Senate Passes Health Care Reform Bill: On Christmas Eve, the U.S. Senate passed what many are calling a "landmark" health care reform bill, paving the way for coverage of millions of additional Americans who are now uninsured. The bill would also restrict insurance companies from denying coverage due to "pre-existing conditions." Bitter opposition from the Republicans throughout the legislative process continued in the vote itself, which was 60-39 in favor. The Senate and House of Representatives must now work together on a compromise.
Actual passage of a working bill faces stiff obstacles from Republicans and several conservative Democrats, focusing on issues ranging from anticipated costs and possible tax increases, to the prospect of government-funded abortions and allegations of a government takeover of health care. In addition, a number of liberal Democrats are displeased that the Senate bill has been watered down considerably since its inception, and contains no "public option" that would provide real competition for the insurance companies. As it now stands, most uncovered Americans would be required to purchase health insurance. President Obama has expressed great praise for the bill, but a long and contentious struggle lies ahead for the Congress. (12/24)
Mass Layoffs Drop in November: A total of 1,797 mass layoffs took place during November 2009, according to the Bureau of Labor Statistics. Believe it or not, that qualifies as good news. Even though 165,345 workers lost their jobs, the mass-layoff figure was the lowest since July 2008. (12/22)
Cost of Living Going Up: On a seasonally-adjusted basis, the Consumer Price Index (CPI) increased 0.4 percent in November. According to the Bureau of Labor Statistics, the CPI had risen 0.3 percent in October. When calculated for all items except food and energy, the CPI was unchanged in November, following a 0.2 percent rise in the previous month. (12/22)
Hourly Earnings Increase Offset by CPI: Real average hourly earnings fell 0.5 percent in November, according to the Bureau of Labor Statistics. This decline in real earnings stemmed from a 0.5 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, which more than offset a slight (0.1 percent) increase in average hourly earnings. (12/22)
