What the Supreme Court's ruling means for your health care

Thursday, June 28, 2012   What the Supreme Court's ruling means for your health care Today, the Supreme Court issued a historic ruling: They upheld the Affordable Care Act and ensured that millions of American families will have access to health care and protection from the worst abuses of the insurance industry. Lots of people have questions about the Affordable Care Act, the Supreme Court's decision, and their health care coverage. We've pulled together the most useful information -- including President Obama's remarks after the announcement -- at WhiteHouse.gov: Watch the video and get the facts here. Because the law has an impact on so many Americans, it's important to understand its basic parts. We've also put together a list of facts about the Affordable Care Act. Will you give it a read, and then pass it on? Stay Connected     Facebook Twitter YouTube Flickr Google+       This email was sent to e0nstar1.blog@gmail.com Manage Subscriptions for e0nstar1.blog@gmail.com Sign Up for Updates from the White House Unsubscribe | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Which Page is Canonical?

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Which Page is Canonical? Posted: 27 Jun 2012 08:03 PM PDT Posted by Dr. Pete It sounds like an easy question, doesn’t it? While we hear a lot about duplicate content since the Panda update(s), I’m amazed at how many people are still confused by a much more fundamental question – which URL for any given page is the canonical URL? While the idea of a canonical URL is simple enough, finding it for a large, data-driven site isn’t always so easy. This post will guide you through the process with some common cases that I see every week. Let’s Play Count the Pages Before we dive in, let’s cover the biggest misunderstanding that people have about “pages” on their websites. When we think of a page, we often think of a physical file containing code (whether it’s static HTML or script, like a PHP file). To a crawler, a page is any unique URL that it finds. One file could theoretically generate thousands of unique URLs, and every one of those is potentially a “page” in Google’s eyes. It’s easy to smile and nod and all agree that we understand, but let’s put it to the test. In each of the following scenarios, how many pages does Google see? (A) “Static” Site www.example.com/ www.example.com/store www.example.com/about www.example.com/contact (B) PHP-based Site www.example.com/index.php www.example.com/store.php www.example.com/about.php www.example.com/contact.php (C) Single-template Site www.example.com/index.php?page=home www.example.com/index.php?page=store www.example.com/index.php?page=about www.example.com/index.php?page=contact The answer is (A) 4, (B) 4, and (C) 4. In Google’s eyes, it doesn’t matter whether the pages have extensions (“.php”), the home-page is at the root (“/”) or at index.php, or even if every page is being driven off of one physical template. There are four unique URLs, and that means there are four pages. If Google can crawl them all, they’ll all be indexed (usually). Let’s dive right into a few examples. Please note: these are just examples. I’m not recommending any of the URL structures in this post as ideal – I’m just trying to help you determine the correct canonical URL for any given situation. Case 1: Tracking URLs I’ll start with an easy one. Many sites still use URL parameters to track visitor sessions or links from affiliates. No matter what the parameter is called or which purpose it’s used for, it creates a duplicate for every individual visitor or affiliate. Here are a few examples: www.example.com/store.php?session=1234 www.example.com/store.php?affiliate=5678 www.example.com/store.php?product=1234&affiliate=5678 In the first two examples, the session and affiliate ID create a copy, in essence, of the main store page. In both of these cases, the proper canonical URL is simply: www.example.com/store.php The last example is a bit trickier. There, we also have a “product=” parameter that drives the product being displayed. This parameter is essential – it determines the actual content of the page. So, only the “affiliate=” parameter should be stripped out, and the canonical URL is: www.example.com/store.php?product=1234 This is just one of many cases where the canonical URL is NOT the root template or the URL with no parameters. Canonical URLs aren’t always short or pretty – many canonical URLs will have parameters. Again, I’m not arguing that this structure is ideal. I’m just saying that the canonical URL in this case would have to include the “product=” parameter. Case 2: “Dynamic” URLs Unfortunately, the word “dynamic” gets thrown around a little too freely – for the purposes of this blog post, I mean any URLs that pass variables to generate unique content. Those variables could look like traditional URL parameters or be embedded as “folders”. A good example of the kind of URLs I’m talking about are blog post URLs. Take these four: www.example.com/blog/1234 www.example.com/blog.php?id=1234 www.example.com/blog.php?id=1234&comments=on www.example.com/blog/20120626 Again, it doesn’t matter whether the URLS have parameters or hide those parameters as virtual folders. All of these URLs use a unique value (either an ID or date) to generate a specific blog post. So what’s the canonical URL here? Obviously, if you canonicalize to “/blog”, you’re going to reduce your entire blog to one page. It’s a bit of a trick question, because the canonical URL could actually be something like this: www.example.com/blog/this-is-a-blog-post This is why we have such a hard time detecting the proper canonical URLs with automated tools – it really takes a deep knowledge of a site’s architecture and the builder’s intent. Don’t make assumptions based on the URL structure. You