Posted by Kendall Harmon

While it doesn't have the voltage it once did, Social Security is still the third rail of politics. Politicians are afraid to touch it out of fear of damaging their careers.

Their decades of cowardice have led us to 2010, the year that Social Security begins its descent into the financial abyss. This year it will pay out $29 billion more in benefits than it takes in through the payroll tax that funds the retirement program.

A Sunday Associated Press report highlighting this deficit suggests that "it's time to start cashing" in the $2.5 trillion Social Security trust fund that has built up through the decades of the system taking in more than it has paid out.

Only problem: There is no trust fund.

As the story notes, "the federal government already spent that money over the years on other programs."

Read it all and make sure to check out the chart carefully.

Filed under: * Culture-WatchAging / the Elderly* Economics, PoliticsEconomyStock MarketThe U.S. Government

March 16, 2010 at 4:32 pm - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

March 16, 2010 at 3:44 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

It could all come down to abortion. Health-care reform hangs in the balance. Nancy Pelosi, the speaker of the House of Representatives, is desperately trying to round up the last few votes. If the House passes a bill the Senate passed in December, it can then be tweaked through the "reconciliation" process and sent to President Barack Obama for signature. But every single House Republican is likely to vote no, so Ms Pelosi needs 216 Democratic votes (out of 253) for a majority. This is proving surprisingly hard. Among the holdouts are a dozen or so pro-life Democrats, several of them Midwestern Catholics, who object to the abortion provisions in the Senate bill.

Thanks to the Supreme Court, abortion has been legally protected since 1973 and neither Congress nor any state has the power to ban it. But a law called the Hyde amendment bars federal funding for abortion, except in cases of rape or incest, or to save the life of the mother. The question now is whether Obamacare will use taxpayers' money to subsidise abortion more widely. Mr Obama insists that it will not. Under his plan, many individuals and small businesses will buy subsidised health insurance through state-sponsored exchanges. Under the Senate bill, they would only be able to obtain abortion coverage through these exchanges if they paid for it with a separate, unsubsidised, cheque. Thus, federal dollars would be kept out of abortion clinics, say the bill's supporters. But many pro-lifers are not convinced. So the version of the health bill that was passed by the House would have required those who wanted abortion coverage to buy a completely separate insurance policy. The Democrat who wrote the House abortion provision, Bart Stupak, says he won't back the Senate bill. Several other pro-life Democrats may also balk.

Read it all.

Filed under: * Culture-WatchHealth & Medicine--The 2009 American Health Care Reform DebateLife EthicsReligion & Culture* Economics, PoliticsPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate* Religion News & CommentaryOther ChurchesEvangelicalsRoman Catholic

March 16, 2010 at 6:00 am - 5 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Israel signaled it won't halt its building plans in the disputed territory of east Jerusalem, deepening a rift with the U.S. that threatens efforts to contain Iran and other American security goals in the Middle East.

Officials on both sides fear relations between the two allies are at their worst point in decades, after Israel scuttled hope for a new round of peace talks by announcing new settlement plans last week during a visit by Vice President Joseph Biden. That led to an extraordinary public rebuke of Israeli Prime Minster Benjamin Netanyahu by Secretary of State Hillary Clinton.

Mr. Netanyahu apologized for the timing, but he has declined to retract the plans for the settlements and others that have become among the biggest obstacles to peace talks. On Monday, a leading member of Mr. Netanyahu's Likud party said the prime minister told members in a closed-door session that Israel wouldn't bow to pressure and reverse course on its planned 1,600 new homes in East Jerusalem.

Read it all.

Filed under: * Economics, PoliticsDefense, National Security, MilitaryForeign Relations* International News & CommentaryAmerica/U.S.A.Middle EastIranIsraelThe Palestinian/Israeli Struggle

March 16, 2010 at 5:41 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Almost 19,000 people have been killed in Mexico since President Felipe Calderón came to power in late 2006 with a pledge to throw in as many troops as needed to rid Mexico of its drug problem and end the reign of terror of its ruthless drug cartels.

This weekend the death toll grew by three. Gunmen in the city of Ciudad Juárez, which lies just over the border from El Paso, Texas, killed two Americans and a Mexican linked to the local US consulate. The killings have lifted the havoc on America’s doorstep on to a new plane.

Publicly, President Barack Obama announced that he was “outraged” by these increasingly indiscriminate slayings. Privately the White House must now be frantically recalibrating its response to the crisis in Mexico. What it has been treating largely as a more or less domestic headache of drug trafficking and illegal immigration (aggravated by sporadic gunfights spilling across the border into California and Texas), has now assumed the shape, significance and seriousness of a new kind of foreign policy problem.

