Feb 28, 2012, 7:29 pm EDT
Sen. Olympia Snowe, R-Maine, announced today that she will not be seeking re-election for a fourth term.
In a statement, Snowe said that although she was still in good health, she felt Congress had become too polarized for her to remain effective in office.
“Unfortunately, I do not realistically expect the partisanship of recent years in the Senate to change over the short term. So at this stage of my tenure in public service, I have concluded that I am not prepared to commit myself to an additional six years in the Senate, which is what a fourth term would entail.” Read
Feb 28, 2012, 7:02 pm EDT
Just finished reading Jonathan Berr’s article “New Obama Tax Plan Doesn’t Go Far Enough,” and found it contains several flaws in logic. One such is the reference to Ireland’s low corporate tax rate and its current economic difficulty. Mr. Barr fails to note that Ireland cannot print money and therefore cannot exert any pressure on monetary policy, it can only work within the constraints of fiscal policy, and considering its current issues one has to wonder where Ireland would be if it did not have the lowest corporate tax rate in the world.
The other is the reference to LIFO. If one wants to encourage the removal of an accounting “gimmick,” then perhaps one ought to consider the Mark to Market Rule which was the cause of the economic meltdown in our financial community. However, I digress; companies would not have to revert to LIFO if corporate rates are low — in fact I would favor eliminating them since corporations do not pay taxes, they just pass on that cost to the consumers of its goods and services.
— Ted Isabella, Bluffton, S.C. Read
Feb 27, 2012, 8:07 pm EDT
TransCanada (NYSE:TRP), the Canadian energy company whose proposed Keystone XL Pipeline led to a clash between President Barack Obama and Congressional Republicans, announced today that they will begin building part of the pipeline.
Obama drew heat last month for blocking the entire Keystone XL Pipeline project, due to concerns about harming the environment in a section of Nebraska, and after Congress imposed a deadline on whether or not to issue a permit for the project. Obama said this rejection did not spell the end of the Keystone XL Pipeline project, and encouraged TransCanada to suggest an alternate route.
TransCanada plans to start construction on a $2.3 billion pipeline that will run from Cushing, Okla. to Port Arthur, Texas. Cushing is a major terminal point for crude oil, and Port Arthur sits on the Gulf of Mexico, near the Gulf Coast refinery complex. Because it is not a cross-border pipeline, this section does not require approval of the State Department, which was where the previous proposal got hung up. Read
Feb 24, 2012, 1:13 pm EDT
The United States Postal Service on Thursday said up to 35,000 jobs would be cut as part of a larger plan to save $20 billion in operating costs by 2015 and return the agency to profitability.
The jobs losses — which follow 140,000 layoffs in the past five years — will come as the Postal Service closes or consolidates more than 200 mail processing centers, which alone will reduce operating costs by about $2.6 billion annually. However, a temporary moratorium will keep those closures from occurring until May. The USPS also plans on halting next-day delivery to save additional work costs.
The Postal Service also wants to close thousands of post offices, end Saturday delivery and take over health benefits, among other cost-cutting measures. Read
Feb 23, 2012, 6:06 pm EDT
With the cost of fuel rising, and airlines worrying more and more about their bottom lines, the price of an airline ticket keeps going up and up. Yesterday, United Continental (NYSE:UAL) announced a fare increase, and last week, Southwest Airlines (NYSE:LUV) kick-started a fare-raising party by the rest of the major airlines by raising its fares.
Still, that’s nothing compared to the cost of flying Air Force One.
When considering fuel, repairs, maintenance, and other “flight consumables,” Air Force One, the president’s airplane, costs $179,750 per hour to fly. This cost doesn’t even include the pilot or other airmen’s salaries. Read
Feb 23, 2012, 8:47 am EDT
While the commentariat and pollsters may argue about who “won” Wednesday’s GOP debate in Arizona, let’s look more broadly down the road about how this Republican primary season will shape the general election.
1. It won’t be “just the economy” in 2012
One clear conclusion from this debate: This election won’t be fought only over the economy. While we all expected 2012 to be a referendum on President Barack Obama’s stewardship of the economy, the GOP candidates are ensuring that foreign policy and social issues will be front and center as well.