have to understand your architecture and crawl paths. If you just start stripping off URL parameters, you could cause an SEO disaster. Case 3: The Home-page It might seem strange to put the home page third, but the truth is that the first two cases were probably easier. Part of the problem is that home pages naturally spin out a lot of variations: www.example.com www.example.com/ www.example.com/default.html www.example.com/index.php www.example.com/index.php?page=about Add in complications like secure pages (https:), and you can end up multiplying all of these variants. While this is technically true of any page, the problem tends to be more common for the home page, since it’s usually the most linked-to page (both internally and from external sites) by a large margin. In most cases, the technically correct home-page URL is: http://www.example.com/ …but there are exceptions (such as if you secure your entire site). I don’t see the trailing slash (“/”) causing a ton of problems on home pages these days, since most browsers and crawlers add it automatically, but I think it’s still a best practice to use it. Another common exception is if your site automatically redirects to another version of the home-page – ASP is notorious about this, and often lands visitors and bots at “index.aspx” or a similar page. While that situation isn’t ideal, you don’t want to cross signals. If the redirect is necessary, then the target of that redirect (i.e. the “index.aspx” URL) should be your canonical URL. Finally, be very careful about situation #5 – in that case, as I discussed in the first section of this post, the “index.php” code template is actually driving other pages with unique content. Canonicalizing that to the root or to “index.php” could collapse your site to one page in the Google index. That particular scenario is rare these days, but some CMS systems still use it. Case 4: Product Pages In some ways, product pages are a lot like the blog-post pages in Case #2, except moreso. You can naturally end up with a lot of variations on an e-commerce site, including: www.example.com/store.php?id=1234 www.example.com/store/1234 www.example.com/store/this-is-a-product www.example.com/store.php?id=1234&currency=us www.example.com/store/1234/red www.example.com/store/1234/large If you have a URL like #3, then that’s going to be your canonical URL for the product in most cases (especially #1-#3). If you don’t, then work up the list. In other words, if you have #3, use it; if not, use #2; if not #2, use #1. You have to work with the structure you have. URLs #4-#6 are a bit trickier. Something like the currency selector in #4 can be very complicated and depends on how those selections are implemented (user selection vs. IP-based geo-location, for example). For Google’s purposes, you would typically want them to use the dominant price for the site’s audience and canonical to the main product URL (#1-#3, depending on the site architecture). Indexing every price variant, unless you have multiple domains, is just going to make your content look thinner. With #5 and #6, the URL indicates a product variant, let’s say a T-shirt that comes in different colors and sizes. This situation depends a lot on the structure and scope of the content. Technically, your T-shirt in red/large is unique, and yet that page could look “thin” in Google’s eyes. If you have a variant or two for a handful of products, it’s no big deal. If every product has 50 possible combinations, then I think you need to seriously consider canonicalization. Case 5: Search Pages Now, the ugliest case of them all – internal search pages. This is a double-edged sword, since Google isn’t a fan of search-within-search (their results landing on your results) in general and these pages tend to spin out of control. Here are some examples: www.example.com/search.php?topic=1234 www.example.com/search/this-is-a-topic www.example.com/topic www.example.com/search.php?topic=1234&page=2 www.example.com/search.php?topic=1234&page=2&sort=desc www.example.com/search.php?topic=1234&page=2&filter=price The list, unfortunately, could go on and on. While it’s natural to think that the canonical version should be #1-#3 (depending on your URL structure, just like in Case #4), the trouble is pagination. Pages 2 and beyond of your topic search may appear thin, in some cases, but they return unique results and aren’t technically duplicates. Google’s solutions have changed over time, and their advice can be frustrating, but they currently say to use the rel=prev/next tags. Put simply, these tags tell Google that the pages are part of a series. In cases like #5-#6, Google recommends you use rel=prev/next for the pagination but then a canonical tag for the “&page=2” version (to collapse the sorts and filters). Implementing this properly is very complicated and well beyond the scope of this post, but the main point is that you should not canonicalize all of your search pages to page 1. Adam Audette has an excellent post on pagination that demonstrates just how tricky this topic is. Know Your Crawl Paths Finally, an important reminder – the most important canonical signal is usually your internal links. If you use the canonical tag to point to one version of a URL, but then every internal link uses a different version, you’re sending a mixed signal and using the tag as a band-aid. The canonical URL should actually be canonical in practice – use it consistently. If you’re an outside SEO coming into a new site, make sure you understand the crawl paths first, before you go and add a bunch of tags. Don’t create a mess on top of a mess. Sign up for The Moz Top 10, a semimonthly mailer updating you on the top ten hottest pieces of SEO news, tips, and rad links uncovered by the Moz team. Think of it as your exclusive digest of stuff you don't have time to hunt down but want to read!

