IRS: Retirement Plans Can Make Loans, Hardship Distributions to Sandy Victims
IR-2012-93, Nov. 16, 2012
WASHINGTON — As part of the administration’s efforts to bring all available resources to bear to support state and local partners impacted by Hurricane Sandy, the Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Sandy and members of their families.
401(k) plan participants, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, and state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures.
Retirement plans can provide this relief to employees and certain members of their families who live or work in the disaster area. To qualify for this relief, hardship withdrawals must be made by Feb. 1, 2013.
The IRS is also relaxing procedural and administrative rules that normally apply to retirement plan loans and hardship distributions. As a result, eligible retirement plan participants will be able to access their money more quickly with a minimum of red tape. In addition, the six-month ban on 401(k) and 403(b) contributions that normally affects employees who take hardship distributions will not apply.
This broad-based relief means that a retirement plan can allow a Sandy victim to take a hardship distribution or borrow up to the specified statutory limits from the victim’s retirement plan. It also means that a person who lives outside the disaster area can take out a retirement plan loan or hardship distribution and use it to assist a son, daughter, parent, grandparent or other dependent who lived or worked in the disaster area.
Plans will be allowed to make loans or hardship distributions before the plan is formally amended to provide for such features. In addition, the plan can ignore the limits that normally apply to hardship distributions, thus allowing them, for example, to be used for food and shelter. If a plan requires certain documentation before a distribution is made, the plan can relax this requirement as described in the announcement.
Ordinarily, retirement plan loan proceeds are tax-free if they are repaid over a period of five years or less. Under current law, hardship distributions are generally taxable. Also, a 10 percent early-withdrawal tax usually applies.
School Choice: Securing a Better Future for Our Country
by Andrew Campanella
It’s time to take the fight for school choice in America to a new level. To ensure that millions of additional children have access to the best schools possible, we must — must — reach tens of millions of additional Americans and galvanize their support for educational equality.
With one American child dropping out of school every 26 seconds, we cannot wait. Our country faces an education crisis, and it’s up to us to let our friends and neighbors know — en masse — that school choice CAN provide an essential and beneficial solution for families across the country.
To help make this vision a reality, National School Choice Week will host the first-ever nationwide, whistle-stop train tour in support of school choice.
The goal of this tour — along with the record-breaking 3,000 events being independently planned for National School Choice Week 2013 — is to demonstrate overwhelming support, and demand, for school choice…while shining a positive spotlight on the hundreds of organizations, thousands of schools, and millions of Americans working every day to increase access to great schools in our country.
The National School Choice Week Special — a historic railcar — will depart Los Angeles Union Station on January 25, 2013 and arrive in New York on February 2, 2013. Parents, students, community leaders, education organizations and elected officials of both parties will host 14 very special events along the tour’s route.
The Special will link the modern-day fight for educational equality to important movements that have shaped the American way of life — from suffrage to civil rights — all of which used similar whistle-stop tours to generate overwhelming support for causes that changed our history for the better.
With bold strokes, our generation can — and will — make its mark on the tapestry of our national experience. Social change isn’t just something we read about in history books. It’s something we can make a reality, and in the process, secure for ourselves not only a place in history books yet unwritten, but secure for our country a brighter and more prosperous futurewhere no child is denied the opportunity to attend the best schools possible.
SUNDAY DECEMBER 2, 2012, 11:44 PM
BY LESLIE BRODY
STAFF WRITER
THE RECORD
Spend a while at Pascack Hills High School in Montvale, one of the first in New Jersey to hand every student a laptop, and you’ll likely hear a teacher tell students to “forty-five it.”
That means closing laptops halfway during a lesson — to a 45-degree angle — so they aren’t tempted to surf the Internet, check email or shop for shoes. It’s one of many techniques savvy teachers are adopting to keep the attention of a generation easily sidetracked by an unprecedented bounty of technology.
As a growing number of schools let iPads, laptops and cellphones enter the classroom, some teachers say they’re shouldering a new role as electronics police. Teachers warn constantly that abused devices will be confiscated. Some continually roam behind the back row to see who is watching what. And in a step that smacks of Big Brother, some have programs that monitor all their students’ screens at the same time, and shut off the computer of anyone goofing off.