Read it all.

Filed under: * Culture-WatchGlobalization* Economics, PoliticsDefense, National Security, MilitaryTerrorism* International News & CommentaryAmerica/U.S.A.England / UKEuropeMexico

March 16, 2010 at 4:01 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

March 15, 2010 at 11:02 pm - 8 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The survey shows astonishing intensity and sharp opposition to reform, far more than national polls reflect. For 82% of those surveyed, the heath-care bill is either the top or one of the top three issues for deciding whom to support for Congress next November. (That number goes to 88% among independent women.) Sixty percent want Congress to start from scratch on a bipartisan health-care reform proposal or stop working on it this year. Majorities say the legislation will make them and their loved ones (53%), the economy (54%) and the U.S. health-care system (55%) worse off—quite the trifecta.

Seven in 10 would vote against a House member who votes for the Senate health-care bill with its special interest provisions. That includes 45% of self-identified Democrats, 72% of independents and 88% of Republicans. Three in four disagree that the federal government should mandate that everyone buy a government-approved insurance plan (64% strongly so), and 81% say any reform should focus first on reducing costs. Three quarters agree that Americans have the right to choose not to participate in any health-care system or plan without a penalty or fine.

That translates into specific concerns with the Senate legislation—and none of these objections would be addressed by the proposed fixes. Over 70%—indeed in several districts over 80%—of respondents, across party lines, said that the following information made them less supportive: the bill mandates that individuals purchase insurance or face penalties; it cuts Medicare Advantage; it will force potentially millions to lose existing coverage; it will cost an estimated $2.3 trillion over its first 10 years; and it will grant unprecedented new powers to the Health and Human Services secretary.

Read it all.

Filed under: * Culture-WatchHealth & Medicine--The 2009 American Health Care Reform Debate* Economics, PoliticsEconomyThe U.S. GovernmentPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

March 15, 2010 at 5:01 pm - 7 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

March 15, 2010 at 7:00 am - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

One fast-growing American industry has become a conspicuous beneficiary of the recession: for-profit colleges and trade schools.

At institutions that train students for careers in areas like health care, computers and food service, enrollments are soaring as people anxious about weak job prospects borrow aggressively to pay tuition that can exceed $30,000 a year.

But the profits have come at substantial taxpayer expense while often delivering dubious benefits to students, according to academics and advocates for greater oversight of financial aid. Critics say many schools exaggerate the value of their degree programs, selling young people on dreams of middle-class wages while setting them up for default on untenable debts, low-wage work and a struggle to avoid poverty. And the schools are harvesting growing federal student aid dollars, including Pell grants awarded to low-income students.

“If these programs keep growing, you’re going to wind up with more and more students who are graduating and can’t find meaningful employment,” said Rafael I. Pardo, a professor at Seattle University School of Law and an expert on educational finance. “They can’t generate income needed to pay back their loans, and they’re going to end up in financial distress.”

Read it all.

Filed under: * Culture-WatchEducation* Economics, PoliticsEconomyLabor/Labor Unions/Labor MarketPersonal FinanceThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--

March 15, 2010 at 6:33 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

U.S. forces have recovered a huge cache of weapons that was given to Afghan security forces but wound up in the hands of the Taliban, a U.S. military review has found.

The Afghan army and national police have lost 13,000 weapons, 200,000 rounds of ammunition, 80 vehicles and one pair of night vision goggles, members of a U.S. task force told USA TODAY.

All the gear was bought for the Afghans by Americans, part of $330 million in weapons purchases.

Most of the weapons have been seized from the Taliban or other insurgent forces.

Read it all.

Filed under: * Economics, PoliticsWar in Afghanistan

March 15, 2010 at 6:00 am - 2 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

OVER the past few years, a growing number of America’s parentless children have found homes. In 2008 there were 463,000 children in foster care, a system where the government places orphans and children with parents who are abusive or unable to take care of them in the care of guardians. That is 11% down since 2002, and great news. But experts worry the trend might now go into reverse.

Some welfare advocates fear that the bad economy may cause parents with frayed nerves to abuse and neglect their children, and even cause some to abandon them. Already, several hospitals across the country have reported an increase in the frequency and severity of injuries from child abuse.

The most recent national data on child welfare available dates from September 2008, before the recession was in full throttle; data from 2009 won’t be reported until later this year. But there is some question about whether the data, when reported, will even be accurate. Many states and counties, in an attempt to cope with their fiscal straits, are considering cutting down on child-welfare services, such as benefits for foster parents and the number of social workers they employ.

Read the whole article.