How to Write Email to Get a Better Response Rate Posted: 27 Jun 2012 03:25 AM PDT Posted by moosahemani This post was originally in YouMoz, and was promoted to the main blog because it provides great value and interest to our community. The author's views are entirely his or her own and may not reflect the views of SEOmoz, Inc. A successful SEO campaign is the perfect combination of all strategies. Whether you're working with on-page optimization, content development, social media, or link building, all of these factors contain equal value. When it comes to picking the most difficult SEO strategy, I will always give my vote to link building as this part is one of the most difficult, boring ,and time consuming strategies you can implement. A few days back, I shared a picture of the perfect bedroom for a link builder on Facebook: Almost perfect, despite the coffee pot missing ;) Yes, link building can be boring, tough, and time consuming. However, one person on the team can dive into link building and get their hands dirty to get the job done in order to produce effective and action-driven results for the business. Many people use different tactics when it comes to link building. One of the famous and most effective techniques that almost every ethical SEO uses is to manually outreach to other webmasters and ask for a link. Although the rate of response can be low, implementing a few smart email writing tactics can actually increase the response rate. In this post, I will discuss a few tactics that I have used in recent campaigns where I had to write good amount of manual email to a variety of influencers and bloggers to ask them for a link favor. I tried out a few different ideas and finally created a format that allowed me to write every email as personalized as possible, while saving a lot of my time. Here I go! Use catchy subject titles The first section of an email everyone reads is the title. It is important to have a catchy title or else your email will soon be sent directly to the trash bin. Do not try to manipulate the reader by creating false title, but instead create a title that is interesting and captivating to act as a perfect lead-in for the valuable content of the email. Some good examples of titles are: Rand, your comments on my link prospect research will be valuable Would appreciate if you allowed me to guest post on your blog Sam, would appreciate if you could remove our link from your footer bar (Penguin friendly) Length of the email This is an extremely important factor. Do not write a one-line email that clarifies nothing. You want to make sure your email's content delivers the intended actions and requests in a concise, yet inclusive, manner. Similarly, do not stuff the email with tons of unnecessary information. In either case, the recipient is likely to delete your message right away without even reading it (yeah, I can see you having a déjà-vu here). A perfect email should have, more or less, two paragraphs that describe the solid reason for writing that email. Use names Not rocket science, but always a good reminder! Use the intended recipient's name while asking them for a favor, or do not expect them to reply back. The people you are writing to are busy just like you, and their to-do lists are already filled with tasks to accomplish. You better make your request sounds important, and that starts with using their name. How many times have you ignored emails addressed to ‘Hello Webmaster,’ or similar? Plenty. Take a little step forward, do your research, search for their names, and use them! After all, it is all in the name! Example: Hello Jennifer, <Move on with the rest of the email!> The first paragraph If you are writing an email of 100 words or more, it is important that your first paragraph should be appealing, smart, and engaging enough to encourage your reader to happily continue their journey through the end of the message. I've tried different formats and ideas for emails, but what stuck best with my campaign was to dedicate the entire first paragraph to the receiver. This may sound like a lot of work, but checking the social profiles and doing some background on your recipient can tell you an enormous amount about a person. Ultimately, this will let you to talk to him or her more comfortably. Example: Hello Jason, It was great to see your interview and find out more about you on ‘Alessio Madeyski’s’ post. After reading your advice on SEO, I believe you are the right person to ask for an opinion on my research. OR Hello Ann, I am your continuous reader of your different blogs that include Daily SEO tips, my blog guest, and other platforms where you write. I think you are one of the best bloggers who has a great style of writing, and your ability to put down complex problems on paper make them easy to read and comprehend. The second paragraph Don’t drag, just say it! Now that you've hit the second paragraph, you've made it to the ground floor of your email. If you are going to drag your point out a little longer, then you will probably lose the interest of the recipient. Try to be direct in the second paragraph and let the reader know what you want from him or her. Try to explain your objective in few lines and move towards the end of your note. Example: I actually took a step forward to help a specific niche outside of SEO (as much is already happening in the SEO bubble). In order to do that, I researched and compiled a list of 3K+ link prospects which any travel website/blog can use to get authority links. OR Although I'm advanced in SEO knowledge, I am planning to start writing and sharing my views to the blogging world and collect feedback that will help me grow as a better professional. The ending note Now that you have done your job in describing your objective behind the email, it is time to sum it up nicely in a courteous way. I would love if you could take two minutes to look over the data and pass along your feedback. Waiting for your reply! Regards, <your name> OR I would appreciate if you could allow me to write a guest post on your blog. Please let me know if it is possible. Regards, <Your Name> Why I prefer this format I've been working on improving my emails for quite some time now, and this pitch and format has worked for me almost every time. Here are a few reasons why I think this email format is sure to get you a better rate of response: You are pushing the limit of personalization, so you are leaving less space for the recipient to think about ignoring the email. This format is not short enough to look lousy, but not lengthy enough to bore or overwhelm the reader. Emails that contain a personal touch from the start of the title through the end of the note are set up for a reply. The email contains no dragging content, so there is less of a chance that the reader will get frustrated while reading. The first paragraph is powerful and dedicated to receiver, which makes them happy and encourages them to read the email through the end. Obviously the rate of response is not likely to be 100 percent, but I have found that using this format increases the rate of response for different niches. If you have any other formatting ideas or suggestions, I would love to hear them! Please share your views in the comment section. About the Author: Moosa Hemani is a SEO strategist and writes about SEO and related stuff on different blogs. He recently started an SEO Blog where he shares his opinions about SEO, search engines, social, and inbound. Sign up for The Moz Top 10, a semimonthly mailer updating you on the top ten hottest pieces of SEO news, tips, and rad links uncovered by the Moz team. Think of it as your exclusive digest of stuff you don't have time to hunt down but want to read!

