They’re Leaving Las Vegas: Fewer I Do’s in Last Decade
When it comes to destination weddings, Las Vegas has lost that loving feeling. The Las Vegas Sun reports that the wedding rate in Sin City has plummeted 37 percent in the past decade—nearly 47,000 fewer couples got married in 2014 than in 2004.
By comparison, 2004 was a boom year for weddings in Sin City. There were 128,000 weddings that year—including Britney Spears’ 55-hour marriage to Jason Allen Alexander at A Little White Wedding Chapel.
Related: Marriage?? Young Americans Aren’t Even Shacking Up
Who knows why gambling on love in Sin City has become a losing bet? Perhaps the dip reflects a national trend of millennials waiting to tie the knot or choosing to stay single. The marriage rate in the U.S. neared a record low in 2015 and is expected to drop further in 2016. Then there’s the expense. According to the TheKnot, the average wedding cost (excluding the honeymoon) is $31,213, with many couples looking for more unusual venues.
Clark County Clerk Lynn Goya, who took office in January, wants to change that trend in Vegas. The current fee for a marriage license in Las Vegas is $60, but Goya is asking for a $14 increase in the cost of wedding licenses to support marketing efforts targeting engaged couples. Last year 81,000 weddings happened in Las Vegas—and she’s hoping that wedding vow renewals and gay weddings will help boost those numbers even more. In New York, the legalization of gay marriage in 2011 led to an estimated $259 million in spending and $16 million in revenues for New York City.
Related: The $2.6 Billion Gay Wedding Boom
Then again it may be hard for Las Vegas to shake that quickie, drive-thru wedding image. Sin City has always had an illustrious history of celebrity weddings, with many more misses than hits: Cher’s nine-day union to rocker Gregg Allman in 1975, Mia Farrow and Frank Sinatra in 1966, Demi Moore and Bruce Willis in 1987, Richard Gere and Cindy Crawford in 1991, and Angelina Jolie and Billy Bob Thornton in 2000. On the bright side, there’s Paul Newman and Joanne Woodward’s marriage, which endured for 50 years, Jon Bon Jovi and his wife, Dorothea’s 1987 wedding day, and Kelly Ripa and Mark Consuelo’s union from 1996, which is still standing.
Tax Refunds Rebound
Smaller refunds in the first few weeks of the current tax season were shaping up to be a political problem for Republicans, but new data from the IRS shows that the value of refund checks has snapped back and is now running 1.3 percent higher than last year. The average refund through February 23 last year was $3,103, while the average refund through February 22 of 2019 was $3,143 – a difference of $40. The chart below from J.P. Morgan shows how refunds performed over the last 3 years.
Number of the Day: $22 Trillion
The total national debt surpassed $22 trillion on Monday. Total public debt outstanding reached $22,012,840,891,685.32, to be exact. That figure is up by more than $1.3 trillion over the past 12 months and by more than $2 trillion since President Trump took office.
Chart of the Week: The Soaring Cost of Insulin
The cost of insulin used to treat Type 1 diabetes nearly doubled between 2012 and 2016, according to an analysis released this week by the Health Care Cost Institute. Researchers found that the average point-of-sale price increased “from $7.80 a day in 2012 to $15 a day in 2016 for someone using an average amount of insulin (60 units per day).” Annual spending per person on insulin rose from $2,864 to $5,705 over the five-year period. And by 2016, insulin costs accounted for nearly a third of all heath care spending for those with Type 1 diabetes (see the chart below), which rose from $12,467 in 2012 to $18,494.
Chart of the Day: Shutdown Hits Like a Hurricane
The partial government shutdown has hit the economy like a hurricane – and not just metaphorically. Analysts at the Committee for a Responsible Federal Budget said Tuesday that the shutdown has now cost the economy about $26 billion, close to the average cost of $27 billion per hurricane calculated by the Congressional Budget Office for storms striking the U.S. between 2000 and 2015. From an economic point of view, it’s basically “a self-imposed natural disaster,” CRFB said.
Chart of the Week: Lowering Medicare Drug Prices
The U.S. could save billions of dollars a year if Medicare were empowered to negotiate drug prices directly with pharmaceutical companies, according to a paper published by JAMA Internal Medicine earlier this week. Researchers compared the prices of the top 50 oral drugs in Medicare Part D to the prices for the same drugs at the Department of Veterans Affairs, which negotiates its own prices and uses a national formulary. They found that Medicare’s total spending was much higher than it would have been with VA pricing.
In 2016, for example, Medicare Part D spent $32.5 billion on the top 50 drugs but would have spent $18 billion if VA prices were in effect – or roughly 45 percent less. And the savings would likely be larger still, Axios’s Bob Herman said, since the study did not consider high-cost injectable drugs such as insulin.