Filed under: * Culture-WatchChildren* Economics, PoliticsEconomyThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentPolitics in GeneralCity GovernmentState Government* International News & CommentaryAmerica/U.S.A.

March 15, 2010 at 5:04 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The United States, Germany and other major economies could see their top-notch credit rating come under pressure if the recovery in the global economy stalls, Moody’s Investors Service warned Monday in a report.

The ratings of the Aaa governments — which also include Britain, France, Spain and “the less fiscally challenged Denmark, Norway, Finland and Sweden” — “are currently well positioned despite their stretched finances,” Moody’s said in its quarter Sovereign Monitor report.

But the agency noted that “the recovery that has taken hold across the global economy remains fragile in several of the large advanced economies, most of which have also implemented the most aggressively expansionary fiscal and monetary policies.”

Read it all.

Filed under: * Economics, PoliticsEconomyCredit MarketsThe U.S. GovernmentBudgetThe National Deficit* International News & CommentaryAmerica/U.S.A.EuropeGermany

March 15, 2010 at 4:26 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Premier Wen Jiabao aimed sharp words at Washington on Sunday, ceding little ground on China's currency policy and suggesting that U.S. efforts to boost its exports by weakening the dollar amounted to "a kind of trade protectionism."

In his once-yearly news conference, Mr. Wen blamed the recent deterioration in what he called China's most important foreign relationship on U.S. weapons sales to Taiwan and President Barack Obama's meeting with Tibetan spiritual leader the Dalai Lama.

"These moves have violated China's territorial integrity," Mr. Wen said. "The responsibility does not lie with the Chinese side but with the United States." Mr. Wen said a good China-U.S. relationship "makes both sides winners while a confrontational one makes both sides losers."

Because Mr. Wen comments so rarely in public, his annual press conferences have a magnified importance. This year's comments were a rare opportunity to hear candidly, and in unusual depth, a Chinese leader's perspective on the U.S.

Read it all.

Filed under: * Economics, PoliticsEconomyThe U.S. GovernmentThe United States Currency (Dollar etc)Foreign Relations* International News & CommentaryAsiaChina

March 15, 2010 at 4:00 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months.

States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls.

"It's an indicator of how bad it is," says Scott Pattison, executive director of the National Association of State Budget Officers. "You know things are bad when you have to do that."

New York, hit with a $9 billion deficit, may delay $500 million in refunds to keep the state from running out of cash, says Gov. David Paterson.

Read it all.

Filed under: * Economics, PoliticsEconomyThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralState Government

March 14, 2010 at 4:00 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

There is a chance to introduce a tax that will recognise both the massive expansion of the financial services industry in recent years and the fact that taxation has never kept up with this – but also a tax that will generate really substantial resources to deal with the urgent global needs that can't wait for some miraculous turnaround in the economy. If we are serious about wanting to tackle real poverty at home or abroad, would we prefer to see an increased burden on domestic taxpayers or an innovative approach that looks for help to the enormous revenues of the financial world? There certainly is a profound connection between poverty and the banking crisis – we all know the new pressures on jobs and the poor at home – and the World Bank has estimated that two million more children could die as a result of the downturn.

The plan is to tax certain transactions between financial institutions – not burdening the High Street banks or the private currency transactions of holidaymakers, but targeting the hundreds of billions that flow between the big players in the financial industry. A tax of an average of 0.05% on these transactions – 50p in every £1000 – could generate something like £250 billion per annum.

Read it all.

Filed under: * Anglican - EpiscopalArchbishop of Canterbury Rowan Williams* Economics, PoliticsEconomyStock MarketTaxesThe Banking System/Sector

March 14, 2010 at 2:21 pm - 13 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

We need to demand an immediate release of the e-mails, phone records, and meeting notes from the NY Fed and key Lehman principals regarding the NY Fed’s review of Lehman’s solvency. If, as things appear now, Lehman was allowed by the Fed’s inaction to remain in business, when the Fed should have insisted on a wind-down (and the failed Barclay’s said this was not infeasible: even an orderly bankruptcy would have been preferrable, as Harvey Miller, who handled the Lehman BK filing has made clear; a good bank/bad bank structure, with a Fed backstop of the bad bank, would have been an option if the Fed’s justification for inaction was systemic risk), the NY Fed at a minimum helped perpetuate a fraud on investors and counterparties.

This pattern further suggests the Fed, which by its charter is tasked to promote the safety and soundness of the banking system, instead, via its collusion with Lehman management, operated to protect particular actors to the detriment of the public at large.

Read it all.

