World title controversy behind me: Semenya

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Source: http://news.yahoo.com/world-title-controversy-behind-semenya-093501871--oly.html

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Laurence J. Kotlikoff: What Neither Candidate Will Admit -- Social Security Is Desperately Broke

As I pointed out in my recent Bloomberg op-ed, Social Security is desperately broke -- 31 percent underfunded to be exact. This is not my opinion. This is Social Security's own measure of its unfunded liability contained in table IVB6 of its most recent Trustees Report.

The table's a bit hard to decipher, but it shows that the system is short $20.5 trillion in present value. It needs a 31 percent immediate and permanent increase in annual revenues to pay, over time, all of Social Security's promised benefits. That's close to a 4 percentage-point payroll tax hike! If we wait 20 years, the 31 percent figure rises to 50 percent, which translates into a 6.2 percentage-point tax hike.

In transmitting their report to the public, the seven trustees, including Treasury Secretary Geithner, Labor Secretary Solis, and Health and Human Services Secretary Sebelius, failed to scream "Fire!" Instead, they called for fixing Social Security in "a timely way." I wonder if these people have children or grandchildren.

Presidential hopeful Mitt Romney opposes all tax hikes. Presumably, then, he'd favor resolving Social Security's massive funding gap by immediately and permanently cutting all Social Security benefits by 23 percent.

Why 23 percent? Because Table IVB6 also shows that benefit cuts of this magnitude are what's needed to eliminate the system's long-term funding gap if taxes remain unchanged.

For his part, President Obama has said, "No current beneficiaries should see their basic benefits reduced and [I] will not accept an approach that slashes benefits for future generations." Presumably, then, the president wants to a) eliminate the current 2 percentage-point payroll tax cut and b) raise the tax rate an additional 3.8 percentage points.

Funny, I haven't heard governor tell the country he wants to cut benefits of all current and future Social Security recipients by 23 percent. Nor have I heard the president tell the country he wants to raise Social Security payroll taxes of all current and future workers by 31 percent, which would come on top of a 16-percent hike needed to eliminate his current payroll tax cut.

Maybe the governor thinks keeping taxes too low will raise revenues. And maybe the president thinks keeping spending too high will lower expenditures. Or maybe these gentlemen care more about the next election than the next generation.

Usually, the press would raise some questions. But I haven't found a single article in any of the top newspapers, magazines, or websites referencing table IVB6.

Things are a lot different in New Zealand, which I just visited. The day I landed, the Superannuation Report -- New Zealand's equivalent of the Trustees Report -- came out. I was amazed to hear one talk radio host after another debating how bad the situation was and how much needed to be done now to preclude a bigger burden for younger people in the future. The Kiwis, as strange as this sounds, actually worry about their children's future taxes and benefits. In New Zealand the underlying theme is "Our Kids Are Us." In the U.S. the theme is "Our Toys Are Us."

I've received a large number of comments to my Bloomberg column, which lays out why table IVB6 is the only appropriate measure of the system's insolvency. Many of the comments suggest that Social Security can never go broke because the government can always print money and give it to Social Security beneficiaries.

But Social Security's obligation is to paying real benefits, i.e., providing people with money that will suffice to purchase a basket of real goods and services. The government can hand us each 20 million $1 bills. As we spend it, this will drive up the price level sky high and leave us, on average, consuming nothing more in real terms. So printing 20.5-trillion dollar bills is no answer. Doing so will lead to hyperinflation and leave our country in even worse shape.

The other frequent response to my column was "Let the kids fend for themselves. I paid in my taxes. I'm entitled to collect every single dollar of Social Security benefits I earned. We baby boomers need to defend our rights." This too is an inappropriate response. If our government makes promises it can't keep/afford, we all can't say, "But Uncle Sam promised!" Instead, we need to come to an agreement about how to deal with our government's insolvency (and Social Security's problem is just a huge tip of a gargantuan iceberg) that's fair across and within generations.

A third response was to lift the ceiling on the payroll tax. Under this policy, people making above $110,100 this year would pay Social Security's 12.4-percent combined employer/employee tax on every penny of labor earnings they receive whether on the job or due to self-employment. Whether or not you feel this is the right thing to do, it's not enough. It comes up with only about 40 percent of the revenue needed to balance Social Security's books over time.

I think we need much greater progressivity in our fiscal system, but I also think that patchwork fixes to Social Security aren't the way to go. At www.thepurpleplans.org, you'll see how non-partisan economists would fix many of the economic problems we face. This red plus blue makes purple policy platform is available for free to both the Democrats and Republicans. Please feel free to send the link to your members of Congress and to the President and Governor.

I'm not asking you to do this. Your kids are asking you to do this.

?

Follow Laurence J. Kotlikoff on Twitter: www.twitter.com/kotlikoff

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Source: http://www.huffingtonpost.com/laurence-j-kotlikoff/social-security-funding-gap_b_1672560.html

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Jadranka Carluccio-Grbic is the Gallery's Featured Artist | Release ...

Light Space & Time Online Art Gallery is extremely pleased to announce that Jadranka Carluccio-Grbic is the gallery?s recent featured artist.

Jupiter, Florida, USA ? July 16, 2012 ? Light Space & Time Online Art Gallery is extremely pleased to announce that Jadranka Carluccio-Grbic is the gallery?s recent featured artist. Jadranka brings a unique and interesting background, training and history to her creative endeavors as a Croatian artist, Medical Doctor by profession and as an assiduous world traveler.

