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WASHINGTON (AP) ? Now that Social Security is paying more in benefits than it collects in taxes, there is a fierce debate among politicians, academics and advocates about whether those shortfalls are adding to the federal budget deficit.
The issue is important because the federal government's annual deficit already exceeds $1 trillion, making any more borrowing tough to swallow. If Social Security is adding to the government's financial problems, it becomes even more urgent to fix it.
"Over 77 years and now through 13 recessions, Social Security has not added one penny to our deficit or our debt," Rep. Xavier Becerra, D-Calif., said at a recent hearing by the House Ways and Means Social Security subcommittee. Becerra is the top Democrat on the panel.
"I believe that Social Security has not contributed one nickel to the deficit because it is funded by the payroll tax," Sen. Bernie Sanders, a Vermont independent who heads the Senate Social Security caucus, said in an interview.
Former Sen. Judd Gregg, R-N.H., disagreed.
"We all know that it's on a cash-flow basis," Gregg said in an interview. "The cash comes in, the cash goes out, and right now we're running a negative cash flow."
The Facts: Social Security's shortfalls are adding to the federal budget deficit, in a roundabout way. One big reason: The rest of the government has been running such huge deficits over the years that it has spent all of the surpluses accumulated by Social Security.
Here's how it works: For nearly three decades Social Security produced big surpluses, collecting more in taxes than it paid in benefits. The government, however, spent that money on other programs, reducing the amount it had to borrow from the public, including foreign investors. That's why some advocates complain that Congress has "raided" Social Security.
In return, the Treasury Department issued special bonds to Social Security. The bonds are now valued at $2.7 trillion. They are accounted for in two Social Security trust funds, one for the retirement program and one for the disability program.
The bonds pay interest like other Treasury notes and are backed by the full faith and credit of the U.S. government.
Social Security is now spending a portion of the interest because it needs cash to cover monthly benefit payments. This year Social Security is projected to pay $789 billion in benefits and administrative costs and collect $623 billion in payroll taxes and taxes on benefits, a shortfall of $166 billion.
About $112 billion of the shortfall is from a temporary reduction in the payroll tax that is scheduled to expire in January. There is no question that money adds to the budget deficit because Congress financed the tax cut through borrowing.
The rest of this year's shortfall, about $54 billion, will be financed by the interest payments. Social Security's trust funds are projected to earn about $110 billion in interest this year.
Until recently, the interest payments were an accounting device, with one part of the government crediting an account held by another part of the government. As interest accumulated, Social Security's trust funds grew on paper but no money changed hands because the program had plenty of cash from payroll taxes to pay benefits.
Now that Social Security needs money from the interest payments to cover monthly benefits, the cash has to come from somewhere.
"If you don't have the cash to pay for it, then you have to borrow that money from China or you have to raise taxes," Gregg said. "Those are the only two options."
Becerra, however, said it is wrong to blame Social Security for adding to the budget deficit when it is simply spending money generated by its investments. That's like blaming bondholders for expecting to be repaid, he said.
"If we don't owe Social Security ? Americans who paid into it ? then we don't owe the foreigners either," Becerra said.
Source: http://news.yahoo.com/fact-check-social-security-adds-budget-deficit-161813776.html
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On some days the amount of bookkeeping and paperwork that needs to be done can seem almost unbearable. And if you?re an investor who would rather be out on the job sight rather than stuck behind the desk, finishing this paperwork can be both a chore and a burden. The best way that you can ease your burden and workload in the paperwork department is to stay ahead of the game. Don?t let work and receipts pile up until it all becomes an indecipherable mess. If you allow this to happen, it will take you even longer to sort through the mess because you will have forgotten the purpose for half of the papers that you have stuffed away to be dealt with later. Instead, tackle your office chores quickly and efficiently always striving to stay ahead of the paper trail. To do this you need to be organized. You may think that you have all of the tools necessary for real estate investing, but if you are lacking products in the nike nfl jerseys office organization department, you need to do authentic nfl jerseys some shopping. Make sure that you have plenty of storage for receipts, invoices, contracts, order forms, payroll paperwork, etc. And proper storage does not come in the shape of a cardboard box that you cheap authentic nfl jerseys can stuff all of your receipts into. Instead, file these away so that they will be easy to locate and decipher at tax time.You should also have the proper books to record all of the income and expenditures generated by your real estate investing business. While these do not have to be expensive, they do have to be easy to maintain and read. For this reason, a columnar pad is a better option over a standard spiral notebook. Now that you have all of the necessary organizational tools for your real estate investing business you need to formulate a plan to stay on top of the books and ahead of the paper trail. On most days, you are probably out on the road visiting job sights which is not ideal for doing paperwork. Throughout the day you likely collect various receipts, contracts, and invoices that need to be filed away. Don?t just throw these in your vehicle somewhere. Instead, carry a small filing case with you so that you can neatly file these papers away until you get back to the office.Choose a time that you can devote to your paperwork each and everyday. This time might come early in the morning before you head out on the road, on your lunch break, or in the evening before setting out for home. It doesn?t really matter when you do your bookwork as long as you are consistent and get it finished each and every day. Record income and expenditures as they occur instead of letting them pile up. If you do this, you will find that completing your paperwork only takes a few minutes of your time everyday, which is a much better option over spending a few hours on it each weekend.
