Those with sizable assets worried about deficit

A new study by TNS, the world's largest custom research firm, reveals that 87% of Americans with $500,000 or more in investable assets agree that the size of the US government's deficit is a major concern for them.

Of those surveyed, 40% stated that they would be willing to pay higher taxes if it meant there were no changes to Social Security and Medicare. Forty percent also agreed that in order to balance the federal budget, they would be willing to accept changes to both Social Security and Medicare.

Across the board there is concern and uncertainty around the U.S. economy and how it will affect the financial well-being of Americans.

43% feel the current state of the economy will jeopardize their retirement plans
40% plan to reduce the amount of money they spend compared to last year

Anxiety about the financial health of the U.S. government is also evident, with:

56% agreeing that they are concerned that the US government may default on its debt obligations
60% stating they do not think the US government should increase the federal debt ceiling

TNS also released its latest Investor Confidence Index, which declined in June to 102, its lowest level in a year. This 11 point drop is being driven by growing pessimism about the stock market and the direction of the economy.

"These findings reveal significant stress and discomfort among investors who control the overwhelming majority of the personal wealth in the U.S. We expect investor confidence to decline further if a decision concerning the debt ceiling isn't made ahead of the August 2nd deadline. On the other hand, a satisfactory resolution could raise investor confidence and spur a rise in the financial markets," said Joe Hagan, SVP at TNS.

The survey is part of TNS' Affluent Market Research Program.

Cheese Seizure because of rodents ...

The United States Attorney's Office, at the request of the U.S. Food and Drug Administration, filed a verified complaint on May 13, 2011, requesting that the U.S. Marshals seize cheese products distributed by Brunkow Cheese of Wisconsin Inc., after FDA inspections found evidence of rodent infestation.  The U.S. District Court unsealed the case today, and documents show that the U.S. Marshals seized certain cheese products at the facility on May 17, and May 18, 2011.

Brunkow Cheese, based in Darlington, Wis., manufactures, packs, labels, and distributes cheese products. The products, according to the verified complaint filed, are adulterated within the scope of the Federal Food, Drug, and Cosmetic Act (FFDCA). 

The verified complaint alleges that in February 2011, FDA conducted a comprehensive inspection of the company that revealed evidence of rodent activity. A follow-up inspection in late April 2011, found that the company had taken corrective action to remedy many of the February violations, but had not resolved the rodent contamination problem.

The FFDCA governs the safety and accurate labeling of $1 trillion worth of products annually, including prescription and over-the-counter drugs, cosmetics, medical devices, blood and tissue products, and the nation's entire food supply except for meat and poultry.

Five Possible Income Tax Filing Problem Areas

 Maybe you're just a procrastinator by nature or it's been a rough year with too many life issues getting in the way of doing your tax season homework. So now, even with three extra days this year, you haven't filed your taxes yet, and the April 18 deadline is fast approaching.

Because you're in a last minute rush, it's even more important to take the time to check and double-check your work. According to the Illinois CPA Society, you should watch these five areas for errors that could cause you problems later:  

What would Regan do?

Confronted with an illegal strike by the air traffic controllers union in 1981, then President Ronald Reagan fired more than 11,000 controllers when they refused to return to work, changing government labor history forever.  In the second episode of a new web series, "What Would Reagan Do?" President Reagan's son, Michael, contrasts his father's action against current state government controversies in Wisconsin, Ohio and other states.  “What Would Reagan Do?” can be viewed at the RightChange.com website, http://www.rightchange.com/wwrd.

"What Would Reagan Do? Public Unions," includes original video of President Reagan's public declaration that the walkout was illegal and that if government employees did not return to work within 48 hours, their jobs would be terminated.  When the strikers remained off the job, he followed through on his threat. This video is contrasted with President Obama's reaction to Wisconsin Gov. Scott Walker's legislation to cut back public union power and close a yawning budget deficit in his state.  