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Watch Live: President Obama at speaks 12:15 p.m. EDT

Your Daily Snapshot for Thursday, June 28, 2012   Watch Live: President Obama at speaks 12:15 p.m. EDT Today at 12:15 p.m. EDT the President will deliver a statement in the East Room. Watch live on WhiteHouse.gov/Live. Photo of the Day President Barack Obama talks with senior advisors before a phone call with President François Hollande of France in the Oval Office, June 27, 2012. Pictured, from left, are Larry Pfeiffer, Director of Operations, the Situation Room; Mike Froman, Deputy National Security Advisor for International Economics; Caroline Atkinson, Special Assistant to the President for International Economic Affairs; National Economic Council Director Gene Sperling; Elizabeth "Liz" Sherwood-Randall, Senior Director for European Affairs; and Chief of Staff Jack Lew. (Official White House Photo by Pete Souza) In Case You Missed It Here are some of the top stories from the White House blog: Secretary of Education Arne Duncan Answers Your Questions on College Affordability Secretary of Education Arne Duncan answered your questions on college affordability during a special session of White House Office Hours on Twitter. Building Momentum The Obama administration is making strides in the Better Building Challenge across the U.S. with the hopes of making new American buildings 20 percent more effective over the next ten years. Will you share this? We've put together five things you should know about refinancing. Will you share it? Today's Schedule All times are Eastern Daylight Time (EDT). 10:00 AM: The President and the Vice President receive The Presidential Daily Briefing 12:15 PM: The President delivers a statement 12:45 PM: The President and the Vice President meet for lunch 1:35 PM: The President departs the White House en route Bethesda, Maryland 1:45 PM: The President arrives Bethesda, Maryland 2:00 PM: The President visits the Walter Reed National Military Medical Center 4:40 PM: The President departs Bethesda, Maryland en route the White House 4:50 PM: The President arrives at the White House 5:00 PM: The President and the Vice President meet with Secretary of Defense Panetta  Indicates that the event will be live-streamed on WhiteHouse.gov/Live Get Updates Sign up for the Daily Snapshot Stay Connected     Facebook Twitter YouTube Flickr Google+     This email was sent to e0nstar1.blog@gmail.com Manage Subscriptions for e0nstar1.blog@gmail.com Sign Up for Updates from the White House Unsubscribe | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Seth's Blog : What's on your list?

What's on your list?

"I have kids at home, I don't have a manager, I need to pay off student debt, my boss never lets me, I'm really busy because of soccer season, my knee is acting up, there's already five galas coming up, my RSI hurts when I type, I don't have a degree, I have a degree and can't waste it, I'm not good at that, I tried it before but it didn't work, I've never tried it before, the weather is crazy, isn't it, the election is right around the corner, it's been too long at this job they won't listen to me, I'm going to retire soon, I'm too young, I'll never learn, it's too risky..."

We all have a list. Most of the things on it may in fact be legitimate reasons for no.

I guess the self-marketing question is, "how often do you remind yourself of what's on the list?"

If the first thing you do when considering an opportunity is consult the list, the list is the most important thing in your life, isn't it?

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Mish's Global Economic Trend Analysis

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• Merle Hazard Song - US Racing Towards Fiscal Cliff; Submit Lyrics For Merle's Next Song For Fame (Certainly Not Fortune)
• Stockton CA Bankrupt; Unions (Not Housing Bust) Primarily to Blame; Pension Death Trap for Cities; What's the Solution?
