"If you wish to be a success in this life you must first be a good animal."
~ Herbert Spencer
Herbert Spencer (1802-1903)
This bit is even nerdier
19 minutes ago
In certain regions of the world, the seasonal winds that blow have become legendary, bringing little short of misery and chaos to many of the local inhabitants. In these places it has been known for generations, that the winds bring feelings of anxiety, stress, depression and sleepless nights. Statistical studies show that when these winds appear, more road accidents happen and suicide rates increase. So real is the problem that it has been known for judges to take this into consideration when sentencing and for hospitals to postpone some operations until they cease!You might ask why am I writing about the foehn. Well, the foehn is blowing through my town in the Allegheny Mountains of Pennsylvania as I type this tonight, and the feeling is eerie...
If Congress failed to increase the debt limit, a broad range of government payments would have to be stopped, limited or delayed, including military salaries and retirement benefits, Social Security and Medicare payments, interest on the debt, unemployment benefits and tax refunds.Of course, most Americans receive not a penny from any of these government spending programs, which means only a minority of Americans would suffer directly from the cuts Sec Geithner says would be necessary.
The gross domestic product (GDP) is one of the primary indicators of a country's economic performance. It is calculated by either adding up everyone's income during the period or by adding the value of all final goods and services produced in the country during the year. Per capita GDP is sometimes used as an indicator of standard of living as well, with higher per capita GDP being interpreted as having a higher standard of living.Source: Investopedia
Economics isn't a popular major: Just 1.6 percent of [college] grads earned a degree in the discipline in 2006. But according to a 2010 study by Patricia M Flynn and Michael A Quinn of Bentley University, economics majors are disproportionately overrepresented among S&P 500 CEO's -- which suggests that, historically at least, it's the major that offers the best probability of reaching the corner office. Business administration majors, for instance, were only 39 percent as likely as economics majors to become chief executive. (McGinn, 2010, p. 20)Apparently, economics majors enjoy an edge in the workplace, which is good to hear!
Default by the United States would precipitate a crisis worse than the one we just went through. I think it would make the crisis we went through look modest in comparison. It would force us of course to cut critical payments to our seniors and it would be a reckless, irresponsible act to this country. I find it inconceivable that the Congress would not act to increase the limit.Clearly, Tim Geithner is not in favor of a national default -- that leaves austerity measures (as in spending cuts and tax increases) and monetary expansion (as in inflation) as the only remaining courses of action for fiscal policy-makers. The future of Federalism hangs in the balance...
It would be catastrophic. I mean, if you call into question the willingness of the government of the United States to meet its obligations, you will shake the basic foundation of the entire global financial system. It is inconceivable that America would do that. And of course I am totally confident that Congress will act to avoid that.
It will raise dramatically the borrowing costs permanently for all Americans. Every business for a very long period time would face a much higher cost of borrowing. Every family would face a much higher cost of borrowing. Unemployment would rise dramatically. Thousands if not hundreds of thousands of businesses would fail. And of course you would shake the confidence of the world in U.S. financial assets and Treasuries. It would be a deeply irresponsible act, again inconceivable.
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Ignorance, arrogance, narrowness of mind, incomplete konwledge, and counterfeit knowledge are of concern to us because they are dangerous, they cause destruction. When united with great power, they cause great destruction. They have caused far too much destruction already, too often of irreplaceable things. Now, reasonably enough, we are asking if it is possible, if it is even thinkable, that the destruction can be stopped. To some people's surprise, we are again backed up against the fact that knowledge is not in any simple way good. We have often been a destructive species, we are more destructive now than we have ever been, and this, in perfect accordance with ancient warnings, is because of our ignorant and arrogant use of knowledge. (Berry, 2005, p. 59)I sometimes wonder about just how far astray our society's ignorant ways might lead us...
Employment consists of all persons who, during the reference week (the calendar week including the twelfth day of the month), (a) did any work at all (at least 1 hour) as paid employees, worked in their own business or profession or on their own farm, or worked 15 hours or more as unpaid workers in an enterprise operated by a member of the family, or (b) were not working but had jobs or businesses from which they were temporarily absent because of vacation, illness, bad weather, childcare problems, maternity or paternity leave, labor-management dispute, job training, or other family or personal reasons, whether or not they were paid for the time off or were seeking other jobs.... The civilian noninstitutional population consists of persons 16 years of age and older residing in the 50 States and the District of Columbia who are not inmates of institutions (for example, penal and mental facilities and homes for the aged) and who are not on active duty in the Armed Forces.Source: Bureau of Labor Statistics