August 2, 2010 in Business

Business update: Health care reform suit clears hurdle

Associated Press

Virginia’s lawsuit challenging the Obama administration’s health care reform law cleared its first legal hurdle today as a federal judge ruled the law raises a host of complex constitutional issues. Virginia Attorney General Ken Cuccinelli claims in the lawsuit that Congress doesn’t have the authority to require citizens to buy health insurance or pay a penalty. U.S. District Judge Henry Hudson’s ruling denied the Justice Department’s attempt to have the lawsuit dismissed, saying further hearings were needed to weigh the merits of the case. An Oct. 18 hearing had previously been set.

Economic reports give stocks big start for August: The stock market began August with a huge rally after economic and earnings reports from around the world revived investors’ faith in the global recovery. The Dow Jones industrial average jumped nearly 190 points in afternoon trading. Major stock indexes all rose more than 1.5 percent.

Bad Russian wheat harvest boosts U.S. farmers: A severe drought destroyed one-fifth of the wheat crop in Russia, the world’s third-largest exporter, and now wildfires are sweeping in to finish off some of the fields that remained. Expectations that Russia will slash exports by at least 30 percent have sent wheat prices soaring, and this is good news for farmers in the world’s largest wheat exporter — the United States. The higher wheat prices may mean that Americans and Europeans pay slightly more for bread, but the bigger burden will fall on people in the Middle East, Africa and parts of Asia, analysts say.

Manufacturing grows for 12th straight month: U.S. manufacturing grew for a 12th straight month in July, providing a boost to the slowing economic recovery. And many manufacturers said they are willing to hire, a sign that the industry could help ease the nation’s high unemployment rate in the months ahead. The latest report from the Institute for Supply Management did note today that manufacturing growth has cooled in the past three months. But much of that was expected.

Fed chief sees long road back to economic health: The nation faces a long road to get back to good economic health, Federal Reserve Chairman Ben Bernanke said today. Bernanke said progress is being made after the deepest recession since the 1930s. The worst of the financial crisis is behind the nation and the economy is growing again, he pointed out.

Government trims borrowing estimate for this year: The Treasury Department has further trimmed its estimates of the amount of borrowing it will need to do this year as an improving economy has boosted tax revenues and cut spending needs more than previously expected. Treasury says that it now expects to borrow $1.438 trillion this year, still the second-highest amount in history. But that is down by 19.5 percent from last year’s all-time record in borrowing of $1.786 trillion.

30 comments on this story so far. Add yours!

