What You Won't Hear, Tonight
A few grim facts you won't hear much about from John McCain, tonight.
From Candice Choi, of the Associated Press, yesterday:
Get ready for another hike in copays and deductibles. A survey being released Thursday by the Mercer consulting firm found 59 percent of companies intend to keep down rising health care costs in 2009 by raising workers' deductibles, copays or out-of-pocket spending limits.
On average, health care costs will go up by an estimated 5.7 percent next year for both workers and their employers, the study found. That repeats this year's 5.7 percent hike and a 6.1 percent jump in 2007.
And from Madlen Read, of the Associated Press, today:
Wall Street dived sharply lower Thursday, sending the Dow Jones industrials down over 300 points as retailers and the Labor Department added to the mountain of dismal economic news that has all but dashed investors' hopes for a late-year recovery.
The nation's major retailers said shoppers curtailed spending last month due to higher gas and food prices. Wal-Mart Stores Inc., the world's largest retailer, beat expectations, but many teen retailers and luxury chains did poorly.
Meanwhile, the Labor Department said new applications for unemployment insurance rose by 15,000 from the previous week. That broadly missed expectations for a fourth-straight week of declines, and heightened worries that the average American — already feeling the effects of the weak housing market — will have even less means to spend.