Daily Read - 2/19/10

Elton John thinks "Jesus was a compassionate, super-intelligent gay man who understood human problems." In case you're not sure who Jesus was, the NY Daily News can help. According to the story, He was "one of the central figures of Christianity." Who knew?

Philanthropy.com reports that Feeding America, the national network of food banks, raised 51% more money in 2009 than in 2008.  Kudos to the generous Americans and American organizations that continue to donate during this rough economy.  (http://feedingamerica.org/)  "Leaders of the anti-hunger group say the increase is in large part because donors recognize the extreme rise in demand for basic services like food and shelter as the economic crisis has taken its toll."

The Economist says don't blame the political system in the US - blame the President.  "America’s political structure was designed to make legislation at the federal level difficult, not easy."  Instead of understanding that the system is designed to stall legislation that isn't broadly supported "Mr Obama has done a lousy job of winning over Republicans and independents to the causes he favours."  "Rather than regretting how the Republicans in Congress have behaved, Mr Obama should look harder at his own use of his presidential power."

Charles Krauthammer agrees, and gives examples for Obama to follow: Reagan worked with Democratic House speaker Tip O'Neill on Social Security, Reagan worked with Democrat Bill Bradley on tax code reform, and Bill Clinton worked with Newt Gingrich on welfare reform.  America is only ungovernable if its leader fails to see that he is not always right.

Paul Volcker, former Fed Chairman and current advisor to President Obama, thinks "Reforming Social Security is “doable,” he said, in part by “jacking up the retirement age” and changing the benefit calculation so that it won’t rise as fast for higher-income Americans as it does under existing law."  He prefers reforming Social Security and preserving it as a "bedrock" retirement plan to the proposals in Obama's 2011 budget.

Americans can also do a better job of saving and depending on themselves for retirement.  Personal savings rates in the US have been very low, even negative, but are improving recently.  (Source: Bureau of Economic Analysis, via NY Times)