“Fiscal cliff” talks frozen, Obama lobbies big business
By Lucy Madison /CBS News/ December 5, 2012, 1:33 PM
With talks between the White House and Congress over a deal to avert the so-called “fiscal cliff” all but frozen, President Obama today turned his focus to the business community, urging attendees at the quarterly meeting of the Business Roundtable to help him lobby Congress for a “balanced” deal that includes tax hikes for the nation’s wealthiest earners.
Mr. Obama, who has recently redoubled his efforts to rebuild a strong relationship with the business world after years of tension, is currently locked in a stalemate with House Republican leaders over averting the so-called “cliff,” a series of tax hikes and spending cuts set to go into effect next year. The president insists he will not sign off on a proposal that does not increase tax rates for households earning $250,000 or more per year, while Republicans have repeatedly reiterated their refusal to raise tax rates.
So far, there’s little reason to believe a deal is in the works: The White House and House Speaker John Boehner each offered up plans reflective of their party’s ideologies, both of which were swiftly rejected by the other side. Moreover, as CBS News’ Major Garrett reported this morning, there were no substantive conversations yesterday at any level at all between the White House and Boehner on the framework for a deal.
‘Everyone in US under virtual surveillance’ – NSA whistleblower
Published: 04 December, 2012, 18:01
Edited: 05 December, 2012, 19:13
The FBI records the emails of nearly all US citizens, including members of congress, according to NSA whistleblower William Binney. In an interview with RT, he warned that the government can use this information against anyone.
Binney, one of the best mathematicians and code breakers in the history of the National Security Agency, resigned in 2001. He claimed he no longer wanted to be associated with alleged violations of the Constitution, such as how the FBI engages in widespread and pervasive surveillance through powerful devices called ‘Naris.’
This year, Binney received the Callaway award, an annual prize that recognizes those who champion constitutional rights and American values at great risk to their personal or professional lives.
RT: In light of the Petraeus/Allen scandal while the public is so focused on the details of their family drama, one may argue that the real scandal in this whole story is the power, the reach of the surveillance state. I mean if we take General Allen – thousands of his personal e-mails have been sifted through private correspondence. It’s not like any of those men was planning an attack on America. Does the scandal prove the notion that there is no such thing as privacy in a surveillance state?
William Binney: Yes, that’s what I’ve been basically saying for quite some time, is that the FBI has access to the data collected, which is basically the emails of virtually everybody in the country. And the FBI has access to it. All the congressional members are on the surveillance too, no one is excluded. They are all included. So, yes, this can happen to anyone. If they become a target for whatever reason – they are targeted by the government, the government can go in, or the FBI, or other agencies of the government, they can go into their database, pull all that data collected on them over the years, and we analyze it all. So, we have to actively analyze everything they’ve done for the last 10 years at least.
RT: And it’s not just about those, who could be planning, who could be a threat to national security, but also those, who could be just…
WB: It’s everybody. The Naris device, if it takes in the entire line, so it takes in all the data. In fact they advertised they can process the lines at session rates, which means 10-gigabit lines. I forgot the name of the device (it’s not the Naris) – the other one does it at 10 gigabits. That’s why they’re building Bluffdale [database facility], because they have to have more storage, because they can’t figure out what’s important, so they are just storing everything there. So, emails are going to be stored there in the future, but right now stored in different places around the country. But it is being collected – and the FBI has access to it.
RT: You mean it’s being collected in bulk without even requesting providers?
PSEG Estimates the Utility’s Cost of Superstorm Sandy Restoration at $250 – $300 million
December 4, 2012
Company maintains 2012 operating earnings guidance of $2.25 – $2.50 per share
(December 4, 2012 – Newark, NJ) – PSEG estimates that the cost associated with the restoration of PSE&G’s distribution and transmission system following the impact of Superstorm Sandy and the subsequent Nor’easter as approximately $250 – $300 million.
Superstorm Sandy left 1.7 million of our electric customers without power during the course of the storm and caused severe damage to our transmission and distribution system throughout our service territory as well as to some of our generation infrastructure in the northern part of New Jersey.