Cancer drug approved for Phase 3 trials

Polaris Group recently announced that the U.S. Food & Drug Administration (FDA) has approved the company's Special Protocol Assessment (SPA) for a Phase 3 clinical trial of pegylated arginine deiminase (ADI-PEG 20) directed towards patients with advanced hepatocellular carcinoma (HCC) who have not responded to other treatments.

During the Phase 2 clinical trials it was found that other cancers have been reported to have responded. Early-to-mid-stage clinical showed positive results in patients with metastatic melanoma, and Phase 2 trials for small cell lung cancer (SCLC) and mesothelioma are continuing.

There are quite a few resources on the Internet to learn more about mesothelioma symptoms as well as other new cancer treatments on the horizon.

Citizen group demanding action after third Southwest incident

Yesterday, on the heels of the FAA secretly mandating removal of oxygen generators from airline lavatories, both American Airlines flight 547 and Southwest Airlines flight 812 decompressed. On BOTH flights, the oxygen masks deployed and people passed out due to an apparent lack of oxygen. The FAA justified that risk by saying that decompressions rarely happen.

"The FAA has long asserted that the airlines can self-regulate in the area of safety inspections, but clearly the airlines cannot be trusted. It's the fox guarding the hen house and it's got to stop," Kate Hanni said. "The airlines are motivated only by their bottom line, cost cutting, and razor thin margins; that doesn't leave a lot of room for 'in cabin safety' issues or tap testing the fuselage for cracks. The FAA must step in and impose fines that are meaningful and inspections that actually work to determine life or death safety issues both inside and outside the aircraft."

Google, Best Buy, Sony Ally Against Big Cable

Here's one to watch, closely -Thanks to Wired:

You know there’s going to be a showdown over some communications technology issue when Google, Best Buy, Mitsubishi, Sony, TiVo and two other big companies start a new group with the word “alliance” in it.

Sure enough, the septet has announced that they’ve united to defend the Federal Communications Commission’s new proposal for an “AllVid” standard that would make it easier for consumers to watch both pay television and the video they get from their home broadband network on the same screen.

Thus has been born the “AllVid Tech Company Alliance” — named in honor of the FCC’s suggested gateway interface.

“It is essential for the Commission to break down the wall separating the home network from [pay TV] networks — not just poke a few holes in it, or rely on progress on the peripheries,” the Alliance wrote to the FCC on Wednesday. “The seeds for real competition must emerge in chips, technologies, and interfaces that can be organic to tens of millions of products, services, and consumer uses — not just those presently conceived, but those that innovative minds, and users who can select and adapt their own devices, can conceive.”

Fannie Mae December report released

Fannie Mae's (OTC Bulletin Board: FNMA) December 2010 Monthly Summary is now available at www.fanniemae.com/ir/monthly.  The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.  Our job is to help those who house America.

Trash the tanning tax

At a House Ways and Means Committee hearing on Wednesday, White House chief economic advisor Austan Goolsbee was asked about the 10% tax on tanning services whether or not it was in fact a tax. Mr. Goolsbee said sun tanning was a choice and not a tax and belittled the livelihood of tens of thousands of hardworking Americans employed in this industry.

"Rather than scoffing at small business owners and employees in the indoor tanning industry," ITA President Dan Humiston said, "we encourage policy makers in Washington to support the men and women in our industry who are looking to create jobs and expand economic opportunity. Repealing the 10% tan tax -- which the Administration seems to think is not a tax -- would be an important place to start."

Click here to view the exchange between Rep. Pat Tiberi and Mr. Goolsbee at the Ways and Means Committee hearing.

Drugs disguised as Bath Salts

Some bath salts – with names like Ocean Burst and Ivory Wave – aren't really for bathing. Rather, they are the latest high for naive teens and young adults as well as established drug abusers.