BOE GETS $500K BOOSTER SHOT FROM VALLEY FOR STUDENT HEALTH AND WELLNESS PROGRAMMING
Ridgewood NJ, The Valley Hospital has pledged to donate $500,000, payable over five years, to the Ridgewood Public Schools. The donation will support both new and existing initiatives in the areas of health education, fitness and wellness, and disease prevention programs aimed at raising awareness and promoting the benefits of a healthy lifestyle to Ridgewood students, faculty and their families. Examples to be considered include adolescent health and wellness education, diabetes education, injury prevention, and nutrition.
“We truly appreciate Valley’s generosity with this five-year grant,” said Sheila Brogan, Ridgewood Board of Education President. “The Valley Hospital has long been a good neighbor to the Ridgewood Public Schools and a valuable partner in several programs that support the district’s mission of excellence. The Ridgewood Academy for the Health Professions, ongoing classroom speaker series and funding of special projects through the Ridgewood Education Foundation are but a few examples of our ongoing and successful relationship with Valley. Their continued support through this grant will enable us to continue our mutual commitment to the health and wellness of our students.”
Willard School Principal Marianne Williams accepts the award designating the school as a National Blue Ribbon School
Willard School Principal Marianne Williams (left) traveled recently to Washington, D.C., to accept the award designating the school as a National Blue Ribbon School. She was accompanied by Willard teacher Leigh Porod (right), who helped with the Blue Ribbon application. Aba Kumi, Director of the National Blue Ribbon Schools Program, U.S. Department of Education, is pictured in the center.
RHS LEARNING COMMONS COMMITTEE SEEKS COMMUNITY SUPPORT
General Information: Volunteers are seeking community-wide support for the proposed new Learning Commons at Ridgewood High School. Click here to learn more.
Fundraiser: On Friday, January 11, 2013 from 7-11 p.m., the 07450 Schools Committee will host a fundraiser to benefit the Ridgewood High School Learning Commons project, a plan to renovate the current high school library, which is almost 50 years old, and create a modern library for generations of students to come.
The event will take place at The Woodcliff Lake Hilton in Woodcliff Lake and is open to all Ridgewood families and alumni. Due to Hurricane Sandy and the families still suffering, the event that was originally scheduled to take place at the end of November was postponed.
The fundraiser will include cocktails, dinner and dancing, with giving opportunities at all levels. Guests will enjoy live music by Matthew Friedman and Uptown Sounds. Matthew Friedman starred as “The Piano Man” in Billy Joel’s award-winning musical, Movin’ Out.
Admission for the event is $110 per person and $200 per couple, and includes an open bar. The invitation can be downloaded from the Ridgewood High School Learning Commons website: www.RHSLearningCommons.com. All donations made at the event are tax deductible.
Parents, Coaches: Know the Risks of Concussions in Youth Sports The Valley Hospital is Offering Concussion Testing This Month
November 7, 2012 — To assist parents and coaches in protecting young athletes from the serious head injuries that can result from returning to play too soon after a suffering a concussion, The Valley Hospital Sports Institute offers the ImPACT Concussion Management Test. ImPACT (Immediate Post Concussion Assessment and Cognitive Testing) is an innovative computerized evaluation system that assesses the effects and severity of a concussion and helps determine when it is safe for an athlete to return to contact sports following a concussion.
ImPACT testing is suitable for athletes ages 12 and older. It is a 20-30 minute neurocognitive test battery that has been scientifically validated to measure the effects of sports-related concussion. Typically, in the preseason each athlete is given a baseline test. And, when a concussion is suspected during the season, a follow-up test is administered to see if the results have changed from the baseline. This comparison helps to diagnose and manage the concussion. Follow-up tests can be administered over days or weeks so clinicians can continue to track the athlete’s recovery from the injury.
The Sports Institute recently enhanced its Concussion Management Program with the addition of the Biodex BioSway Balance testing unit. The test takes about 5 minutes and provides a psycho-motor assessment of concussion injuries. Athletes should be tested in the preseason to gather baseline information that can be used for comparison in the event of a concussion to assess the extent of the injury and the athlete’s readiness to return to activity.
Since most high schools in the area have the testing in place already, the Sports Institute is providing this service primarily for the recreation and town-sponsored youth sports teams for athletes ages 12 and older.
The next scheduled baseline testing sessions will take place on Thursday, November 15 at 5:00 p.m. and again at 6:30 p.m. at Valley’s Kraft Center, located at 15 Essex Road in Paramus. The tests will be conducted in the 3rd Floor Computer Lab.