Superstorm Sandy’s strong winds and heavy rainfall resulted in a storm surge which caused the Hudson, Hackensack and Passaic rivers to overflow causing damage to switching stations, substations and generating infrastructure.
Over the two-week period following the storm, including the Nor’easter, we restored power to more customers than in any other storm in our history. We brought in 1,000 out-of-state line workers and tree trimmers in preparation for the storm and that number grew to more than 4,000 at the height of the restoration. As part of the storm restoration process, approximately 48,000 trees were removed or trimmed and we replaced/repaired over 2,400 utility poles.
Crews have continued working to make repairs permanent and return the system to its normal design. At the same time, we are analyzing the best ways to protect the system from this type of storm in the future.
The estimated cost of restoration of $250 – $300 million associated with Superstorm Sandy includes both expenses and capital related to the restoration, and the Company expects at least 85% of those costs to be deferred or capitalized for future distribution or transmission recovery. The estimate does not include potential future costs to permanently repair PSE&G’s damaged infrastructure or to modify the infrastructure to reduce the risk of damage of future storms.
PSEG continues to forecast operating earnings for 2012 of $2.25 – $2.50 per share. The forecast recognizes the impact of storm-related costs to be expensed at PSE&G. However, storm-related expenses at PSEG Power, which are still being assessed, will be treated as one-time in nature and excluded from operating earnings given the unusual nature of the storm on Power’s operations. PSEG expects to provide investors with estimates for the costs at Power prior to the release of the Company’s fourth-quarter earnings.
We intend to seek recovery for insured property damage at both PSE&G and at PSEG Power, however, no assurances can be given relative to the timing or amount of such recovery.
6 Fixes to America’s Fiscal Crisis
Amy Payne
November 30, 2012 at 9:09 am
President Obama made his first offer to congressional Republicans yesterday in negotiations over the “fiscal cliff”—an economic catastrophe of tax hikes just a few weeks away.
The White House’s proposal? $1.6 trillion in tax increases, $50 billion in new stimulus spending, and a change that would make it easier to raise the debt limit—so that all this spending could continue.
Senate Minority Leader Mitch McConnell (R-KY) couldn’t contain his laughter at these suggestions.
One congressional aide said the offer “amounts to little more than reiterating the President’s budget request—which failed to get a single vote in the House or Senate.”
Perhaps House Republicans could simply bring President Obama’s latest proposal up for another vote to see if anything has changed.
The “fiscal cliff” is man-made. Congress—primarily the liberal-led Senate—and the President built it themselves through their legislative decisions over the past four years, and then they turned away and tried not to look at it until after the election.
Elected officials in Washington keep enacting short-term patches to keep the government running, which is not a real solution. We need to reform the programs that are causing the runaway spending and deficits today and in the years to come—the large, lumbering entitlement programs of Social Security, Medicare, and Medicaid.
>>> As a candidate in 2008, Barack Obama said he’d like to reform entitlements in his first term. We’re still waiting. Watch the video.
In a new paper, Heritage’s J. D. Foster, Norman B. Ture Senior Fellow in the Economics of Fiscal Policy and Alison Acosta Fraser, director of the Thomas A. Roe Institute for Economic Policy Studies, point out that
Obama’s tax hikes would reduce the rise in federal debt over the next 10 years by 15 percent. The President is silent about the other 85 percent. The numbers confirm that President Obama’s tax hike demands are at best tangential to attaining a balanced budget.
The real issue is federal spending, and Foster and Fraser describe the bottom line this way:
When this year’s kindergarteners enter college, just 13 years away, spending on these two programs [Social Security and Medicare] plus Medicaid and interest on the debt will devour all tax revenue.
To make meaningful changes to the nation’s unsustainable budget policies, Foster and Fraser lay out four “simple, commonsense, and thoroughly vetted solutions” that already enjoy broad support across the political spectrum:
1. Raise the Social Security eligibility age to match increases in longevity. People are living longer, and entitlement programs need to be updated to reflect that fact. According to the Social Security actuaries, continuing to increase the eligibility age to 69 by the year 2034 and allowing it to rise more slowly thereafter to reflect gains in longevity could go a long way toward reducing Social Security’s funding shortfall. While this would not reduce today’s budget deficit, it would strengthen Social Security’s finances and put it on a path toward sticking around in the future.
