Sorry, no COLA to Social Security next year, either. (Photo Credit: Public Domain/U.S. Government/Wikipedia)

Since Congress established the annual cost of living adjustment (COLA) for Social Security payments in 1975, only twice have Social Security payments actually failed to rise. According to the Associated Press, 2010 was the first year without a COLA for Social Security, and 2011 will be the second. The Social Security Administration blames the lack of a COLA on inflation rates being too low.

Congress working to make up for lack of Social Security COLA

More than 58 million American retirees and disabled people depend on Social Security, and all of them look forward to the annual COLA. In response to what will be the second straight year without a raise in benefits across the board, the House of Representatives plans a November vote on a bill that would give each Social Security recipient $250. House Speaker Nancy Pelosi hopes to move the bill through the House, but the AP indicates that there is already stiff opposition in the Senate. Such news will no doubt add to the already heavy burden many retired Americans carry. Savings and home values are still low thanks to the recession, and the cost of living continues to rise as COLAs fall by the wayside.

“We’re a little bit upset because our bills are going up and our Social Security isn’t,” said retiree Betty Dizik, 83, to the AP. Dizik’s only source of income is a $1,200 month Social Security check. And her situation is far from unique. The average Social Security check is $1,072 per month. The Social Security Administration also indicates that 64 percent of those who received Social Security compensation in 2008 depended upon it as their sole income.

The last Social Security COLA was a big one

Social Security is currently supported by a 6.2 percent payroll tax paid by workers and employers. The maximum wage cap for which the tax still applies is $106,800. With the last Social Security COLA in January 2009, payments went up 5.8 percent, the largest increase in 27 years, reports the AP. An increase in energy prices led to that abnormally large COLA.

By law, a Social Security COLA will not occur again until consumer prices rise above 2008 levels. Social Security Administration anticipates that this will occur in 2011, leading to a 1.2 percent COLA that will hit in January 2012.

Sources:

Associated Press

AP coverage of COLA-less Social Security

The kind of employment infusion GOP supporters would be happy to see. (Photo Credit: CC BY/Paul Keller/Flickr)

Unemployment continues to run rampant in America and reports of a hiring thaw have been somewhat exaggerated. This news has failed to derail the partisan train, however. The Washington Post reports that Senate Republicans have managed to block a Democratic bill that would penalize U.S. companies for outsourcing jobs. Motion to debate the anti-outsourcing bill on the Senate floor failed, 53 to 45.

Anti-outsourcing bill could have brought jobs back to U.S. soil

According to the Post, the Democratic outsourcing bill would have raised taxes on corporations that move jobs overseas and rewarded companies that return jobs to the U.S. in the form of payroll tax hiatus incentives that would last two years. Outsourcing was viewed as a big issue by Senate Democrats, particularly after they’d decided to jettison middle class tax cuts before midterm elections. Showing concern for the manufacturing jobs lost by the American Midwest and East Coast could have scored Democrats major political points, writes the Post.

Wait until after the elections to decide

Such gamesmanship is common when seats are on the line. House Majority Leader Steny Hoyer (D-Md.) and White House senior adviser David Axelrod may be determined to act before middle-class tax cuts expire in January (raising taxes on income, dividends, capital gains and inheritance), but first things first, politically speaking. Republicans want the cuts to be extended – perhaps because their version of the cuts would extend to wealthy campaign supporters – and while Democrats fear the political impact of raising taxes, they may also be uneasy about the economic impact of keeping taxes down. Whatever the case, America is waiting for a decision from Congress. Unfortunately, that decision appears to be on the back burner.

No tax news, no jobs returning home, no business but the usual

The Democrats estimate that the proposed “anti-outsourcing” measure would have cost $720 million over 10 years. While those numbers may seem as staggering as any other measure proposed by Congress, the potential influx of jobs back onto American soil could be a boon. That is, if businesses even maintain such jobs when they’re essentially forced to pay more for the same labor. If a business cannot compete from the U.S. against foreign markets, one might wonder what’s to stop them from seeing if the grass is greener on the other side? “Cash now” business as usual no longer fits the global economic climate.

Sources:

Washington Post

Cenk Uygur on GOP view of outsourcing

No more dark sarcasm in the classroom - or class wars. American schools need to shape up, says the president. (Photo Credit: CC BY/Jay Cables/Drive-By Times)

Throwing money at America’s schools with the hope that the cash advance will instantly translate into a transcendent educational experience has always been short-sighted. Thus, it comes as no surprise that on “Today’s” “Education Nation” week, President Obama told Matt Lauer that education reform is the key. With millions of stay-at-home moms and dads watching – the president’s target audience for his American education message – Obama said that there should be a longer school year and that teacher accountability should be monitored for the sake of the profession and for our children.