• Laugh of the Day: "No Risk of Housing Bust" says Australia Central Banker
• Monti Lashes out at Germany; Merkel Hardens Position; Reader from Italy Explains Why Early Elections Might Lead to "Deadlock"

Merle Hazard Song - US Racing Towards Fiscal Cliff; Submit Lyrics For Merle's Next Song For Fame (Certainly Not Fortune) Posted: 27 Jun 2012 09:05 PM PDT I received an email this morning from "Merle Hazard" about his latest song. It's one of his best. US Racing Towards Fiscal Cliff If the video does not play, or if you wish to submit lyrics or ideas for his next song, please click on A Q-and-A, Plus a Ditty and Contest as U.S. Races Toward the 'Fiscal Cliff' Merle Explains ... Though I'm a country singer, I also love surf-style music. The only thing wrong with the genre is that these songs are always -- of course -- about surfing, as well as teenage romance and drag races. There should be more on macro-economic topics and political economy. So I'd like to do another one like 'Fiscal Cliff,' but I'm out of ideas. I'm hoping NewsHour audience might help. I have in mind a song contest. Submit a topic, a key phrase, or a whole lyric. Whatever you like. The Making Sen$e team and I will jointly select the winner. Assuming we get a good idea or two, I will turn it into an original song. There is no money involved, as the market for econ surf songs is somewhere between inactive and inconceivable. But the winner will garner Internet fame on Making Sen$e, perhaps even go viral, and will in any case earn a heart-felt thank-you from me. At the very least, you should have fun and a story to tell. This is clearly a way to get free publicity for Making Sen$se as well as free ideas for a new song, but hey, I don't mind as long as a good song comes out of it. I asked for a song about the pension crisis, pointing Merle to my post Stockton CA Bankrupt; Unions (Not Housing Bust) Primarily to Blame; Pension Death Trap for Cities; What's the Solution? I did not provide any lyrics or a background melody, so have at it, if you like my topic. There is a form on the above link to submit ideas. May the best pension song win! Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Stockton CA Bankrupt; Unions (Not Housing Bust) Primarily to Blame; Pension Death Trap for Cities; What's the Solution? Posted: 27 Jun 2012 11:14 AM PDT The city of Stockton, California, is Bankrupt. It has stopped making bond payments and will become the largest city in the US to seek protection via US bankruptcy law. The bankruptcy was inevitable. California law requires blame to be assessed. To be sure there is plenty of blame to go around. Here are a few paragraphs from the LA Times that explain the setup. How Stockton found itself so mired in debt can be seen everywhere in the city's core. There is a sparkling marina, high-rise hotel and promenade financed by credit in the mid-2000s, mere blocks from where mothers won't let their children play in the yard because of violence. During the economic boom, this working-class city with pockets of entrenched poverty tried to reinvent itself as a draw to Bay Area refugees and a popular site for conventions. It offered generous city employee pension plans and benefits. When the bust came, few places fell as hard as Stockton. The city has the second-highest rate of foreclosures in the country and the second-highest rate of violent crime in the state. The city made $90 million in drastic cuts from the general fund in the last three years, including reducing the Police Department by 25%, the Fire Department by 30%, and cutting pay and benefits to all employees. There is a state investigation into whether Stockton's financial devastation was entirely due to shortsighted optimism or if there was corruption. The state mediation law requires assigning blame. Public Union Pensions, a Death Trap for Cities I added emphasis to the two sentences that explain what really happened and where the blame will be placed. Sure, Stockton politicians made gross errors in its budget. Yet, that is not what did Stockton in. The thing Stockton could not  correct over time is ever-escalating pension promises and public union salaries. Union pensions wrecked Stockton. The only way to escape the death-grip of inane pension promises is bankruptcy. Things like parks and marinas are one-time foolishness that can be corrected over time. Ever-escalating public union wages and pension costs cannot be corrected over time (Indeed they are 100% guaranteed to get worse). Prevailing wage laws that force cities to overpay for every city project cannot be undone over time either. Both have to be fixed big-bang. The former by bankruptcy, the latter by brute political force, preferably at the national level. Scapegoating Short-Sighted Optimism Blame will not be placed where it most belongs. Here is the key sentence: "There is a state investigation into whether Stockton's financial devastation was entirely due to shortsighted optimism or if there was corruption." Note the two choices. Political pandering by politicians to unions is not on the list. Nor are pension plans. Nor are public unions salaries. $51.71-an-Hour Summer Job Program Let's turn our focus to New York for a second, but the problem described by the New York Post applies to California, New York, and every prevailing wage state. If federal funds are involved, it applies to every state. Please consider NY's $51.71-an-Hour Summer Job Program The small Hudson Valley city of Poughkeepsie is now home to some of the best-paying summer jobs ever: $51.71 an hour. That's right: $51.71 an hour. The project started off as perfectly sensible. The work involves restoring Fallkill Creek, damaged in last summer's post-Hurricane Irene