In today’s weekly roundup, we wish to bring you up to speed on a few significant developments in certain industries. We know that the pharma industry is suffering and layoffs are being announced by major players in that sector. Even as healthcare spending soars, job losses seem to hit pharma companies negatively, an event which we explored this week. We also shed some light on the alleged funding of elections by billionaires instead of paying legitimate taxes. All of this is affecting the U.S. economy. Then there’s the fact that people’s buying habits are leading to closures of the brick-and-mortar stores of Target Inc., with that chain hitting a record of stores closed since the beginning of 2017. All this and more in today’s roundup!
Little Rock, Arkansas-based drugmaker Cantrell Drug Company has filed for Chapter 11 bankruptcy after the Food and Drug Administration (FDA) suspended the drugmaker’s right to manufacture and ship drugs. Cantrell Drug Co.’s bankruptcy brings to light its $7.46-million debt load, which the company promises not to write off during the ongoing proceedings. Read more here.
In another revelation concerning U.S. inequality, the Paradise Papers have revealed that seven Republican super-donors contributed as much as $350.0 million to federal and state election campaigns in 2016. Meanwhile, the combined net worth of these billionaires is estimated at $142.0 billion, much of which is held in offshore tax havens, hidden from U.S. tax collectors. Read more here.
America’s retail woes are continuing this year as one retailer after another announces store closures. Target Corporation (NYSE:TGT) is the latest company to announce retail store closures and job cuts in the midst of the ongoing retail apocalypse. Read more on this here.
The U.S. now spends more on healthcare than any other country in the world. Even after adjusting for inflation, the annualized growth rate for U.S. healthcare spending between 1995 and 2015 was four percent. Over the same period of time, the U.S. economy advanced just 2.4%. To know more, click here.
President Donald Trump’s daily and monthly job approval rating continues to stagnate. On a daily basis, Trump’s approval rating is at 43%; longer term, the president’s monthly approval rating for October stands at 43%, unchanged from September. A full 55% of American voters disapprove of Trump’s job performance, the same as the month before.
Read the details here.