A Republican payroll tax cut bill that sailed through the House despite a White House veto threat is dead on arrival in the Senate, and it will soon be time for talks on a final package, the Senate’s top Democrat says….

Reid says he will schedule a vote shortly on the House-passed bill to underscore its irrelevance ”” a vote that should start the clock ticking on what stands as the year’s final, high-stakes partisan faceoff.

“It was dead before it got to the Senate,” Reid said of the House legislation. “The Senate will not pass it. The sooner we demonstrate that, the sooner we can begin serious discussions on how to keep taxes from going up on middle-class Americans.”

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The federal government is understating the liability for its employee pension plans by $80-billion because it does not use “real world” investment returns in its calculation, a new report says.

A C.D. Howe Institute study has concluded the federal liability for pension plans now totals $227-billion, which is $80-billion more than the government reports in its Public Accounts.

“Ottawa’s calculations do not reflect investment returns available in the real world,” says co-author William Robson, who is CEO of the C.D. Howe Institute.

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One in 45 children in the USA — 1.6 million children — were living on the street, in homeless shelters or motels, or doubled up with other families last year, according to the National Center on Family Homelessness.

The numbers represent a 33% increase from 2007, when there were 1.2 million homeless children, according to a report the center is releasing today.

“This is an absurdly high number,” says Ellen Bassuk, president of the center. “What we have new in 2010 is the effects of a man-made disaster caused by the economic recession. ”¦ We are seeing extreme budget cuts, foreclosures and a lack of affordable housing.”

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Two new ethical investment policies have been adopted by the Church of England national investing bodies following advice from the Church’s Ethical Investment Advisory Group (EIAG).

The national investing bodies’ new policy maintains the toughest possible exclusion of companies involved in the production or distribution of pornography that their ethical investment research provider is able to implement….

The new policy on high interest rate lending builds on the previous policy under which companies involved in weekly collected home credit (‘doorstep lending’) were excluded from investment.

The new policy extends the investment exclusion to cover other forms of specialised high interest rate lending, in particular payday and pawnbroker loans.

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Another week and yet another attack on social policy by the Archbishop of Canterbury on the summer riots and why, in his opinion, there will be “more outbreaks of future anarchy” unless the Government reaches out to the young.

I know the primary function of the Church of England’s senior cleric is to criticise the government of the day ”“ Robert Runcie and George Carey were no different ”“ but such interventions are becoming futile when the CoE has so little positive to say.

According to Rowan Williams, the disorder was linked to “massive economic hopelessness” and rising levels of youth unemployment will only inflame tensions still further.

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It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma.

Instead of business as usual on Monday morning, lines of angry Greeks form at the shuttered doors of the country’s banks, trying to get at their frozen deposits. The drachma’s value plummets more than 60 percent against the euro, and prices soar at the few shops willing to open.
Soon, the country’s international credit lines are cut after Greece, as part of the prime minister’s move, defaults on its debt.

As the country descends into chaos, the military seizes control of the government.

This scary chain of events might never come to pass. But the danger that Greece or some other deeply damaged country in the euro zone could leave the single-currency union can no longer be ruled out.

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Amid enormous pressure to cut costs, improve care and prepare for changes tied to the federal health-care overhaul, major players in the industry are staking out new ground, often blurring the lines between businesses that have traditionally been separate.

Hospitals are bulking up into huge systems, merging with one another and building extensive new doctor work forces. They are exploring insurance-like setups, including direct approaches to employers that cut out the health-plan middleman.

On the other side, insurers are buying health-care providers, or seeking to work with them on new cooperative deals and payment models that share the risks of health coverage. And employers are starting to take a far more active role in their workers’ care….

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There is a fascinating new study coming out of the Levy Economics Institute of Bard College. Its titled “$29,000,000,000,000: A Detailed Look at the Fed’s Bail-out by Funding Facility and Recipient” by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve.