Throwing cash at schools now won’t fix the problem

“When you look at the statistics,” President Obama told “Today,” it’s easy to see that the cash now approach hasn’t made a difference. As pupil results have fallen over the past 20 years, spending per pupil has risen. The president did point out that money makes a difference in some schools, such as those without the funding to provide up-to-date textbooks. However, the money pales in comparison to the need for education reform.

Better teachers and a longer school year

The president’s education reform agenda includes increased standards and decreased bureaucratic waste in the teaching profession. Under-performing teachers are not shielded by unions and tenure; it’s shape up or ship out. Mr. Obama did not specify how much longer American kids should remain in school (there were references to an additional month), but he did point out to Lauer that students in the American education system spend less time in the classroom on average than kids in “most other advanced countries.” That would be fine if U.S. schools taught more efficiently than those of other nations, but that isn’t the case.

‘Race to the Top’ and achieve

The Obama administration’s ongoing “Race to the Top” initiative, which rewards schools that show the greatest commitment to education reform, will distribute $4 billion in funding. Schools subject to funds reject the notion of a “status quo in which one-third of children are dropping out,” said Obama. Teachers’ unions must be amenable to change and willing to comply with more stringent standards of instructor evaluation.

Proper instructor training, hiring the best and brightest teachers and a commitment to ongoing teacher education are all key parts of “Race to the Top.” But an equally important part of ensuring American schoolchildren are successful in their studies is parental involvement. Fostering good study habits and showing kids they care are vital tasks for which parents must be responsible.

Sources:

TODAY

More on “Race to the Top”

As so-called "jobs Americans won't do" are important to the U.S. economy, there are actually Americans willing to do the work. (Photo Credit: CC BY-SA/Hillary Hartley/Flickr)

The recession continues to leave many Americans grasping for cash, wherever they may find it. They’re even reaching for those so-called “jobs Americans won’t do,” reports the Wall Street Journal. Day labor, once considered to be the almost-exclusive domain of undocumented workers, is now on the rise among  former white-collar employees, male and female. Reports indicate crowds of aspiring day laborers waiting on street corners for jobs are increasingly non-Latino.

From auto, skilled construction and finance to day labor

When survival is at stake for oneself and one’s family, per diem day labor work becomes necessary. Certain towns in California where undocumented workers customarily come north looking for day labor jobs are witnessing the odd appearance of illegal immigrants protesting that Americans are taking away their jobs — and thus their cash now. Considering that construction jobs have mostly gone stagnant, day laborers are scrambling for jobs such as moving and landscaping, which pay less because fewer hours are required. The competition has become fierce, as skilled, educated American workers are vying for the low-paying jobs undocumented workers previously owned.

Center for Immigration Studies: Dispelling the illusion

A recent study by the Center for Immigration Studies (CIS) indicates that the concept of “jobs Americans won’t do” is a popular illusion. Available data points to the falsehood of this idea; Census Bureau data collected from 2005 to 2007 indicate that even before the recession, “there were only a tiny number of majority-immigrant occupations.” And for jobs thought to be predominantly performed by undocumented workers – such as housekeeping, maintenance, construction site labor and janitorial – Census data shows that the majority of employees are American-born. The CIS study sampled 4.4 million individuals, approximately 560,000 of which were immigrants. Even taking into account undocumented workers who fly under the radar, the sample size remains significant.

Depressed wages, meet the depressed economy

Jon Dougherty, author of the book “Illegals: The Imminent Threat Posed by Our Unsecured U.S.-Mexico Border,” points to what may very well be the economic shift that helped create the “jobs Americans won’t do” illusion. The exodus of “poor, uneducated laborers from south of the border has already worked to depress American wages,” particularly in areas with high rates of illegal immigration. As undocumented workers are often willing to accept less money to do the same work as American laborers, contractors choose to pay less. Americans – particularly those with families – can’t afford to work for $8 per hour if they were previously making just enough to cover expenses at $15 per hour. The cost of living in America makes the pay cut nearly impossible to swallow. Many undocumented day laborers can retreat back across the border at the end of a day’s work and survive – if not comfortably – on wages they typically cannot earn in their native country.

Sources:

Center for Immigration Studies
Newsmax.com
Wall Street Journal

Undocumented workers protesting Americans taking their day labor jobs

Get a no credit check installment loan quickly. (Image:Kripptic/Flickr/CC-BY-SA)

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One of the biggest difficulties of trying to get a traditional installment loan is the long wait and even longer application process. With no credit check installment loans, the money can be directly deposited into your checking or savings account in as little as two hours, and almost always within 24 hours.

Pay back your no credit check installment loan over time

The biggest reason to apply for a no credit check installment loan is the flexibility of the loan. Rather than having to pay the loan back in one large chunk, you can pay the money back over time. When you submit your application, the lender will provide an offer of a repayment schedule. You can then choose to accept or reject the offer — you’re not locked into anything unless you approve the terms and conditions.

