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Money & The Economy

News on Finance, Money, markets and the economy

The End of the Twinkie?

This could be it. The end of the Hostess Twinkie. Of course, those still in their packages may last forever, but it’s possible there will be no more Twinkies. The Bakery, Confectionery, Tobacco Workers and Grain Millers union (BCTGM) has gone on strike against manufacturer Hostess. The company announced today they will file for liquidation if striking employees do not ...

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Jobless Claims JUMP to 439,000

First time unemployment claims took a flying leap this week.  The jobless claims surged over 78,000 to a staggering 439,000 across the U.S. The government economists were expecting numbers in the 375,000 range. Many of the media are blaming this shocking increase on the Superstorm Sandy. Bloomberg: “Based on previous extreme-weather episodes, we typically see the associative claims coming in ...

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Sandy not to blame for dismal jobs report

The AP reported today that this week’s terrible unemployment numbers were due to fallout from Sandy – the storm that hit the Northeast last week. On its face, the excuse holds merit. When digging into the data, it looks like AP over-interpreted a footnote thereby giving the Administration a pass on an awful report. The Labor Department said applications increased ...

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Rebuttal: 10 myths about defense spending

The opponents of a strong defense are spreading many myths about defense spending to mislead the public and induce it to support deep defense cuts. This is dangerous, because uninformed decisions always tend to be bad ones, and intellectual disarmament always leads to actual disarmament. For that reason, I’ve prepared this rebuttal of the 10 myths about defense spending which, ...

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Rebuttal of Sen. Coburn’s defense cuts proposals

Among the deepest, and most destructive, proposals of defense cuts made in recent years are those made by Sen. Tom Coburn in his “Back to Black” pamphlet, which he advertises in his newest book as necessary. If implemented (God forbid), his proposals would cut over $1 trillion out of the defense budget over the next decade (i.e. over 100 bn ...

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The Stock Market: Three Days Post Election

FRIDAY 10:30 AM. The graph is obvious. Three days after the reelection of Barack Obama the stock market is still reeling. The media is blaming it on European challenges and a built in cushion because so many expected Romney to win the election. Pad it as they may, the stock market is now facing the reality of the ‘fiscal cliff’ ...

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Companies Begin Layoffs Following Obama’s Re-election

With the so-called ‘fiscal cliff’ looming at the end of the year, many companies had warned that if President Obama were re-elected, they would be forced to lay off workers. Company officials listed the skyrocketing price of health insurance and the taxes contained in Obamacare as a primary reason for job cuts. Some job cuts are also the result of ...

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Economic Advisor to State Department: Downgrade of US Likely

An economic analyst invited by the State Department to brief a group of foreign journalists on the U.S. economy. Her presentation included a forecast of the US economy for the next few years. Her prediction–not so good. Without a plan to change direction of the spending she expects that another downgrade of the United States Treasury Securities is very possible. ...

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Swing State Voters: Obamacare Will Cost You $$

Three years after its passage the majority of Americans still are opposed to the Affordable Care Act (Obamacare).  A reelection of President Obama will assure that health care in America is forever changed. A vote for Mitt Romney will pave the way to repeal or change Obamacare. The effects of Obamacare are far reaching and will impact every state. But ...

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GDP up due to federal spending

The Commerce Department published its preliminary estimate of third quarter GDP showing an increase to 2.0% growth vs. the second quarter final number of 1.3%. Tearing into the numbers, government spending and a drop in imports seem to be the largest reason for the favorable change to GDP, while commercial investment, exports and private inventory investment were leading declining values ...

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I’m Barack Obama, and I’m Going to Deceive You in this Message

Do you think this title is harsh? Maybe. But is it true? Absolutely. If you watch his most recent ad, President Obama is using the same old lie: http://www.huffingtonpost.com/2012/10/12/obama-mitt-romney-tax-rate_n_1962187.html (the video is near the bottom). Why is this deception? Well, I’ve written about that before… many times. President Obama is trying to convince Americans that Mitt Romney paid a lower tax rate ...

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Unemployment: Tinkering with the Numbers?

Did you watch the news last week?  A miracle fell into the lap of the president. Three precious weeks before the hotly contested presidential election the ‘newly unemployed’ claims dropped to an unexpected low. Coupled with the surprising unemployment decline these numbers were heralded by the left as a sure sign this was truly the beginning of the recovery and ...

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2013 Medicare premium increase will cut into COLA for Seniors

The anticipated 2013 1.7% cost-of-living adjustment (COLA) for Social Security recipients will likely be wiped out by an expected 7-9% in Medicare part B premiums next year. Private analysts expect the $99.90 part B premium for incomes up to $85,000 to rise by as much as $9 while the government’s projection anticipate a $7 per month increase. At around $100 ...

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U.S. Retail Sales Rise on Gas, Auto Spending and iPhone Sales

Seasonally adjusted U.S. Retail Sales rose in September by 1.1%, slightly slower than August’s 1.2% and largely fueled by iPhone 5 and automobile purchases. The actual sales in autos dropped by $30 million when not seasonally adjusted, but with the adjustment, almost $4.5 million more was spent on cars in September than in August. Sales in electronics dropped from $8.1 milllion ...

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