Jun 29, 2012, 8:43 am EDT
The Supreme Court surprised almost everyone Thursday by upholding President Obama’s signature piece of domestic legislation, the Affordable Care Act, a.k.a. “Obamacare.” While the political fallout will be felt for the next five months, at least four things are immediately clear.
1.) The Tea Party Rises Again
During all of the GOP hand-wringing over whether Mitt Romney was acceptably conservative to the base, the Republican leadership fretted over their potentially unenthused voters in November. Primary voters that strongly identified with the Tea Party were particularly unhappy with Romney’s candidacy and tried hard to select anyone else. In fact, it was the passage of Obamacare that gave birth to the Tea Party movement two years ago.
Thursday’s decision ensures that these voters who chased after the non-Romneys from January through March are lukewarm no more. The fact that the Supreme Court upheld Obamacare immediately created a new sense of urgency to this election. If the court had struck down the controversial law, the GOP would not have been able to run on the notion that they alone could deliver us from the tyranny of “socialized medicine.” Read
Jun 28, 2012, 4:39 pm EDT
By now you know the health care law — known colloquially as “Obamacare” and formally as the “Affordable Care Act” — has been upheld by the Supreme Court.
What you might not know, however, is how the decision affects your portfolio. So here’s the score in one sentence:
In the short term, the market will continue to suffer due to uncertainties, and in the long term, the health care sector will be your best investment opportunity. Read
Jun 28, 2012, 3:43 pm EDT
Get ready for a single-payer system akin to United Kingdom’s national health care service, because the Supreme Court decision upholding the Affordable Care Act is the latest step on that path.
Polls show that most Americans believe that everyone should have access to health care, and that people with chronic conditions should not be shunned by medical providers or bankrupted.
Yet the question of who should pay for those unfortunate people — who could be any one of us or our family at some point in our life — is the big, open question. Most healthy young people who are not sick believe they should not be forced to buy insurance, and yet if they were to become sick later and were given a cold shoulder by the system, they would be quick to complain. Read
Jun 28, 2012, 12:55 pm EDT
With the most anticipated Supreme Court ruling since Bush v. Gore in 2000 finally announced today, it’s hard not to blame news sources for wanting to scoop the competition. Two of those sources, however, had the wrong scoop.
Earlier today, both CNN and Fox News reported that the individual mandate that required all citizens to purchase health insurance had been ruled unconstitutional. CNN posted a headline and story with this “news” on its web site, while Fox News ran the headline on a television broadcast. Of course, the Supreme Court upheld the mandate, along with much of the Affordable Care Act.
Eventually, CNN issued a correction on Twitter and changed its headline and the story on its web site to accurately reflect the ruling. Read
Jun 27, 2012, 6:38 pm EDT
While Congress quibbles over what to do about the billions of dollars of debt the United States Postal Service faces, many Americans support an idea the Postal Service has floated before — ending Saturday mail delivery.
According to a poll done by the New York Times and CBS News, seven out of ten Americans surveyed favored eliminating Saturday delivery. The move would help the Postal Service recoup some of the $36 million it loses each day, with projected losses estimated to hit $21 billion by 2016.
The poll found that the vast majority of Americans do use the post office at least sometimes — eight out of ten surveyed. Among those surveyed, 38% use it all the time, 45% use it for bills, and 16% either use it only during the holidays or never. Read
Jun 27, 2012, 7:00 am EDT
On Tuesday, President Obama headed to Atlanta and Miami for $2.3 million in fund-raisers. Not a bad one-day haul.
Think that’s a lot of money? Well Republican challenger Mitt Romney raised more than $76 million last month for his presidential campaign. That made Obama’s $60 million take for May look rather paltry.
And you think that’s a lot of money? Well, consider that both major candidates and their sycophantic Super PACs are expected to burn $2 billion this year. And that’s only about two-thirds of the $3 billion they’re going to raise. Read