Foreclosures of homes are increasing, July economic reports reveal. Homes are the most important asset that ordinary Americans possess, and the value of that asset was long presumed by middle class Americans to be one which would steadily increase over time, punctuated occasionally and in some regions with soft markets and in other regions with quicker growth. Over the last four years, however, the value of the American home has been stagnant, even as the cost of living has increased.
According to the owners of Papa John's, as well as a number of other businesses, the costs of ObamaCare will force up the costs of services for their consumers. Other businesses are so concerned at the increased costs that they are considering laying off workers, or cutting workers from full-time to part-time so that they may avoid the insurance coverage requirement.
Supply Side economics school godfather Arthur Laffer penned an op-ed column for the Wall Street Journal August 6 that claims increases in government spending inhibited economic growth during the recession, as indicated by a study showing "increases in government spending from 2007 to 2009 and subsequent changes in GDP growth rates. Of the 34 Organization for Economic Cooperation and Development [OECD] nations, those with the largest spending spurts from 2007 to 2009 saw the least growth in GDP rates before and after the stimulus."
After reviewing the weak jobs report from the Bureau of Labor Statistics (BLS) that was released last Friday, the president of the Federal Reserve Bank of Boston, Eric Rosengren, decided it was time to call for more money to be added to the economy.
American lawmakers on both sides of the aisle are expressing serious concerns about a bid by the communist dictatorship ruling mainland China to purchase Canadian energy firm Nexen and its vast U.S. oil and natural gas holdings. The deal by the Chinese regime, acting through its state-owned front company China National Offshore Oil Corporation (CNOOC), also represents a potential national security risk, warned Republican and Democrat members of Congress.
If approved by authorities in the United States and Canada, the Nexen takeover would mark the first time that the communist Chinese dictatorship would be operating U.S. leases in the Gulf of Mexico.