Dazzeetrader11 on August 02 at 12:43 p.m.
Not unreasonable. Government cannot force anything on the people except taxes….and even that is being protested in the courts. We’ll see. No wonder Obama isn’t popular anymore!! Eeeeeeek!
Contrarian should weigh in on this. Come out come out where ever you are!
Scoutster on August 02 at 1:11 p.m.
Lawsuits were expected. It was never going to go unscathed into law, nor should it.
Even the Party of No is rethinking a wholesale reversal of the law because they know it won’t fly to be against it.
Train’s left, Daisy.
Charlie on August 02 at 2:11 p.m.
Real Clear Politics poll says 52% want ObamaCare repealed and 35% think it’s ok. Maybe the train hasn’t left the station yet, November will have something to say about it, stay tuned, film at 11.
flutieflakes on August 02 at 2:30 p.m.
RCP cherry picks their polls that are included in their aggregate polling numbers.
http://www.fivethirtyeight.com/2008/09/real-credibility-problems.html
Dazzeetrader11 on August 02 at 3:19 p.m.
Doubt that Scout. What I’ll wish for is to simply not fund various parts of the plan.Trillions saved and it becomes a dead issue if it’s voted for and unfunded….happens all the time.
Rasmussen is better flutie…they list all polls and average them….PLUS they give the raw data. Way better.
And yes this can be stopped in November. It needs to be given the financial situation Obama has the US in. Somebody who is very brave will have to move on that. Dems have talked America ( well went against the people) into thinking this whole plan will cure their ills. It’ll make things worse…but it’ll be good for the Dems if they can portry themselves are doing the moral ( ie right) thing). That’s garbage… If you read the bill ( I have), it’s not about better healthcare. It’s more of an adminsitration and money Bill. LOTS of money. MORE than America has. without taking over the money in America…which is what Obama wants to do.
He doesn’t care one lick about the people….he just wants his program in….even if it breaks the bank….socialism pure and simple.
America is waking up. The horse is NOT out of the barn if the voters send conservatives back to DC. I hope that happens.
If Virginia beats this bill back in the courts, he’s finished. It’ll be a model for every State…….Worse is AZ wins in court on immigration. I don’t sense most of the country would vote for him again now that the US knows how he is and what is real plans were.
Amzing that the US voted him in without him having a history of anything legislative. Gave him they keys because they hated Bush. Smart. Well…that’s over now. NOVEMBER people!
Diana on August 02 at 3:42 p.m.
Daisy, if that’s what you got out of reading the bill, maybe work on your comprehension.
The fact is you and I and all of us are paying for a broken health care system now and not in a very intelligent way.
And prepare to be disappointed in November. The teabaggers don’t have a sustainable model. Besides, you are hilarious. In teabagger land last week, you have suggested amending the 13th amendment, had your precious AZ law shredded, announced you would attack North Korea and Iran if elected, fought to give less than 1% of the population a 1 trillion dollar tax break, denied 9/11 first responders aid, called the Islamic religion a cult, and criticized the Presidents clothes. Have I left anything out?
IHike4Fun on August 02 at 3:47 p.m.
59% of those polled (Rasmussen) across the country now favor repeal of the health care law. I’m one of those.
mikeln on August 02 at 3:47 p.m.
Obama is Bush, dfferent name, same crap. The American people could self insure for about three bucks a day apiece if the fund was left untouched by government. This will never happen because it would be a defeat for corporate america for the people to win one.
spokanada on August 02 at 4:06 p.m.
Good point MikeIn,
People need to realize that in the end, the govt doesn’t give a crap about the people.
Accept the current plan as better than the last and be thankful that more Americans will have access to insurance.
It will not get repealed!
SugarShane on August 02 at 4:41 p.m.
They should change their moniker to wind baggers, they’re all full of hot air.
SpokaneLiberal on August 02 at 4:47 p.m.
Why do you think it is administered by the IRS? Because the get coverage or get taxed jargon allows them to make the mandate fall under the authority to tax. You aren’t forced to purchase insurance, but if you choose not to you are taxed for doing such.
Ironically defunding this is the worst version of a repeal. It would mean all of the mandates like insurance still happen but none of the subsidies to help people buy it. I hope the Republicans don’t try that because it would be a disaster for people (especially low income) and it would ruin them politically for a decade and we need robust disagreement (but not the current open hostility and obstruction.).
eagleproducer on August 02 at 5:55 p.m.
It seems the judge and the attorney general pursuing this case don’t have clean hands coming in. Hudson should immediately recuse himself for conflict of interest.
http://www.huffingtonpost.com/2010/07/30/henry-hudson-judge-in-hea_n_665240.html
In addition, Judge Hudson is a Boy George era appointee. One of the things I’m most disappointed with progressive and liberal legislators during his terms was their refusal to filibuster nominees like the ideologue serving on this court. Boy George packed the federal judiciary with his ilk and the U.S. will suffer for decades to come as a result.
Let’s hear the conservative cries about legislating from the bench.
Scoutster on August 02 at 7:40 p.m.
The GOP has a recent track record on health reform. In 2003 they gave us Medicare Part D without any new revenue to pay for it. Not a penny. It costs us over $50B a year and will just continue to skyrocket as Boomers age.
It’s a good benefit and much needed, but, um, shouldn’t we pay for it?
Is this fiscal responsibility?
Dazzeetrader11 on August 02 at 8:57 p.m.
