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
Jun 26, 2012, 5:33 pm EDT
Facing an avalanche of super PAC money and Mitt Romney’s increasing ability to raise campaign funds, President Barack Obama is hitting back, warning supporters that he could be the first president outspent in a re-election campaign.
In an e-mail sent to supporters today, Obama sounded the fundraising alarm:
“”I will be the first president in modern history to be outspent in his re-election campaign, if things continue as they have so far. I’m not just talking about the super PACs and anonymous outside groups — I’m talking about the Romney campaign itself. Those outside groups just add even more to the underlying problem.” Read
Jun 25, 2012, 1:53 pm EDT
As the presidential race ramps up to full campaign frenzy, both President Barack Obama and presumptive GOP standard bearer Mitt Romney are touting their plans to jump-start the stalled U.S. economy — while denouncing each other at the same time.
According to a new poll, they needn’t bother. At least half of Americans don’t think the president – any president – can fix the economy.
A telephone survey of 1,007 adults conducted by GfK Roper Public Affairs and Corporate Communications for the Associated Press found that about 50% of respondents think the president has little or no control over the economy. Read
Jun 25, 2012, 1:29 pm EDT
This article isn’t about whether Obamacare is good or bad for the nation’s health care crisis. It’s about the heavy load of taxes that will hit Americans if the Affordable Care Act doesn’t get repealed or overturned. The bottom line is that these taxes are going to be really, really bad for the economy and for your portfolio. Here’s a look at how just a few of them will cause pain.
The first tax is a surtax on investment income. Beginning next year, long-term capital gains would be taxed at 23.8% instead of 15%. Dividends would be taxed at 43.4% instead of 15%, as would short-term capital gains. These tax hike apply to households making more than $250,000 and individuals making more than $200,000.
The hike in the dividend rate is especially troubling. Many investors put funds into stocks that pay dividends because these companies are generally large global brand names that are considered relatively safe. The dividends provide an extra measure of safety, particularly against inflation. Many older Americans rely on dividend and other income investing as a way to make up for the losses inflicted by inflation. Read