AUTHOR: TOWNE SCHERER.COM 07/01/2015: Towne Scherer Private Wealth Management BLOG: The Supreme Court saves Obamacare with a 6-3 vote, ruling that the Affordable Care Act authorized federal tax credits for eligible Americans living not only in states with their own exchanges but also in the 34 states with federal marketplaces, according to CNN. CNN went on to report that Chief Justice Scalia, offering a dissenting opinion, described the ruling as ‘wonderfully convenient’ and ‘interpretive jiggery-poker,’ arguing it was not the Court’s job to make up for sloppy drafting of the law by Congress. CNN also reported the following day that the Supreme Court, (being busy bees), ruled in favor of same-sex marriage for all of America in a 5-4 vote, prompting former Arkansas Governor, Mike Huckabee to make this remark, “We must resist and reject judicial tyranny, not retreat.” In the business arena, the New York Times(NYT) reported that the Senate on Wednesday passed a final approval to legislation granting President Obama enhanced power to negotiate major trade agreements with Asia and Europe. The NYT added that Senators also approved a bill that provides assistance to workers displaced by international trade accords, attaching it to a popular African trade measure that will go to the House for final vote. On a positive note, The Street, in an upbeat article, stated that the U.S. expansion is entering its seventh year but is aging well and has plenty of room to run, siting positive demographics, wage gains and real GDP growth as factors. In economic news, the first week of July will give us the ISM Manufacturing Index, the Employment Situation and Jobless Claims as the major announcements. Last but not least, violence is in the news again, with a terrorist attack in Lyon, France in which one person was decapitated and two were injured, where an escaped prisoner from a New York prison was shot to death during capture and in a racial attack, where a lone gunman killed 9 people in a South Carolina church. And so it goes, Americans, in a sad note, now end this week with the voice of President Obama, singing…Amazing Grace…at a solemn eulogy for Reverend Clementa Pinckney, one of the fallen 9. ‘What a world, what a world,” said the Wicked Witch of the West.
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