Filed under: * Economics, PoliticsEconomyStock MarketThe Banking System/SectorThe U.S. GovernmentTreasury Secretary Timothy Geithner

March 14, 2010 at 2:00 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Eslewhere in the world, Europe is widely regarded as a continent whose economy is rigid and sclerotic, whose people are work-shy and welfare-dependent, and whose industrial base is antiquated and declining—the broken cogs and levers that condemn the old world to a gloomy future. As with most clichés, there is some truth in it. Yet as our special report in this week’s issue shows, the achievements of Germany, Europe’s biggest economy, tell a rather different story.

A decade ago Germany was the sick man of Europe, plagued by slow growth and high unemployment, with big manufacturers moving out in a desperate search for lower costs. Now, despite the recession, unemployment is lower than it was five years ago. Although Germany recently ceded its place as the world’s biggest exporter to China, its exporting prowess remains undimmed. As a share of GDP, its current-account surplus this year will be bigger than China’s.

Read it all.

Filed under: * Culture-WatchGlobalization* Economics, PoliticsEconomyPolitics in General* International News & CommentaryEuropeGermany

March 14, 2010 at 1:26 pm - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

As long as the U.S. national debt is entirely denominated in dollars, there is no risk that we will run into the sort of financial crisis that small countries often run into. What gets them into trouble isn't the debt per se, but an inability to acquire sufficient foreign exchange with their own currency to service it. While the U.S. Treasury has never issued bonds denominated in foreign currencies, it is conceivable that it could be forced to do so if the dollar falls sharply and foreign demand for U.S. bonds wanes. That will be the point at which our debt problem becomes more than theoretical and we are really on the road to national bankruptcy.

Read it all.

Filed under: * Economics, PoliticsEconomyCredit MarketsThe U.S. GovernmentThe National DeficitForeign Relations* International News & CommentaryAmerica/U.S.A.AsiaChina

March 13, 2010 at 8:34 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The plan, which will be submitted to Congress on Tuesday, is likely to generate debate in Washington and a lobbying battle among the telecommunication giants, which over time may face new competition for customers. Already, the broadcast television industry is resisting a proposal to give back spectrum the government wants to use for future mobile service.

The blueprint reflects the government’s view that broadband Internet is becoming the common medium of the United States, gradually displacing the telephone and broadcast television industries. It also signals a shift at the F.C.C., which under the administration of President George W. Bush gained more attention for policing indecency on the television airwaves than for promoting Internet access.

According to F.C.C. officials briefed on the plan, the commission’s recommendations will include a subsidy for Internet providers to wire rural parts of the country now without access, a controversial auction of some broadcast spectrum to free up space for wireless devices, and the development of a new universal set-top box that connects to the Internet and cable service.

Read it all.

Filed under: * Culture-WatchBlogging & the InternetScience & Technology* Economics, PoliticsEconomyCorporations/Corporate LifeThe U.S. Government

March 13, 2010 at 1:32 pm - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

A test of true character, perhaps, is the extent to which one is prepared to blame oneself. As such, the Western world's response to this self-made "credit-crunch" has highlighted the hypocrisy of our so-called leaders, their refusal to face reality and, above all, their lack of character.

When sub-prime first hit, Hank Paulson, then US Treasury Secretary, said "this financial crisis was caused to a large extent by a failure to address the rise of the emerging markets and the resulting global imbalances". Last autumn, European Central Bank boss, Jean-Claude Trichet, argued that "imbalances have been the root of present difficulties".

Even Barack "Change We Can Believe In" Obama has stooped to play the blame game. "We cannot follow the same policies," the President said on a recent trip to Asia, "that have led to global imbalances."

The implication is that sub-prime, and the deepest Western recession in generations, wasn't our fault. It was entirely unrelated to widespread financial fraud, political myopia and lax regulation. Central banks kept interest rates too low for too long, Western consumers went on a debt-binge and our governments spent like crazy – but all that was nothing to do with us....

You probably find this analysis deeply suspect – illogical and even crass. That's because it is.....

Read it all.

Filed under: * Economics, PoliticsEconomyThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralOffice of the PresidentPresident Barack Obama* International News & CommentaryAmerica/U.S.A.AsiaChinaEurope

March 13, 2010 at 12:56 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Too much cancer screening, too many heart tests, too many cesarean sections. A spate of recent reports suggests that many Americans are being overtreated. Maybe even President Barack Obama, champion of an overhaul and cost-cutting of the health care system.

Is it doctors practicing defensive medicine? Or are patients so accustomed to a culture of medical technology that they insist on extensive tests and treatments?

A combination of both is at work, but new evidence and updated guidelines are recommending a step back and more thorough doctor-patient talks about risks and benefits of screening tests.

