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10 things Social Security won’t tell you: The truth about the agency’s bottom line

“About a third of workers in their 50s expect Social Security benefits to be their primary source of income in retirement. The Social Security Administration itself has said that unless something is done to reform the system, it will have to reduce benefit payments to retirees within the next few decades. Less talked about, perhaps, is the concern that the program is having a hard time paying its bills today. In 2010, the Social Security Administration began collecting less revenue in taxes than it needs to cover benefit payments, forcing the agency to tap its $2.7 trillion trust fund sooner than some had expected.” Continue reading →

10 things baby boomers won’t tell you: The aging Me generation is still putting itself first

“Boomers are expected to live longer than any previous generation. At the same time, many haven’t saved nearly enough for retirement. More than 44% of early boomers (defined as those born between 1948 and 1954) and 43% of late boomers (born between 1955 and 1964) may not be able to afford basic living expenses in retirement. [..] Nearly one in six people ages 45 to 64 say that paying for their kid’s college tuition got in the way of saving for their own retirement. That’s not surprising, given that the typical middle-income family will spend more than $230,000 to raise a child from birth to age 18, up 23% (in today’s dollars) since 1960.” Continue reading →

Bill Bonner: The war on the young

“Rules, regulations, restrictions – he doesn’t recall voting for a single one. Instead, they were imposed upon him. So were the costs of today’s omni-eternal state with claims – in the US alone — on (according to Niall Ferguson) some $238 trillion of future output. Dear reader, between the time when we grew up and today the world has changed. It has been taken over by zombies, desperate to drain the future so they can enjoy it now. Old people get their benefits. Their laws. Their privileges. They get to have things more or less as they want them. And the young? Take it or leave it. No wonder so many are trying to leave.” Continue reading →

‘Frustrated’ Monsanto withdraws all EU approval requests for new GMO crops

“The move reflects the frustration felt by many biotech companies towards the EU’s approval system for GMOs. Decisions routinely face years of delays, and only three varieties have ever been given the green light for cultivation. While Monsanto’s MON810 maize has been approved for cultivation throughout the EU, several countries including France, Germany and most recently Italy have imposed national bans, driven by strong public opposition to the technology. Last year, German biotech producer BASF halted the development of genetically modified crops in Europe and moved all of its European GMO research operations to the United States.” Continue reading →

Colbert: If poor people want food stamps, they should become massive corporations

“‘The Farm Bill is a routine piece of legislation that provides subsidies for farmers while setting aside money for food stamps. It’s a win-win, help for the folks who grow the corn and help for folks who live on nothing but corn syrup.’ ‘But, last week, House Republicans agreed to an historic compromise on food stamps,’ said Colbert, ‘by eliminating the food stamps.’ ‘It is a principled conservative message based on the old adage, ‘Give a man a fish and he’ll eat for a day. Take away his food stamps, and he’ll found FishCo, a multinational food conglomerate that gets a massive subsidy in the next Farm Bill.’'” Continue reading →

Terminator to the rescue? Watch the most advanced humanoid robot in action

“It’s the stuff of science-fiction movies: A six-foot-two, 330-pound humanoid robot that is agile enough to climb using its hands and feet. And it is what DARPA, a research arm of the U.S. Department of Defense, hopes one of seven teams will be able to turn into an life-saving emergency responder in disasters. ATLAS is one of the most advanced humanoid robots ever built, according to DARPA. The robot has two sets of hands, 28 hydraulic joints, stereo cameras and a laser range finder. It was created by Boston Dynamics.” Continue reading →

Housing’s Mini-Bubble Has Popped.

“Mortgage rates are up. Mortgage applications are down. New home permits are down. New home construction is down. Not a little down. ‘Falling off the burning trestle’ down. Bernanke did it. Let us not forget this after he retires next February. Bernanke did it. When the bad news on housing is on the evening news, recall once again: Bernanke did it. With QE3 pouring $40 billion of newly counterfeited money a month into Fannie/Freddie, and mortgage rates rising from 3.35% to 4.6% in two months, let us sing the chorus: Bernanke did it.” Continue reading →

San Antonio Public School Officials End RFID Tracking Program

“After a drawn-out battle waged in court and within the community, school officials with the Northside Independent School District have announced their decision to stop using a student tracking program that relied on RFID tracking badges containing tiny chips that produce a radio signal, enabling school officials to track students’ location on school property. Students who refused to take part in the ID program were not able to access essential services like the cafeteria and library, nor would they be able to purchase tickets to extracurricular activities. According to Hernandez, teachers were even requiring students to wear the IDs to use the bathroom.” Continue reading →