Pre-Registration is required, as space is limited. The fee is $25. Please call 201-447-8133 for more information and to register.
A concussion is a brain injury. Concussions are most commonly caused by a bump or blow to the head, but, can also be caused by a sudden deceleration or acceleration of the head. In either scenario, the brain, suspended inside the skull and surrounded by fluid, continues to travel with momentum until it “bangs” up against the skull – causing a brain-bruising injury – or concussion. What may seem to be a mild bump or blow to the head can be serious.
You can’t see a concussion. Signs and symptoms of a concussion can show up right after the injury, or may not appear or be noticed until days or weeks after the injury. If your child reports any symptoms of concussion, or if you notice the symptoms yourself, seek medical attention right away. Common symptoms include: headache, dizziness, feeling foggy, nausea, fatigue and confusion. Common signs include memory loss, a loss of balance and coordination, and changes in personality. Concussion severity varies widely, and the number of signs and symptoms vary also – serious injuries may show few symptoms.
Although less common, bleeding in the brain can occur with some head injuries. Loss of consciousness, mental status deterioration and worsening symptoms raise the concern for a bleeding injury. An athlete does not need to lose consciousness (black out) to suffer a concussion. In fact, less than 10 percent of concussed athletes lose consciousness.
An athlete who suffers a concussion can be at risk for a condition known as Second Impact Syndrome if he or she returns to sports before full recovery. Second impact syndrome is a life-threatening condition in which a second concussion occurs before a first concussion has properly healed, causing rapid and severe brain swelling. Second impact syndrome can result from even a very mild concussion that occurs days or weeks after the initial concussion.
“Second Impact Syndrome can be prevented,” Donald Tomaszewski, Director of The Valley Hospital Sports Institute. “Don’t allow an athlete to return to sports after a concussion until their symptoms have completely resolved and they have been cleared by a medical professional experienced in treating concussions.”
Ridgewood NJ, PSE&G Update: PSE&G crews continue to make progress restoring power throughout the Village. Power has been restored through many areas of town, but clearly, there are still too many homes without power. PSE&G’s progress has been too slow, with too few crews, and the progress is no comfort to those who still have no power. Moreover, much of the information coming from PSE&G has been inaccurate. As stated by Mayor Aronsohn in his recent public statements, village officials continue to relentlessly press PSE&G for more help. Residents are urged to contact PSE&G directly at 1-800-436-7734 to report individual problems. Calling repeatedly may help.
Nor’easter Expected Wednesday: A nor’easter storm is expected to impact the area Wednesday into Thursday. In additional to rain and some snow, the storm may bring potentially damaging winds from Wednesday morning through late Wednesday night. Winds of this magnitude will be capable of producing downed trees and power lines. The National Weather Service has issued a High Wind Watch for our area. Residents should expect the possibility of additional power outages, downed trees and power lines, and delays in ongoing power restoration efforts. Make plans now, and stay informed.
24-Hour Shelter at Mt. Carmel: Mt. Carmel Church is still hosting a 24-hour shelter for residents without power, and has graciously agreed to stay open for the duration of the power outage. They have space for residents to spend the night, and plan to serve hot meals. Please bring your own blankets and pillows. Bergen County’s Shelter in Mahwah is also available. It is located at 281 Campgaw Road, Mahwah, NJ.
Day Time Warming Center: St. Elizabeth’s Church will be open as a warming center Monday – Friday 8:30 AM-6:00 PM. Emmanuel Baptist Church will also be open as a warming center Monday – Friday 9:00 AM – 3:00 PM. Please enter by the Hope Street entrance and use the bell on the left hand side of the door.
Blankets: A limited number of blankets, provided by FEMA, are available on a first come, first served basis at Village Hall. Any resident needing an extra blanket may obtain one, while supplies last, at the Ridgewood Police Department located on the second floor of Village Hall.
FEMA Disaster Assistance Information: If you sustained losses or damage from Hurricane Sandy you may be eligible for disaster aid. You can call to Apply: 1·800·621·FEMA (3362). For more information or to Apply: www.DisasterAssistance.gov
Schools Update: An update from the Superintendent of Schools will be forthcoming in a separate communication from the Ridgewood Public Schools.