The researchers took all of the individual transactions across all facilities created to deal with the crisis, to figure out how much the Fed committed as a response to the crisis. This includes direct lending, asset purchases and all other assistance. (It does not include indirect costs such as rising price of goods due to inflation, weak dollar, etc.)

The net total? As of November 10, 2011, it was $29,616.4 billion dollars ”” (or 29 and a half trillion, if you prefer that nomenclature). Three facilities””CBLS, PDCF, and TAF”” are responsible for the lion’s share ”” 71.1% of all Federal Reserve assistance ($22,826.8 billion).

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James A. Roberts was watching an ABC News Nightline episode on basketball legend Shaquille O’Neal recently when he heard about the size of the retired player’s Florida home: 70,000 square feet.
Even for a man who spends his time studying consumer behavior as a marketing professor at Baylor University, Roberts was stunned.

His latest book, “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can’t Buy,” tells the story of the American Dream gone awry by profligate materialism. The size of O’Neal’s home offered further proof.

To Roberts’ mind, what began as “Keeping up with the Joneses” has morphed into “Keeping up with the Gateses” (or, perhaps, the O’Neals).

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We Jjouranlists are probably too bleary-eyed after a sleepless night to understand the full significance of what has just happened in Brussels. What is clear is that after a long, hard and rancorous negotiation, at about 5am this… [past Friday] the European Union split in a fundamental way.

In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. In the coming weeks, Britain may find itself even more isolated. Sweden, the Czech Republic and Hungary want time to consult their parliaments and political parties before deciding on whether to join the new union-within-the-union.

So two decades to the day after the Maastricht Treaty was concluded, launching the process towards the single European currency, the EU’s tectonic plates have slipped momentously along same the fault line that has always divided it””the English Channel.

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The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself. If recent history is any guide, the glow could fade fast as investors focus on the details, or on a continued lack of clarity over what role the European Central Bank will play.

“The summit was the first step toward fiscal integration, which is a problem we need to solve, but it will be a long, drawn-out process,” said Mohit Kumar, head of European rates strategy at Deutsche Bank in London….

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“Businesses, are, in reality, quasi-religious sects. When you go to work in one, you embrace A New Faith. And if they are really big businesses, you progress from faith to a kind of mystique. Belief in the product, preaching the product, in the end the product becomes the focus of a transcendental experience. Through ‘the product’ one communes with the vast forces of life, nature, and history that are expressed in business.”

–Thomas Merton, Conjectures of a Guilty Bystander (New York, Doubleday, 1965), p. 232

European leaders say 26 out of 27 EU member states have backed a tax and budget pact to tackle the eurozone debt crisis.

Only the UK has said it will not join. Prime Minister David Cameron said he had to protect key British interests, including its financial markets.

The 17 countries that use the euro have all agreed to the deal.

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What counts as a church? Chuck and Stephanie Fromm recently found out.

After hosting several periodic Bible studies for up to 50 people in their home in San Juan Capistrano, Calif., the Fromms were fined $300 for violating a city ordinance that prohibits groups of three or more people from gathering without a permit. The couple appealed and city officials agreed last month to reimburse them and re-examine the ordinance, but the case created a stir in religious circles.

“It struck a deep nerve. Bible studies in people’s homes have been a long part of American culture and heritage,” says Brad Dacus of the Pacific Research Institute, which took on the Fromms’ case. “We’re concerned that other cities will try to get away with the same thing.”

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The European Union suffered the most damaging split in its 54 year history after David Cameron used the British veto to block eurozone treaty change after France and Germany opposed “safeguards” to protect Britain’s economy….

The Prime Minister insisted that he had been prepared to support treaty change among all 27 of the EU’s members to allow the 17-strong eurozone to take measures to tackle its debt crisis and to enforce tough new fiscal rules for the single currency.

But after 11 hours of bad-tempered talks, Mr Cameron said that he had blocked the changes because France and Germany and refused to agree to a “protocol” giving the City of London protection from a wave of EU financial service regulations related to the eurozone crisis.

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The Obama White House, in its own version of the New Year’s Eve countdown in Times Square, has added a banner to its website ”“ a clock ticking down the seconds to when taxes on the middle class will rise “if Congress doesn’t act.”