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The economic mountain has come to Mohamed El-Erian, and a "new normal" may be the result. (Photo Credit: CC BY-SA/Mattbr/Wikipedia)

Pacific Investment Management Co. (Pimco) CEO Mohamed El-Erian, a sought-after commentator on the United States’ economic condition, has called the past decade a “lost decade” of unemployment and dismal tidings for the nation’s labor market, reports Bloomberg. The economic waters the U.S. has become accustomed to sailing have turned back, never to return, suggests El-Erian. More people than ever need a loan, but the credit market will not currently bear the demand. There will be, in his words, a “new normal” to which America must adjust.

Unemployment and labor continue to suffer

Unemployment remains at a high level, credit markets are on their guard and additional federal stimulus isn’t likely to solve the issues plaguing the nation’s labor market, said El-Erian. Charles Nenner of the Charles Nenner Research Center is even more pessimistic. On Bloomberg Television’s “On the Move,” Nenner predicted that the Dow Jones will fall to 5,000 within two years, underscoring El-Erian’s belief that the U.S. economy isn’t as flexible as policy experts believe. Playing with interest rates and holding hands out for an instant money bailout aren’t necessarily the best springboards to long-term recovery. People and institutions that look for cash now without understanding the long-term impact of borrowing from the future to prop up the present are doomed to fall from the trapeze and strike bottom.

“This country has very weak safety nets,” El-Erian said on “Bloomberg Surveillance.” “It is built on the assumption that our labor markets are very flexible, that if you lose your job in California you move somewhere else, you get another job, and what we’re seeing is structural unemployment.”

Stocking up on high-quality assets

Pimco’s strategy has been to stock up on high quality assets. The company’s Total Return Fund, which has returned 11.8 over the past year (besting return on peer bonds by 67 percent, writes Bloomberg), is the largest of its kind in the United States. But for the country as a whole, a more dramatic focus on structure is needed, says El-Erian. In addition to the mildly ineffective bouts of stimulus, the dead-in-the-water U.S. housing market isn’t producing the assets needed for recovery. The U.S. economy needs to restructure the way business is done. “It needs other agencies to help and in particular, it needs structural policies to be there,” El-Erian informed Bloomberg. “Put another way, you need to stimulate not just demand, but also you need to make supply more flexible.”

El-Erian’s concept of a “new normal” could act as a fresh rubber band that will snap back after economic calamity, or a faux safety net made from IOUs and dreams of wild market speculation.

Sources:

Bloomberg

Pimco

Understanding the “new normal”

Photo: Thinkstock

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The recession may be on its way out, but personal finances remain in a shattered state, according to CFP survey respondents. (Photo: ThinkStock)

According to a recent survey by the Washington-based Certified Financial Planner Board of Standards Inc. (CFP), Americans anticipate that the national economy will be more likely to improve than decline during the next six months. However, as Bloomberg reports, the CFP study also shows that the majority of Americans do not have as much faith that their personal finances will improve. Developing a savings, financing college and preparing for retirement are all areas of great concern.

Personal finances don’t light up the headlines like recession busting

The CFP survey results indicate that 44 percent of respondents expect an upturn in the U.S. economy before their own personal finances, compared with 28 percent who believe a “double dip” recession will occur. CFP chair Robert Glovsky told Bloomberg that “Americans are generally hopeful, and much of the economic news leads us to conclude that we are out of the recession, and a double dip is unlikely.”

However, that hope largely does not extend into the arena of personal finance. Consumer confidence may be up while the declared unemployment rate was down .2 percentage points from May 2010 to June 2010 (it was 9.5 percent in June), but the CFP survey indicates that nearly two-thirds of Americans (65 percent) indicate that their worries over basic matters of long-term personal finance have grown significantly since the beginning of the recession. Many consumers believe they need cash now, but are frequently ineligible for a bank loan due to the still-tight credit market. Relying upon a bad credit personal loan is an alternative, but not one that has inspired consumers to view their financial futures in the most positive manner.

Worrying about the big three

The CFP survey, which was conducted via telephone by market research firm Penn Schoen Berland, found that the vast majority of the 1,000-member sample group of consumers ages 18 and older were afraid they wouldn’t be able to maintain sufficient savings, pay for college or have enough money put away for retirement. Adding to the worries surrounding their personal finances, 80 percent of respondents felt that Congress and federal regulators hadn’t taken an active enough role in pushing legislation to regulate financial markets. However, various media sources indicate a reform bill may pass through Congress soon.

Sources:

Bloomberg

CFP.net survey

How the Dodd-Frank bill would reform Wall Street:

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Arizona has threatened to cut power it supplies to Los Angeles after the city voted to boycott the Grand Canyon state in protest of its immigration law. Flickr photo.