Since childhood, Jadranka experienced a vast cultural heritage which helped enrich and develop artistic soul. After using various means of traditional artistic expression, she discovered the digital medium. Jadranka explains the medium in the following manner, ?digital painting is comparable to oil on canvas or pencil on paper, because the artist does not use a computer to generate images automatically, but rather, that the painting is created on the blank page with no references whatsoever. Drawing, perspective and colors are all generated and created by the artist. The only real difference between digital and the traditional way of painting is in the tool itself. A brush, pencil, canvas or papers are now exchanged with a computer mouse, a digital pen, on a digital means. The digital medium also allows the artist to work with multiple layers, as this allows the artist to correct any error which is much easier than if it was created on a canvas.?

Jadranka?s mixed media paintings are original size, with each painting (biggest) printed on canvas with museum quality giclee technique, hand painted and signed by her, using translucent materic acrylic paint. Jadranka?s vivid and incredible art can be viewed worldwide in many group and solo exhibitions in both galleries and museums, as well as in public and private collections. Her work can also be viewed instantly at the following websites: http://www.jcgart.com and http://www.jcg-fineartdigitalpainting.com.

About Light Space & Time Online Art Gallery

Light Space & Time Online Art Gallery conducts monthly art competitions and monthly art exhibitions for new and emerging artists on a worldwide basis. It is Light Space & Time?s intention to showcase this incredible talent in a series of monthly themed art competitions and art exhibitions by marketing and displaying the exceptional abilities of these worldwide artists.

The art gallery website can be viewed here: http://www.lightspacetime.com

Media Contact:
John R. Math
Light Space & Time Online Gallery
118 Poinciana Drive
Jupiter, FL 33458
888-490-3530
info@lightspacetime.com

http://www.lightspacetime.com

News from ReleaseWire.

Source: http://www.releasewire.org/07/2012/arts-entertainment/jadranka-carluccio-grbic-is-the-gallerys-featured-artist/

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Knowledge Tree Raises $4.75 Million To Advance SaaS-Based Document Management

Knowledge Tree started as an on-premise software company. In 2010, the company pivoted to the cloud. Today, the software-as-a-service (SaaS) company originally from South Africa announced a $4.75 million Series B round of venture capital investmen from River Cities Capital Funds, Core Capital Partners, Hatteras Funds, and lead Series A investor Hasso Plattner Ventures Africa. Knowledge Tree provides a twist the normally mundanee task of document management by using social technologies to help in the authoring and subsequent collaboration around documents within a structured environment.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/Eksk-Dkc_6Y/

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Roger Federer's Twins: Cutest Tennis Fans Ever?

Roger Federer won his 17th Grand Slam title at Wimbledon Sunday, but it was the first in which the tennis legend's twin daughters joined in the celebration.

As if the trophy presentation wasn't emotional enough after Andy Murray's runner-up speech, the world got to see Myla and Charlene Federer, 2, cheer on dad.

Wearing identical black and white dresses and matching pigtails, the blonde cuties sat with their mom, Mirka, who has been married to Roger since 2009:

Helping out with the twin toddlers: Federer's mother, Lynette.

The foursome were cheering and applauding in the stands as Federer, 30, bested Murray, 25, in his bid to become the UK's first homegrown winner since 1936.

Roger made a big deal out of his little girls during the last two weeks, taking them onto Centre Court with him to experience Wimbledon for the first time.

Myla and Charlene weren't the only stylish siblings in the stands. Pippa and Kate Middleton sat side by side while crossing their fingers for a Murray victory.

Unfortunately for the Duchess and her sister, it was not to be. But it's awfully hard not to like Federer, even before you see those adorable little kids.

Source: http://www.thehollywoodgossip.com/2012/07/roger-federer-twins-cutest-cheering-section-ever/

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Airport crisis will damage Britain, Branson warns

FARNBOROUGH, England?? Britain's economy will fall behind the rest of Europe unless London's capacity-constrained Heathrow hub gets a third runway and the government improves immigration services, serial entrepreneur and Virgin Atlantic founder Richard Branson said.

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"There should have been a third runway at Heathrow in the 1940s and only two got built," Branson told Reuters in an interview. "Meanwhile, in France, Germany and Italy about 24 new runways have been built and, as a result, Britain is being held back."

BAA's Heathrow is operating at full capacity after Britain's Conservative-led coalition government blocked development of a third runway when it came to power in 2010 as further expansion of the west London site would mean a huge increase in the number of planes flying directly over the capital.

There were 476,197 flights at Heathrow in 2011, representing 99.2 percent of the airport's limit.

Heathrow is falling behind rival European airports in Paris, Frankfurt and Amsterdam in the battle for lucrative routes to the Far East because of the constraints on growth.

Branson said a lack of space at the London hub was stopping Virgin Atlantic competing with IAG's British Airways domestically and on routes to emerging markets.

"We can't fly to Beijing or most of the Far Eastern or African routes in competition with British Airways and we also can't fly to most of the emerging south American destinations," said Branson. "Because Virgin Atlantic is being held back it means we can't fly in hundreds of thousands of people who will go elsewhere in Europe instead."

The billionaire tycoon also called on the British government to abolish the UK's tax on flying - Air Passenger Duty (APD) - and take action to improve immigration services at UK airports.

"Britain should make arriving at the airport in immigration the most magical, wonderful thing. It should be 'welcome to Great Britain' not 'we suspect every single one of you of being terrorists'," he said.

Virgin Atlantic plans to bid for slots at Heathrow to start daily flights to Moscow next year after IAG was forced to sell 12 landing slots at the airport following its takeover of bmi, said Branson.

(c) Copyright Thomson Reuters 2012. Check for restrictions at: http://about.reuters.com/fulllegal.asp

Source: http://www.msnbc.msn.com/id/48116584/ns/travel-news/

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China's Wen warns economy under pressure

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Source: http://news.yahoo.com/chinas-wen-warns-economy-under-pressure-144852445--finance.html

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