That tax hit is the 2 percent payroll tax cut now set to expire at midnight, Dec. 31. If Congress fails to at least extend that tax cut, the Social Security tax rate for employees jumps back to 6.2 percent, up from 4.2 percent. If that happens, the average American taxpayer stands to lose about $1,000 in 2012.

Leaders on both sides of the political aisle in Congress offer assurances that by year’s end the tax break will be extended. As lawmakers head into an election year, the stakes are simply too high to kick that can down the road. But GOP leaders, especially, are running up against strong opposition from the rank-and-file on anything that looks like caving on pledges to reduce deficits, dramatically cut spending, and reject all tax increases (which are an issue in this case because Democrats propose to pay for extending the payroll tax by a tax hike on millionaires.

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Health and Human Services Secretary Kathleen Sebelius on Wednesday overruled the Food and Drug Administration’s decision that emergency contraceptives be sold freely over the counter, including to teenagers 16 years old and younger.

The pill, called Plan B One-Step, has been available without a prescription to women 17 and older, but those 16 and younger have needed a prescription ”” and still will because of Ms. Sebelius’s decision. In some states, pharmacists can write the prescription on the spot for teenagers. But the restrictions have meant the pills were only dispensed from behind the counter ”” making them more difficult for everyone to get. The pill, if taken after unprotected sex, halves the risk of a pregnancy.

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Economic growth in much of Asia remains robust, the Asian Development Bank said. But trade and financial activity have already started to be eroded by the turmoil in Europe, and they risk being undermined further if the European debt crisis evolves into a full-blown financial and economic crisis like the one spurred by the collapse of Lehman Brothers in September 2008.

“Things are changing very rapidly ”” not just weekly and daily, but hourly,” Iwan J. Azis, head of the development bank’s office of regional economic integration, said at a news conference in Hong Kong, as he presented the bank’s latest update on emerging East Asian nations.

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Charitable giving is trickling back up as the economy heals, but it could take years to return to pre-recession levels, nonprofit leaders say.

Giving totaled $291 billion in 2010, according to the 2011 annual report by the Center on Philanthropy at Indiana University. That’s up 3.8 percent from 2009 and follows two consecutive years of declines.

This year shows little change. Charity Navigator, a Glen Rock, N.J., organization that evaluates nonprofits, anticipates donations will be flat during the holiday season.

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A key vote in Missouri Wednesday will decide whether to relax measures aimed at keeping gambling addicts out of casinos, the latest push by a cash-strapped state to make gambling restrictions less stringent.

The Missouri Gaming Commission is deciding whether to scrap a voluntary lifetime blacklist for problem gamblers and replace it with a five-year suspension. That would allow nearly 11,000 self-banned gamblers back into the state’s 12 riverboat casinos. The self-exclusion list, implemented in 1996, has been a centerpiece of Missouri’s efforts to manage gambling addiction, and has been emulated in at least eight other states””usually without the lifetime ban.

Several states have sharply increased betting limits since legalizing gambling. Colorado changed its maximum bet in 2009 to $100 from $5, and allowed casinos to operate 24 hours a day. Previously, they were required to close from 2 a.m. to 8 a.m. South Dakota raised maximum bets in 2000, and Florida last year eliminated its limit altogether.

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Hyperinflation didn’t lead to the rise of Hitler, but it undermined the legitimacy of the democratic Weimar Republic.

Millions of disaffected middle-class voters soon drifted to various splinter parties on the right. The center hollowed out, and subsequent coalition governments ruled on a tolerated-minority basis. German politics never really regained its balance in the mid-1920s, a time of relative economic stabilization — and then came the Great Depression, government austerity packages and, ultimately, the rise of the Nazis.

Never again, the thinking goes today. And rightly so. But the fate of the euro zone depends on which historical lesson one draws from this episode. Are there circumstances in which monetizing government debt is appropriate — or not?