Americans, including the commander in chief, need to realize that "more care is not necessarily better care," wrote cardiologist Rita Redberg, editor of Archives of Internal Medicine. She was commenting on Obama's recent physical.

Read it all.

Filed under: * Culture-WatchHealth & Medicine--The 2009 American Health Care Reform Debate* Economics, PoliticsPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

March 13, 2010 at 10:18 am - 4 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Last Easter, Jamie Paulin-Ramirez, a 31-year-old mom with a $30,000-a-year job as a medical assistant, announced to her family that she had converted to Islam. A few months later, she began posting to Facebook forums whose headings included "STOP caLLing MUSLIMS TERRORISTS!"

On Sept. 11, she suddenly left Leadville, Colo., a small town in the Rocky Mountains, for Denver, then for New York, to meet and marry a Muslim man she connected with online, her family says. Ms. Paulin-Ramirez, who is 5-foot-11 and blonde, phoned her mother and stepfather in Leadville, providing them with an address in Waterford, Ireland, they say.

Now, she is in the custody of the Irish police, along with six other individuals, arrested as part of an investigation into a conspiracy to commit murder, according to officials familiar with the case. The nature of the authorities' suspicions about Ms. Paulin-Ramirez couldn't be determined on Friday.

Read it all.

Filed under: * Culture-WatchReligion & CultureViolenceWomen* Economics, PoliticsTerrorism* International News & CommentaryAmerica/U.S.A.England / UK--Ireland* Religion News & CommentaryOther FaithsIslam

March 13, 2010 at 9:49 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

In a tense, 43-minute phone call on Friday morning, Secretary of State Hillary Rodham Clinton told Prime Minister Benjamin Netanyahu that Israel’s plan for new housing units for Jews in East Jerusalem sent a “deeply negative signal” about Israeli-American relations, and not just because it spoiled a visit by Vice President Joseph R. Biden Jr.

Mr. Biden, in Israel this week to declare American support for its security, had already condemned the move as undermining the peace process. But Mrs. Clinton went a good deal further in her conversation with Mr. Netanyahu, saying it had harmed “the bilateral relationship,” according to the State Department spokesman, Philip J. Crowley.

Such blunt language toward Israel is very rare from an American administration, and several officials said Mrs. Clinton was relaying the anger of President Obama at the announcement, which was made by Israel’s Interior Ministry and which Mr. Netanyahu said caught him off guard.

The Israeli leader repeated his surprise about the plan to Mrs. Clinton, a senior official said, and apologized again for the timing. But that did not appear to mollify Mrs. Clinton, who said she “could not understand how this happened, particularly in light of the United States’ strong commitment to Israel’s security,” Mr. Crowley said.

Read it all.

Filed under: * Economics, PoliticsForeign Relations* International News & CommentaryAmerica/U.S.A.Middle EastIsrael

March 13, 2010 at 9:40 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

As policymakers in Washington, D.C., debate overhauling health care, several evangelical Christian groups have found a way of getting around the high cost of health insurance. Instead of paying premiums, they simply agree to pay each other's medical bills.

The groups are not regulated because unlike insurance there's no guarantee an individual's bills will be paid. That's something members take on faith.

James Lansberry, the vice president of Samaritan Ministries, says the concept is simple. First there's a $170 annual fee to cover Samaritan's administrative costs. His nonprofit group then compiles members' health care bills and tells its 14,000 households where to send their monthly checks.

"The money doesn't get received at our central office — it goes directly from one family to another," Lansberry says. "So each month I send my monthly share of $285 directly to another family."

Read or listen it all.

Filed under: * Culture-WatchChildrenHealth & MedicineMarriage & FamilyReligion & Culture* Economics, PoliticsEconomyPersonal Finance

March 13, 2010 at 8:20 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

South Carolina's unemployment rate hit another record high in January as the level of jobless residents rose in all 46 counties.

Employers cut 27,700 positions throughout the month, including seasonal jobs in tourism and retail, as the jobless rate reached 12.6 percent, the state Employment Security Commission said Wednesday.

South Carolina's unemployed population -- a total of 273,455 residents -- is the biggest on record.

Compare that number with the data recorded several years ago and a grim picture emerges. That figure, for example, never topped 100,000 people in 2000. Throughout 2005, the number averaged 140,000.

"It gives us a sense of how many jobs the economy needs to create in order

to put a majority of people back to work," said economist Don Schunk of Coastal Carolina University. "More so than the unemployment rate, (that number) tells us how far we have to go before we return to some sense of normalcy."

Read it all from the front page of yesterday's local paper.