The Arizona immigration law is a personal affront to people of Hispanic descent across the nation. To make a political statement, the Los Angeles City Council voted to boycott the state of Arizona and Arizona based businesses. In response to the Los Angeles boycott, the commissioner of Arizona’s electric and water utilities threatened to cut off the electricity supplied to the Los Angeles power grid by Arizona power plants.

Boycott Arizona goes nationwide

The Arizona immigration law has motivated other cities with large Hispanic populations to deprive Arizona of cash now, including San Diego, San Francisco and Oakland. In Seattle, not known as a center of Hispanic culture, the city council approved a similar boycott May 18. Many organizations nationwide have also canceled conventions in Arizona. Type “boycott Arizona” in Google and you get The National Council of La Raza homepage, inviting institutions nationwide to join the NCLR in their boycott of Arizona.  But the Los Angeles boycott is the first so far to result in a game of tit for tat over a law many think encourages racial profiling and violates civil rights.

Starving the Los Angeles power grid

Following the Los Angeles boycott, the Arizona Corporation Commission, which administrates the state’s electric and water utilities, raised the idea of pulling the plug on Los Angeles. CNNMoney.com reports that Arizona’s power plants supply electricity to 25 percent of the Los Angeles power grid. In a letter to Los Angeles Mayor Antonio R. Villaraigosa, Arizona Corporation Commissioner Gary Pierce wrote that “If an economic boycott is truly what you desire, I will be happy to encourage Arizona utilities to renegotiate your power agreements so Los Angeles no longer receives power from Arizona-based generation. I am confident that Arizona’s utilities would be happy to take those electrons off your hands.”

Los Angeles boycott adds up to millions

The Los Angeles City Council voted 13-1 to bar the city from conducting business with Arizona unless the Arizona immigration law, which will take effect in July, is repealed. MSNBC reports that the vote followed an emotional council discussion during which many members noted that their ancestors were U.S. immigrants. The stakes aren’t exactly small potatoes. Los Angeles has investments and contracts in Arizona worth as much as $58 million. Most of the dollars involve airport, port and energy service that can’t lawfully be affected by the boycott. That leaves about $7.7 million in city contracts that could possibly be put into play. Some of those contracts include helicopter services, Taser guns, waste management, engineering and surveillance equipment.

Will Arizona really cut power to Los Angeles?

Will Arizona really cut power to Los Angeles? John LeSueur, a spokesman for Pierce, downplayed the threatening nature of the letter. He said the commission itself does not have the authority for Arizona to cut power to Los Angeles. “It’s not a threat,” he told CNNMoney.com. “It’s just pointing out the ramification of what L.A.’s threat would be on the boycott. If they carry out their threat to boycott Arizona, that includes 25 percent of their power.” LeSueur pointed out that Los Angeles has partial ownership in two of the Arizona power plants, including a 5.7 percent stake in the Palo Verde nuclear power plant, and a 21 percent stake in the Navajo Generation Station on a Navajo reservation.

Arizona boycott could hurt Hispanics

The economic impact of the Arizona immigration law could be substantial. Fox News reports that Phoenix officials say their city could lose up to $90 million in the next five years over the protests. The figure represents not just lost convention and hotel fees but other money tourists would otherwise spend in the city. In a twist of irony, Hispanics make up a major portion of Arizona’s hospitality and service workforce. With city governments and organizations pulling the plug on travel and conventions in Arizona, state officials point out that Hispanic workers have the most to lose.

Dendreon Provenge treatments are a little more complex than a shot. From Wikimedia Commons

The Food and Drug Administration has approved Provenge, a anti-cancer vaccine made by Dendreon, for use in treating prostate cancer.  The drug is the first anti-cancer vaccine to get FDA approval.  The drug was found to extend the life of cancer patients by a median of four months.  That said, the process behind the vaccine is in its infancy, and treatment would require a lot of cash now to get.  The drug is so far a success story, and a potential precursor to better ways of treating one of the world’s worst diseases.

Dendreon Provenge study results

According to WebMD, the results of the Dendreon Provenge study, done by researchers unaffiliated with the company, found that patients suffering from prostate cancer lived a median of 4.1 months longer than those who received the placebo. Follow up studies indicated that 32 percent of Provenge treated subjects remained alive three years after treatment, compared with just 23 percent of subjects that received the placebo.

Not just a simple shot

Provenge isn’t just a simple shot, it’s a process.  Immune cells are harvested, and then transported to Dendreon laboratories.  There they are treated with Provenge, a proprietary hormone treatment process, and once confirmed as being sufficiently modified, are re-introduced into the patient’s system in a three dose series.  It works by altering immune system responses, so that any cancer cells that would be mistaken for ordinary cells are recognized as a danger. So far, it is not expected to be cheap, at all. The costs of a course of treatment are expected to run between $40,000 and $100,000.

