Health Care Bill Update
Just an interesting side note on the Reconciliation process. As we all know, in order to pass the bill the democrats had to resort to a very controversial process of reconciliation. The republicans were allowed to propose amendments to the bill, but the democrats would have to vote every one of them down or the bill would have to go back to the house for a complete revote. So yesterday, Tom Coburn (R. Okla.) proposed a bill that would prohibit sex offenders and pedophiles from using Medicare to buy Viagra. Sounds like a pretty reasonable proposal, but unfortunately for the democrats they had to vote it down. Unbelievably, in 2005 (last year for data) over 800 convicted sex offenders were able to use Medicare to purchase little blue pills. So remember when you go into the voting booth in November that the democrats voted to continue allowing pedophiles access to Viagra.
The Inequality in Pay
Yes, there is a growing pay gap in America, between private and public workers.
According to today's WSJ and the Bureau of Labor Statistics, the average State and Local Government employee makes $39.66 per hour in wages and benefits, while the average private industry employee makes $27.42 per hour. Thats right, the government employee makes 45% more than the private sector employee! In California alone they have 3,000 teachers who retired at the ripe old age of 55, collecting at least $100,000 per year in pension benefits for the rest of their lives.
Also, this week the Congressional Budget Office informed us that this will be the first year that the Social Security Administration will pay out more than they take in. They had been expecting this tipping point to occur in 2016, but they underestimated the magnitude by which the recession would reduce tax revenues.
Warren Buffett as Axl Rose in Geico commercial:
New respect for Warren Buffett as he does his best Axl Rose imitation, while the lizard plays Slash. Cool...
In Dodd We Trust
Be careful out there,
Chris Wiles
This article contains the current opinions of the author but not necessarily those of the Rockhaven Capital Management. The author’s opinions are subject to change without notice. This article is distributed for informational purposes only. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaran
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