Source: http://all-articles-directory.com/real-estate-investing-staying-ahead-of-the-paperwork/
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FRESNO, Calif. (AP) ? Environmental groups filed a lawsuit on Tuesday against the California Department of Public Health for failing to establish a safe drinking water standard for the cancer-causing chemical made famous in the film "Erin Brockovich."
The Natural Resources Defense Council and the Environmental Working Group claim the department is eight years late in setting the hexavalent chromium standard and has made no progress toward the goal.
The lawsuit claims the delay is unjustified and seeks a court order setting a faster timeline.
Studies show that hexavalent chromium, also known as chromium-6, can cause cancer in people and has been found to cause damage to the gastrointestinal tract, lymph nodes and liver of animals.
The chemical comes chiefly from industrial pollution ? it's used for production of stainless steel, textile dyes, wood preservation, leather tanning and as an anti-corrosive ? but also occurs naturally.
The dangers of chromium-6 became widely known after the film "Erin Brockovich" exposed the case of Pacific Gas & Electric Corp. The utility was accused of leaking the contaminant into the groundwater of Hinckley, a small desert town, causing health problems including cancer.
A year later in 2001, the California legislature directed public health agencies to set an enforceable drinking water standard for the chemical by 2004.
The process was delayed due to a scientific dispute over whether chromium-6 is carcinogenic when ingested in water, said Sam Delson, deputy director for external and legislative affairs at the California Environmental Protection Agency. It has long been established that chromium-6 is carcinogenic when inhaled.
Federal scientists at the National Toxicology Program confirmed in 2007 that it's also carcinogenic when ingested.
The California EPA then set a "public health goal" ? a preliminary benchmark in creating a drinking water standard ? for hexavalent chromium. But in 2010, the agency recommended stricter limits after research showed that fetuses, infants and children are more susceptible than adults to the cancer-causing effects of the chemical. That goal was set last year at .02 parts of hexavalent chromium per billion parts of water.
Results of state water quality testing conducted between 2000 and 2011 throughout California showed that about a third of the 7,000 drinking water sources tested had chromium-6 levels at or above that limit.
The highest concentrations were reported in southern California, including in Los Angeles, San Bernardino, and Santa Barbara counties.
Using the benchmark, the Department of Public Health must develop the standard as close as possible to the health goal, factoring in the technical feasibility and costs of water testing and treatment.
Department of Public Health spokesman Ken August said there is no typical timeline for how long it takes to develop a standard. The agency is currently preparing a cost-benefit analysis, he said, and will take another two to three years to establish the standard.
There is no federal standard for chromium-6. Last year, the U.S. EPA released recommendations for enhanced monitoring of the chemical in public water systems and is conducting a review of chromium-6 to decide whether to set a nationwide standard.
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A British couple have claimed a record 190-million-euro (?149 million, $235 million) prize in the EuroMillions lottery, officials announced on Monday.
Britain's National Lottery said the couple were from Suffolk in southeast England.
They are expected to reveal their identities on Tuesday and set out their plans for the future.
Their jackpot beats that won by Scottish couple Colin and Chris Weir, who became Europe's biggest ever lottery winners in July last year when they scooped 185 million euros.
But the current euro conversion rate means the prize is worth less in pounds than the ?161 million won by the Weirs.
"A couple from Haverhill, Suffolk, have won the UK's second biggest ever lottery prize," a National Lottery spokesman said.
"They were the only (jackpot) winners in Friday's EuroMillions draw and have banked an amazing ?148,656,000."
The couple had a one in 116,531,800 chance of holding the lucky numbers.
Across Europe, 14 tickets selected six correct numbers, and will win more than 2,641,000 euros each.