"Fake cocaine and fake meth are laced in bath salts and sold legally on the Internet and in convenience stores, gas stations, truck stops and head shops in most states. This newest boutique chemical substance is being used for a narcotic effect and often sends users to emergency rooms," warns Greg L. Jones, M.D., addiction medicine physician at Willingway Hospital, an alcohol and drug abuse treatment center in Statesboro, Ga.

According to Dr. Jones, manufacturers are using engineered molecules similar to controlled substances in the fake bath salts, which are labeled 'not for consumption,' to skirt the law. The molecules are derivatives of two controlled substances –MDPV (methylenedioxypyrovalerone, which is similar to Ritalin, but more potent) and mephedrone (an amphetamine-like drug). Also known as party salts and party powders, fake bath salts are snorted or ingested to create a stimulant, narcotic effect like that of cocaine.

Retail sales up 6th consecutive month

According to figures released today by the U.S. Department of Commerce, retail sales grew again in December for the sixth consecutive month, totaling more than $380 billion. December's total retail sales exceeded monthly sales figures from November 2007, the industry's highest month on record.

Monthly retail sales figures for December were up 0.6 percent over November and 7.9 percent over December 2009. Retail sales excluding auto sales were up 0.5 percent over the previous month and 6.7 percent over December 2009.

Retailers and consumers weathered severe winter storms across the country in December, which likely interfered with some additional pre- and post-holiday shopping.

"While challenges certainly still remain, consumer spending is steadily returning to pre-recession levels," said RILA President Sandy Kennedy . "The economic uncertainty and consumer anguish that defined the past three years appears to be fading as increasing signs of growth and stability in the economy emerge."

With consumers in a position to spend more, retailers embraced a variety of strategies to earn shoppers business, including creative promotions and discounts and special deals both on-line and through new media and mobile channels. Also, retailers managed their inventory well during the holiday season, accurately predicting demand.

"There is good reason for optimism today in the retail industry. Those retailers that refined operations, prioritized innovation and invested wisely over the past three years, are poised to realize considerable growth in sales and profitability as consumer spending continues to rise," concluded Kennedy.

RILA is the trade association of the world's largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

2011 to Be the Year of the Diet

Although devoid of any startling recommendations, the updated USDA dietary guidelines in conjunction with technological advancements and First Lady Michelle Obama's "Let's Move" program positions 2011 as the year of the diet, according to an article in this month's edition of Food Nutrition & Science.

According to Phil Lempert, founder of Food Nutrition & Science and CEO of The Lempert Report and SupermarketGuru.com, 2011 will mark the time when Americans make permanent, positive changes in their diets.

"People will stop demonizing single nutrients or ingredients and begin approaching food more holistically," says Lempert. "Shoppers will circle the aisles seeking foods rich in substance, vitamins, minerals and of course, taste."

Statement of Secretary of Labor Hilda L. Solis on November employment numbers

Secretary of Labor Hilda L. Solis issued the following statement on the November 2010 Employment Situation report released Dec. 3:

"This past November, nonfarm payroll employment increased by 39,000 jobs, and the unemployment rate increased to 9.8 percent. Furthermore, the job numbers for the months of September and October were revised upward 38,000. This year, we've seen the creation of 1.2 million private sector jobs – steady growth averaging 106,000 new private sector jobs each month.

Prevent weight gain by eating healthy

Before you end up having to search for diet pills that work, the easiest way to prevent needing to lose weight is to not gain unneeded weight. Recently Congress has focused on this issue, an example, this statement from Congresswoman Nancy Pelosi:

"Today, the House took action to tackle the twin challenges of childhood hunger and childhood obesity. Addressing childhood nutrition is a moral issue. It's about our future, our health, and our well-being as a nation. But it is also a matter of our competitiveness and our national security.

