Farmer jailed in Hong Kong for burning flag

A man has been jailed in Hong Kong for burning the national flag, in the first sentence of its kind.

S Korea suspends savings banks citing weak finances

South Korea has suspended seven local savings banks citing the weak state of their finances.

Japan urges mass evacuation ahead of Typhoon Roke

More than a million people in central and western Japan have been urged to leave their homes as a powerful typhoon approaches.

Burma begins swap scheme for cars over 40 years old

Owners of some of Burma's most antiquated cars have been queuing in Rangoon to exchange their old vehicles for permits to import newer models.

Polio strain spreads to China from Pakistan

Polio has spread to China for the first time since 1999 after being imported from Pakistan, the World Health Organization (WHO) has confirmed.

Showing posts with label Reform. Show all posts
Showing posts with label Reform. Show all posts

Monday, October 3, 2011

Chamber of Commerce, Bloomberg Push Immigration Reform

AppId is over the quota
AppId is over the quota

The U.S. Chamber of Commerce and New York City Mayor Michael Bloomberg are pushing what they see as a bipartisan way to create jobs and improve the nation's economic outlook: attract and keep highly skilled immigrant workers and entrepreneurs. In a forum Wednesday morning, Chamber President and CEO Tom Donohue said many people assume immigrants take jobs, but they actually create them—and can contribute to United States competitiveness in the future. "If we don't keep the skilled people in this country after they are educated in our universities and our institutions," Donohue said, "companies have a simple choice: If we can't get them here and they go somewhere else, we send the work to where they are."

Bloomberg, in his keynote speech at the forum, added that increased government spending and budget cutting won't prevent a double-dip recession; only economic growth will. And skilled immigrants spur that growth, he said. "In today's global marketplace, we cannot afford to keep turning away those with skills that our country needs to grow and to succeed," Bloomberg said. "It is sabotaging our economy. I've called it national suicide, and I think it really is."

[Check out a roundup of political cartoons on immigration reform.]

Bloomberg sees the plan as political middle ground for Democrats and Republicans eyeing elections at a time when repeated attempts at immigration reform over the past decade have stagnated. He said it would not be a panacea, but would create jobs and strengthen the economy.

He counters the charge that an increase in skilled immigrants would mean fewer jobs for Americans. "There is no such thing as too many engineers, too many scientists, or too many technological innovators. We need all of them in this country," he said, adding that foreign-born experts in science, technology, engineering, and math fields can provide a way out of the unemployment ditch the United States. finds itself in.

First, Bloomberg said, the United States must expand the number of green cards available to "the best of the best" high-skilled workers. These workers can start businesses and provide valuable knowledge of foreign markets, he said.

Second, Bloomberg and the Chamber want an easy, clear path for foreign students earning advanced degrees in the United States to get green cards. "Turning students out of the country is, to put it bluntly, about the dumbest thing we could possibly do," Bloomberg said, complaining about the uncertain and arduous process in place now. "Other countries are bending over backwards to attract these students, and we're helping them to do it. We've become the laughingstock of the world with this policy."

Third would be a conditional visa program for entrepreneurs who have the capital to back their business plans, giving legal status to those whose businesses grow and create jobs for Americans. "America already has some of the most enterprising individuals on earth. But entrepreneurs are like engineering Ph.D.s and computer scientists," Bloomberg said. "You just can't have enough of them."

[Read: After 9/11, Immigration Became About Homeland Security.]

And finally, the fourth piece of the plan would be to proactively attract talented workers to the country. Bloomberg suggests one way to do this is to loosen up visa restrictions and caps, including the cap on the number of H-1B visas—those for highly-skilled workers—and the quotas for employment visas based on country. H-1B visas often run out before the end of the year, leaving tech companies struggling to hire engineers and other technical employees. This year, the Department of Homeland Security already had overwhelmingly more than enough applicants to fill its 65,000 cap by January. "This is just absurd to deny American companies access to the workers they need, Bloomberg said. "The government doesn't know how many skilled workers are needed each year. Only the market does. So let the markets work."