The EuroMillions lottery, launched in 2004, is now played by nine countries across western Europe: Austria, Belgium, Britain, France, Ireland, Luxembourg, Portugal, Spain and Switzerland.
Five of the top ten jackpots in the history of EuroMillions have been British. More British players tend to take part when the jackpot is particularly large.
Source: http://news.yahoo.com/british-couple-claim-record-190-mn-euro-lottery-190817136.html
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Utah Pride 2011 Grand Marshal and comedian Roseanne Barr, who was born and raised in Salt Lake City, said her gay brother and sister have done better at maintaining relationships than she has.
Barr, who is running for president as the nominee for the Peace and Freedom Party, appeared on CNN?s Piers Morgan Tonight.
?There were many times in my life where I was in love,? Barr said. ?And I happen to be in love right now,? referring to boyfriend Johnny Argent.
?I?m not like my gay sister and my gay brother that have both been with the same partner for 25 and 26 years respectively,? she said. ?I, as a straight person, have not been able to hold any relationship together as well as they.?
Her brother, Ben, was awarded the Lifetime Achievement Award at the 2011 Utah Pride Festival for his work in starting HIV/AIDS organizations in the early 80s in Salt Lake. He and his partner, John, lived in the Salt Lake city row-house in which he and his siblings were raised until they moved to Berkeley, Calif. where Ben went to school. They list their anniversary as September 30, 1982, meaning their relationship will actually turn 30 next month.
Roseanne was roasted last week for a Comedy Central special, which will air this Sunday at 9pm. The roastmaster is Jane Lynch.
At the roast, shock comedian Jeff Ross sparked outrage when he walked the red carpet dressed as up as former Penn State football coach Joe Paterno, whose statue of at the university was torn down after his role in a cover-up of former coach Jerry Sandusky?s child sex scandal, with very young looking shirtless men wearing football helmets with towels wrapped around their waists.
Her appearance on CNN?s Piers Morgan Tonight:
Source: http://gaysaltlake.com/2012/08/11/roseanne-bar-cannot-hold-relationship-ben/
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RHINELANDER, Wisc. (Reuters) - Two months ago, Wisconsin's Republican Party establishment, conservative donors and grassroots Tea Party activists pulled together to help Scott Walker become the first U.S. governor to survive a recall election.
But just days before Tuesday's primary election, Republicans in the state are divided between four U.S. Senate candidates, including a wealthy businessman with strong Tea Party backing and a four-term former Wisconsin governor.
"With so many undecided voters, it appears people will make up their minds this weekend," said Mordecai Lee, a political science professor at University of Wisconsin Milwaukee. "This is anybody's race to win and anybody's race to lose."
The campaign for the Senate seat being vacated by four-term Democrat Herb Kohl poses a test for conservatives pumped up after key wins over "establishment" Republicans in Senate primaries this year -- in particular Indiana state Treasurer Richard Mourdock's defeat of six-term U.S. Senator Dick Lugar and attorney Ted Cruz's recent victory in a Texas U.S. Senate primary over Lieutenant Governor David Dewhurst.
In contrast to Indiana or Texas, there is no clear favorite in Wisconsin. Conservatives are split between banking and real estate executive Eric Hovde and former U.S. Representative Mark Neumann. Their main opponent is former governor and U.S. Health and Human Services Secretary Tommy Thompson, who many on the right deem insufficiently conservative.
If Thompson wins, some observers say it will be in part because Hovde and Neumann split the conservative vote.
Recent polls have either shown Thompson with a shrinking lead or indicate the race is a toss-up. Neumann generally comes in third, with state Assembly Speaker Jeff Fitzgerald a sometimes distant fourth.
Adding to the late scramble for votes will be Republican presidential candidate Mitt Romney's choice on Saturday of Wisconsin's conservative U.S. Representative Paul Ryan as his vice-presidential running mate, analysts said.
The Ryan pick will distract from the Senate campaign, "making it very difficult for the candidates to get their last-minute messages out," said Charles Franklin, a professor of law and policy at Marquette Law School in Milwaukee.
Diluting attention away from the race may also lower turnout, something that has generally favored more conservative candidates in the past, Franklin added.
NOVEMBER STILL SEEN A TOSS-UP
The winner of the Republican primary will face U.S. Representative Tammy Baldwin, a Democrat, in November in a race that is widely considered up for grabs.