Tree Branches: Tree branches ARE NOT ALLOWED IN THE STREET. If you have placed branches in the street, they MUST be removed. Please bring branches to the recycling center.
The conditions outdoors remain dangerous due to downed trees and power lines. Downed wires should always be considered “live.” Stay away from downed power lines. Do not approach or drive over a downed line and do not touch anything in contact with the wire.
For more information, continue to visit oem.ridgewoodnj.net and the Village of Ridgewood and Ridgewood Police Department Facebook pages for updates.
“Lastly, as I watch the news I am concerned about some deterioration of civility caused by stress and the loss of services after Hurricane Sandy. Mediating disputes should not be something the police and emergency services should be dealing with at this point in time. Communities grow stronger by how we treat each other in times of need and distress. It’s important that we continue to do what Ridgewood does best, and that is to watch over each other and help each other. Please be careful, monitor your children and watch over your neighbors.”
Daniel Fishbein, Ed.D Superintendent Ridgewood Public Schools
Stuck on Stupid: Some people will never learn
the staff of the Ridgewood blog
November 4,2012
Ridgewood NJ, it does amaze us how some will use this disaster to try to make cheap political points . Its really pathetic and in very bad taste with all the damage the tri-state area has suffered .Time to grow up !
[email protected] 173.54.30.192
Submitted on 2012/11/02 at 10:29 pm
Didnt happen- all the right wing blogs jumped on this but the governor said unequivocally this did ot happen
GOP = Grumpy Old Pricks
70.192.82.171
Submitted on 2012/11/02 at 6:13 pm
When Fishbein talks about “lack of civility”, he’s no doubt thinking about the teabagging douchebags who hang out here on the yellow blog.
GOP = Grumpy Old Pricks
70.192.82.171
Submitted on 2012/11/02 at 9:43 am
What about FEMA? Is that “necessary government” or “extravagant government”?
Mitt Romney cannot make up his mind on this issue.
On Jnue 13, 2011, in response to a question about federal disaster relief, Romney said, “Every time you have an occasion to take something from the federal government and give it back to the states, that’s the right direction. If you can go even further and give it back to the private sector, that’s even better.”
Two days ago, Romney said, “I believe that FEMA plays a key role in working with states and localitiies to prepare for and respond to natural disasters. As president, I will ensure FEMA has the funding it needs to fulfill its mission.”
What a difference a hurricane makes for the Great Flip-Flopper!
GOP = Grumpy Old Pricks
70.192.87.251
Submitted on 2012/11/01 at 2:50 pm
Conservatives: please stick do your principles and do not accept ANY government aid. Remember, you are “rugged individualists” who are not dependent on government.
Also, call Gov Christie and tell him to stop co-operating with President Obama. Fraternizing with the enemy only helps the socialist and threatens our liberty.
All New Jersey Transit Services Suspended Tuesday October 30th
All NJ TRANSIT Rail, Bus, Light Rail and Access Link service is suspended until further notice due to Hurricane Sandy. NJ TRANSIT implemented a gradual system-wide shutdown of all service starting at 4 p.m. on Sunday, October 28 and continuing through 2 a.m. on Monday morning, at which time the shutdown of all NJ TRANSIT service was completed.
Customers are advised of the following:
Rail Service
All NJ TRANSIT rail service is currently suspended until further notice.
Bus Service:
All NJ TRANSIT bus service is currently suspended until further notice.
Light Rail Service:
All Hudson-Bergen Light Rail, River Line and Newark Light Rail service is currently suspended until further notice.
Access Link Service:
Access Link service in all regions is currently suspended until further notice.
System-wide Cross-Honoring
System-wide cross-honoring of all rail, bus and light rail tickets will be in effect through Wednesday, October 31, until 6 a.m. This will allow customers holding NJ TRANSIT tickets to use alternate means of transportation to get to their final destination, such as PATH, PATCO and private bus carriers. Due to the duration of the storm and the potential impact to the NJ TRANSIT system, this timeframe could be extended if necessary.
Following the conclusion of the storm, NJ TRANSIT will assess the status of the system and test critical infrastructure before making any decisions regarding the potential resumption of service.
Service Updates
For the latest travel information, customers should listen to broadcast traffic reports, visit njtransit.com or access NJ TRANSIT’s Twitter feed at @NJ_TRANSIT. Additionally, NJ TRANSIT will provide the most current service information via the My Transit alert system (www.njtransit.com/mytransit), which delivers travel advisories for your specific trip to your cell phone, PDA or pager. Service information is also available by calling (973) 275-5555.