Diana says “Besides, you are hilarious. In teabagger land last week, you have suggested amending the 13th amendment, had your precious AZ law shredded, announced you would attack North Korea and Iran if elected, fought to give less than 1% of the population a 1 trillion dollar tax break, denied 9/11 first responders aid, called the Islamic religion a cult, and criticized the Presidents clothes. Have I left anything out?” <–
lol only the things I said. You’re a fool Diana. I didn’t comment on anything you said. Don’t put words where they don’t belong except coming out of your arce dear. …which is where your statements usually come from.
Obama is incompetent and he’s done nothing he promised.
Tell us all one thing he promised that came true. Not health care…it’s not funded. Won’t be. Wall St reform? Nope…big bill but all the things that collapsed the US are still right there and legal…including derivatives….and all that murky not regulated banking. Oh and how about those CEO bonuses? Bigger than ever. Gitmo? Still there. Stop the wars? Nope…still going on strong…but now Obama’s raised the number of US troops from 35K to 100 K. Ok so…is the economy better? nope…much worse. How about the redistribution…nope…won’t work unless he’s intent on crashing the economy further.. Or how about…..cars? lol…the Volt at $41K sure looks good but only the government will buy one. Or how about energy with cap and trade? Nah….he’s a coward….nothing there. Oh and illegal immigration….he’s really done well there too! Suing the states…nice move. Alienating the states will surely gather him votes.
Hope and change? Diana..how about NEITHER? Guy’s a fraud….an incompetent one. I do admit though…he’s really taken a run at idiots who think he’s cool enough to pull it off. He does give a nice speech on the View though which is probably where you saw him last…….a new low in the presidency.
November….remember it. It’ll be historic . Why? America finally stood up and threw these bums out. Your bums Diana…not mine. Now run along…you’ve been dispatched with a “pat pat pat” on your empty head.
Scoutster on August 03 at 7:37 a.m.
Daisy, just when I thought you were raising your head out of the cesspool you return with insults, sarcasm and an inability to respond directly to serious discussion.
Thanks. You are a breath of stale air.
misjustice on August 03 at 7:55 a.m.
@Scoutster; awww, DAZEE can’t help herself. I enjoy her rants and below the belt insults on us fellow bloggers, as they are one of the few consistent things that I can count on to know that the earth is still spinning on its axis, gravity still holds us to the earth, and the sun will come up in the morning. She is predictable and her frothing Pavlovian responses are entertaining, reassuring even!
misjustice on August 03 at 8:32 a.m.
From the SR..
“The Kaiser Health Tracking Poll for July shows that the new health care reform law is gaining in popularity, with 50 percent of respondents holding a favorable view and 35 percent disliking it. Two months ago, the “unfavorables” held the lead, 44 percent to 41 percent.”
http://www.spokesman.com/stories/2010/aug/01/repeal-is-losing-appeal/
But, hey, the Party of Hell No won’t be dissuaded from their pursuit of judicial activism…
eagleproducer on August 03 at 10:52 a.m.
Did I miss something when the GOP was in charge of Congress and Dick Cheney was President? Where was their investigative zeal then? Why weren’t they bringing lawsuits to end torture justified under the clearly unconstitutional grounding of the “unitary executive” theory?
The only way for the conservative movement to remain relevant as a political force will be their use of the judiciary. I think it’s time to re-visit the whole notion of lifetime appointments for federal judges. We elect Judges on a local and state level, why not at the federal level? At least then their views would be forced into exposure instead of their cowardly refusing to answer questions while undergoing approval by an all too lenient Senate. These ideologues need to stop being rubber stamped.
Dazee lied again when she stated the health care reform legislation isn’t paid for. I am pretty sure the independent Congressional Budget Office stated the program was revenue neutral and increases in costs would be paid for with other cuts and savings generated from reforms.
eagleproducer on August 03 at 10:54 a.m.
So let me get this straight so that everyone can see what the GOP is all about:
Won’t sue to stop torture.
Will sue to stop expanding access to health care for 40 million U.S. citizens.
Got it!
Dazzeetrader11 on August 03 at 11:40 a.m.
Can’t afford it Spoketucky. On legal grounds alone, the whole bill falls. The people don’t want it. Public opinion matters. Although many here are liberal, the country is a bit right of center…..it won’t be funded. Can’t afford these grand ideas. The rightness or wrongness of a bill that can’t be funded…well it doesn’t matter.
Scoutster…look who was attacked first. ME! I just defended my position with overhwelming shock and awe! lol…nobody hates anybody here. Forcefull arguments are American as apple pie.
Sorry if my correctness offends you. lol…cmon man..be a sport…
Scoutster on August 03 at 11:59 a.m.
Daisy..
I never heard a response on the GOP’s fiscal management history.
Are these really the people you want in charge? Why?
What Kool-Aid have you been drinking?
Scoutster on August 03 at 12:06 p.m.
Other than that, your bitter diatribes and sarcasm just lower the level for everyone else. You and others like you make it OK for people to be angry and argumentative without providing any true alternative. We have enough of that already.
OK…you hate Obama—we all get that. What’s next? Such invective might be the prescription on Faux News, but it would be nice if we could have more civil discourse here.
I even admit that I sometimes take your bait and lower myself to your level. I’m trying to recover. I know I can do better.
misjustice on August 03 at 2:51 p.m.
Sorry, DAZEE, “people” do want it…50% v 35%, see the above posted link from SR…
