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March 2010
I predict that one of the most common phrases in the American vocabulary over the next few years will be, “I didn’t know the health care bill would do that.” And Democrats will be saying it most.
Even as the president traveled to Iowa City to let everyone know Armageddon hadn’t happened, several large companies declared they would start health-reform-related write downs--AT&T for $1 billion.
Here’s the back-story. In 2003, Congress passed the Medicare prescription drug benefit. There was a concern among legislators that including that benefit might encourage large employers that provided retiree coverage to phase it out.
Republicans, who controlled Congress, decided to provide those companies with a subsidy, spending about $665 per retiree to subsidize the employer’s plan, but saving $1,209 if the retiree had been dumped into Medicare. Read More...
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Having just watched highly controversial legislation become law along painfully partisan lines and cause political fractures that may last for years, it’s nostalgic to be reminded of the good old days when Congress acted less along partisan lines and more in the interests of the majority of the American people—like way, way back in 2008 when the House of Representatives passed the PRO-IP Act by a vote of 410 to 11, and the Senate passed it unanimously.
What kind of legislation passes with such a broad, bipartisan majority? Legislation that is designed to solve widely recognized problems in a way that makes sense to the American people. The PRO-IP Act was such a bill, designed to enhance intellectual property enforcement in order to protect the interests of those who work in the innovative and creative sectors of the U.S. economy, and the health and safety of all Americans.
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Even as they force through massive new tax and spending increases, Democrats are trying to demonstrate their fiscal responsibility by proposing to eliminate congressional earmarks, except for nonprofit organizations (which is the majority of earmarks).
Their efforts would be more believable had they not pushed through, with zero Republican support, a pay-as-you-go, or "paygo," provision last February that requires Congress to pay for any new spending increases. Because just three weeks later they completely ignored their paygo rule to pass a $10 billion jobs bill--without a "payfor."
Actions belie words.
House Republicans have countered by proposing a moratorium on all earmarks.
Then Republican Senator Jim Inhofe of Oklahoma piped up in The Wall Street Journal claiming earmark control was much ado about nothing. Earmarks only amounted to 1.5 percent of discretionary spending.
So who's right?
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In many developing countries, including most African countries, as much as 60 percent of prescription drugs sold are actually counterfeit, containing little if any of the active molecule, and in some cases containing toxins and other harmful substances.
That's just one of the many frightening statistics that emerged from a conference last week in Dar es Salaam, Tanzania, sponsored by the U.S. Patent and Trademark Office for the benefit of government officials in the East African Region. IPI was pleased to be able to co-sponsor and participate in the conference.
Designed to help justice and customs officials intercept counterfeits and prosecute the perpetrators, the conference was a terrific example of cooperation between “north and south” in improving the health and welfare of East African populations.
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| So how did Social Security get tied up in health care reform? It’s kind of complicated so stay with me. The Senate version of the health care reform bill that the House is supposed to vote on this week—um, let me correct. Despite weeks of Democrats calling for an “up or down vote,” the House isn’t actually going to vote on the bill. It’s going to vote on amendments to the bill and, if they pass, the Senate version will be “deemed” to have passed—without an actual vote on the bill. Anyway, in the Senate bill is the “Cadillac tax” that makes employer-provided health insurance subject to taxation above a certain level. That means that employees with high-cost health insurance will, at some point after 2018, start paying more taxes—including Social Security taxes. Read More...
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By any objective measure, the rollout of broadband services to the country is going phenomenally well, and is largely being done with private capital and without involving taxpayer dollars. As you might expect, broadband providers have focused on areas where demand and market forces sufficiently incentivize private network companies. But there obviously remains the problem of areas where, for reasons of geography, population density, or other issues, making a business case for deploying broadband is a challenge.
The Federal Communications Commission (FCC) is about to reveal it’s recommendations to Congress regarding a National Broadband Plan. As part of the FCC’s efforts, they have solicited ideas from the public on what should be the elements of the plan.
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Members of Congress say they are concerned about the exploding budget deficit, though not so concerned, it seems, to stop all the spending that’s actually causing the deficit explosion—up to about 24.7 percent of gross domestic product (GDP).
President Obama’s solution has been to appoint, by executive order—because the Senate wouldn’t pass it—a bipartisan group to explore what the government can do to reign in the spending.
It’s like an alcoholic convening a meeting of other heavy drinkers to discuss how the alcoholic can cut back on his drinking—and having the meeting at a bar at happy hour.
Of course, everyone knows the committee will recommend some minor spending cuts and some major tax increases. The tax increases would pass and the spending cuts would be postponed until later—because spendaholics don’t really want to cut spending, they just want to say that they do.
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Is there a more dynamic industry than wireless communications?
In a relatively short time a cell phone has become a necessity to virtually everyone, and one of the areas of most rapid technological innovation is in wireless handsets. Every few months one company or another introduces a new, feature-rich handset, which consumers eagerly gobble up.
At the same time, service providers compete fiercely for customers, continually upgrading their networks to provide better and faster service and even financing consumers’ purchase of sophisticated handsets.
This is at least one industry that has succeeded in creating high-paying jobs, pleasing consumers, delivering innovation, and funneling tax revenue to virtually every level of government. You’d think government would be pleased, but from San Francisco to Maine, and at many stops in between, mobile phones are under attack by radical opportunists.
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| Senator Jim Bunning could probably use a hug. The retiring Kentucky Republican has been trying to get Congress to live up to its fiscal promises. And for that good deed he’s getting pummeled by Democrats, barraged by reporters and largely ignored by Republicans. This is not a good sign for all that promised future austerity by either party. Congress passed a new version of “pay as you go,” or “paygo,” legislation in February when it increased the government’s borrowing limit to $1.9 trillion. The goal of paygo is to force the government to find ways to offset any new spending. Democrats included the provision to help deflect criticism for their explosion in deficit spending. President Obama showered it with praise: "PAYGO would hold us to a simple but bedrock principle: Congress can only spend a dollar if it saves a dollar elsewhere. Read More...
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Author: Merrill Matthews Jr. || Location: Lewisville, Texas, USA