Tag Archives: retirement

When it arrives in Los Angeles, Space Shuttle Endeavour, will slowly ‘commute’ through the city

Another epic journey for the retirement of a space shuttle. This one is Endeavour and it is destined for Los Angeles. It will arrive at the airport, LAX, on September 20, where it will be moved through heart of the city to the California Science Center.

This will be the first time a spacecraft has been moved through a city and it should be quite a spectacle.

Moving the shuttle — which measures 57 feet tall at the tip of the tail and has a wingspan of 78 feet — will be no easy task. Trees will be pruned back or taken out. Power lines will be raised. Traffic signals will be removed.

At its top speed, the transporters carrying the shuttle will travel about 2 mph along the city streets.

full storySpace shuttle Endeavour to make 12-mile trek on L.A. streets

 

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Nelson Mandela and Google create a virtual museum of his life

For a look at the future of digital museums, check out the Nelson Mandela Centre of Memory’s new digital archive composed of thousands of scanned documents from the African leader’s life.

With the help of a $1.25 million grant from Google, the center digitized thousands of documents and images that illustrate the life and times of South Africa’s first black president. But instead of scanning them and dumping them online for scholars to peruse, the center, with Google’s support, created a virtual museum experience — highlighting certain pieces from the archives, putting them in the context of Mandela’s life and then enabling a visitor to the site to go deeper if they’d like.

The exhibit is organized by different phases of Mandela’s life, such as “Early Life,” “Prison Years,” “Presidential Years” and “Retirement.” As you move through the different sections, you’ll find the earliest known photograph of Mandela, scans of the desk calendars where he scribbled notes during his 27 years in prison, and handwritten notes he sent his daughters — including one written shortly after the arrest of their mother.

via L.A. Times

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The long-term unemployed make up half of those unemployed

4 important facts about unemployment from economist Lee Ohanian:

  • The economy should be creating 500,000 jobs/month, instead of 200,000.
  • Long-term unemployed makes up half of those unemployed, and they have little or no value in our economy.
  • The retirement age is certainly going to rise.
  • Those with only a high school degree or less are not competitive in the global economy.

 

More than 200,000 new jobs were created in January, 2012. What do you make of the pace of job growth?

The major puzzle about the U.S. economy has been the remarkably slow job growth. The U.S. economy should be creating about 500,000 jobs per month now, given high worker productivity, the large pool of available workers and the fairly high level of corporate profits. While 200,000 jobs sounds really positive, it is only about half of what we should be seeing.

The long-term unemployed — those who have been out of work for more than six months. It seems that new jobs are going to people who have just entered the workforce or to those who were unemployed for a short time. What’s going on here?

Long-term unemployment is at a record level of nearly 50 percent of the unemployed. The market value of these workers is very low, because many simply don’t have the specific skills required to compete in today’s economy. It becomes the problem of retraining construction workers to become health care workers. It can’t be done overnight, but this process needs to move forward. Those construction jobs aren’t coming back anytime soon. Reforming unemployment insurance to include retraining funding would be useful.

What is your view on the retirement age in the U.S.? Is it too low, too high or just right?

The retirement age is now, depending on what year you were born, between 65 and 67 for full benefits. This will almost certainly rise in response to dealing with the upcoming shortfall in Social Security associated with baby boomers [more than 70 million of them ] who are now approaching retirement. The aging of the baby boom cohort will increase the share of the population who is 65 and older from its current level of 13 percent to about 19 percent of the population. This will put enormous pressure on the underfunded Social Security system — so get ready for a gradual increase in the full retirement age.

How has unemployment differentially impacted workers?

Education level is a major differentiator. Workers with high levels of education and training — those with bachelor’s degrees and beyond — have very low unemployment rates, about 4 percent. In contrast, those with no post-high-school education and very young workers have unemployment rates of more than 20 percent. The message is very clear: A good career starts with a solid education that includes training beyond high school.

Low-skilled and unskilled workers were hit very hard by the recession and continue to suffer. Is anything going to change for them?

This again points to education. Many of these unemployed have only a high school degree or never graduated from high school. These workers are, for the most part, no longer competitive in the global economy. Many may not be competitive even at current minimum wages, and some probably wouldn’t work for minimum wages. Fundamentally, they need to retrain in order to successfully re-engage in the labor market.

Albert Pujols contract with the Angels includes money for marketing and a retirement job

From a report on mlb.com:

The deal, which was agreed upon on Dec. 8, is divided into three different agreements.

The player deal: a full no-trade clause with a base salary of $240 million through the 10 years (more details on this below).

The marketing deal: Pujols will be paid $3 million for accumulating 3,000 hits (he’s currently at 2,073) and $7 million for a record 763 home runs (he has 445).

Since it’s bonus money to account for the marketability of those milestones, that money will not go against the luxury tax ceiling, according to reports.

The post-retirement deal: Pujols’ contract also includes a 10-year personal-service agreement that kicks in either after the contract expires or after Pujols retires.

In it, Pujols will be paid $10 million ($1 million a year) and will serve, among other things, as a consultant to owner Arte Moreno. Details of what that role will entail are still pretty foggy.

Because it comes as post-retirement work, the $10 million of that deal also will not count towards the luxury tax.
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