2. Correct the cost-of-living adjustment (COLA) in Social Security. The annual COLA benefit adjustment is determined today by the Bureau of Labor Statistics’ Consumer Price Index (CPI). However, the CPI, an antiquated measure, generally overstates inflation, meaning that benefits are increased a bit too much each year to offset inflation. Again, according to the Social Security actuaries, using a more modern inflation measure would substantially reduce Social Security’s shortfall over time.
3. Raise the Medicare eligibility age to agree with Social Security. Medicare has an eligibility age problem, but unlike Social Security, the Medicare eligibility age remains stuck at 65. An obvious solution is to wait five years and then slowly raise the eligibility age to align eventually with the Social Security eligibility age. While the short-term budgetary savings would be negligible, the long-term savings in Medicare would be profound.
4. Reduce the Medicare subsidy for upper-income beneficiaries. In 2012, the average Medicare beneficiary received a subsidy of about $5,000. Subsidizing Medicare benefits for low-income seniors—and perhaps for some middle-income seniors—makes sense, but upper-income seniors do not need and should not receive a $5,000 subsidy to buy Medicare health insurance.
In addition to those reforms, Foster and Fraser list two bonus proposals that have not been considered as closely by lawmakers, but would be simple and effective:
5. Phase out Social Security benefits for upper-income retirees. As a nation, we need to ask whether today’s working families should pay payroll taxes so that upper-income retirees can continue to receive their checks. In short, Social Security should be social insurance against poverty rather than a government-run pension scheme.
6. Consolidate Medicare’s elements and collect a single higher premium. Medicare is actually three distinct components, referred to generally as Parts A, B, and D, reflecting the fact that Medicare was built up over many years. This antiquated structure is confusing and inefficient. An obvious reform is to consolidate the three distinct parts into a unified Medicare program, with a single premium, and then raise the premium to cover 35 percent of related program costs.
Continuing to raise America’s debt limit every few months is irresponsible and dangerous. And failing to address the budget deficits that give rise to this debt limit pressure every few months is equally irresponsible and dangerous. Raising taxes would weaken the economy, kill jobs, and hold down people’s wages. This is not a “solution.”
Congress and the President should instead consider these serious fixes to the drivers of out-of-control government spending. All that’s missing is for the President to take the lead, which is what Presidents are supposed to do.
2012 Final Brush and Storm Debris Pick Up Schedule
Due to extensive storm brush and debris, the Village Council has determined that an additional collection cycle is needed for bush pick up.
BRANCHES/DEBRIS
“One Final Pass” will be made by the Village to collect Brush and Debris in each Area following the schedule below. Brush and debris material should be placed in a pile between the curb and sidewalk by the first day of collection for your Area– NOT in the street or mixed with leaves. Brush and debris do NOT have to be bundled, tied or put in a container–Brush and debris should be cut in lengths as close to 3 feet x 2 ½ inches diameter as possible.
2012 FINAL BRUSH/DEBRIS Pick Up Schedule
Area B December 3 – 6
Area D December 10 -13
Area C December 17- 18
Area A December 19
This will be the last pick up of brush and debris in 2012. In an effort to keep a positive image of the Village, no branches should be put out after this final pick up. You can bring branches to the Recycling Center or hold them in rear of your property until the Yard Waste Collection begins Spring 2013.
RECYCLE CENTER located at 205 E. Glen Avenue
Open to receive brush and debris (3 feet x 2 ½ inches diameter) Monday through Saturday – 8AM to 3PM. Special Sunday Hours – December 2, 9 from 8AM to 3PM
Click Here for Leaf Area Map.
https://www.ridgewoodnj.net/pdf/engineering/wsu/ActivitiesResources/MapsResources/LeafPickUpZones2012.pdf
4 Reasons Warren Buffett Is Wrong on Tax Hikes
Amy Payne and Alison Acosta Fraser
November 27, 2012 at 9:40 am
Let’s talk taxes. In a New York Times op-ed yesterday, famed investor and Berkshire Hathaway CEO Warren Buffett once again argued that the wealthy should be taxed more.
