B-Promised pensions benefits for public-sector employees represent a massive overhang that threatens the financial future of many cities and states.

LIKE A CALIFORNIA WILDFIRE, populist rage burns over bloated executive compensation and unrepentant avarice on Wall Street.

Deserving as these targets may or may not be, most Americans have ignored at their own peril a far bigger pocket of privilege — the lush pensions that the 23 million active and retired state and local public employees, from cops and garbage collectors to city managers and teachers, have wangled from taxpayers.

Some 80% of these public employees are beneficiaries of defined-benefit plans under which monthly pension payments are guaranteed, no matter how stocks and other volatile assets backing the retirement plans …

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AP-Earlier this morning, Sen. Dick Durbin announced that he and Sen. Jeff Sessions had reached a “compromise” in the Senate gym over Durbin’s bill, which would have eliminated the 100 to 1 sentencing disparity for crack vs. powder cocaine.

“If you ever wonder if anything good ever happens there, it appears something good might have happened there,” Durbin said, which may or may not have been an oblique reference to former Congressman Eric Massa’s tale about being lobbied by Rahm Emanuel in the House gym. “Senator [Orrin] Hatch was there to witness it.”

The compromise was that Durbin would accept Sessions’ amendment to change the disparity from 100 to 1 to 20 to 1. In return, Sessions offered to withdraw his amendments that would have narrowed the circumstances under which a judge could reduce penalties for offenders who acted with “fear, impulse or affection,” and would have imposed a 10-year mandatory maximum for simple possession rather than eliminating the five-year mandatory minimum for simple possession entirely.

“My position is for one to one, equity and equality in sentencing, but in order to get things done you have to be prepared to make mutual concessions,” Durbin said. “That’s what we have done.”

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AJC-China’s top Internet regulator insisted Friday that Google must obey its laws or “pay the consequences,” giving no sign of a possible compromise in their dispute over censorship and hacking.

“If you want to do something that disobeys Chinese law and regulations, you are unfriendly, you are irresponsible and you will have to pay the consequences,” Li Yizhong, the ministerof Industry and Information Technology, said on the sidelines of China’s annual legislature.

Li gave no details of Beijing’s talks with Google Inc. over the search engine’s January announcement that it planned to stop complying with Chinese Internet censorship rules and might close its China-based site.
“Whether they leave or not is up to them,” Li said. “But if they leave, China’s Internet market is still going to develop.”

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EC-Washington engages in the grandest fraud on jobs. The people are led to believe that tax cuts stimulate growth and jobs and that borrowing and spending money stimulates jobs.

I’ll never forget as Chairman of the Budget Committee briefing Ronald Reagan with Alan Greenspan in the Blair House just before Reagan was sworn in as president. The economy was not good, and I can hear Reagan exclaiming now: “I promised to balance the budget in a year, and there’s no way to do it.” I explained it would take three years, and I would be glad to help in a bi-partisan effort to try to bring it in balance. The rest is history. President Reagan launched the policy of “growth” to stimulate the economy by cutting taxes, giving the United States its first trillion dollar debt in his first term, with another trillion dollar growth in debt in his second term. President George W. Bush, bragged that he was a Reaganite, stimulated the economy by cutting taxes, which increased the national debt $5 trillion. Instead of growth, the economy lost 673,000 private jobs in eight years under President George W. Bush.

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P-On his daily radio and television shows last week, Fox News personality Glenn Beck set out to convince his audience that “social justice,” the term many Christian churches use to describe their efforts to address poverty and human rights, is a “code word” for communism and Nazism. Beck urged Christians to discuss the term with their priests and to leave their churches if leaders would not reconsider their emphasis on social justice.

“I’m begging you, your right to religion and freedom to exercise religion and read all of the passages of the Bible as you want to read them and as your church wants to preach them . . . are going to come under the ropes in the next year. If it lasts that long it will be the next year. I beg you, look for the words ’social justice’ or ‘economic justice’ on your church Web site. If you find it, run as fast as you can. Social justice and economic justice, they are code words. Now, am I advising people to leave their church? Yes!”