Filed under: * Economics, PoliticsEconomyLabor/Labor Unions/Labor Market* South Carolina

March 12, 2010 at 5:19 am - 3 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The sour economy is producing a bumper crop of cash-strapped consumers, business owners and shady agents who're fueling a wave of insurance fraud that's keeping regulators and law enforcement officials busy from coast to coast.

Whether it's worthless health plans peddled by fax, staged auto accidents, arson or slip-and-fall accidents at the local mall, insurance fraud of all kinds is booming in the recession and consumers are paying the price in higher premiums.

To keep it in perspective, roughly 48 million insurance claims are made each year in the U.S. and less than one-quarter of 1 percent are referred to the nonprofit National Insurance Crime Bureau for investigation of possible fraud.

Last year, that amounted to just more than 85,000 questionable claims. That was up 14 percent from nearly 75,000 in 2008, however.

Read it all.

Filed under: * Economics, PoliticsEconomyConsumer/consumer spendingCorporations/Corporate LifePersonal FinanceThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--* TheologyEthics / Moral Theology

March 11, 2010 at 11:05 pm - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The Federal Reserve's Flow of Funds report reveals more deleveraging, with U.S. debt growing at the slowest pace on record and nearly offsetting the huge rise in federal debt. Nonfinancial debt increased at just 1.6% annually, to $34.7Trillion.

Moneyquote:

Household debt contracted at an annual rate of 1¼ percent in the fourth quarter, its seventh consecutivequarter of decline.

You can check the full document out here (pdf and a long one).

Filed under: * Economics, PoliticsEconomyConsumer/consumer spendingThe September 2008 Proposed Henry Paulson 700 Billion Bailout Package

March 11, 2010 at 3:45 pm - 4 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

China's government considers public corruption a serious problem because it could threaten Communist Party rule if left unchecked.

"We will give high priority to fighting corruption and encouraging integrity," China Premier Wen Jiabao said Friday in his annual State of the Union-style address. "This has a direct bearing on the firmness of our grip on political power."

Li Tangtang joins at least 14 other ministerial- or provincial-level officials sacked for corruption last year, a record high for the past 30 years, according to the Global Times newspaper. In 2009, the number of officials caught embezzling more than 1 million Chinese yuan ($146,000) soared by 19% over 2008, the discipline committee said.

China ranked 79 out of 180 countries in 2009 on Transparency International's Corruption Perceptions Index, which bases its findings on 13 independent surveys. That's worse than the previous year (72) and below bribe-infested Cuba. New Zealand is No. 1 in transparency, the United States No. 19.

Read it all.

Filed under: * Economics, PoliticsPolitics in General* International News & CommentaryAsiaChina* TheologyEthics / Moral Theology

March 11, 2010 at 9:38 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The case of Colleen R. LaRose – also known as “Jihad Jane” and “Fatima Rose” – raises troubling questions about the ability of Al Qaeda to attract US-born women to terrorism....

US counterterrorism officials long have been concerned about the possibility of Islamic radicalization of US natives. But generally speaking, they have focused on potential terrorist recruits that are males.

“The issue of US converts [to radical Islam] is not new,” says Juan Carlos Zarate, senior adviser in the Transnational Threats Project at the Center for Strategic and International Studies. “What is new is that in this case, the convert may be a middle-aged female.”

Read it all.

Filed under: * Culture-WatchWomen* Economics, PoliticsTerrorism* Religion News & CommentaryOther FaithsIslam

March 11, 2010 at 7:00 am - 4 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

Religious freedom advocates were encouraged by the President's stated views and allowed themselves to hope that America's international religious freedom policy, long isolated at the State Department, would be strengthened under the new administration.

Their hopes are fading.

Almost 14 months into the Obama presidency, the ambassador at large for international religious freedom -- a position mandated by the International Religious Freedom Act -- has not been named, even though other positions of less weight and importance to our national interests have long been filled.

The leading candidate for the religious freedom job is said to be a highly intelligent and charismatic pastor, an author and a thoroughly good person who has the friendship of Secretary Hillary Clinton. Those are important attributes. Indeed, having the trust of the Secretary is vital. But more is needed. To be successful, this ambassador at large needs foreign policy experience. Without it, it will be extremely difficult to succeed within Foggy Bottom's notoriously thorny bureaucracy, let alone deal with foreign officials who believe (as many do) that U.S. international religious freedom policy is a vehicle of cultural imperialism.

Worse, it appears that the new ambassador will be demoted before she is even nominated. Like her predecessors under Presidents Clinton and Bush, she will not be treated as an ambassador at large at all, but will report to a lower ranking official - the assistant secretary for Democracy, Human Rights and Labor. Her placement alone will signal to American diplomats and foreign governments that they need not take U.S. religious freedom policy seriously.

