Daily Digest: March 05, 2015
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Today’s Featured Story…
Americans Aren’t Saving Enough for Retirement, but One Change Could Help
From the New York Times: Here is something every non-rich American family should know: The odds are that you will run out of money in retirement. On average, a typical working family in the anteroom of retirement — headed by somebody 55 to 64 years old — has only about $104,000 in retirement savings, according to the Federal Reserve’s Survey of Consumer Finances. That’s not nearly enough. And the situation will only grow worse.
Euro hits eleven-and-a-half-year low before ECB, stocks edge higher
From Reuters: The euro hit an 11 1/2-year low against the dollar and European stocks nudged higher on Thursday, as the European Central Bank prepared to lay out the details of its impending 1 trillion-euro stimulus plan
Rein in the IRS
The Washington Post says: Rep. Peter Roskam (R-Ill.) is now chairman of the Ways and Means subcommittee whose jurisdiction includes oversight of the Internal Revenue Service, and hence of Lois G. Lerner's legacy. He knows how interesting her career was before she, as head of the IRS tax-exempt organizations division, directed the suppression of conservative advocacy groups by delaying and denying them the exempt status that was swiftly given to comparable liberal groups.
Where are the jobs? America’s new leisure class
From Fox News: To listen to President Obama, the U.S. economy is firing on all cylinders. Yet it is hardly creating jobs at a breakneck pace, and too many able-bodied men have grown lazy and show no interest in working. Friday, economists expect the Labor Department to report 240,000 jobs were added in February—down from 336,000 averaged the prior three months. Economists at Wells Fargo expect the pace for the entire year to be only 224,000.
US private sector created 212,000 jobs in Feb vs. 220,000 estimate: ADP
From CNBC: Private-sector job creation grew less than expected in February, as the services and goods-producing sectors both slowed from recent months, according to a report from ADP. Companies added 212,000 positions for the month, down from an upwardly revised 250,000 in January and the slowest pace since August 2014, the report filed by ADP and Moody's Analytics showed.
Emanuel tries to score points with Rauner attack
From the Chicago Tribune: Mayor Rahm Emanuel offered up a double serving of political theater Wednesday, attacking his friend Gov. Bruce Rauner's attempt to slash state spending and airing a TV ad in which the mayor appeared contrite about his first term but didn't specify what he got wrong.
Supreme Court appears split in challenge to Affordable Care Act
From the Los Angeles Times: President Obama's healthcare law once again stands in legal peril after Supreme Court justices appeared sharply split along ideological lines during oral arguments Wednesday in a case that threatens to end insurance subsidies for more than 7 million Americans.
Outside the Box…
AbbVie to Buy Pharmacyclics in $21 Billion Deal
From the Wall Street Journal: The deal, a mix of cash and stock for $261.25 a share, would give AbbVie a presence in the multibillion-dollar blood-cancer market, and lessen its reliance on an aging rheumatoid-arthritis drug that accounts for most of its sales.