to show — that a significant change may in fact be under way. The rich, as a group, are no longer getting richer. Over the last two years, they have become poorer. And many may not return to their old levels of wealth and income anytime soon. (more)
In fact, the Baltic Dry Index has dropped another 3.1% Wednesday on top of horrible losses in the last few weeks. Couple that with Japan’s latest trade data which shows the China is now Japan’s largest trade partner. Furthermore Japan stated that exports to the US dropped by 43% to $40.5B which is a stunning drop since most have declared the recession is over.
The latest report from Japan also said the following: (more)
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.
"I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal." (more)