American Dream Mall project more than just a White Elephant and complements sports neighbors
By Kathleen A. Donovan Bergen County Executive and John D. Mitchell Chairman of the Bergen County Board of Chosen Freeholders
October 25,2012
The Record
WOODY JOHNSON, Steve Tisch and John Mara have an obligation to fans of the New York Jets and New York Giants to put a winning football team on the field. We have an obligation to the people of New Jersey to promote economic development in Bergen County. We don’t tell the Jets whether to start Mark Sanchez or Tim Tebow and we do not need them to tell us how to jumpstart the economy in Bergen County and the region.
American Dream Meadowlands is prepared to put 9,000 construction workers on the job, turning this opportunity into a viable economic engine for the region. They are prepared to create 15,000 new permanent jobs. The only thing standing in their way are the two New York Teams with a misguided view of protecting their economic interests from perceived competition for entertainment dollars.
At a recent New Jersey Sports and Exposition Authority hearing, Mara, representing both teams, worried that amusement attractions and a water park will impact his debt payments on Metlife Stadium. But investors are not worried. The teams just sold the naming rights to the fourth and final cornerstone entrance to their stadium. Would an astute business enterprise have made that deal with the teams if they felt somehow a water park would scare fans away from professional football games? Of course not.
Many fans bemoan the loss of the old Giant stadium and the imposition of personal seat licenses by the teams. The Jets and Giants rejected plans to upgrade the old facility at an estimated cost of $250 million. They choose to keep up with the Joneses – as in Jerry Jones in Dallas. They opted to build a new stadium that, with cost overruns, came in at $1.6 billion. That is their right. It is the American way.
They chose debt
Mara worries about debt on the stadium. But it is debt he and his partners chose to incur.
Let’s look behind the numbers. The NFL contributed a reported $300 million to the construction of the stadium. They gave the teams the opportunity to reap the financial reward of hosting the Super Bowl.
The New York Jets and New York Giants fans were hit with personal seat license fees that were geared to raise another $800 million. So how much debt do Johnson, Tisch and Mara really have? The public does not know. But we doubt we will need to throw a benefit for them anytime soon.
The New York teams tell us their fight against American Dream Meadowlands is all about traffic. We all would like to leave our homes, work sites and, yes, entertainment venues without encountering any traffic on our drive to our next destination. But this is New Jersey and traffic is a fact of life every day, not just when the teams are playing.
We are resourceful, we plan trips around traffic. You try to avoid major highway arteries during the holiday season. You don’t drive by the neighborhood school when the kids are being dropped off in the morning. You probably won’t choose to leave the water park and amusement area as a football game is concluding. And if you are at the game, you likely will come over to American Dream for a post-game meal or to visit the attractions while the traffic is dissipating.
A win-win for everyone
American Dream Meadowlands will complement, not complicate, life for the teams and their fans. If the teams, developers and Sports Authority work together to enhance the total game day experience for both patrons and fans, this will be a win-win for everyone.
And, most importantly, people – 9,000 construction workers and 15,000 people with permanent jobs, and all the ancillary jobs created – will go back to work in Bergen County.
PSE&G Ramps Up Preparations for Hurricane Sandy
October 26, 2012
Provides safety tips for customers
(October 26, 2012 – Newark, NJ) – Public Service Electric and Gas (PSE&G) Company, New Jersey’s largest electric and gas utility, is continuing to closely monitoring the track of Hurricane Sandy and is ramping up emergency preparations. Although the storm is now tracking further south, it is still expected to bring heavy rain, strong winds and flooding to our service territory. At this time, Hurricane Sandy is expected to begin impacting New Jersey as early as late Sunday with the full brunt of the storm hitting the area Monday into Tuesday.
In anticipation of Hurricane Sandy, PSE&G has requested more than 1,300 linemen and 600 tree contractors from utilities in other states to assist our highly skilled crews. The utility’s call center will be fully staffed to handle calls from customers. Other employees will assist with assessing storm damage, keeping the public away from any downed power lines and other functions that support restoration efforts.
Since Hurricane Irene and the October snowstorm in 2011, PSE&G has made additional investments in our electric delivery system to help withstand storms.
