Friday, February 11, 2011

Saturday February 12 Housing and Economic stories

KeNosHousingPortal.blogspot.com

TOP STORIES:

Eliminate Energy, HUD and most of Education department - (www.jconline.com) In his first major legislative proposal, U.S. Sen. Rand Paul has proposed cutting government spending by $500 billion in a year, including eliminating the Departments of Energy and Housing and Urban Development and most of the Department of Education. Paul, R-Ky., said the plan he rolled out Tuesday would cut almost 40 percent of the country's projected deficit by abolishing programs that he said are outside the government's constitutional scope. The Courier-Journal reports the proposal would make deep cuts to the budgets of the Food and Drug Administration, the Centers for Disease Control and Prevention, the National Park Service and the federal court system.

Oakland opens waiting list for Section 8 vouchers - (www.sfgate.com) Oakland's housing authority opened up its waiting list Tuesday for Section 8 housing vouchers, drawing thousands for a coveted spot in line. The only way to sign up was over a computer, so across the city, hundreds jammed into city libraries to fill out the forms in the hope that they might eventually get a chance to live in subsidized housing. In the first three hours, 6,000 people filled out applications. Over the five-day application period, the housing authority expects 100,000 people to apply for only 10,000 spots on the waiting list. The housing authority uses a lottery to determine who gets on the list. And even then it's no more than a foot in the door. It has taken nearly five years to clear the waiting list that was opened in 2006. Vouchers, for the most part, only become available when people living on assistance obtain higher-paying jobs or die. Even now, only 650 vouchers are available, said Eric Johnson, the housing authority's executive director. With those odds, I have a simple question: Does this program make any sense whatsoever? Here is a bonus question: Does this feel like a recovery?

Egypt’s Economy Is Near Paralysis - (www.nytimes.com) Egypt’s economy approached paralysis on Monday as foreign commerce, tourism and banking all but halted, placing acute pressure on President Hosni Mubarak to find a way out of the weeklong chaos. International companies closed plants and sent workers home or out of the country; food staples went undelivered to stores; and banks remained closed during a week when many Egyptians, who are routinely paid monthly, would receive their paychecks. A major ratings agency cut the country’s bond rating, while shortages led to rising prices. And poorer Egyptians told of cutting back to just two meals a day to cope. The protests’ crippling effects could give Mr. Mubarak and his new cabinet perhaps only a few weeks to re-establish order before shortages, rising unemployment and a deep crisis set in, economists said.

Federal Judge in Florida Rules Federal Healthcare Law Must Be Voided - (www.insurancejournal.com) A federal judge in Florida struck down President Barack Obama’s landmark healthcare overhaul as unconstitutional Monday in the biggest legal challenge yet to federal authority to enact the law. U.S. District Judge Roger Vinson ruled that the reform law’s so-called individual mandate went too far in requiring that Americans start buying health insurance in 2014 or pay a penalty. “Because the individual mandate is unconstitutional and not severable, the entire act must be declared void,” he wrote, ”This has been a difficult decision to reach and I am aware that it will have indeterminable implications.” Referring to a key provision in the Patient Protection and Affordable Care Act, Vinson sided with governors and attorneys general from 26 U.S. states, almost all of whom are Republicans, in declaring the Obama healthcare reform unconstitutional. “Regardless of how laudable its attempts may have been to accomplish these goals in passing the act, Congress must operate within the bounds established by the Constitution,” Vinson, who was appointed to the bench by Republican President Ronald Reagan, ruled.

Court Strikes at Health Law - (online.wsj.com) U.S. District Judge Henry E. Hudson said the law's requirement that most Americans carry insurance or pay a penalty "exceeds the constitutional boundaries of congressional power." The 42-page ruling doesn't mean states or the federal government must stop implementing the law. But it is expected to give ammunition to a broad Republican assault against the overhaul, which includes efforts in Congress to chip away at it. Requiring Americans to buy insurance "would invite unbridled exercise of federal police powers," wrote Judge Hudson, a George W. Bush appointee in the Eastern District of Virginia. "At its core, this dispute is not simply about regulating the business of insurance—or crafting a scheme of universal health insurance coverage—it's about an individual's right to choose to participate." Administration officials portrayed the ruling as an attack on one of the law's most popular provisions, the ban on insurers denying coverage to people with pre-existing health conditions. That piece of the law cannot work unless coupled with a requirement that nearly all Americans carry insurance, they said.

OTHER STORIES:

Unrest in Egypt stirs fears for global economy - (www.latimes.com)

White House to Pursue Health-Care Appeal After Judge Rejects Entire Law - (www.bloomberg.com)

Gas Drilling Technique Is Labeled Violation - (www.nytimes.com)

Joblessness, rising prices may fuel unrest: IMF chief - (www.reuters.com)

Suez Canal, Carrying 8% of Trade, Open Amid Unrest - (www.bloomberg.com)

High spirits lift Chinese liquor price 20% - (www.ft.com)

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