Although Democratic President Barack Obama won Wisconsin by 13 points in 2008, statewide elections in this Rust Belt state -- which President George W. Bush lost by around 10,000 votes in 2004 and 5,000 in 2000 -- have historically been close.
Republicans must win a net three Senate seats to take control of the U.S. Senate if Romney wins the presidency and four seats for control if Obama is re-elected.
Tea Party activists promise to campaign for whoever wins on August 14, as above all they want a Republican Senate majority to enable a repeal of Obama's signature health reforms. The Tea Party movement advocates fiscal conservatism and smaller government.
"The main prize in this race is a Senate vote against Obamacare," said Bonnie Ketterhagen of We Vote Burlington, a Tea Party group, who personally favors Hovde. "Whoever wins will get my 300 percent support."
With all the candidates touting similar Tea Party-friendly platforms of spending cuts and tax cuts, Wisconsin's Republican Senate race comes down to personal differences.
Neumann, the former congressman, enjoys the support of the conservative business group Club for Growth, which has spent some $1.6 million backing him, and Tea Party Express, a national group associated with longtime Republican strategist Sal Russo.
But Neumann sought the governorship in 2010 and his bitter, unsuccessful primary battle against Scott Walker -- now a conservative hero for curbing public sector unions and surviving the June recall -- alienated many Tea Party activists.
Hovde has invested $5.1 million of his own money in his campaign, roughly double what either Neumann or Thompson have raised. He has been endorsed by FreedomWorks PAC, an arm of the conservative national nonprofit FreedomWorks led by former House Majority Leader Dick Armey which has been heavily involved in the Tea Party movement.
FreedomWorks PAC executive director Max Pappas said the group's endorsement was based on polling the 22,000 grassroots activists on its Wisconsin email list. Eric Hovde received more support than the other three candidates combined, he said.
TAINTED BY OBAMA?
Conservatives have hammered Thompson, claiming that he supported Obama's health reform before coming out against it.
Thompson, 70, who was first elected to public office in 1966, says those claims range from "misrepresentation to an outright lie" and argues he is a true, seasoned conservative.
"We want somebody who has the experience to handle this job on day one, there's no room for on-the-job training," he said.
Thompson also says he is the only candidate who can appeal to Democrats and independents to beat Baldwin in a state that has not voted for a Republican president since 1984 and where Obama has consistently led Romney in polls.
"Whoever wins will face a very competitive race against Tammy Baldwin," Franklin said. "There is no question that race remains a toss-up."
(Editing by Peter Bohan and Cynthia Osterman)
Source: http://news.yahoo.com/divided-field-leaves-wisconsin-republican-senate-race-open-174413207.html
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August 11, 2012
So, how is it that the population most confident that it will receive treatment of the highest possible standard, featuring the latest medical advances, actually has the worst survival rates in precisely those diseases that require the most up-to-date treatments?
One explanation is ignorance. The average Briton or Swede is unlikely to know that the five-year survival rate for colorectal cancer is 51.6 percent in Britain but 59.8 percent in Sweden, or that the 30-day fatality rates for myocardial infarction in those two countries are 6.3 percent and 2.9 percent, respectively. (The figures for the United States are 65.5 percent and 5.1 percent.) By contrast, the average Briton knows that if he suffers a heart attack, he will be taken to the hospital and connected to a lot of machines, from which he concludes that he is having the best possible treatment.
In my youth, I often heard the refrain that the NHS was "the envy of the world." In April, the British Medical Journal published an article about two studies conducted by the New York-based Commonwealth Fund. The studies compared the health care systems of 14 advanced countries, and on the 20 measures of comparison, Britain's centralized National Health Service performed well in 13, indifferently in two and badly in five.
On several measures, the NHS came out the worst of all the systems examined. For example, it ranked worst for five-year survival rates in cervical, breast and colon cancers. It was also worst for 30-day mortality rates after admission to a hospital for either hemorrhagic or ischemic stroke. On only one clinical measure was it best: the avoidance of amputation of the foot in diabetic gangrene.
This hardly seems like a cause for national rejoicing, yet according to the report, the British were the most satisfied with their health care of all the populations surveyed. They were the most confident that in the event of illness, they would receive the best and most up-to-date treatment; and they were the least worried that their personal finances would prevent them from receiving proper treatment.
They are still inclined to believe that, even though they probably have never met anyone who envied the NHS and, indeed, probably know Continental Europeans residing in Britain who hurry home as soon as they require medical treatment, horrified by the prospect of subjecting themselves to a British hospital.
