Category Archives: current events

6 critical ways Trump slashing Obamacare subsidies could impact you

President Trump’s promised rollback of Obamacare has officially begun. But what does it all mean? And will it affect you?

The federal government will cut billions of dollars in health-care subsidies to low-income households that were introduced under Barack Obama’s Affordable Care Act, the White House announced last week.

These $7 billion in “cost-sharing subsidies” are the payments the government makes to health insurance companies to offset the discounts on co-payments that low-income consumers have received under Obamacare. The subsidies repay health insurers for the higher cost of the “silver plan” through HealthCare.gov — the individual insurance marketplace operated by the federal government and set up under Barack Obama.

The cuts in subsidies may actually hit the middle class the most

Insurers already put insurance premiums up 20% this year in anticipation of the President’s decision to end these subsidies. However, in several states, including Indiana, insurance companies spread their rate increases, so middle-class people on individual plans will likely see a double-digit increase in their premiums next year.

“People who don’t qualify for premium subsidies for cost-sharing reductions, but are also in the individual market because they don’t have employer-sponsored coverage — early retirees who aren’t yet eligible for Medicare or higher-earning freelancers — will be negatively affected by higher premium costs,” Susan Nash, partner at Winston & Strawn LLP in Chicago, Ill.

More from CBS Marketwatch

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President Trump rips NFL for getting ‘tax breaks’ while disrespecting anthem, flag

Why is the NFL getting massive tax breaks while at the same time disrespecting our Anthem, Flag and Country? Change tax law!

More from CBS Sports.com

Posted by Libergirl

Trump says Puerto Rico’s debt needs to be wiped out

Trump says Puerto Rico’s debt needs to be wiped out US President Donald Trump and First Lady Melania Trump attend a meeting with Governor Ricardo Rossello (L) © Mandel Ngan / AFP

US President Donald Trump said that Puerto Rico’s $74 billion debt would have to be wiped out to help the island recover from the catastrophic damage caused by Hurricane Maria that he witnessed during his visit.

“We’re going to work something out. We have to look at their whole debt structure. You know they owe a lot of money to your friends on Wall Street and we’re going to have to wipe that out. You’re going to say goodbye to that, I don’t know if it’s Goldman Sachs but whoever it is you can wave goodbye to that,” Trump told Fox News, according to Reuters.

Trump visited Puerto Rico on Tuesday, nearly two weeks after Hurricane Maria destroyed the island’s infrastructure, leaving the majority of the 3.5 million residents without access to power.

During his visit, Trump said that the reconstruction costs have thrown the federal budget “out of whack.”

“I hate to tell you, Puerto Rico, but you’ve thrown our budget out of whack – because we have spent a lot of money on Puerto Rico. And that’s fine, we’ve saved a lot of lives,” Trump said.

‘You can be very proud’: #Trump praises hurricane relief in #PuertoRicohttps://t.co/GTsJKZfepbpic.twitter.com/tbj8mP4d9z

— RT (@RT_com) October 4, 2017

Moodys estimated that the recovery could cost as much as $95 billion, according to Reuters.

In May, Puerto Rico filed for the biggest bankruptcy in US municipal history, approximately $74 billion of bond debt and $48 billion of unfunded pension liabilities. The bankruptcy would break the record in the US, which was previously set by the $18 billion Chapter 9 claim by Detroit, Michigan in 2013.

The island’s economy has been in recession for nearly 10 years, with an unemployment rate of about 11 percent. At the same time, the population has fallen by about 10 percent in the past decade.

According to census data taken before the storm hit Puerto Rico, unemployment on the island was about 11 percent, while the poverty rate stood at 45 percent. The average income was $19,350, compared the the average income of the entire US, which stands at $56,516.

The White House is also reportedly preparing a $29 billion disaster aid request to support recovery efforts in Puerto Rico, Texas and Florida, according to Reuters.

The White House will ask Congress to fund $13 billion in new relief for hurricane victims and to forgive $16 billion in debt that has accumulated in the National Flood Insurance Program.

The request is expected to be sent to lawmakers in Congress by Wednesday.

After Trump left the island, Puerto Rico Governor Ricardo Rossello updated the official death toll from 16 to 34. Rossello said that the main causes of death were flooding, flying debris and mudslides.

The death toll is expected to increase further in the coming weeks.

From RT

Posted by The NON-Conformist

Guns and Profit – Why We’ll Do Absolutely Nothing New After This Las Vegas Shooting

Wake up, America.

We are not the land of the brave or the home of the free.

We are the land of the gun and the home of the free market.

Stephen Paddock’s killing spree last night in Las Vegas will not change anything – except the bottom line for numerous gun manufacturers.

Ca-ching, people!

Scores of American companies are going to clean up over this!

That’s what happens every time we get a high profile mass shooting.

Not new gun regulation. Not additional services for the mentally ill. Not stricter guidelines against fake news on social media.

More from Common Dreams

Posted by Libergirl

DeVos Appoints Former Governor Engler as Chair of NAEP Governing Board

Betsy DeVos apointed her friend and ally in the school choice movement, former Governor of Michigan John Engler, as chair of the National Assessment Governing Board, which administers the National Assessment of Educational Progress.

Engler is a charter member of the “schools-are-failing” club. He recently retired as president of the Business Roundtable, an association representing some of the nation’s leading businesses, and before that was head of the National Association of Manufacturers.

Expect every release of NAEP scores to be a dire warning about how terrible our public schools are, how we are no longer globally competitive, and why we need drastic steps (school choice?) to close the achievement gaps.

via DeVos Appoints Former Governor Engler as Chair of NAEP Governing Board — Diane Ravitch’s blog

Posted by Libergirl

Senator McCain: “I cannot in good conscience vote for the Graham-Cassidy proposal”

Image: Quartz

 

Once again, senator John McCain is thwarting the Republican party’s effort to repeal Obamacare. A new proposal was advanced this week by senators Lindsey Graham and Bill Cassidy. While the bill hasn’t yet been analyzed by the Congressional Budget Office (CBO), preliminary studies estimate that it would cause 21 million Americans to lose insurance, and would cut funding (paywall) for 34 states. The bill would also allow insurers to hike premiums for people with pre-existing conditions, despite its sponsors’ repeated claims that it wouldn’t.

via Senator McCain: “I cannot in good conscience vote for the Graham-Cassidy proposal” — Quartz

Posted by Libergirl

Mexico, Donald Trump, Hurricane Maria: Your Wednesday Briefing from The New York Times

Powerful quake kills hundreds in Mexico.

Rescue crews are scrambling to pull survivors from the rubble after an earthquake with a preliminary magnitude of 7.1 struck on Tuesday, killing more than 200 people.

At least 21 children died when a school collapsed, and the toll across the country is expected to rise. We mapped the extensive damage in Mexico City, and have video from the moment the quake hit.

It struck less than two weeks after an 8.1-magnitude temblor in the south of the country, which killed at least 90.

Image: Pedro Pardo/Agence France-Presse — Getty Images

Trump brings America First to the U.N.

It was President Trump’s first address to the General Assembly. He used the world’s most prominent stage on Tuesday to threaten to “totally destroy North Korea” and to denounce Iran as a “rogue state.”

More from Apple News

Posted by Libergirl