Daily Archives: May 26, 2011

Senate Rejects Medicare Overhaul

To say that many disagree with respect to the merits of Medicare would be an enormous understatement. Domestically, the issue of Medicare is without a doubt a top three point of interest, and the political rhetoric of the day certainly bears that out. The Senate rejected a plan–passed by the House–to overhaul Medicare, largely on the backs of Democrats, naturally, but also with the help of some Republicans like Scott Brown, Lisa Murkowski, Rand Paul, Olympia Snowe, and Susan Collins who realized the backlash that would come from senior citizens if Medicare were to be significantly slashed. This comes as no surprised, as the plan, proposed by Paul Ryan of Wisconsin, would eliminate direct federal assistance of senior assistance starting in 2022. Whereas some Republicans called Ryan’s proposal “courageous” in its general philosophy of limiting exorbitant spending practices at the federal level.

Naturally, Democrats reacted otherwise. In fairly blunt terms, the Senate Majority Leader Harry Reid stated that: “The Republican plan would kill Medicare.” To further demonstrate the divisiveness of the issue, the victory of a Democrat in a special election for a New York House seat this Tuesday was a microcosm of the issue as a whole: the seat was owned by the GOP for years, and the election largely revolved around the issue of Medicare. The list of disagreements about Medicare amongst Republicans and Democrats goes on and on.

What both parties can agree on is that Obama’s 2012 budget needs some retooling. In fact, the Senate voted unanimously against it in a 97-0 vote in a rare display of unity across party lines. Either way, this issue is far from over, and if the Republicans want to push their reforms through, they’ll have to convince senior citizens that their plans won’t eliminate their access to health care while also providing cuts that Americans need (but do not always want).

 

 

Contains information from CNN.

Progress on TARP

TARP, or the Troubled Assets Relief Program, is perhaps one of the most high-profile symbols of the American economy’s problems. We were a nation in dire straits, and action was necessary if several of America’s largest institutions were to be saved (regardless of if you believe if the concept of “too big too fail” or government meddling in anything). The tax dollars that were the backbone of TARP gave the Big Three of the auto industry a second chance and propped up failing banks. Again, the efficacy and validity of these actions are certainly up for debate; however, perhaps the biggest question coming out of the average American’s mouth is: “When is that money coming back?”

 

Chrysler has already repaid a $5.9 billion loan and the Treasury Department has worked out a deal with AIG that will bring in almost $9 billion. Unfortunately, as CNNMoney notes, the “taxpayers are still on the hook for $102 billion in loans,” approximately 25% of the amount Treasury officially doled out as the various economic crises progressed. In a time when budgets are tight and spending is high, this is no small figure (not that it is in any circumstance). As mentioned, some of the entities that received emergency assistance via TARP have paid back their loans with high rates of interest. The same can’t be said for others, like AIG and GM, who are struggling to do so and may not ever pay back what they owe, leaving taxpayers high and dry. While TARP and rampant government spending (no matter the cause) with always be a point of controversy in some circles, the bottom line (i.e., dollars and cents) will be all that matters, and according to the Congressional Budget Office (a nonpartisan group, as CNN pointedly notes) says that the TARP program will ultimately result in a net loss of $19 billion to the taxpayers, mostly due to “AIG, the auto industry, and mortgage modification programs.” TARP will be talked about by average Americans, scholars, politicians, etc. for years to come, but, at the moment, that last sentence is all that matters to the American taxpayer. Whether that loss is an “acceptable” outcome is up to each individual American to decide.

 

Contains information from CNNMoney.

 

 

Dallas In The NBA Finals


The Dallas Mavericks Defeat The Thunders 100-96 in game 5 to be the Western conference Champions and Advance to the NBA Finals. After their Amazing comeback in Game 4 were they claw back from a 15 points deficit in the 4th quarter and less than 6 min left, they outscore the Thunder 14-4 in the rest of the way.

The Dallas Mavericks, and none of his players has never won an NBA Championship. Dirk Nowitzki and Jason Terry were part of the only team to make the finals in the 2006 against the Heat, Dallas was ahead 2-0, and also leading most of the part of game 3, but they lost to the Miami Heat in 6 games.

Miami lead the Chicago Bulls 3-1 in the Eastern Conference finals. If the Heat win Thursday night, the finals will begin Tuesday in Miami. If the Bulls win Thursday night, the finals will begin next Thursday in the East winner’s city.