Last year, a federal program called the Earned Income Tax Credit took about $60 billion from wealthier Americans and gave it to the working poor. And here's the surprising thing: This redistribution of wealth has been embraced by every president from Ronald Reagan to Barack Obama.
"This program worked," says Richard Burkhauser, an economist at Cornell University and the American Enterprise Institute. "And there's not a hell of a lot of these programs where you can see the tremendous change in the behavior of people in exactly the way that all of us hoped it would happen."
Originally published on Fri March 15, 2013 6:36 am
Putting a more specific estimate that he has in the past on the issue of how long it might take Iran to develop a nuclear weapon, President Obama has told Israel's Channel 2 TV that it could happen in "over a year or so" if efforts to dissuade Iran do not succeed.
The president also said that while he wants to resolve the issue diplomatically, he is keeping "all options on the table."
For its part, Iran has long said its nuclear program is only aimed a peaceful uses for that energy source.
At a hearing in Washington on March 6, Attorney General Eric Holder admitted to senators why it has been hard to go after big bank executives:
"It does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy, perhaps even the world economy. And I think that is a function of the fact that some of these institutions have become too large."
Originally published on Fri March 15, 2013 5:44 am
First, Russian President Vladimir Putin granted citizenship to French actor Gerard Depardieu. Now, Putin is hobnobbing with the actor Steven Seagal. The star of Under Siege toured a new sports facility with Putin, who used the occasion to call for reviving a Soviet-era fitness program in which kids threw javelins, learned to ski and fired guns.
Originally published on Fri March 15, 2013 5:42 am
Reba Williams of Columbus, Ohio, finished her last class back in 1925. But the 106-year-old didn't receive her high school diploma until Wednesday. Her daughter told the Mansfield News-Journal that young Reba, who was a good student for all 12 years, was headstrong. She refused to read a book assigned by her teacher that she'd already read and didn't like.
The new boom in natural gas from shale has changed the energy economy of the United States. But there's another giant reservoir of natural gas that lies under the ocean floor that, theoretically, could dwarf the shale boom.
No one had tapped this gas from the seabed until this week, when Japanese engineers pulled some up through a well from under the Pacific. The gas at issue here is called methane hydrate. Methane is natural gas; hydrate means there's water in it. In this case, the molecules of gas are trapped inside a sort of cage of water molecules.