Kind of a breakthrough

The Dendreon Prevenge treatment will not prevent cancer, it’s only a treatment.  There are no dyed-in-the-wool cures for cancer as yet, but this is at least a positive step in that direction.  The only vaccines against cancer are actually vaccines against certain strains of the human papillomavirus, which can cause cervical cancer.  This may be the dawn of further breakthroughs, as strides against cancer are being made all the time.  Perhaps a cure will be found in the next generations.

Many researchers are relying on adult or embryonic stem cells for their research. Image from Flickr.

When it comes to medical research, one almost cannot find something more controversial than stem cell research. Today, both distinct types of stem cell research – embryonic and adult – received support that will potentially expand and improve the cash now available and results of medical study. The National Institutes of Health released new embryonic guidelines, while the Vatican — yes, the Catholic Vatican — has announced it will help fund research.

The promise of stem cell research

Stem cell research is a politically, socially, and emotionally loaded topic – for good reason. Many medical researchers call stem cells the best chance medicine has to do everything from regrow damaged body parts to curing a multitude of diseases. A stem cell is a cell that is still in an “undefined” state and has the potential of becoming any type of cell in the body. Embryonic stem cells are derived from embryos created by fertility treatments that would not otherwise be used. Adult stem cells come from grown adults, and are either “forced” backwards into stem cells or harvested from other parts of the body.

Embryonic stem cell research guidelines from NIH

The question of embryonic stem cell research has been a difficult political question for the United States government. In 2001, President George W. Bush limited federal funding for embryonic stem cell research to the lines already in existence. This left 21 lines of embryonic stem cell research available. After taking office, President Obama lifted that restriction, although stronger ethical guidelines were put in place. The new stem cell research guidelines indicate that embryonic stem cells must be donated by couples that have been “fully informed of other options.”

NIH approves 13 lines of embryonic stem cell research

The new guidelines instituted by the National Institutes of Health created many questions about which lines of stem cell research would be allowed. This morning, the NIH announced that 13 additional lines had been approved for embryonic stem cell research, including four lines that account for almost 90 percent of stem cell research publications between 1999 and 2008.

Vatican to back adult stem cell research

In a move that surprised many stem cell research watchers, the Catholic Vatican announced today that they would be providing financial support for adult stem cell research. The International Intestinal Stem Cell Consortium will receive funding and support from the Vatican. Intestinal stem cells are a form of adult stem cells that many researchers are hoping will prove useful. In the Vatican announcement, the church highlights that they still believe embryonic stem cell research is “gravely immoral.” The Director of the Stem Cell Transplantation Program in Boston’s Children’s Hospital reacted to the announcement with a mix of emotions. “I applaud the Vatican for funding any type of research, but this is another attempt to pit adult stem cells against embryonic when the two are used in very different ways and have potential for different conditions.”

Sources:

Washington Post
ABC News

Cash now for older cars

During the Great Depression, this happened all the time. I remember hearing stories of my grandfather fixing the tires on his car every time his family wanted to go into town. Of course, this was at the height of World War II and tires were just not available for the consumer. Even today, older cars just need more attention and, in some cases, some cash now to afford repairs.

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CenturyTel made a bid for Qwest valued at 22 billion, one of the biggest deals in telecom history. Flickr photo.

CenturyTel and Qwest announced plans for CenturyTel to buy Qwest in a $10.6 billion stock swap instead of cash now. The deal will be one of the biggest telecommunications deals in history if it goes through. The combination of CenturyTel, Inc., the fifth largest local phone company, and Qwest Communications, the third largest, creates a more competitive entity in a shrinking landline market. However, CenturyTel Qwest would still be a minnow among the telecom sharks AT&T and Verizon, companies that are stronger by having both landline and wireless businesses.

CenturyTel Qwest debt consolidation

It its agreement to buy Qwest, CenturyTel, formerly known as Centurylink, will take over $11.8 billion in Qwest debt, making the merger worth about $22.4 billion, one of the biggest deals in telecom history. The new company will be based at CenturyTel’s headquarters in Monroe, La. Qwest’s current headquarters is in Denver. Both companies have been shedding jobs and the Denver Business Journal said that analysts expect more job cuts as CenturyTel and Qwest consolidate operations.

CenturyTel Qwest: bigger fish in shrinking pond

Qwest provides land line service in 14 primarily Western states. Financial maneuvers during the Internet boom, including an ill-fated attempt to outbid Verizon for MCI, left Qwest in need of debt repair, making it vulnerable to purchase, even though it is larger than CenturyTel. U.S. landlines are shrinking by about 10 percent per year as consumers rely more on cellphones and cable. Neither Qwest nor CenturyTel own wireless networks that compensate for the loss of landlines, as AT&T and Verizon do. The CenturyTel Qwest merger is intended to make the combined company stronger as a business telecom provider and expand its consumer broadband business.