This isn’t the first time Buffett has made the case for higher taxes, and it’s not the first time he’s been wrong. Here are four reasons he is wrong to push for tax hikes.
1. Buffett says tax hikes won’t hurt jobs.
Fact: Tax hikes, especially those he espouses, hurt jobs.
Buffett cites periods when tax rates were high and says that “Under those burdensome rates,” employment “increased at a rapid clip.”
This country has an employment problem right now, and tax rates aren’t even as high as Buffett wants. The tax increases President Obama champions would hit small businesses that create jobs. According to Treasury figures, 1.2 million Americans who employ people are paying their taxes through the individual income tax, and they would be hit head-on. The amount that their taxes would go up could be roughly equivalent to one employee’s salary, meaning that’s one person they can’t hire in the new year. A study by Ernst and Young estimates that these tax hikes would kill 710,000 jobs.
2. Buffett says tax hikes won’t stop investors from investing.
Fact: Any time you tax something, you get less of it.
Buffett says: “So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if—gasp—capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.”
Let’s think about what taxes are intended to do. The cigarette tax is intended to curb smoking. Proponents of a carbon tax want to curb the amount of carbon emissions we are producing. In Washington, D.C., a plastic bag tax is intended to curb the number of plastic bags people use.
When you tax something more, people do less of it. This is how taxes work. It doesn’t change because the behavior being taxed is investing rather than smoking.
3. Buffett says the wealthy aren’t even paying a minimum tax.
Fact: We already have an Alternative Minimum Tax.
Buffett says, “We need Congress, right now, to enact a minimum tax on high incomes.”
We already have this. It’s called the Alternative Minimum Tax. As Heritage’s Curtis Dubay explains:
Congress passed the Alternative Minimum Tax (AMT) in the early 1970s to ensure that a few high-income taxpayers did not reduce their tax liability too much by taking advantage of all the deductions, exemptions, and credits Congress put in the tax code. But Congress did not index for inflation the income threshold over which families qualify for this extra tax. So now Congress must annually “patch” the AMT by raising the threshold to correct this mistake. Even with the patch, the AMT still ends up falling on almost 4 million taxpayers; Congress initially intended for it to hit only a few hundred.
The top 10 percent of earners in the United States already pay more than 70 percent of federal income taxes. To move forward in this debate, those who argue that we just need to “tax the rich” will have to get real. We can’t close the budget deficit by taxing the rich. Even though Buffett also claims…
4. Buffett says we need to raise taxes to bring in more revenue for the government.
Fact: The problem is government spending, not government revenue.
Buffett says, “Our government’s goal should be to bring in revenues of 18.5 percent of [gross domestic product] and spend about 21 percent of G.D.P.”
Revenues are lower now today than normal, not because of tax rates, but because of the slow-growing economy. As the economy recovers, so will revenues. And they will continue to grow as the economy thrives. Why? Because more people are investing, saving, working, and enjoying higher wages. The nifty little benefit for the government of a strong, growing economy is that people pay more in taxes.
But on to spending. The White House already estimates that federal spending will be 23.1 percent of GDP this year—well above Buffett’s target. But, unlike taxes—which will return to the historical levels Buffett aims for, spending will continue to spiral ever upwards. In 25 years, spending will be 35.7 percent of GDP. In 2025, the big three entitlements will gobble up a full 18.5 percent of GDP—the entire amount of revenue that Buffett would like to raise.
In Buffett’s world, then, after funding entitlements, that leaves only 2.5 percent of GDP for everything else (assuming that interest rates don’t go through the roof). The fact is that ever-growing entitlements have put spending on a trajectory toward a European-level implosion. If they are not reined in, taxes on everyone will have to rise perpetually just to keep pace.
While Warren Buffett is right about many things, he is wrong about tax hikes. Which leads us to the real questions: Why are we even talking about tax hikes? Where are the spending cuts?