Other countries like China, Israel, and Chile are already working hard to attract intellectual capital and the financial capital that follows, he said, adding that this means the United States must compete more than ever before. "The global economy is changing everything. People and resources are moving more freely than ever before," Bloomberg said. "As a result, America no longer is the inevitable crossroads for enterprise and innovation."



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Peliculas Online

Monday, September 26, 2011

5 Ways to Reform Social Security

AppId is over the quota
AppId is over the quota

In an economy this weak, no news is good news.

New Census data shows that from 2007 to 2010, median household incomes dropped for every age group except people 65 and older, for whom it actually grew 5.5 percent since the period before the recession. But a Census Bureau official also tells U.S. News that data suggest that household income may be on the rise due to seniors "doubling up"—combining households with other family members or individuals—not to mention the many older Americans who have been forced to delay retirement and are still working.

[Read about the president's job-creation ideas.]

Given the fiscal challenges facing both the federal government and America's large and growing population of seniors, it's no wonder why the program is a hot-button issue. According to the nonpartisan Congressional Budget Office's 2011 long-term budget outlook, the program's trust fund is projected to be insolvent as early as 2036. Meanwhile, the Census Bureau reported this week that 13.8 million Americans 65 and older would be below the poverty threshold if it weren't for income from Social Security. Many seniors rely heavily on the program: 43 percent of unmarried Social Security recipients get 90 percent of their income from the Social Security, whose average monthly payout for an individual retiree as of December 2010 was $1,176, making for an annual payout of $14,112.

Republican presidential candidates have begun touching the so-called "third rail" of America politics, none more forcefully than Texas Gov. Rick Perry who has branded it a Ponzi scheme. However, candidates' assertions that the system needs to change outnumber concrete ideas about reforming the system. This is understandable, as every potential solution seems to carry with it a heavy economic or political price tag. Below are a few of the more common ways to reform Social Security and the risks, political and economic, they bring.

[Read about how the Fed might try to grow the economy.]

Switching the Cost Of Living Calculation

Currently, Social Security's cost of living adjustment is determined by using the traditional Consumer Price Index. The "chained" CPI, however, attempts to reflect how consumers change their spending habits in response to price changes—buying chicken when the price of steak goes up, for example. While this will mean smaller benefits, it could particularly hurt older beneficiaries.

"The very fact that it raises money shows that less money is going to people," says Monique Morrissey, an economist at the liberal Economic Policy Institute. "The oldest old tend to be the poorer population in Social Security."

Means-Testing

It sounds like an easy fix—shift money from the wealthiest retirees to the recipients who need it most—but in the long run, the politics of means-testing might jeopardize the program's popularity. Making Social Security more redistributive takes away from one of its basic premises: that workers who pay in more over their working lifetimes get more out of it in retirement. Viard says that means-testing is unpalatable on two levels: "That's a penalty on saving, so I think that makes it economically undesirable. [And] it makes Social Security look like a welfare program, which is politically unappealing." Morrissey agrees that such a change would hurt the system's wide approval. "The political problem is that, historically, programs that become focused on low-income workers eventually shrink. Social Security's strength is that it's universal," she says.

Raising the Retirement Age

Proponents of this solution point out that life expectancies have grown, meaning that beneficiaries receive benefits for longer and thus can and should also work longer. Raising the eligibility age for full benefits is a solution that makes logical sense but could mean hardship for some. "Some people have easy jobs that they really love, and some people have jobs that they don't want to do at 68 years old," like assembly line work, says David Shulman, senior economist at UCLA's Anderson Forecast. Morrissey points out that raising the retirement age thus means a benefit cut for many, as workers are first eligible for benefits—albeit reduced—at 62. "[Raising the normal retirement age] doesn't directly in any way affect when people retire; it just reduces how much they get at any given age," she says.



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