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Filed under: * Culture-WatchGlobalizationLaw & Legal IssuesReligion & Culture* Economics, PoliticsForeign RelationsPolitics in GeneralOffice of the PresidentPresident Barack Obama

March 11, 2010 at 6:30 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The experience reinforced for me the reality of terror in the sky. Sitting in an aircraft, 37,000ft over the Atlantic, there is nowhere to go, no escape and, confronted by passengers behaving suspiciously, a total sense of helplessness.

The nonchalant manner with which the male passenger was allowed to walk through the plane and enter the toilet during the landing approach, and to remain out of sight and control for around five minutes, was simply incredible and extraordinarily alarming.

Afterwards, I complained to the United Airlines desk. I was informed that an armed air marshal was probably on board the flight, as is most likely the case on high-risk routes between the United States and the UK.

However, I wondered what difference the marshal's presence would have made had the passenger beside me turned out to be a suicide-bomber. Would he - could he - have shot the suspect through the toilet door and saved our lives?

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Filed under: * Culture-WatchTravel* Economics, PoliticsTerrorism* International News & CommentaryEngland / UK--Ireland

March 11, 2010 at 4:38 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

While President Obama's push to raise federal income taxes for the wealthy gets lots of attention, the continuing upward creep in the sales tax rates imposed by state and local governments has gotten less notice.

But Vertex Inc., which calculates sales tax for Internet sellers, reports that the average general sales tax rate nationwide reached 8.629% at the end of 2009, the highest since the Berwyn, Pa., company started tracking data in 1982. That was up a nickel on a taxable $100 purchase from a year earlier and up nearly 40 cents for the decade. The highest sales tax rate in the country now stands at 12%.

During 2009 seven states and the District of Columbia raised sales tax rates, with one jurisdiction -- North Carolina -- actually doing it twice. Only four states hiked rates in 2008 and only one in 2007. Given state budget problems, the 2009 state sales tax increases aren't surprising. States have also been raising income tax rates on the wealthy and on corporations and boosting excise taxes on alcohol and tobacco. With states now facing record budget shortfalls, more tax increases seem likely.

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Filed under: * Economics, PoliticsEconomyTaxesThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralCity GovernmentState Government

March 10, 2010 at 11:03 pm - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

James Gray once saw himself as a drug warrior, a former federal prosecutor and county judge who sent people to prison for dealing pot and other drug offenses. Gradually, though, he became convinced that the ban on marijuana was making it more accessible to young people, not less.

"I ask kids all the time, and they'll tell you it is easier to get marijuana than a six-pack of beer because that is controlled by the government," he said, noting that drug dealers don't ask for IDs or honor minimum age requirements.

So Gray — who spent two decades as a superior court judge in Orange County, Calif., and once ran for Congress as a Republican — switched sides in the war on drugs, becoming an advocate for legalizing marijuana.

"Let's face reality," he says. "Taxing and regulating marijuana will make it less available to children than it is today."

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Filed under: * Culture-WatchDrugs/Drug AddictionLaw & Legal Issues* Economics, PoliticsPolitics in GeneralState Government

March 10, 2010 at 11:20 am - 23 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The Democrats have not been completely irresponsible. It’s just that as the health fight has gone on, their passion for coverage has swamped their less visceral commitment to reducing debt. The result is a bill that is fundamentally imbalanced.

This past year, we’ve seen how hard it is to even pass legislation that expands benefits. To actually reduce benefits and raise taxes, we’re going to need legislators who wake up in the morning passionate about fiscal sanity. The ones we have now are just making things worse.

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Filed under: * Culture-WatchHealth & Medicine--The 2009 American Health Care Reform DebatePsychology* Economics, PoliticsEconomyTaxesThe U.S. GovernmentBudgetThe National DeficitPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

March 10, 2010 at 7:25 am - 0 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

The euro is under attack like never before, as the promises on which it was based turn out to be lies. Hedge funds are speculating against Greek debt, while euro-zone politicians work behind the scenes to cobble together rescue packages. But fundamental flaws in the monetary union need to be fixed if Europe's common currency is to survive.

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Filed under: * Economics, PoliticsEconomyCredit MarketsThe Banking System/SectorPolitics in General* International News & CommentaryEuropeFranceGermanyGreeceSpain

March 10, 2010 at 6:00 am - 10 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

States and companies have started investing very differently when it comes to the billions of dollars they are safeguarding for workers’ retirement.