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Newcastle’s Anglican Cathedral parish has been urged to become ”˜”˜entrepreneurial’’ after a failed attempt at a $100,000 lifeline to keep it afloat in 2012. Fund-raising options including charging visitors to view Newcastle from the cathedral tower could be considered, along with cutting at least $60,000 from its budget.

Diocese trustees, including former MP John Price and former Lake Macquarie mayor John Kilpatrick, refused last week to issue an episcopal certificate, or diocese guarantee, for a $100,000 bank loan, just weeks after questions at a synod about $43million in outstanding loans across the diocese.

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I would enjoy the goodwill and merriment of X-mas without reservation if I no longer felt it was co-opting and eclipsing my religious holiday. Lighting the Advent candles and reading daily devotions would provide a quiet respite during X-mas season. And on Christmas morning, instead of collapsing in an exhausted and mildly resentful heap, I could begin the real celebration with a full heart.

As a society, we need a designated time of year to celebrate with one another. We need the outlet of X-mas to give us a burst of festive energy to get through the winter. And we need fudge and Santa cookies, darn it. So let’s take Christ out of Christmas and make our culturewide secular celebration official. Just give me Jesus Day when it’s all over.

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The spectacular fall of Jon Corzine will be on display Thursday when the former New Jersey senator and governor testifies before a House panel on the bankruptcy of his former firm, MF Global.

Just months ago Corzine, a Democrat, was seen as a possible successor to Treasury Secretary Timothy Geithner.

So confident was MF Global in Corzine that its bond sale in August included a “key man” provision that gave investors an extra 1 percent in interest if Corzine left the firm “due to his appointment to a federal position by the president of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013.”

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MF Global Holdings Ltd.’s executive in charge of controlling risks raised serious concerns several times last year to directors at the securities firm about the growing bet on European bonds by his boss, Jon S. Corzine, people familiar with the matter said.

The board allowed the company’s exposure to troubled European sovereign debt to swell from about $1.5 billion in late 2010 to $6.3 billion shortly before MF Global tumbled into bankruptcy Oct. 31, these people said. The executive who challenged Mr. Corzine resigned in March.

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On Nov. 29, the Synod Council of the Anglican diocese of Ontario “suspended” four of its programs and ministries to create a “credible, balanced budget” for 2012. Cuts include the diocesan newspaper, Dialogue, as well as the diocese’s summer residential youth program, Camp Hyanto.

The decision is meant to “relieve the financial load on the diocese,” said the bishop of the diocese, Michael Oulton, in a letter issued to parishes Dec. 3.

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The U.S. Supreme Court has declined to hear a Bronx church’s case on whether it can hold worship services in New York City public schools.

The decision ends a 16-year legal battle over the rights of churches in city schools and means 160 area churches have roughly two months to find new places to hold worship services.
Lawyers for the Bronx Household of Faith, an evangelical congregation that meets at P.S. 15 in the Bronx, filed a petition in late September asking the court to review a June appeals-court ruling barring churches from holding worship services on school property.

Now that congregation, along with dozens of others, has until Feb. 12 to find a substitute house of worship.

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Excessive focus on money is destroying the environment and dehumanizing people, said Honduran Cardinal Oscar Rodriguez Maradiaga, president of Caritas Internationalis.

Religious communities have a duty to call attention to the importance of the human person, who is “at the center of creation,” he said while international leaders were debating the extension of legal limits on the production of greenhouse gas emissions.

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Standard and Poor’s has put Germany, France and 13 other eurozone countries on “credit watch” due to fears over the impact of the debt crisis.

S&P’s move means that countries with top AAA ratings would have a 50% chance of seeing their rating’s downgraded.

The news came as a surprise to investors and saw stocks fall back on early gains as the euro also fell.

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A list of the Episcopal Church’s 75 commissions, committees, agencies and boards spilled over eight PowerPoint slides during a recent presentation by its new chief operating officer, Bishop Stacy Sauls.

By his count, there are also nearly 50 departments and offices in the church’s New York headquarters, and 46 committees in its legislative body, the General Convention.

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