Yearly Archives: 2013

Bradley Manning Trial: ‘Aiding the Enemy’ Charge is a Travesty of Justice

"The government’s charge that Manning 'aided and abetted the enemy,' which carries a possible life-sentence in prison, is based on the argument that the information Manning leaked was of interest to Osama bin Laden and other terrorist organizations. But as Glenn Greenwald points out in a recent Guardian column, the prosecution’s theory poses a serious threat to the freedom of the press and turns virtually all leaks and whisteblowing into a form of treason. Since bin Laden claimed to have read and recommended Bob Woodward’s journalism, should Woodward also be locked in solitary confinement and stripped of his clothing?" Continue reading →

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U.S. lawmakers blast Guantanamo’s $2.7 million per prisoner cost

"The current cost of operating the facility has jumped to $454 million in the fiscal year ended September 30, according to the U.S. Department of Defense, or about $2.7 million for each of the 166 inmates. Overall, $4.7 billion has been spent running Guantanamo since the facility opened in 2002. By comparison, super-maximum security prisons in the United States spend about $60,000 to $70,000 at most to house their inmates, analysts say. Advocates for closure also argue that holding prisoners for years without charge or trial is a stain on the United States. They say Guantanamo is a threat to national security because it is a powerful recruiting tool for militants." Continue reading →

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What’s Up with Inflation?

"Many argue that these weightings skew the CPI lower, as do hedonic adjustments. The motivation for this skew is transparent: since the government increases Social Security benefits and Federal employees' pay annually to keep up with inflation (the cost of living allowance or COLA), a low rate of inflation keeps these increases modest. Those claiming the weighting is accurate face a blizzard of legitimate questions. For example, if healthcare is 18% of the U.S. GDP, i.e. 18 cents of every dollar goes to healthcare, then how can a mere 7% wedge of the CPI devoted to healthcare be remotely accurate?" Continue reading →

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Japanese companies using ‘banishment rooms’ to push employees to resign

"While business circles are trying to make it smoother and easier for companies to let go of employees (with full benefits of course) they feel lack initiative and drive and are not a good fit, it’s having a reverse effect on employers. Those who want to fire certain workers but cannot bring themselves to do so are using 'banishment rooms' to indirectly force them to resign on their own. Basically, banishment rooms are departments where companies transfer surplus employees and give them menial or useless tasks or even nothing to do until they become depressed or disheartened enough to quit on their own, thus not getting full benefits, unlike if they were actually let go." Continue reading →

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China Orders Ban on New Government Buildings

"Debt-fueled spending by local governments, partly for new buildings but also for roads, sewers, water systems and other projects, has been a growing worry in recent years for Beijing policy makers, as well as for economists and credit-rating agencies around the world. Most tallies of total local government debt in China tend to be in the vicinity of $2 trillion, equal to three months of China’s entire economic output, but some estimates are even higher. A clear loophole in Tuesday’s directive is that it does little to rein in spending by enterprises partly or entirely owned by government entities." Continue reading →

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Basta ‘La Casta’: No End in Sight to Italy’s Economic Decline

"Italy, despite being the third-largest economy in the euro zone after Germany and France, finds itself in dire straits, having been in decline for years. Its GDP has dropped by 7 percent since 2007. But economic growth only tells part of the story. More than half a million industrial jobs have been lost since 2007, and 15 percent of the country's industrial capacity is gone, says Luca Paolazzi, head of research for Confindustria, Italy's leading industry association. Paolazzi, Italy is experiencing an 'unprecedented process of deindustrialization.' According to Confindustria, the Italian economy faces a tax burden that is 20 percent higher than in Germany." Continue reading →

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Spanish Pension Raids Spell Bad News for Bond Sales

"Spain’s Treasury may find one of its best customers less eager to buy its bonds as budget woes lead Prime Minister Mariano Rajoy to raid a government piggy-bank for a second year. Created in 2000 to guarantee pension payments in times of hardship, the 59.3 billion-euro ($78 billion) Fondo de Reserva was tapped for the first time in December for 7 billion euros to fund Christmas bonuses and a monthly increase for retirees. Further withdrawals will have taken an additional 4.5 billion euros by the end of this month, helping to pay for pensioners’ summer bonuses and tax refunds." Continue reading →

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‘Neighbor vs. neighbor’ in US cities, Meredith Whitney says

"Meredith Whitney painted a dire picture in a CNBC interview Wednesday of cities slashing services and communities battling for mere survival. The financial advisor and analyst said the financial woes facing bankrupt Detroit will become common around the country as local governments do whatever they can to escape onerous debt burdens. 'I think you're going to see a real issue of neighbor against neighbor on these very issues,' she said during a 'Closing Bell' conversation. 'That has been glossed over for years. What's at stake are social services we count on.'" Continue reading →

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Are You Earning More or Less Than the US Median Income?

"Median weekly earnings of the nation's 104.2 million full-time wage and salary workers were $776 in the second quarter of 2013, the U.S. Bureau of Labor Statistics reported today. Among men, those age 45 to 54 and 55 to 64 had the highest median weekly earnings, $1,007 and $1,023, respectively. Usual weekly earnings were highest for women age 35 to 64; weekly earnings were $760 for women age 35 to 44, $767 for women age 45 to 54, and $789 for women age 55 to 64. Workers age 16 to 24 had the lowest median weekly earnings, at $452." Continue reading →

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