Why are they so surprised ? Let’s see: for the past 30 years, declining wages. People have tapped themselves out on expensive houses, putting their kids through college, and keeping themselves afloat through extended unemployment — not to mention medical expenses. If you didn’t cash in on the equity in your house when it was still worth something, or have a pension that has held its worth during this recession, how on earth would you have enough money to retire? Almost 40% of working Americans said they will never afford retirement, according to a report released Wednesday by the American Institute of Certified Public Accountants. Retirement ranked as the most important issue out of all financial concerns facing Americans, including uninsured medical expenses and rising education costs. In fact, it topped the list for the second year in a row, the survey said. The majority, or 56%, of those polled said they were not saving for retirement, mostly because of the toll higher gas and food prices were taking on their budgets. Fifty-five percent said they didn’t even know how much they need to save for retirement, while those that thought they did know often underestimated the amount, the AICPA said. When asked to estimate how much savings they needed to retire at age 65 and live for 20 years, most of those earning $50,000 to $75,000 a year said they needed $250,000 in savings. But assuming inflation and annual expenses of $50,000, that amount would run out in less than 10 years, the AICPA said. “These statistics suggest we are on the verge of a retirement crisis in America,” Jordan Amin, chairman of the National CPA Financial Literacy Commission, said in a statement. “Americans don’t know how to prepare for their twilight years, and many have put off figuring it out because they’re struggling to make ends meet now.” Gee, you don’t suppose a national pension plan would be a good idea? That way, businesses would cut costs because they wouldn’t have to deal with the complex pension laws and workers might actually have a pension that was still there when they got old.
Continue reading …The World Bank has warned that rising food prices, driven partly by rising fuel costs, are pushing millions of people into extreme poverty. World food prices are 36% above levels of a year ago, driven by problems in the Middle East and North Africa, and remain volatile, the bank said. That…
Continue reading …Scuffles between protesters and security guards marred BP’s first annual shareholder meeting since the Gulf oil spill, with shrimpers blocked from entering Thursday’s meeting to demand more compensation. The protesters included five Gulf Coast residents who had planned to tell investors about the loss of their livelihoods and health problems after the spill. Outside the building, separate groups demonstrated over BP’s polluting tar sands project in Canada and labor disputes in Britain. Diane Wilson, a fourth-generation fisherwoman from Seadrift, Texas, was arrested after evading security to enter the foyer of the building, where she covered herself in a dark syrup to represent oil. “I’ve…
Continue reading …Tweet – Bahrain has filed lawsuits to disband two Shiite opposition groups including the powerful Al Wefaq party, state media said Thursday, a month after Sunni rulers crushed Shiite-led protests. “Bahrain’s ministry of justice and Islamic affairs has filed a lawsuit to dissolve the Islamic Action Association and Al Wefaq [the Islamic National Accord Association],” state news agency BNA reported. The decision comes “due to the breaches of the kingdom’s laws and constitution committed by both associations and for their…
Continue reading …NAIROBI, Kenya — A ship-based laser tested by the U.S. Navy’s research arm could put the heat on Somali pirates. The Navy for the first time last week successfully tested a solid-state high-energy laser from a ship. The beam, which was aimed at a boat moving through turbulent Pacific Ocean waters, set the target’s engine on fire. The Office of Naval Research says the laser traveled over “miles, not yards.” For now, the test is a proof of concept, and it’s not yet known when it might be deployed as a weapon. The baseball-sized laser beam, though, could be used to stop small crafts from approaching naval ships. It could also target pirates. “You can use the laser to ward off an attack, or you can dial it down to a non-lethal level where it basically becomes a very bright light so they know they are being targeted,” Michael Deitchman, the director of air warfare and weapons at the Office of Naval Research, said Wednesday. Deitchman said the laser provides two benefits not seen in other military weapons. The laser is precise, unlike bullets that can ricochet and hit unintended targets, and the laser’s strength can be dialed down from a lethal level to a nuisance level. Graeme Gibbon-Brooks, the head of Dryad Maritime Intelligence, said the test was “remarkable” for how the Navy was able to concentrate the beam over such a long distance at sea, and given how the boat was being tossed about in rough water. “Hats off to the U.S. Navy because that is very, very impressive,” he said. “It was pitching and rolling and yet they got this very fine beam to focus on one part of an engine casing. That they managed to keep the energy in one place is remarkable.” Somali pirates attacks have become increasingly violent in recent months. Pirate assaults typically involve multiple skiffs zooming in on a target. The pirates often carry and fire AK-47 assault rifles and rocket-propelled grenades at targets. Some cargo ships now carry private security guards to defend against pirates. They also can use such defensive measures as water cannons and sound blasters. But those measures may not be enough to overcome an armed attack. Gibbon-Brooks said the new laser “absolutely” could be deployed against pirates, but says a sniper rifle could work just as well. He suspects the Navy has bigger hopes for its sea-based laser. The Navy released a video of the test on YouTube. It’s been viewed more than 600,000 times. “It’s a very, very interesting moment for naval warfare in that we have a whole new genre of weapons,” he said. “It’s certainly a remarkable step forward. The ability to apply more power in a burst or the ability to manipulate that power is really where I see this going,” he said. “I think if you watch the video and think that’s what they intend to do to Somali pirates in a year, you don’t understand what’s being set out in front of them. It could be used in any type of naval warfare.” The laser test was carried out by the Navy and Northrop Grumman as part of a $98 million contract. The Office of Naval Research’s big project is a megawatt-level electron laser that could be used to defend Naval ships against supersonic and ballistic missiles, said Deitchman. The recent laser test helps the Navy move in that direction. “It demonstrated once and for all that we could get material damage effects with a laser at sea, and it really gives us confidence to proceed on with directed energy systems,” Deitchman said.
Continue reading …Another year, another chance for Nintendo to deliver what it’s alternately denied and teased since day one — a successor to the Nintendo Wii capable of displaying games in high resolution. Will Nintendo finally make it happen? Multiple anonymous sources say yes: they told Game Informer , IGN and Kotaku that just such a system will debut at E3 2011 in June, possibly with a teaser of some sort next month. While the ninja moles didn’t provide many hard details — mostly just the typical iffy claim that the system will wipe the floor with competitors in terms of speeds and feeds — they told IGN that it will support 1080p resolutions and be backwards-compatible with games for the Wii. Naturally, we’ll believe it when we see it… so here’s hoping we see it fairly quickly. Wii HD rearing long-rumored head at E3 2011? originally appeared on Engadget on Thu, 14 Apr 2011 19:35:00 EDT. Please see our terms for use of feeds . Permalink
Continue reading …A Green Party of Canada candidate has resigned after word broke that his “favorite quote” on Facebook was listed as, “If rape is inevitable, lie back and enjoy it!” Alan Saldanha, of Surrey, BC, has said the quote was taken out of context. He says he’d been having a conversation…
Continue reading …“This Just In” is CNN’s news blog. This is where you will find the latest news and information from CNN’s correspondents and sources around the world. We’ll cover fresh stories big and small – stories that are breaking , developing or …
Continue reading …Iran has a hand in the revolutions currently sweeping the rest of the Arab world. In Syria, Iran is secretly assisting President Bashar al-Assad to quell the pro-democracy demonstrations, US officials say. But in Bahrain and Yemen, Iran is looking to aid Shiite protesters, thus destabilizing the countries—both US…
Continue reading …The Hill picks up on a House trend that seems to span the political spectrum—fasting. On the left is Rep. Barbara Lee, who’s organizing an effort in which about two dozen lawmakers will take turns going 24 hours with no food, only water, until Easter. The idea is to…
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