• Replaced older 26,000-volt lines with lines capable of carrying 69,000 volts. These lines provide greater protection against lightning strikes and can better withstand wind and rain.
• Spent about $28 million pruning trees away from power lines.
• Tightened coordination with county Offices of Emergency Management to ensure that public officials have the latest information on outages and restoration progress.
• Compiled a list of school administrators and superintendents to contact in case schools are affected by outages.
• Made some improvements to our automated call answering systems.
Just as the utility is preparing for Hurricane Sandy, we urge our customers to do the same. It’s wise to have an emergency kit on hand year round. Here are some things to include:
• A battery powered radio.
• A corded telephone (cordless phones will not work if the power is out)
• Flashlights and extra fresh batteries.
• A first-aid kit.
• Bottled water and an adequate supply of non-perishable food.
• A non-electric can opener.
• Extra blankets and sleeping bags.
• A list of emergency phone numbers, including PSE&G’s Customer Service line: 1-800-436-PSEG.
A storm like Hurricane Sandy has the potential to interrupt service. High winds might cause trees to brush up against power lines, and lightning could strike and damage trees or pole-top equipment. There also is the potential for trees to be uprooted.
Depending on the severity of the storm, response times for both electric and gas emergency services may be longer than usual. PSE&G asks for our customers’ patience and cooperation as we work to safely restore service as quickly as possible. As the storm gets closer, the utility will provide information about estimated restoration times.
To report downed wires or power outages, customers should call PSE&G’s Customer Service line at 1-800-436-PSEG. PSE&G uses an automated system to handle customer calls as efficiently as possible. Customers who get an automated response when calling PSE&G are encouraged to use it, as it is designed to route their calls to the right destination quickly. The system also provides the option to speak directly to a customer service representative. If you have specific information regarding damage to wires, transformers or poles, we ask that you speak with a representative to provide that information.
Customers with a handheld device, or who are at an alternate location with power, can also report power outages and view the status of their outage by logging in to My Account at pseg.com. General outage activity throughout our service territory is available online at www.pseg.com/outagecenter and updates are posted on pseg.com during severe weather.
In addition, PSE&G will activate its Twitter page to keep the public informed about our restoration progress. Sign up as a follower at https://twitter.com/psegdelivers to monitor restoration progress.
A Step Forward – Even A Small Step Forward – Is Far Better Than Continuing Our Backwards Slide
October 25,2012
By Ian Linker
It is time for a modicum of pragmatism. Defeating Barack Obama will not be the end of a journey and it is not an end in itself. But it is a critical step. It is a critical step because an Obama reelection portends severe trouble for the United States and its economy and could – without much, if any, hyperbole – jeopardize our ability to function as a sovereign nation. Therefore, we must – quite simply – do what we can to defeat President Obama in this election.
Rather than supporting a third-party candidate, an idealist, who has virtually no chance of winning or standing on ceremony and not voting at all; thus, making an Obama win more likely, why not support the candidate who will lead us away from the abyss and has a bona fide chance to prevail. Even if a hypothetical third-party candidate had a chance at winning, however, he would likely not be able to govern effectively. Taking big steps often is neither practical nor possible in our political system. We effect real change in this country through baby steps.
Like it or not, America has a rigid two-party system. And the parties as currently configured have polar-opposite views on most of the big issues facing our nation. In such an environment, big steps – as much as many want them – may be impossible to achieve for two reasons. First, given the leftist proclivities of the mainstream media and the significant plurality of the American public that rely on the traditional media for its information, a principled idealist who wants everything or nothing would have virtually no chance to win a nationwide general election. Second, governing with anything other than a majority of like-minded Congressmen in the House and a cloture-proof majority in the Senate would be impossible for such a candidate to enact an agenda even if he or she could win an election.
Supporting Governor Romney, on the other hand, as difficult as it may be for some to do, is the only way to avoid a second Obama term – a mortifying proposition. But you should not fret. Governor Romney will ably lead us in the right direction – albeit in smaller steps than many would like – at a time, however, when we desperately need leadership.
So what will Governor Romney likely do? Romney will attempt to reform the tax code in a positive and revenue-neutral way, maybe not getting us to a flat tax or a Fair tax as some of us advocate for, but any simplification of the code that expands the tax base, brings down marginal rates, closes loopholes, reduces giveaways, and unleashes market forces to create growth and jobs is a good thing.