CenturyTel Qwest deal breaker?

The CenturyTel/Qwest deal has complications. Levi & Korsinky LLP, a law firm specializing in representing victims of securities fraud and other forms of financial malfeasance, is investigating the board of directors of Qwest, according to a press release from BusinessWire published Thursday at marketwatch.com. Levi & Korsinsky suspects that the deal may unlawfully harm Qwest stockholders in connection with the Qwest board’s effort to sell to CenturyTel, Inc. The investigation concerns whether the Qwest board failed to adequately shop Qwest before making the deal, and that CenturyTel may be underpaying for Qwest shares.

CenturyTel Qwest shareholder details

When the deal closes, CenturyTel shareholders will own about 50 percent of the new company, and Qwest shareholders will own about 49.5 percent of the company. Qwest stockholders will get 0.1664 shares of CenturyTel for every Qwest share they now own. Based on the CenturyTel closing price Wednesday of $5.24, Qwest shareholders will get per-share consideration equivalent to $6.02 of CenturyTel stock.

The Obama NASA plan cancels the Ares I rocket, which has outraged old school astronauts and inspired a younger generation of innovators. Wikimedia Commons photo.

Controversy over the Obama/NASA plan intensified today as the President defended his vision for NASA’s future that has outraged former astronauts, Republican politicians and space industry executives. The Obama NASA speech in Florida attempted to convince his detractors that his recommendations will not compromise the United States’ leadership in space exploration.

Obama NASA plan cancels Bush program

Earlier this week the Obama NASA issue heated up when the administration announced it would cancel George W. Bush’s Constellation space program, a massive effort to launch manned missions to the Moon and Mars. Legendary astronauts made their disagreement with Obama loud and clear, especially Neil Armstrong, the first man on the moon. They accused Obama of ceding American leadership in space to the Chinese and Russians.

Obama NASA plan relies on private companies

As the space shuttle program winds down for good, the crux of the Obama NASA plan is the cancellation of new rockets to the moon. The Obama administration wants to give money now to  private companies for flying into space over the next few years instead. Meantime, the government will work to develop a spacecraft that will bypass the moon to explore asteroids and other potential stepping stones to Mars.

Obama NASA funding

While astronauts like Armstrong who will be 80 years old this year vehemently oppose the changes, younger generations support Obama NASA funding: $6 billion to encourage private companies to build their own spaceships to ferry astronauts to the International Space Station. PayPal founder Elon Musk can expect a big pay day. His company, SpaceX, is gearing up to fly astronauts to the International Space Station by the end of 2013. Spacex plans to charge NASA about $20 million an astronaut–a bargain compared with more than $300 million a head it was going to cost NASA under the Bush plan, plus the $56 million NASA will pay Russia for trips on Soyuz rockets in the meantime.

The Obama NASA speech

In Obama’s NASA speech, the President explained his rationale to an audience of 200 NASA employees, astronauts, and members of Congress, saying that investment in private companies would spur economic growth. “I recognize that some have said it is unfeasible or unwise to work with the private sector in this way,” he said. “I disagree.” By buying the services of space transportation — rather than the vehicles themselves — we can continue to ensure rigorous safety standards are met. But we will also accelerate the pace of innovations as companies — from young startups to established leaders — compete to design and build and launch new means of carrying people and materials out of our atmosphere.”

Losers in the Obama NASA plan

Obama NASA funding cuts off the new Ares I rocket motor that Utah aerospace company ATK has been developing. ATK employs more than 2,000 people and has worked several years on the cancelled Constellation program. ATK has tested motors for one Ares rocket, and has cash now for a second test this fall. In 2005 the Ares I and NASA’s Orion Rocket were scheduled to support the International Space Station in 2012, two years after scheduled Shuttle retirement. Today that date has been pushed to 2015.

Winners of Obama NASA funding

To take up the slack, the Obama NASA plan recommends a new heavy-lift rocket that would be completed sooner than Ares and Orion would have been. The Obama NASA plan also increases NASA’s budget by $6 billion over 5 years. In his speech on Thursday, Obama said this will add more than 2,500 jobs in Florida’s Kennedy Space Center area.

Upgrading your air conditioner could be worth a few dollars from the Texas Powerful Smart program. Image from Flickr.

This morning, the Texas Powerful Smart appliance rebate program started accepting “reservations” for rebates. While you can reserve your Texas Appliance Rebate today (if you can get through), you cannot actually purchase your new appliance until April 16. What is the Texas Trade Up Appliance Rebate/Texas Powerful Smart program, and should you get a personal loan just to get a new appliance?