"Our future prosperity depends on having a highly-educated, skilled workforce that is ready to compete and get the job done. Yet far too many children in our country are held back by hunger from reaching their full potential. The Healthy, Hunger-Free Kids Act is a critical step forward in correcting this injustice and giving all of our youth a healthy choice and a fair shot at a better future. And this landmark legislation brings some common sense back to our school cafeterias and snack machines – and empowers parents to fight the growing epidemic of childhood obesity.

"I applaud my colleagues on both sides of the aisle who voted for this legislation, and I thank the First Lady, Michelle Obama, for shining a bright light on the need to get our students moving and make America's children healthier."

Deficit panel leaders propose curbs on Social Security

It's interesting when you read the Washington Post that the Deficit Panel is described as:

The chairmen of President Obama's bipartisan deficit commission on Wednesday offered an aggressive plan to rebalance the federal budget by curbing increases in Social Security benefits, slashing spending at the Pentagon and other agencies, and wiping out more than $100 billion a year in popular tax breaks for individuals and businesses.

The blueprint drafted by former Clinton White House chief of staff Erskine Bowles and former senator Alan K. Simpson (R-Wyo.) would slice more than $3.8 trillion from deficits over the next decade, reversing a rapid run-up in the national debt that many fear has the country headed for crisis.

It's clear Democrats are a part of this process, yet according to Democracy for America:

We knew this day was coming -- Today, the co-chairs of the Deficit Commission declared war on Social Security.

And it's not just Social Security they're going after. They're declaring war on Medicare, the National Park Service and PBS, too.

Well, the Deficit Commission doesn't speak for me -- or the vast majority of Americans -- and Congress needs to know it. Join me today and sign our pledge to Congress rejecting the Deficit Commission's right-wing attacks on Social Security.

Add your name now

The Co-Chairs of the Commission released their proposal today. One member of the commission referred to the plan as "a good start". It's our job to make sure they know it's Dead on Arrival. Here's a quick sample of just some of what they're calling for:
Cut Social Security benefits
Raise the retirement age
Cut funding to the National Park Service
Cut funding to PBS
When we say that the Deficit Commission doesn't speak for the vast majority of Americans, we have the numbers to back it up.

On Election Day, Democracy for America polled voters nationwide and when asked about Social Security only four percent supported making cuts to Social Security. Over half support eliminating the Social Security tax cap for income over $106,000 a year and 31 percent said they wouldn't change anything at all.

Let me say that again so Congress gets the message -- We polled the exact same people who voted to put Republicans in charge of the House of Representatives and 85 percent of voters don't want any cuts to Social Security.

This might be the only thing that 85 percent of Americans can agree on. Help make sure Congress gets the message.

You'd never know in their e-mail to solicit donations that Democrats were involved...

Cost did not trump safety in oil spill

Continuing with the reporting of the Deepwater Horizon oil spill comes this latest from the New York Times -- Spill Investigator Sees No Sign That Cost Trumped Safety:

Fred H. Bartlit Jr., a prominent trial lawyer hired to lead the panel’s inquiry, disputed the findings of other investigators, including members of Congress, who have charged that BP and its main partners, Transocean and Halliburton, had cut corners to speed completion of the well, which cost $1.5 million a day to drill.

“To date we have not seen a single instance where a human being made a conscious decision to favor dollars over safety,” Mr. Bartlit said on Monday. The statement came near the beginning of a detailed presentation Mr. Bartlit gave on the causes of the April 20 disaster on a drilling rig off the Louisiana coast, which killed 11 workers and led to the biggest offshore oil spill in American history.

“A lot has been said about this, but we have not found a situation where we can say a man had a choice between safety and dollars and put his money on dollars,” Mr. Bartlit said. “If anybody has anything else to say about that, we’re happy to hear it.”

Trick or treat from the Fed?

