Yesterday, October 12, the White House lifted the moratorium on deepwater oil and gas drilling that was imposed immediately following the British Petroleum Gulf oil spill. Both the spill and the moratorium hurt the oil industry and frustrated Gulf Coast communities that were dependent on offshore drilling for their livelihood.
California's state and local governments are going broke. Public employees unions have demanded compensation and pension plans that are unsustainable. Politicians have shown incredibly little courage in confronting a very real collapse of confidence in the governments of California.
Scranton, Pennsylvania, the hometown of Vice President Joe Biden, has become the hometown of the latest ObamaCare controversy. Jeffrey Lord, writing for the American Spectator, reports that the impending closure of three Catholic hospitals in the Scranton area, almost certainly in part because of the new healthcare legislation, is threatening to become a major public-relations debacle for the Obama administration and a major drag on the electoral prospects for three Democratic congressional candidates.
Of the variety of issues plaguing America's economy today, unfunded public pensions are perhaps one of the greatest. CNBC News reports that a study expected to be released today shows major American cities may be faced with a $574 billion funding gap as a resulted of unfunded public pensions.