In response to depleted revenues and high labor costs, the head of the U.S. Postal Service (USPS) asserted Tuesday that the cash-strapped mail agency has become a little like Greece, and that congressional lawmakers must approve a restructuring plan if it has any chance of returning to profitability. “If we don’t do something about the costs of this organization, we are going to look … like Greece,” U.S. Postmaster General Patrick Donahoe charged. “People laugh when I say that, but it’s true.”

The debate incited by Mayor Bloomberg’s plan to outlaw supersized sodas in New York misses an important point. In the mayor’s words, “We’re not taking away anybody’s right to do things. We’re simply forcing you to understand that you have to make the conscious decision to go from one cup to another cup.” (Emphasis added.)

 On Tuesday the Treasury Department announced that in May the federal government received tax revenues of $180.7 billion, the second highest for the month of May in history. Unfortunately, the government spent $305.3 billion, leaving a deficit of $124.6 billion. So far this year, deficits are at $844.5 billion and are on track to exceed $1 trillion for the fiscal year, the fourth year in a row.

It bothers me a little when conservatives call Barack Obama a "socialist." He certainly is an enemy of the free market, and wants politicians and bureaucrats to make the fundamental decisions about the economy. But that does not mean that he wants government ownership of the means of production, which has long been a standard definition of socialism.

One community organizer who unsuccessfully protested against the construction of a new, $30 million mansion claimed that "no one needs a house that big." But who will be the judge of who needs what? Which agency or bureaucrat will decide if anyone needs a $1 million Ferrari Enzo or a $10 million yacht? Who will decide that the workers building the new mansions, yachts, and Ferraris should be out of work?

President Obama’s assertion last Friday that “the private sector is doing fine” has drawn heated criticism from his opponents, as media outlets and the Romney campaign have pounced at the opportunity to exploit the President’s “out-of-touch” view toward the U.S. economy.

Illinois State Senator Chris Lauzen made three simple suggestions to solving Illinois’ $83 billion unfunded pension liabilities: end abuses of the present system, raise the retirement age to 62, and limit cost-of-living-adjustments (COLAs) to 2 percent a year. What he failed to mention is how to get these changes implemented.

The release last week of the Federal Reserve’s much-anticipated three-year study of America’s finances, its Survey of Consumer Finances, confirmed what many families already know: Between 2007 and 2010 the average family’s net worth declined by nearly 40 percent, mostly because of the decline in housing prices. The Fed study also confirmed that their incomes also fell significantly in real terms, by nearly eight percent.

 It’s been amusing to hear all the liberal talking heads on TV trying to claim that last week's vote in Wisconsin was no big deal. My friends, it was a very big deal indeed. In fact, it just may mark the beginning of the end of union power in this country.

 JBS CEO Art Thompson's video news update for June 11-17, 2012.

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