The latest international Index of Economic Freedom revealed that the economy of the United States lost even more liberty for a fourth consecutive year, dropping from ninth to tenth place under the Obama administration and solidifying its designation as “mostly free” — earned in 2009, down from “free” the year before that.
In kicking off the New Year, Washington has become the first state with a minimum wage of more than $9 an hour, as it joined seven other states in similar measures that index their minimum wage rates to inflation. Including workers in all industries, Washington’s minimum wage increased 37 cents to a record high of $9.04 an hour (the rate for workers who are 14 or 15 years old is $7.68), which went into effect the first day of the New Year.
Voters beware the salesmen who come with hat in hand, pitching shiny or miraculous services and benefits for a bargain bottom price and the promise of a profit. Your wallets and blank checks are their target.
With a ballooning price tag and doubts about federal funding, it is increasingly obvious that voters were sold a bill of goods by the backers of California’s high-speed train to nowhere....
American taxpayers are sending over $100 million per year to a bloated international bureaucracy that has morphed into a “cartel enforcer” for welfare-state politicians seeking to prevent tax competition, according to a new study.
As the U.S. economy suspends in a prolonged, comatose state, high joblessness and uncertainty among young Americans have incited youth discontent with the federal government’s fiscal and economic blunders. A new poll conducted by Generation Opportunity, a non-profit organization that educates young Americans on the nation’s current political and economic affairs, surveyed individuals between the ages of 18 and 29 on issues such as government spending, national security, and Washington leadership.
On Friday the Federal Deposit Insurance Corporation (FDIC) closed and sold off four more banks, bringing the total shuttered this year to 84. The FDIC’s Deposit Insurance Fund paid out $358 million to enable the transactions to take place, with additional losses being borne by the failed banks’ new owners. Through 2010 the FDIC has paid out $76 billion and the total is likely to exceed $100 billion by the end of this year.
Rep. Don Young (R-Alaska, left) plans to introduce a controversial bill that would abolish every federal regulation enacted in the past two decades, including restrictions on banking, oil drilling, healthcare, and food and drug safety. "My bill is very simple, I just null and void any regulations passed in the last 20 years," Young announced to a crowd at the Anchorage Downtown Rotary Club. "I picked 20 years ago because it crossed party lines and also we were prosperous at that time. And no new regulations until they can justify them."
As President Obama’s new jobs proposal soon approaches, the U.S. Chamber of Commerce has prepared its own plan for expanding U.S. employment. In an open letter to Congress and the White House, the Chamber called for an array of measures to promote employment, ranging from easing restrictions on oil drilling, providing temporary corporate tax breaks, and increasing spending on public infrastructure.
California Governor Jerry Brown proposed a new tax plan to the state legislature Thursday that would boost levies on large corporations located outside of California. Brown’s request to state lawmakers is to revert the sales tax structure back to the formula adopted before 2009, which would require multi-state corporations, which employ few California workers, to pay higher sales taxes for goods they sell within state boundaries.
While U.S. lawmakers wrestle with high unemployment and a mounting federal deficit, 80 percent of them have no academic background in business or economics, according to a new study by the Employment Policies Institute (EPI). The study found that only 8.4 percent of U.S. lawmakers majored in economics, while 13.7 percent studied subjects related to business or accounting. The majority of Congress — 55.7 percent — studied law, government, or humanities.
President Obama’s pledge to recover the economy has taken a long and winding detour, but his 2008 campaign pledge to regulate corporate America is right on course — despite the fact that in January, the White House issued an executive order to review regulations for all federal agencies, with the intent to root out oppressive regulations on American businesses.