Denis Leary ,Wednesday, November 28th @7:00pm
Actor from the hit show: Rescue Me, Denis Leary, will sign his new book: Denis Leary’s Merry F*ing Christmas Books available Oct. 30th We Take Phone Orders if you can’t make the event.
Appearing authors will only autograph books purchased at Bookends and must have valid Bookends Receipt.Availability & pricing for all autographed books subject to change.Bookends cannot guarantee that the books that are Autographed will always be First Printings.
Autographed books purchased at Bookends are non-returnable.
While we try to insure that all customers coming to Bookends’ signings will meet authors and get their books signed, we cannot guarantee that all attendees will meet the author or that all books will be signed. We cannot control inclement weather, author travel schedules or authors who leave prematurely.
Bookends, 211 E. Ridgewood Avenue, Ridgewood, NJ 07450 201-445-0726
HAZARDOUS WEATHER OUTLOOK…CORRECTED
NATIONAL WEATHER SERVICE NEW YORK NY
506 PM EST MON NOV 26 2012
NORTHERN FAIRFIELD-NORTHERN NEW HAVEN-NORTHERN MIDDLESEX-
NORTHERN NEW LONDON-WESTERN PASSAIC-EASTERN PASSAIC-WESTERN BERGEN-
WESTERN ESSEX-WESTERN UNION-ORANGE-PUTNAM-ROCKLAND-
NORTHERN WESTCHESTER-506 PM EST MON NOV 26 2012
THIS HAZARDOUS WEATHER OUTLOOK IS FOR SOUTHERN
CONNECTICUT…NORTHEAST NEW JERSEY AND SOUTHEAST NEW YORK.
.DAY ONE…THIS AFTERNOON AND TONIGHT.
NO HAZARDOUS WEATHER EXPECTED AT THIS TIME.
.DAYS TWO THROUGH SEVEN…TUESDAY THROUGH SUNDAY.
AN AREA OF LOW PRESSURE PASSING SOUTH OF LONG ISLAND WILL PRODUCE
A LIGHT SNOWFALL EVENT DURING THE DAY ON TUESDAY…ENDING TUESDAY
NIGHT. SNOWFALL AMOUNTS ARE EXPECTED TO RANGE FROM 1 TO 2 INCHES.
THIS HAZARDOUS WEATHER OUTLOOK PROVIDES A SUMMARY OF POTENTIAL
WIDESPREAD HAZARDOUS WEATHER EVENTS THAT MAY REACH NWS WARNING
CRITERIA. MOST LONG F– USED NWS WATCHES…WARNINGS AND ADVISORIES IN
EFFECT ARE HIGHLIGHTED.
15% of America Is Shopping Today, 11% Are Already Done
Friday, November 23, 2012
The holiday shopping season keeps starting earlier and earlier.
This year, 11% of Americans had finished the gift-buying before Black Friday, according to a new Rasmussen Reports national telephone survey. That’s up from seven percent (7%) who finished shopping early a year ago. The day after Thanksgiving is often considered the unofficial start of the holiday shopping season.
Television personality Barbara Walters was in the statehouse today interviewing Gov. Chris Christie as part of the release of her “10 Most Fascinating People of 2012.”
Christie’s was one of seven names revealed Monday. The remaining names as well as the top name on the list will be revealed on December 12. (Isherwood/PolitickerNJ)
140 Million Families Will Be Forced to Submit Obamacare Individual Mandate Compliance Forms to IRS
CBO estimates hours and hours of more paperwork for American taxpayers because of the Individual Mandate tax.
The Congressional Budget Office on Wednesday announced that six million American families will be forced to pay the Obamacare individual mandate non-compliance penalty tax.
The six million families who will be forced to pay the tax understates the true compliance burden of the looming Obamacare individual mandate scheduled to take effect in 2014:
Every American required to file an income tax return must report to the IRS whether or not they have “qualifying” health insurance under Obamacare.
Thus, this tax will not just impact the six million American families having to pay the tax, but the 140 million U.S. households which file an annual income tax return. Each of the 140 million households will be forced to complete and submit compliance forms to the IRS.