flooding. To get the job done and put up to 150 unemployed young people to work, the state Labor Department tapped a federal storm-cleanup grant. Clearing debris and lifting heavy objects isn't easy, but why pay temporary manual laborers the same hourly rate as a skilled employee in a $100,000-a-year full-time job? The ultimate source of funding for the Fallkill cleanup is a federal National Emergency Grant, whose terms require paying wages at the highest of the federal, state or local minimum wage or at the comparable rates of pay for individuals employed in similar occupations by the same employer. The state Labor Department decided that this meant the prevailing wage for public-works projects. But "prevailing wage" is a term of art that actually means a pay rate based on collective-bargaining agreements between labor unions and private employers. For the Mid-Hudson region, the prevailing hourly rate for laborers comes to $51.71 — $30.71 in wages plus $21 in benefits. But the temporary workers on the Fallkill won't be union members, so they'll get the entire amount as a wage, the Labor Department ruled. If not for the prevailing wage, the Fallkill grant could've provided seasonal employment for 1,000 young people at the minimum-wage rate of $7.25 an hour — which might have gotten the job done sooner, to boot. Or the state might have employed the same number of people, paid them $10 an hour and saved taxpayers $219,000 a week. The project illustrates how government all too often works — that is, as wastefully as possible. It also stands as a testament to the power of unions in dictating government wage rates. Who Benefits From This? Bear in mind that government spending (even deficit spending, no matter how ill-advised), adds to GDP by definition. It does not matter how little product is actually produced, or even if the results are negative. In terms of deficit spending, spending power is stolen from consumers and investors because government never allocates resources wisely. Fixing 1 bridge instead of 10 adds as much GDP if the amount spent is the same. Want to create 1,000 jobs for the summer or 140? If you are one of the politically well-connected the answer is 140. Want to bet who got those jobs? My bet is sons and daughters of the politically well-connected. I would like to see a report. Let's return our focus to California. University of California Faces Mounting Pension Costs Here is an interesting article that came my way a few days ago: University of California faces mounting pension costs. The cost of pensions and retiree health benefits are soaring at the University of California, increasing pressure to raise tuition and cut academic programs at one of the nation's leading public college systems. The 10-campus system is confronting mounting bills for employee retirement benefits even as it grapples with unprecedented cuts in state funding that have led to sharp tuition hikes, staff reductions and angry student protests. The UC system, including medical centers and national laboratories, is scrambling to shore up its pension fund as it prepares for a wave of retirements and tackles a roughly $10 billion unfunded liability. "The regents made a serious error and the Legislature made a serious error by not putting money aside for 19 years while accumulating this obligation," said Robert Anderson, a UC Berkeley economist who chairs the system's Academic Senate. "Now we have to pay for it." Notice the self-serving attitude and blame-placing by Robert Anderson, essentially whining that taxpayers did not dole out enough money to give him his expected benefits. What benefits are we discussing? The article explains. The UC system faces spiraling pension costs for 56,000 current retirees and another 116,000 employees nearing retirement. As of May, there were 2,129 UC retirees drawing annual pensions of more than $100,000, 57 with pensions exceeding $200,000 and three with pensions greater than $300,000, according to data obtained by The Associated Press through a state Public Records Act request. The number of UC retirees collecting six-figure pensions has increased by 30 percent over the past two years, according to Californians for Fiscal Responsibility, an advocacy group that has analyzed UC pension data. Topping the list is Marcus Marvin, a retired professor of dentistry and public health at UCLA, who receives an annual pension of $337,000. If UC President Mark Yudof, 67, serves for seven years, he would receive an annual pension of $350,000 — in addition to regular benefits he accrues through the UC Retirement Plan, according to university documents. The university caps employee pensions at the IRS limit of $250,000, but that ceiling does not apply to the "supplemental retirement benefits" promised to Yudof. With inane pension benefits like that, is it any wonder the system went unfunded? Those benefits cannot and will not be paid. The system is bankrupt. Sadly, young kids graduating from college tens or hundreds of thousands of dollars in debt are bankrupt as well. However, student loans cannot be discharged in bankruptcy. Students are the one who have paid the highest price for our corrupt education system. Nothing is done "for the kids". It is all done for grossly overpaid administrators and public union employees. School tuition has to be ridiculously high to support $350,000 a year pension plans for life. What's the Solution? The immediate solution is bankruptcy. Expect to see more cities file. However, longer-term structural problems must also be addressed. Untenable pension contracts need to be tossed out by the courts and benefits reduced. Every taxpayer not on the public dole should cheer bankruptcy, not resist it. End defined benefit pension plans for public union workers. End collective bargaining for public union workers. Governor Scott Walker in Wisconsin has proven that can be done. Scrap Davis-Bacon and all state prevailing wage laws. Institute national right-to-work laws.  