Companies are quietly and gradually moving their pension funds out of stocks. They want to reduce their investment risk and are buying more long-term bonds.

But states and other bodies of government are seeking higher returns for their pension funds, to make up for ground lost in the last couple of years and to pay all the benefits promised to present and future retirees. Higher returns come with more risk.

“In effect, they’re going to Las Vegas,” said Frederick E. Rowe, a Dallas investor and the former chairman of the Texas Pension Review Board, which oversees public plans in that state. “Double up to catch up.”

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Filed under: * Culture-WatchAging / the Elderly* Economics, PoliticsEconomyCorporations/Corporate LifeLabor/Labor Unions/Labor MarketStock MarketThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralState Government

March 10, 2010 at 5:00 am - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

March 9, 2010 at 4:34 pm - 9 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

America is the exemplification of what I call the project of modernity. That project is the attempt to produce a people who believe that they should have no story except the story that they choose when they had no story. That is what Americans mean by freedom. The institutions that constitute the disciplinary forms of that project are liberal democracy and capitalism. Thus the presumption that if you get to choose between a Sony or Panasonic television you have had a “free choice.” The same presumption works for choosing a President. Once you have made your choice you have to learn to live with it. So there is a kind of resignation that freedom requires.

I try to help Americans see that the story that they should have no story except the story they choose when they had no story is their story by asking them this question — “Do they think they ought to be held accountable for decisions they made when they did not know what they were doing?” They do not think they should be held accountable for decisions they made when they did not know what they were doing. They do not believe they should be held accountable because it is assumed that you should only be held accountable when you acted freely, and that means you had to know what you were doing.

I then point out the only difficulty with such an account of responsibility is it makes marriage unintelligible. How could you ever know what you were doing when you promised lifelong monogamous fidelity? I then observe that is why the church insists that your vows be witnessed by the church: because the church believes it has the duty to hold you responsible to promises you made when you did not know what you were doing. And if the story that you should have no story but the story you choose when you had no story makes marriage unintelligible, try having children. You never get the ones you want. Of course Americans try to get the ones they want by only having children when they are “ready” — a utopian desire that wreaks havoc on children so born, to the extent they come to believe they can only be loved if they fulfill their parents’ desires.

Of course the problem with the story that you should have no story except the story you choose when you had no story is that story is a story that you have not chosen. But Americans do not have the ability to acknowledge that they have not chosen the story that they should have no story except the story they choose when they had no story.

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Filed under: * Christian Life / Church LifeChurch History* Culture-WatchHistoryPsychologyReligion & Culture* Economics, PoliticsPolitics in General* International News & CommentaryAmerica/U.S.A.

March 9, 2010 at 3:47 pm - 4 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

What bothers my heart are a few questions:

• It was curfew time when these attackers came in and carried out their heinous activities. Who are responsible for these areas? What happened to those who should enforce the curfew? The purpose of the curfew is to stop events like this.

• Failure of government to provide full security for its citizenry leaves a people with very little option but to provide for their own kind of security. History has shown that these kinds of security are bred in vengeance, retaliation, bitterness, hatred and malice. This gives birth to an almost endless cycle of senseless violence as can be seen in many nations of the world today. Where is our government in all the levels of governance? Where were they on this night? Where were they on 17th January? Shall we continue to have the ugly sight of mass burials? Are there no leaders who fear God, who will swallow their pride and choose to be humble before God for the sake of those faces of slaughtered children?

• The new dimension these attacks are assuming is revealing a system of well-trained terror groups who rights now have attacked these villages, and only God knows which community will be next.

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Filed under: * Anglican - EpiscopalAnglican ProvincesChurch of Nigeria* Culture-WatchViolence* Economics, PoliticsPolitics in General

March 9, 2010 at 12:07 pm - 1 comments - [link] [Printer Friendly] [Print w/ comments]

Posted by Kendall Harmon

California passed a gas tax last week to help make up for its nearly $20 billion budget gap, the latest in a series of measures to right the state's teetering economy. The country of Greece is in even worse shape, with accumulated debt higher than 110 percent of GDP, set to reach 125 percent this year. Can a state declare bankruptcy? Can a country?

No and no. Chapter 9 of the U.S. bankruptcy code allows individuals and municipalities (cities, towns, villages, etc.) to declare bankruptcy. But that doesn't include states. (The statute defines "municipality" as a "political subdivision or public agency or instrumentality of a State"—that is, not a state itself.)

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Filed under: * Economics, PoliticsEconomyThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--Politics in GeneralState Government

March 9, 2010 at 11:34 am - 3 comments - [link] [Printer Friendly] [Print w/ comments]

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