The Texas Powerful Smart Program

Funded by the American Reinvestment and Recovery Act, the Texas Powerful Smart appliance rebate program is similar to many other state appliance rebate programs. In Texas, the program still had more than $17 million worth of rebate money left as of 10:30 a.m. Pacific Time today. The basic idea is simple – replace old, inefficient appliances in your home with new, efficient ones and get cash now from the Texas Powerful Smart fund.

What appliances qualify for the Texas Powerful Smart program?

The Texas Powerful Smart program has varying rebates for a wide variety of appliances. Rebates range from $120 to over $1,500, depending on the appliance you trade in through the Texas Appliance rebate program. See a full list of the qualifying appliances at the Texas Powerful Smart web site. Each appliance also has a list of “qualifying models” that will get the rebate. Not all new appliances are energy-efficient, so it is important to check the list.

How do I get a Texas Appliance Rebate?

If you are a Texas resident and you have a Texas residential address, you could qualify for a Texas Appliance Rebate. You first have to “reserve” your rebate either through the Texas Powerful Smart web site or by calling 1-877-780-3039. The web site and phone lines are very busy this morning, and the Texas Powerful Smart web site recommends you try several times to get through. You will have to purchase your appliance in person and will have to submit information to the Texas Powerful Smart program.

Texas Powerful Smart rebates based on Energy Star

The Energy Star rating is a rating that is supposed to label a product as “certified” energy-efficient. However, the Energy Star label has lately run into questions. After a Government Accountability Office report found that getting the Energy Star label was surprisingly easy, some questioned the legitimacy of the label. In order to get the Texas Appliance Rebate, the new appliance you purchase has to be either Energy Star or CEE rated. Do your own research, though, to be sure that your new Texas Powerful Smart appliance will really save you power.

The Wowwee Rovio is a home-security robot that can be used for so much more. Image courtesy of Wowwee on Flickr.

If you’ve got wifi in your house and a desire to have some robotic fun, the Wowwee Rovio is built just for you. The Wowwee Rovio is half remote-controlled robot and half webcam. The remote control can connect to any available wifi connection – meaning you can have the Wowwee Rovio roam your house and show you what is going on – no matter what internet-connected computer you are at. At less than $250, the Wowwee Rovio won’t even take a pay day loan to purchase. The best part about the Wowwee Rovio is that if the fun of remote-controlling a wifi-enabled webcam eventually wears off, you can hack the Wowwee Rovio to do even more.

Basics of the Wowwee Rovio

The concept of the Wowwee Rovio sounds awesome, but how does the Wowwee Rovio work? The Wowwee Rovio uses the wifi connection that you have available in your home, and it can be accessed using most any computer, mobile device or gaming console. The Wowwee Rovio also has an automatic detection system – so when you pull it out of the box, setup is usually very quick and simple.

You can also purchase Wowwee Truetrack room beacons to help your Rovio navigate its way around your house or back to its charging dock, all on its own. You can also purchase a Wowwee Rovio headlight that will help it see its way in the dark.

Wowwee Rovio for home security

The biggest potential use for the Wowwee Rovio is a fairly obvious one: home security. This little robot can be easily overlooked, and the webcam can send a video feed out to be recorded. You won’t have to figure out if you should blame the dog or the cat for the latest broken vase – instead, the video from the Wowwee Rovio will let you know exactly what is going on. There are security concerns with the Wowwee Rovio broadcasting an audio and video feed of what’s going on in your home – so be sure that your wifi is secure before you connect the Rovio.

Wowwee Rovio for other uses

Just because you bought the Wowwee Rovio for home security doesn’t mean you can’t have some fun with the robot. The Wowwee Rovio comes equipped with a speaker and microphone system and can be programmed to run various routes around your home. Have a teenagers who hate waking up? Program the Wowwee Rovio to be their alarm clock that runs away. Out of the office and missing out on great water cooler conversation? Use the Wowwee Rovio to tell your officemates about your March Madness picks. You can even use the Wowwee Rovio to create LOL-worthy situations with your favorite dog or cat.

Hacking the Wowwee Rovio

Thanks to an night at the open bar at the Consumer Electronics Show, Woot featured the Wowwee Rovio for less than half of the usual price – only $99 cash now. The best part of this Woot feature is that the company teamed up with Hack a Day to bring you an instant hack for your Wowwee Rovio. So if you’re the type that loves to tear apart electronics and bend them to your will, today is the day to jump on getting the Wowwee Rovio.

Watch the Wowwee Rovio in action

Don't let this happen to you on daylight saving time

Daylight saving time begins this weekend, so move your clocks forward one hour on Sunday, March 14, 2010, at 2:00am. For practical purposes – and with time slipping away, who can bother with anything other than practicalities? — that’s all you really need to know about daylight saving time.