Merit pay for teachers More competition from accredited online schools to drive education costs way down Scrap student loan programs that only benefit administrators and educators, not the kids. It's time to stop overpaying for all government-sponsored services including but not limited to police, fire, prison-workers, and education. The vicious, self-serving grip that unions and their political supporters have on this nation has to end. Governor Walker partially paved the way in Wisconsin. Other states must follow through. At the national level, we desperately need right-to-work laws while ending prevailing wages. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Laugh of the Day: "No Risk of Housing Bust" says Australia Central Banker Posted: 27 Jun 2012 08:40 AM PDT "No Risk of Housing Bust" In case you need some humor today, please consider No risk of housing bust: RBA Australia is not at danger of a collapse in the housing market, a top central banker says, again playing down concerns that Australia could suffer price falls like those seen in the United States or parts of Europe. Speaking at a mortgage conference, Reserve Bank assistant governor Guy Debelle said he was more concerned about the outlook for the European Union and the uncertainty that was causing globally. Asked about fears of a housing collapse in Australia, Mr Debelle said there was no oversupply of housing in the country, households were well able to manage their debt levels and mortgage arrears remained very low. "This (housing risk) is not something that keeps me awake at night," he added. No Oversupply? For years I have had people emailing me that a housing bust was impossible because there was a critical shortage of houses in Australia. I calmly point out we heard the same story in the US for years as well. Of course, in the midst of a bubble, no one wants to hear any rational explanations. Thus, a few days ago I had to laugh at this Bloomberg headline: Vanishing Households Undercut Claim of Australia Shortage Australia has almost 1 million fewer households than assumed in government forecasts of a housing shortage, raising doubts about a supply shortfall cited as the main reason the nation will avoid a U.S.-style crash. The Pacific nation had 7.8 million households, data released yesterday from the 2011 Census showed. That compared with estimates of 8.7 million as of June 2010, according to the latest figures used by the National Housing Supply Council, a group created by the government in May 2008 to monitor housing demand, supply and affordability. Australia's population also grew by 300,000 less than previously estimated, to 21.5 million. "There's been a bit of a disconnect between the estimates between the census points and the actual census data," said David Cannington, Melbourne-based economist at Australia & New Zealand Banking Group Ltd. (ANZ) "My feeling is that some of the underlying housing demand numbers will be revised down." Home prices across Australia have seen quarterly declines since the beginning of 2011 as global economic uncertainty and fears of overpaying for properties in the English-speaking world's most unaffordable housing market kept buyers sidelined. Dwellings in Australia cost 6.7 times the average annual income as of the third quarter of 2011, Illinois-based consulting company Demographia said in a report in January. The increase in the number of people living in group households and in apartments and townhouses backs this up, said David Collyer, campaign manager at tax reform advocacy group Prosper Australia. "Young adults have gone back home with mum and dad, or are sharing houses," said Collyer, who argues that Australia has an oversupply of housing based on statistics showing water usage and new building data. "Household sizes have gone up even more than people think, and the oversupply of housing will be revealed to be even worse than we thought." As more Australians live with friends or parents to combat falling affordability, the number of vacant dwellings rose to 934,471 in the 2011 census from 830,376 in 2006. Housing Shortage With 934,471 Vacant Homes Allegedly there is a housing shortage with close to a million vacant homes. At the peak of every bubble there always appears to be a shortage. There appeared to be a shortage of Florida condos in 2005 as well. The nutcases really believed Florida needed more condos. The nutcases at the RBA now believe "no risk of housing bust" in Australia, right in the midst of what I believe will be a decade-long implosion. What a hoot. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Monti Lashes out at Germany; Merkel Hardens Position; Reader from Italy Explains Why Early Elections Might Lead to "Deadlock" Posted: 27 Jun 2012 01:43 AM PDT Merkel Hardens Position The EU summit is a day away and pre-summit bickering is so intense that it will be difficult if not impossible to get any major agreements. Two days ago, in a speech in German parliament, Bloomberg reported Merkel Hardens Resistance to Euro-Area Debt Sharing Chancellor Angela Merkel hardened her resistance to euro-area debt sharing to resolve the region's financial crisis, setting Germany on a collision course with its allies at a summit of European leaders this week. Merkel, speaking to a conference in Berlin today as Spain announced it would formally seek aid for its banks, dismissed "euro bonds, euro bills and European deposit insurance with joint