A follow up article to the earlier one on the proposed action by the Federal Reserve. Newsweek asks the question -- Has the Fed run out of tricks?. It's a recommended read, part of:

What the Fed is expected to authorize in November is a large purchase of U.S. Treasury bonds with the intent of driving down their interest rates, and rates on other long-term debt securities. It has already done this once. In late 2008 the Fed approved massive bond purchases; these ultimately totaled $1.725 trillion of mortgage-backed securities, U.S. Treasury bonds, and Fannie Mae and Freddie Mac bonds. Bernanke has said the program “made an important contribution” to the economic recovery.
But the measurable effects were small. A Fed study estimated that rates on all 10-year bonds might have dropped by 0.6 percentage points. The decline this time might be less, because starting interest rates are already low (about 4.3 percent for a 30-year mortgage) and the purchases might be smaller. Guesses generally range from $500 billion to $1 trillion.
Economists at Bank of America think new purchases would have “only a modest impact on the economy” but are “better than doing nothing.” A plausible program might cut the unemployment rate by 0.2 percentage points (say, from 9.6 percent to 9.4 percent), says Moody’s Analytics. The stock market would be slightly stronger, leading people to spend more, and a depreciated dollar would aid exports. Indeed, because Bernanke and other Fed officials have signaled a new round of bond buying, financial markets may already reflect some of these effects.

Fed to take more action...

The Federal Reserve chairman, Ben S. Bernanke, went further on Friday in outlining the risks the central bank was prepared to take by pumping more money into the flagging recovery.

The new action would be aimed at lowering interest rates and spurring growth, but it would most likely have effects far beyond American shores. It could contribute to the weakening of the dollar and complicate a festering currency dispute that threatens to disrupt global trade relations.

For Americans, additional Fed activity is likely to mean that already low 30-year mortgage rates would fall even further. The moves would not help many savers, however, as yields on certificates of deposit and savings bonds would probably fall as well. But the Fed hopes that making credit even cheaper will encourage businesses and consumers to borrow and spend, and that could eventually bring relief to jobless workers.

Mr. Bernanke’s remarks, at a conference organized by the Federal Reserve Bank of Boston, confirmed Wall Street analysts’ expectations that the Federal Open Market Committee would approve new steps at its next meeting on Nov. 2-3.

Distinguished Service to Safety Awards

National Safety Council Honors Individuals with Distinguished Service to Safety Awards

Presented for commitment to safety and health

SAN DIEGO, Oct. 4 /PRNewswire-USNewswire/ -- Today, seven individuals were awarded the highest honor bestowed on a safety professional by the National Safety Council. The Distinguished Service to Safety Award is presented annually to individuals who, throughout their careers, have demonstrated outstanding service to the field of safety and health.

NSC honored the seven 2010 recipients at the Opening Session of its annual Congress & Expo. Award recipients are nominated either by one of the NSC occupational divisions or the Board of Directors.

"Those who receive the DSSA have exhibited a lifetime commitment to safety and health. We're thrilled to be recognizing such outstanding individuals for their efforts to prevent injuries and deaths," said National Safety Council President and CEO Janet Froetscher.

Receiving this year's Distinguished Service to Safety Award are:

Gary A. Higbee, EMBA, CSP

President & CEO, Higbee & Associates Inc. and Senior Consultant, SafeStart Safe Track

Recognized for outstanding efforts within the Chapter Services Division

Darn, we missed "Singles Week"

Unmarried and Single Americans Week: Sept. 19 — 25, 2010
“National Singles Week” was started by the Buckeye Singles Council in Ohio in the 1980s to celebrate single life and recognize singles and their contributions to society. The week is now widely observed during the third full week of September (Sept. 19-25 in 2010) as “Unmarried and Single Americans Week,” an acknowledgment that many unmarried Americans do not identify with the word “single” because they are parents, have partners or are widowed.

Single Life
96.6 million
Number of unmarried Americans 18 and older in 2009. This group comprised 43 percent of all U.S. residents 18 and older.

53%
Percentage of unmarried Americans 18 and older who were women.

61%
Percentage of unmarried Americans 18 and older who had never been married. Another 24 percent were divorced, and 15 percent were widowed.