The compliance burden described above does not even take into account the other 19 new or higher taxes in the Obamacare law, which the IRS has determined for the Ways and Means Committee will increase tax preparation time by a collective 80 million hours per year.
The non-compliance penalty tax will hit middle-income Americans, a violation President Obama’s “firm pledge” not to raise “any form” of tax on families making less than $250,000 per year. There are at least seven Obamacare taxes that directly hit families making less than $250,000.
‘Occupy’ doctor had bomb-making chemicals in his home, authorities charge
Published November 18, 2012
FoxNews.com
A New York doctor active in the Occupy Wall Street movement in 2011 was charged with possessing a large quantity of chemicals used for making bombs, Paramus Patch reports.
Roberto Rivera, 60, a medical doctor, was charged Saturday hours after authorities conducted a raid on his Ridgewood, N.J., home, the website reports.
Rivera was charged with recklessly creating a risk of widespread injury or damage after FBI agents and members of the Bergen County bomb squad found chemicals used in the making of explosives, Bergen County Prosecutor John Molinelli said in a release.
Urbanization: Ridgewood Planning Board mulls land use ordinance
Thursday November 15, 2012, 4:24 PM
BY DARIUS AMOS
STAFF WRITER
The Ridgewood News
On the recommendation of the Village Council, the Ridgewood Planning Board has reviewed and will consider changes to an ordinance that, once approved by both bodies, will better manage the way institutions, including houses of worship and schools, use their property.
Village Planner Blais Brancheau will attempt to file the revised ordinance to board members by next Tuesday’s Planning Board meeting, though his crunched schedule might create a delay, he said.
In the meantime, council members are expected to continue a public hearing later this month on a previously introduced ordinance on the same matter, but action on that draft ultimately depends on the pending changes. If Brancheau’s revision is significant, the planner said the council will likely defeat the original ordinance and re-introduce the revised version.
Changes to the Village Code’s Land Use and Development chapter are needed, Brancheau said last month’, to conform to the federal Religious Land Use and Institutionalized Persons Act. Congress passed the legislation in 2000.
New Jersey Governor Chris Christie and New York Governor Andrew M. Cuomo Announce Reopening of 9th Street PATH Station
Monday, November 12, 2012
Trenton, NJ – New Jersey Governor Chris Christie and New York Governor Andrew M. Cuomo today announced that PATH rail service will resume at the 9th Street station in Manhattan beginning Tuesday, November 13 at 5 a.m. The station will open to ease overcrowding at the 14th Street station during the morning peak hours.
PATH riders will only be able to exit the 9th street station between the morning peak hours of 5 a.m.-9:30 a.m. After 9:30 a.m. passengers will be able to enter and exit PATH trains at 9th Street until 10 p.m.
PATH’s temporary line will now include stops at Newark, Harrison, Journal Square, Grove Street, and Newport stations in New Jersey and at the 9th, 14th, 23rd and 33rd Street stations in Manhattan. Trains will bypass Christopher Street. Disabled passengers will have access to the platforms only at Newark, Journal Square and 33rd Street.
PATH service remains suspended at the Hoboken, Exchange Place and the World Trade Center stations as recovery efforts continue. Due to significant damage that resulted from the unprecedented and widespread flooding in the PATH tunnels and multiple stations, it will be several weeks before resumption of service on the Newark-World Trade Center line and the lines to and from Hoboken station.
For up-to-date information visit the Port Authority’s website https://www.panynj.gov/path/ and follow them on Twitter @PATHTweet.
6,125 Proposed Regulations and Notifications Posted in Last 90 Days–Average 68 per Day
By Penny Starr
November 9, 2012
Subscribe to Penny Starr’s posts
(CNSNews.com) – It’s Friday morning, and so far today, the Obama administration has posted 165 new regulations and notifications on its reguations.gov website.
In the past 90 days, it has posted 6,125 regulations and notices – an average of 68 a day.
The website allows visitors to find and comment on proposed regulations and related documents published by the U.S. federal government. “Help improve Federal regulations by submitting your comments,” the website says.
The thousands of entries run the gamut from meeting notifications to fee schedules to actual rules and proposed rule changes.
