Daily Digest 5/3 - World Is 'Safer' After Pakistan Raid, Risk Of Chaos If Syria Fails, The Future Of Offshore Wind Farms
- Obama Calls World ‘Safer’ After Pakistan Raid
- John Williams: Hyperinflation and Double-Dip Recession Ahead
- Extra Tax Revenue to Delay Debt Crisis
- As Food Stamp Recipients Hit New Record, 400 Americans Account For 10% Of Capital Gains
- ‘Doomsday Scenario’ If Syria Fails
- Hundreds of Miles of Wind Farms, Networked Under the Sea
- A Life’s Toil Along the Big River, Lost as It Rises
Bin Laden, the leader of Al Qaeda and the most hunted man in the world, was found not in the remote tribal areas along the Pakistani-Afghan border where he has long been presumed to be sheltered, but in a large compound in the city of Abbottabad, about an hour’s drive north from the Pakistani capital, Islamabad.
S&P is noting the U.S. government's long-range fiscal problems. Generally, you'll find that the accounting for unfunded liabilities for Social Security, Medicare and other programs on a net-present-value (NPV) basis indicates total federal debt and obligations of about $75 trillion. That's 15 times the gross domestic product (GDP). The debt and obligations are increasing at a pace of about $5 trillion a year, which is neither sustainable nor containable. If the U.S. was a corporation on a parallel basis, it would be headed into bankruptcy rather quickly.
Extra Tax Revenue to Delay Debt Crisis (jdargis)
Federal borrowing is still likely to hit the legal limit on May 16, the Treasury said, so this week it will begin to take emergency steps to buy additional time under the cap. Those steps, plus the increase in tax receipts, which have reduced the need for borrowing, will delay a crisis by about a month — to August from July.
One of the more interesting documents published by the IRS is its report on the income and taxes of the top 400 taxpayers (pdf). A lot of attention gets focused, rightly, on the remarkably low average tax rate these people pay — less than 17 percent in 2007, the lowest on record. But I was struck by something else: in several years during the last decade the top 400 accounted for more than 10 percent of all capital gains income in America. Just 400 people!
‘Doomsday Scenario’ If Syria Fails (jdargis)
With Syria’s minority Shiite Alawite government overseeing a majority Sunni population, its strategic location and its web of alliances including the radical Hamas and Hezbollah movements, regime change could look a lot more like it did in Iraq than in Egypt — and the ramifications could prove even more profound.
Offshore wind power has significant advantages over the onshore variety. Uninterrupted by changes in terrain, the wind at sea blows steadier and stronger. Installing turbines far enough from shore that they’re invisible except on the very clearest days lessens the possibility of not-in-my-backyard resistance. The challenge is getting the electricity back to land, to the people who will use it.
The Mississippi River, already at record levels here, keeps rising, fed by punishing rains. As the flood protection systems that safeguard countless communities groan under pressure, federal officials moved forward Monday with plans to sacrifice the levee protecting the area Mr. Bennett calls home, locally known as the spillway, for the greater good of the region.
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