That said, there are some strengths the system can claim. Medical care is coordinated, for example, by means of a universal (and compulsory) system of family doctors. The lack of such coordination in the United States leads not only to a high rate of medical error but to duplication of effort. The American rate of polypharmacy (the taking of four or more medicines daily) is twice the British rate. This difference is unlikely to reflect genuine need; the American polypharmacy rate is also 21/2 times the Swiss rate, and whatever one might think of British medical care, few would impugn the quality of care in Switzerland.
Traditionally, the NHS has been inexpensive compared with most health care systems. But this reality is changing quickly. The NHS was inexpensive in part because it rationed care by means of long waiting lists. I once had a patient who had waited seven years for a hernia operation. The surgery was repeatedly postponed so that a more urgent one might be performed.
Such rationing has become increasingly unacceptable to the population. This was the ostensible reason for the Labor government's doubling of health care spending from 1997 to 2007. To achieve this end, the government used borrowed money and thereby helped bring about our economic crisis.
Waiting times for operations and other procedures fell, but they will probably rise again as economic necessity forces the government to retrench.
But the principal damage that the NHS inflicts is intangible. Like any centralized health care system, it spreads the notion of entitlement, a powerful solvent of human solidarity. Moreover, the entitlement mentality has a tendency to spread over the whole of human life, creating a substantial number of disgruntled ingrates.
And while the British government long refrained from interfering too strongly in the affairs of the medical profession, no government can forever resist the temptation to exercise power. Eventually, it will dictate, because that is what governments and their associated bureaucracies do. The government's hold over medical practice in Britain is becoming ever firmer; it now dictates conditions of work and employment, the number of hours worked, the drugs and other treatments that may be prescribed and the way in which doctors must be trained. Doctors are less and less members of a profession; instead, they are production workers under strict bureaucratic control.
In a centralized system, the setting of targets can lead to organized deception as well as distortion of effort. For example, when the British government decreed that every patient arriving in the emergency room should be admitted to a hospital ward within four hours if admission was necessary (and that hospitals would face fines if they failed to achieve this goal), traffic jams of ambulances formed outside one hospital, with patients prevented from entering the emergency room until the hospital could comply with the directive. Other hospitals designated corridors as wards so they could claim that patients on stretchers had been admitted in time.
In the United States, after President Barack Obama's health care law proposed fining hospitals that readmitted too many patients within 30 days of discharge, editorials in the New England Journal of Medicine pointed out the dangers posed by that rule. They omitted to say that when giant bureaucracies set targets for others to reach, they intend not so much to procure improvement as to impose control.
Theodore Dalrymple, a retired British doctor, is a contributing editor of City Journal and a Manhattan Institute fellow. This piece is adapted from the summer issue of City Journal.
Source: http://www.mailtribune.com/apps/pbcs.dll/article?AID=/20120811/OPINION/208110306/-1/rss06
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Chimamanda Ngozi Adiche
Chimamanda Ngozi Adichie, one of the most popular authors among the contemporary Nigerian writers, will begin this year?s Farafina Creative Writing Workshop on Tuesday, August 8, 2012. The ten-days workshop is to hold at Victoria Island, Lagos.
The creative writing workshop, sponsored by Nigerian Breweries, has selected 22 writers from about 900 applicants, who are to be taught creative writing at the workshop. The selected applicants include Richard Ali, Yewande Omotosho, Nnamdi Eme-Awa and Abdulaziz Abdulaziz, a staff of Blueprint.
This year?s workshop, unlike the previous ones, is not going to be anchored by adichie alone. The Caine Prize winning Kenyan author, Biyanvanga Waina, is also billed to be one of the teachers. Jeff Allen is also one f the teachers. The workshop will feature a lot of reading and discussion of fiction, some writing exercises, and discussion of works produced by the participants.
Other students of the workshop are Yemisi Ogbo,??Nana Darkoa Sekyiamah, Onomarie Farncesca, Chidinma Nna, and Husnee Hayat.
The workshop is being sponsored by Nigerian Breweries to promote creative writing across Africa. ?I have been writing for four years now. I don?t know some criteria of writing. Learning what I don?t know is the reason why I applied for the workshop.? Husnee Hayat said when she was asked about the essence of the workshop to her literary career. ?Amanda, Wainana and Allen are bigger writers. Their tutelage, I believe, will make me a better writer. Becoming a better writer is the reason why I am attending the workshop.? Hayat added.
Filed Under: Writing
Source: http://blueprintng.com/2012/08/adichie-starts-2012-farafina-workshop-next-week/
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