If you live in Arizona, Hawaii, or the U.S. territories of Puerto Rico, the Virgin Islands, Guam, or American Samoa, you don’t even need to know that much. You’re off the hook entirely.

The rest of you, however, have work to do on Sunday, and one fewer hour to do it in.  Of course, even with daylight saving time fast approaching, everyone still has time to apply for instant payday loans.

Daylight-saving-time traditions

For some reason that no one, apparently, has ever had time to figure out, the onset of daylight saving time is the traditional time to do all these things:

• Check emergency supplies
• Stock up on batteries, flashlights, and first-aid kits
• Check smoke alarms
• Change smoke-alarm batteries
• Update emergency phone numbers
• Review home evacuation plans

Extra work for Madison residents

If you live in Madison, the above checklist may not be all you have to do. In Madison, a city ordinance passed in 2009 requires all homeowners to install either hard-wired electric-powered alarms or alarms with 10-year batteries. August 15, 2010, is the compliance deadline, and according to The Cap Times, the onset of daylight saving time is the right time to get the work done.

For residents of Madison and everyone else in Wisconsin, Doug Higgins of Fox11online.com has an important reminder about daylight saving time at http://www.fox11online.com/dpp/good_day_wi/daylight-saving-time-reminder. With daylight saving time and all its attendant chores fast approaching, however, there’s no time to watch the videos — which may well contain an important reminder — but click on his name and you’ll be reminded that Doug Higgins is the meteorologist for Good Day Wisconsin and that he “enjoys golf, skiing, scary movies, and of course, the weather.”

Extra considerations for Los Angeles residents

This may or may not have special relevance to residents of Los Angeles, but the Los Angeles Times warns that the start of daylight saving time is a dangerous time for health and finances.

• The incidence of serious heart attacks increases by 6% to 10% during the first three workdays after the onset of daylight saving time;
• Suicides among men are more likely in the first few weeks of daylight saving time than at any other time of year;
• The number of traffic accidents spikes on the first Monday after daylight saving time beings;
• Traders tend to produce “large negative returns on financial-market indices” during the first week of daylight saving time.

Extra reasons to get cash now

Even if you don’t live in Los Angeles — but especially if you live in Madison — right now is the time to consider mortgage loan restructuring and to apply for quick personal loans. Unless you live in Arizona, Hawaii, or one of those other non-conforming places where the weather is already warm (or in the case of Guam and American Samoa, hot!), you need to buy things today so you can get your work done on Sunday.

Money management online

Banks are offering customers pie charts and amortization schedules to get a clear view of their money. The reasoning is that customers who are more in control of their money will see banks as more viable financing tools. That means when they need loans or new retirement account, they will be more likely to work with the bank that offers them online tools to manage money.

Michael Upton, senior VP at Bank of America, (see http://www.msnbc.msn.com/id/35018578/) said, “The more informed customers are about their financial lives, the better customers they make for us in the long term.” Many banks today are taking their online model from Mint.com. Mint is a website that offers consumers the ability to merge data from various sources and give a clear picture of their finances. It gained a huge popularity and industry insiders were watching closely the capabilities the website offered.

Online banking on the rise

Industry analysts are showing that about 60 million people do some type of online banking in the US. The number using personal finance management tools is much smaller, but banks are hoping to turn that around. Although right now less than half of all US banks offer personal finance management, smaller banks and credit unions are quickly moving into the online territory. They understand how important it is to offer additional services, and they know how much focus consumers are putting on their own personal finances now. Upton added, “The recession was a good lesson for people who didn’t prioritize their savings. Now a good number of consumers are changing their ways.”

How the larger banks fit in

Interestingly, bigger banks are not moving as quickly to utilize personal finance tools. It’s the smaller banks that are integrating them. The reason for this is that larger institutions have more elaborate features, and the ability to combine account data could take considerably longer to implement. For customers using large banks to watch their money now, it involves combining systems from serial mergers. That’s a large task for any institution to take on. For example, Wells Fargo has a “My Spending Plan” tool that categorizes spending and has a budgeting script. It only is able to pull date from the bank’s accounts though, which some say limits its usefulness to the consumer. That’s because it is common for people to have a dozen or more accounts with various banks, brokers, and credit card companies. “Consumers want to simplify their financial lives,” said Mark Schwanhausser, a senior analyst with Javelin Strategy and Research. “There’s a screaming need for someone to come through and help them organize, and pull all that account data in one place.”(see http://www.msnbc.msn.com/id/35018578/)

The next step in banking

Schwanhausser said that to serve the customer more, banks need to make their personal finance tools more prominent to the user. Consumers watching their money now want a much more diverse and flexible resource. In today’s high-tech world, it’s crucial that banks keep up. Offering finance tools that are customizable and draw all account information to form a complete picture of finances is the next step to serving banking customers.

Need money now? Apply HERE!