Later, Beck held up cards, one with a hammer and sickle and other with a swastika. “Communists are on the left, and the Nazis are on the right. That’s what people say. But they both subscribe to one philosophy, and they flew one banner. . . . But on each banner, read the words, here in America: ’social justice.’ They talked about economic justice, rights of the workers, redistribution of wealth, and surprisingly, democracy.”

Audio: The Glenn Beck Program

NCR-Twenty-five pro-life Catholic theologians and Evangelical leaders yesterday sent letters to members of Congress urging them not to let misleading information about abortion provisions in the Senate health care bill block passage of sorely-needed reform.

Catholics in Alliance for the Common Good, a Washington-based advocacy group, said that the Senate health bill upholds abortion funding restrictions and supports pregnant women.

The letter included a page by page analysis of the Senate bill as it pertains to abortion.

The group asked members of Congress “to make an informed decision about this legislation based on careful deliberation guided by facts.”

“We believe that the provisions below provide extensive evidence that longstanding restrictions on federal funding of abortion have been maintained. Furthermore, this bill provides new and important supports for vulnerable pregnant women,” the letter states.

The complete text of the letter follows:

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Yahoo-(Reuters) – U.S. researchers estimate that an 18 percent tax on pizza and soda can push down U.S. adults’ calorie intake enough to lower their average weight by 5 pounds (2 kg) per year.

The researchers, writing in the journal Archives of Internal Medicine on Monday, suggested taxing could be used as a weapon in the fight against obesity, which costs the United States an estimated $147 billion a year in health costs.

“While such policies will not solve the obesity epidemic in its entirety and may face considerable opposition from food manufacturers and sellers, they could prove an important strategy to address overconsumption, help reduce energy intake and potentially aid in weight loss and reduced rates of diabetes among U.S. adults,” wrote the team led by Kiyah Duffey of the University of North Carolina at Chapel Hill.

With two-thirds of Americans either overweight or obese, policymakers are increasingly looking at taxing as a way to address obesity on a population level.

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By Senior Fellow Robert Higgs

Many commentators would have us believe that the economy hit bottom in the second quarter of 2009, and afterward commenced a recovery, albeit a “jobless” one, as employment continued to decline. The main reason for believing in this recovery seems to be that real gross domestic product (GDP) reached a trough in the second quarter of 2009 and increased somewhat in the following two quarters.

Although macroeconomists, especially in theoretical work, tend to equate the economy’s aggregate output and its aggregate income, this equation does not hold when output is measured by GDP. To arrive at the concept known as national income (or net national product at factor cost), one must deduct several items, the most important of which is the capital consumption (or depreciation) allowance on the fixed capital stock. In 2008, for example, GDP was $14,441 billion, and national income was $12,635 billion. Even then, one has not arrived at personal income, and getting there requires several additional deductions. In 2008, personal income was estimated to be $12,239 billion.

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HB-The backlash is growing against Liz Cheney after she demonized Department of Justice attorneys as terrorist sympathizers for their past legal work defending Gitmo detainees — and now it’s coming from within deeply conservative legal circles.

On Friday, the conservative blog Power Line put up a post titled, “An Attack That Goes Too Far.” Author Paul Mirengoff, called Cheney’s effort to brand DoJ officials the “Al Qaeda 7,” “vicious” and “unfounded” even if it was right to criticize defense lawyers for voluntarily doing work on behalf of Gitmo detainees.

Reached on the phone, Mirengoff offered an even sharper rebuke, contrasting what Cheney is doing to the anti-communist crusades launched by Sen. Joseph McCarthy and, in some respects, finding it worse.

“It could be worse than some of the assertions made by McCarthy, depending on some of the validity of those assertions,” Mirengoff said, explaining that at least McCarthy was correct in pinpointing individuals as communist sympathizers. “It is just baseless to suggest that [these DoJ officials] share al Qaeda values… they didn’t actually say it but I think it was a fair implication of what they were saying.”

Mirengoff isn’t alone among conservative legal theorists who think the ad campaign by Cheney’s group, Keep America Safe, is distasteful. In a statement to the American Prospect, John Bellinger III, a former legal adviser to Secretary of State Condoleeza Rice, called the effort “unfortunate.”

“It reflects the politicization and the polarization of terrorism issues,” Bellinger said. “Neither Republicans nor Democrats should be attacking officials in each other’s administrations based solely on the clients they have represented in the past.”

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