Economy

 
 

Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.

The governor, Alejandro García Padilla, and senior members of his staff said in an interview last week that they would probably seek significant concessions from as many as all of the island’s creditors, which could include deferring some debt payments for as long as five years or extending the timetable for repayment.

 
 

Mercy Health announced Thursday it will fire 347 workers due to “increasing challenges to our reimbursement structure as we adjust to reductions mandated by the Affordable Care Act,” the company said in a statement.

President and CEO of the Mercy system, Lynn Britton, said the Obamacare-induced layoffs are taking a toll on workers and their families.

 
 

The bill has arrived for all of President Obama's initiatives, from Obamacare to Dodd-Frank banking regulations to school lunches, and state and local governments are choking on the costs and paperwork mandated to comply with new laws, according to a new analysis.

The tab: $35 billion in unfunded regulatory costs and at least 75 million hours of paperwork, according to American Action Forum, the center-right policy institute headed by former Congressional Budget Office Director Douglas Holtz-Eakin.

 
 

Famed economist and columnist Walter Williams says America has embraced the government thievery of personal property to benefit others, and he says the politicians are only doing what the voters want them to do.

Williams is a distinguished professor of economics at George Mason University. He is a syndicated columnist and has substituted for talk-show host Rush Limbaugh. His new book, a collection of his conservative-to-libertarian columns, is titled “American Contempt for Liberty.”

 
 

It appears that it’s the taxi industry who have started to realize that too much government is not as good for business as Canadians have thought in the past, especially true when they are infringing into one’s own business. After all, taxi drivers are present in in almost every Canadian town and city and meet a lot of new people each day. And seeing is believing when it comes to free-market capitalism.

 
 

A responsible financial institution would not extend a new loan of between $17 and $40 billion to a borrower already struggling to pay back an existing multi-billion dollar loan. Yet that is just what the International Monetary Fund (IMF) did last month when it extended a new loan to the government of Ukraine. This new loan may not make much economic sense, but propping up the existing Ukrainian government serves the foreign policy agenda of the U.S. government.

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