Michael Collins

The Japanese disaster at Fukushima I is a human tragedy of striking proportions. As many as ten thousand citizens may be dead from the general catastrophe, with many more at risk for radiation poisoning at levels yet to be determined. The fact that Japan is a highly organized and wealthy nation in no way diminishes the intensity of the losses and pain experienced by the victims. (Image)

Political and economic implications will emerge rapidly. As the whole world watches, the Japanese experience creates windows of opportunity to learn how to avert future meltdowns at nuclear ticking time bombs placed throughout Europe, the United States, India, and China.

The statistics are pathetic. Women still make 75¢ to a equal male worker in pay. Supposedly Obama wants to take this on after a new study, Women in America: Indicators of Social and Economic Well-Being, shows women are still getting the financial shaft across the economic board.

Republicans regard Social Security as an "unfunded liability," that is, a giveaway that is interfering with our war-making ability.

By paul craig roberts

The American Empire is failing. A number of its puppet rulers are being overthrown by popular protests, and the almighty dollar will not even buy one Swiss franc, one Canadian dollar, or one Australian dollar. Despite the sovereign debt problem that threatens EU members Greece, Ireland, Spain, and Portugal, it requires $1.38 dollars to buy one euro, a new currency that was issued at parity with the US dollar.

The US dollar's value is likely to fall further in terms of other currencies, because nothing is being done about the US budget and trade deficits. Obama's budget, if passed, doesn't reduce the deficit over the next 10 years by enough to cover the projected deficit in the FY 2012 budget.

Indeed, the deficits are likely to be substantially larger than forecast. The military/security complex, about which President Eisenhower warned Americans a half century ago, is more powerful than ever and shows no inclination to halt the wars for US hegemony.

The GAO released a report for efficiencies in various government programs, Opportunities to Reduce Potential Duplication in Government Programs, Save Tax Dollars, and Enhance Revenue. While the headlines buzzed about savings, ya all need to read this. The GAO is going after a lot of low hangin' fruit, that being not large corporations but instead social programs and individual taxpayers.

Take this paragraph for example:

The housing market downturn is resulting in billions of dollars of forgiven mortgage debt. In tax year 2008 (the most current data available), the Internal Revenue Service (IRS) estimates that individual taxpayers excluded $6.4 billion to $11.8 billion in forgiven mortgage debts on principal residences. While most forgiven debt is treated as a financial gain and included in taxable income, forgiven mortgage debt is, according to complex rules, sometimes excluded from taxable income.

Forgiven mortgage debt means you probably were foreclosed on and declared bankruptcy. The GAO is recommending this be treated as taxable income? Talk about adding insult to injury.

Through 2012, taxpayers may exclude forgiven mortgage debts from taxable income if the mortgage proceeds were used to buy, build, or substantially improve a principal residence. Forgiven mortgage amounts used for other purposes, including purchases of vacation or investment properties, would generally still be considered taxable income unless the taxpayer is bankrupt or insolvent.