The number of companies offering employee bonuses, pay hikes, and increases in benefits in reaction to President Trump’s December tax reform victory is now over 100, with thousands of workers impacted and charities too. Less than a day after Americans for Tax Reform put out an initial list of 40, it jumped to 52 as […]
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Trump Administration to Open 90% of U.S. Offshore to Leasing and Roll Back Obama-Era Drilling Regulations…
The plan is to open almost everything in the 2019-2024 OCS Oil and Gas Leasing Program, with Eastern Gulf leasing beginning when the Congressional moratorium expires after 2022…
Unemployment Rate for Black Americans Hits Record Low…
The unemployment rate for black Americans hit a record low of 6.8 percent in December, which is the lowest level seen in the history of the data, CNN reported. “It marks a swift comeback for black workers, who suffered through extremely high unemployment during the Great Recession,” the article states. “Black unemployment peaked at 16.8 […]
Where the Jobs Were in December: Who’s Hiring… And Who Isn’t…
December was expected to be a weaker month than October and November, as a result of the double-whammy of the post-hurricane rebound ending and an adverse winter storm effect, but virtually nobody on Wall Street expected the 3-sigma outlier December payrolls report to be as poor as it was. So which sectors were responsible for […]
U.S. Department of Labor Announces Proposal to Expand Access to Healthcare Through Small Business Health Plans…
The U.S. Department of Labor today announced a Notice of Proposed Rulemaking to expand the opportunity to offer employment-based health insurance to small businesses through Small Business Health Plans, also known as Association Health Plans. Up to 11 million Americans working for small businesses/sole proprietors and their families lack employer-sponsored insurance. These 11 million Americans […]
Dow 25,000 Powered by Fastest 1,000-Point Advance Ever…
The Dow Jones Industrial Average closed above 25,000 for the first time in history Thursday. It took a mere 23 days for the Dow to jump from 24,000 to its latest milestone. This is the shortest stretch between 1,000 point milestones ever. All three major indexes closed in record territory. The Dow Jones Industrial Average […]
Macy’s Announces 5,000 Job Cuts, Closure of 7 More Stores; Stock Tumbles…
The Amazon juggernaut continues to crush brick and mortar retailers. On Thursday morning, former retail giant Macy’s, announced that was preparing to fire 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for “physical retail.” The retailer’s cost reductions come […]
Fascinating Stuff that Won’t Be in Former FBI Director James Comey’s Book…
The former FBI Director, James Comey, is set to release his new book, A Higher Loyalty: Truth, Lies, and Leadership on May 1. It is anticipated that it will provide titillating details from his career in public service, notably his career as FBI Director that ended abruptly on May 9 of last year when Comey […]
Anatomy of a Crypto-Nightmare: Ripple CEO Is Now Richer Than Zuckerberg…
Having soared 36,000% last year and continuing its crazy run in 2018…Ripple has surged ahead of Ethereum as the second-largest cryptocurrency by market cap: Bitcoin $246BN, Ripple $143BN, Ethereum $97BN. Leaving Mike Novogratz breathlessly berating the craziness..as Ripple’s CEO is now the 5th richest man in the world…
Manufacturing in the U.S. Just Accelerated to Its Best Year Since 2004…
U.S. manufacturing expanded in December at the fastest pace in three months, as gains in orders and production capped the strongest year for factories since 2004, the Institute for Supply Management said Wednesday. The survey-based measure of factory activity — the year’s second-highest behind September, when storm-related supply delays boosted the index — brings the […]
‘Mapping the Swamp’ Report Finds 30,000 Feds Earn More Than Any Governor…
Tens of thousands of federal employees earn more money than any U.S. governor, according to a new report that reveals some eye-popping stats on government spending for the federal workforce. The 40-page report, titled “Mapping the Swamp” and released by government watchdog group OpenTheBooks, focused on the “size, scope and power” of the federal government […]
Happy New Year: S&P Just Did Something for the First Time Since 1992…
Pushing the S&P 500 to a new record high – which is notable, as Bloomberg reports this is the first time that the index hit a record high on the first day of trading since 1992. And those same investors bought tech stocks (and Biotech) with both hands and feet today as Nasdaq massively outperformed […]
China Offers Tax Incentives to Persuade U.S. Companies to Stay…
China said on Thursday that it would temporarily exempt foreign companies from paying tax on their earnings, a bid to keep American businesses from taking their profits out of China following Washington’s overhaul of the United States tax code. There is, however, a catch: To be eligible, foreign companies must invest those earnings in sectors […]
Report: Companies Pay Imported Workers with Citizenship Cards…
Many low-wage employers are importing cheap foreign labor by offering them immigration and citizenship instead of pay, so helping boost profits by sidelining blue-collar Americans. The companies can sideline Americans and hire lower-wage foreigners because of the federal citizenship-instead-of-pay EB-3 green card immigration program. Each year, the federal governments EB-3 program offers 5,000 green cards […]
Goldman Warns Tax Reform Will Slash Its Q4 Earnings by $5 Billion…
Goldman Sachs warned on Friday that it expects a $5 billion hit to Q4 earnings as a result of tax reform signed by President Donald Trump on Dec. 22, approximately two-thirds of which is due to the repatriation tax. As part of the GOP tax reform, a “repatriation tax” which allows companies to bring cash […]
Federal Workers Poised to Overtake Salaries of Senators, DC Gets Highest Pay Raise…
The top paychecks of federal workers are set to grow again next year to a six-figure number that rivals the $174,000 salaries of America’s 535 House and Senate members. Under a new federal order, salaries for most bureaucrats in the General Service will rise next year when the cap on top pay hits $164,000. And […]
How a Reporter Got a Corker of a Scoop About the GOP’s Tax Bill…
As the House and Senate moved toward approving the final version of the GOP tax bill, the International Business Times (IBT) revealed in an explosive story Friday that a loophole slipped into the bill in the final minutes will directly enrich President Donald Trump and his son-in-law Jared Kushner, as well as wealthy senators and […]
Report: Taxpayers Lost Billions as Hundreds of Drugs Misclassified Under Medicaid Drug Rebate Program…
Sen. Chuck Grassley of Iowa, chairman of the Senate Judiciary Committee, today released the following statement on a report released by the Health and Human Services (HHS) Office of Inspector General (OIG) that showed 885 drugs were potentially misclassified under the Center for Medicare and Medicaid Services’ (CMS) Medicaid Drug Rebate Program, resulting in billions […]
It’s Official: House Passes Tax Plan. Heads to Trump for Signing…
In a vote that almost exactly mirrored yesterday’s results, the House once again passed the final Trump tax bill – formerly known as the conference agreement on the Tax Cuts and Jobs Act – by a vote of 232-190. The only difference was that only one Republican voted against the bill during its second time […]
Related
U.S. Housing Starts Rose 3.3 Percent in November…
Construction of new homes increased 3.3 percent in November — with the gain largely coming from single-family houses being built at the strongest pace in more than a decade. The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. The increase marks […]
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