The bill is not perfect, by any measure, but it is a start. I would have preferred Medicare Part E (for Everyone). Allowing anyone that wished to “buy in” to Medicare; the system is already in place and could benefit from higher numbers of people buying into the program (more people paying premiums and co-pays helps to spread the risk).
Politicians all know that the current reform bill is the camel’s nose under the tent…now that we have a reform bill, in future legislative sessions we can build upon that foundation. And that is what the law suits are all about, trying to demolish the foundation upon which “UNIVERSAL” health care can be built!
Dazzeetrader11 on August 03 at 11:59 p.m.
Instead of a few thousand people…the Spokesman poll is underpowered to show much. It is printed here because the Editors finally found a poll that would reflect how the editorial board feels.
Instead J, let’s have some large polls…all independent of each other. In this link, there are hundreds of thousands of people in a broad national cross section. HUGE and I mean HUGE volume against the Obamacare.
Read it and weep J.
http://www.realclearpolitics.com/epolls/other/obama_and_democrats_health_care_plan-1130.html
eagleproducer on August 04 at 7:38 p.m.
Most of the people at one time supported slavery and were against women owning property and voting. Polls from the past show a majority supported school segregation at one time and the Jim Crow policies of the southern states. Most people can’t name their Senator or Reps (over 70% fail this small test) I don’t think we should rely on their judgement on something as complex as reforming health care. That’s why we elect people and Obama was partially elected president because he promised health care reform. If people have post- election regret than that’s on them!
I can’t see why the Dazees of the world fail to understand that spending twice what other top tier countries do on health is unsustainable, not to mention a drain of resources that could be funneled to industries like clean energy; a move that could lead to long term economic health. I prefer trying for that alternative to lurching from bubble to burst incessantly.
Scoutster on August 04 at 9:34 p.m.
Spoketucky..
I know what you mean. I come to this comment board because I want to engage thoughtful conservatives who can offer intelligent, nuanced arguments for points of view. I’ll listen and consider. I’m not interested in pickin’ people apart. I’m interested in how a society can move forward.
But there really doesn’t seem to be much deep thought among these folks. No true analysis. Solutions, by the time we dig a little deeper, is based on ideology, not evidence and facts. That’s very frustrating.
The issue of sustainability is a great example. No one seems to want to make the GOP responsible for what happened at all. As if they weren’t even there. Uh? How were they ever going to pay for everything they did between 2001 and 2007? What was their plan?
And they want us to put them back in charge? Can someone defend that for me? How could that possibly be a rational action?
It makes me think the difference between Liberals and Conservatives in 2010 America is much more about how much emotion one puts into problem solving than true policy issues.
Dazzeetrader11 on August 05 at 3:29 a.m.
Spotuck says “I can’t see why the Dazees of the world fail to understand that spending twice what other top tier countries do on health is …” Ahem…ask Obama…he just spent an additional $13 trillion over the next 10 years.
System did very well prior to Obama. When 8% are not insured, we do pretty well. Nobody dies in the gutter. Go live in another country and you’ll see why they spend so little….because the caare is minimal. Seeing as to how Canada, Sweden, etc are changing their tunes and going away from socialised health care., why don’t you? DO they know something you don’t? Nah…. but they know a lot more than Obama does.
And passed against the will of the people? I wonder what the libs will do next. November is the month…
Scoutster on August 05 at 7:51 a.m.
See what I mean.
misjustice on August 05 at 7:55 a.m.
Aww, Tucky; DAZEE thinks that paying more, in order to ensure/guarantee 16-18% yearly profits for large insurance corporations and tens of millions of dollars for CEO pay is how the “system” is supposed to work. To her it’s OKEY-DOKEY that people in this country declare bankruptcy due to the inability to pay medical bills, they deserve to lose everything just because they got sick, the losers! Additionally, she’s ecstatic when approximately 45,000 Americans die, every year, due to not getting adequate health care; it serves to lessen the “surplus” population.
Our system is sooooo fabulous that those poor, poor, people in those scary socialist states like Great Britain and Canada and Germany are all coming here to take advantage of our great system; NOT! If our system were sooooo wonderful other nations would want to copy it, it isn’t and they don’t.
DAZEE, and other dingbats, don’t want the current health insurance reform because it is the first step towards UNIVERSAL HEALTH CARE; and the beginning of the end of corporate CEO death panels. She says the system works. Maybe it “works” for her but it doesn’t work for millions of citizens, and it is past time to address reformation.
eagleproducer on August 09 at 11:07 a.m.
Yeah, misj, all that and we can’t afford to not reform health care. Under the current system costs will reach 30% of GDP (or more) which will strangle vital sectors of the economy.
Scoutster: The right long ago stated they aren’t interested in governing, they simply want to rule. People are sick of it and the idea of the government being a partner for problem solving is back.
The financial industry is sitting on 1.8 trillion in capital, much of it gleaned from taxpayers. The recently passed jobs bill was, what, 55 billion? Those figures clearly demonstrate which side of the political fence actually care about our country. Corporate America is saying “let em eat cake” and people need to be told the truth about that.