QUOTE OF THE DAY
Washington Times: Govt. borrows 46 cents of every dollar it spends
The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.
The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.”
Boston Globe: Mass. to study state’s underground economy
Governor Deval Patrick’s administration is launching a first-of-its-kind study to define the scope and financial cost of Massachusetts’ underground economy, as investigators continue to find widespread violations of tax and labor laws, officials said Tuesday.
The study, to be conducted over the next year, will identify the extent of employment fraud by industry category, and attempt to tabulate the amount of money the state is losing each year in unpaid taxes.
California Watchdog: California public-sector compensation soaring
A new study by the Pacific Research Institute shows that compensation for the public sector in California is soaring far above that of the private sector.
Bloomberg Businessweek: Chris Christie Really Doesn't Want Obamacare Near His State
Obamacare still isn’t sinking in. Chris Christie, New Jersey’s Republican governor, has now vetoed legislation—for the second time this year—that would have allowed his state to enact the law’s key element: a state-run health insurance exchange. Christie complained that the U.S. Department of Health and Human Services hasn’t told New Jersey enough about the cost of setting up an exchange, which is basically an online marketplace enabling people to shop for coverage the same way they do for books on Amazon. “Until the federal government gives us all the necessary information, any other action than this would be fiscally irresponsible,” he said in a statement. “Thus far, we lack such critical information from the federal government.”
CNBC: The US's Millionaire-Inferiority Complex
America is developing a millionaire-inferiority complex.
New data from WealthInsight shows that Beijing and Shanghai each have more multi-millionaires now than Los Angeles. The study measures the segment of the population worth $30 million or more, known in wealth-industry parlance as "ultra-high-net-worth individuals."
AEI: November Jobs Report: Another nasty, ‘new normal’ month for US workers
The more you drill down into the November jobs report, the worse it looks. On the surface, not so bad. Nonfarm employment increased by 146,000 jobs last month, beating expectations of around 93,000. What’s more, the jobless rate fell to 7.7%, the lowest since December 2008, versus expectations of 7.9%. And the broader U-6 rate — taking into account some discouraged workers and the underemployed — fell to 14.4% from 14.6%. Private sector jobs rose by 147,000.
Built in Chicago: Uber Chicago grows while facing regulatory challenges
Uber, launched in Chicago in September 2011, is a mobile app that lets people, now 21 cities worldwide, request a private driver or TAXI at the touch of a button. We’ve worked hard here locally to be a reliable, affordable, and convenient transportation option for the tens of thousands of Chicagoans that have taken advantage of our service.
CNN Money: Payroll tax cut: Is it in, or is it out?
In all the rhetorical noise about the fiscal cliff, the discussion has focused most heavily on the Bush-era income tax cuts.
Neither party wants to raise income taxes on the middle class, which has come to be defined as families making below $250,000.
But for workers in that income group, there's an equally if not more valuable tax cut that expires at the end of this year: the payroll tax cut.
If it expires, it would reduce workers' paychecks by $115 billion next year, according to the Tax Policy Center.
Detroit News: Michigan Preparing for Detroit Bankruptcy
Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.