liability and much more" as "economically wrong and counterproductive," saying that they ran against the German constitution. "It's not a bold prediction to say that in Brussels most eyes -- all eyes -- will be on Germany yet again," Merkel said. "I say quite openly: when I think of the summit on Thursday I'm concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures." "There must not be an imbalance between liability and control," she said today. "For instance, we would do a European deposit insurance immediately if it doesn't lead to common liability but to improved oversight possibilities and standards." Monti Lashes out at Germany In response to his own falling support as much as his displeasure with Merkel, Monti lashes out at Germany ahead of summit Italy's technocratic prime minister's frustration with Germany surfaced in a combative speech to parliament, saying he would not go to Brussels to "rubber-stamp" pre-written documents and was ready to extend the two-day summit until Sunday night if needed to reach agreements before markets reopen on Monday. Speculation over the fate of his government has become so feverish in Rome that officials were forced to deny that the prime minister had threatened to resign if he were to leave Brussels without success. Singling out Jens Weidmann by name, Mr Monti said the Bundesbank president had "badly misunderstood" his proposal to deploy eurozone rescue funds to bring down the borrowing costs of countries such as Italy and Spain that had honoured obligations to implement reforms and bring down their budget deficits. Italy on Tuesday was forced to borrow at 4.71 per cent for two-year bills, its highest level since December, and will face a testing auction on Thursday of up to €5.5bn in five and 10-year bonds. Italian officials said they were extremely concerned how markets might react Monday if the Brussels talks fail to break new ground. The summit was heading towards "complete uncertainty", Mr Monti said. Mr Monti is said by aides to be furious with Mr Berlusconi's recent anti-European tack which is seen as undermining Italy ahead of the summit. Mr Berlusconi reportedly repeated on Tuesday that it would not be a bad thing if Germany exited from the euro. Explaining Italian Politics Reader Andrea who is from Italy but now lives in France, has some observations and comments on Italian politics in response to Monti Threatens to Resign if No Eurobonds; Specter of Early Elections Hi Mish, I have a few comments on your article. First: Former prime minister Silvio Berlusconi made a third call for a euro exit, this time asking Germany to exit if the ECB will not print. Berlusconi has a certain ability in "feeling" what people wants to hear and use it as his message. In my opinion he is testing the public opinion. I expect he will run polls to check if his anti-euro stance is allowing his party to increase consensus. In this case, I strongly believe that he will raise the level of his anti-euro stance given he has nothing to lose as his party is in freefall. Second: Monti's days are indeed numbered because he will step down at the end of legislature (spring 2013) and he will not seek for renewal of his mandate in the new one. However, his term could be even shorter. There could be early elections before the natural term. In the Italian constitution, the President of the Republic appoints the prime minister, but the appointment must get Parliamentary approval. If a PM resigns or loses majority approval, a search is on to find another person. If parliament cannot find a coalition leader with sufficient votes, the only choice left is to call early elections. Berlusconi's PDL party has the numbers to make Monti step down and to not allow any new majority. He may do just that. Berlusconi is increasingly uncomfortable in supporting Monti. So are others. Government bond yields are back at very high levels and now Monti is losing popular support. Backing Monti has cost PDL to lose a lot of votes. However, with early elections, a dangerous competitor like Beppe Grillo's Movimento 5 Stelle (Five Star Movement) will not have enough time to present candidates everywhere. Thus, Berlusconi might also use a poor EU summit as reason to withdraw support to Monti, given the side benefit of holding elections before the Five Star Movement grows stronger. Third: the most likely outcome of the next election in Italy is a deadlock, assuming recent polls are accurate. The reason is the electoral law. The current electoral law gives additional representatives and senators to the "coalition" that scores first. Coalition is the key term. Even if Grillo's Five Star Movement wins as a party, he will be politically isolated whereas the center-left can form a coalition. However, additional share is given on national basis for the Chamber of Representatives and on regional basis for the Senate. For this reason, the Senate will most likely be fragmented with no majority at all. To govern, you need majority on both. What would happen then? Very hard to guess. Best regards, Andrea For more on the Five Star Movement and Beppe Grillo's plan to dump the euro, please see .... Italy "Gasping Like Beached Whale"; Berlusconi Reiterates Euro Exit "Not Blasphemy"; Beppe Grillo Discusses "Taboo of the Euro" Six Reasons Why Italy May Exit the Euro Before Spain; Ultimate Occupy Movement. Monti Begs Germany to Stabilize Interest Rates; Merkel Pours Cold Water On "Theoretical Discussions"; Italy Official Denial #1; Why Monti's Days Are Numbered. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Click Here To Scroll Thru My Recent Post List Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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