Romney also will work to reduce the size of government and cut government spending to rein in our trillion-dollar-plus deficit and reduce our $16-plus trillion debt to a manageable level. He also will repeal most, if not all, of the more insidious provisions of Obamacare. Moreover, Romney will not mandate cooperation on the American people as President Obama seeks to do. Perhaps Romney won’t balance the budget, solve the debt crisis in its entirety, or reduce the size and role of the federal government to its constitutional limits, but he will advance the ball in a meaningful way. And we desperately need to advance the ball.
Further, Romney will work to reverse or repeal some of the oppressive and deleterious regulations that hamper economic growth and kill jobs. If I was a betting man, which I am not, I would bet that Romney won’t eliminate all the infectious regulations that plague our economy, but he will begin the process. And it is an important process that must start somewhere.
The Judicial branch is another area on which a Romney presidency will certainly have a positive impact. Many federal judges appointed by President Obama, for instance, are judicial activists and results oriented, which means they legislate from the bench and do not have an uncompromising respect for the rule of law as we should demand from our jurists. A President Romney will nominate proven judges who strictly and faithfully interpret the Constitution and our other laws and uphold the rule of law.
With respect to foreign affairs, Mitt Romney will not obstinately snub his nose at the world acting unilaterally and without our allies’ support, despite what some Democrats would have us believe. Instead, as he explained in his last debate with President Obama he will lead by example and build coalitions of mutual opportunity with the nations of the world through leadership and shared interests, rather than through reliance on feckless multi-national organizations. The governor also will not travel the world apologizing and appeasing our rivals and adversaries. In short, a President Romney will be a welcome change in foreign policy.
Governor Romney will undoubtedly not take us to the proverbial Promised Land as quickly as some of us would like, if at all. But with baby steps, the rest of the American people may come to realize over time that we prosper with freedom, a limited federal government, and a judiciary that respects the rule of law. The bottom line: Governor Romney will move us away from the cliff that an Obama reelection could ensure we fly right off. At this point in our nation’s history, moving away from the precipice edge – even if we take baby steps away from it – is the only way to go.
Ian Linker is an attorney and former Republican candidate for the U.S. Senate from New Jersey.
Analysis: Americans to face tougher 2013 on rising prices, taxes
By Edward Krudy
NEW YORK | Thu Oct 25, 2012 7:25am EDT
(Reuters) – Consumers will have to dig deeper into their pockets next year to pay for costlier healthcare, more expensive grocery bills and higher taxes, an extra drag on the country’s already slow-moving economy.
The additional outlays look set to test the resilience of consumers, whose spending accounts for around two-thirds of the U.S. economy.
“We think it’s going to be a difficult six to nine months,” said Scott Hoyt, senior director of consumer economics for Moody’s Analytics. “If anything, conditions are likely to get worse, particularly at the start of the year.”
The strength of consumer spending has surprised some economists, given unemployment near 8 percent and anemic wage growth. Consumer spending has cushioned the blow to the United States from slower foreign demand for its goods.
U.S. households have shed about $880 billion in debt since the peak in the first quarter of 2008, according to Federal Reserve data. That has put many consumers on a path back to financial health.
But an expiration of payroll tax cuts in early January and a spike in food prices could wipe 0.8 percentage points off U.S. economic growth next year, according to some economists.
The economy is now expected to expand 2 percent in 2013, down from 2.1 percent in 2012, a Reuters poll showed.
Consumer groups are noting caution on the part of households when it comes to such things as taking on more debt, retirement savings and gasoline prices.
“People are very concerned about what is going to happen next year because they are already seeing price increases that are affecting their budgets,” said Bruce McClary, a spokesman for Clear Point, a nationwide credit counseling organization that helps consumers experiencing problems with debt.
Tuition at N.J.’s public colleges, universities third highest in the nation
Tuition at New Jersey’s public colleges and universities is the third highest in the nation, averaging $12,399, according to a report from the College Board released Wednesday
That price tag — $3,744 above the national average — is up 13 percent over the past five years, as is tuition at the state’s community colleges, which now averages $4,218, according to the report, titled “Trends in College Pricing 2012-2013.”
A high cost of living and a relative lack of state support for public colleges and universities help make New Jersey’s schools expensive for students, experts say. The state ranks 32nd in per-capita spending on higher education, according to the New Jersey Association of State Colleges and Universities. (Alex, The Record)
