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Live Animal Markets Should Be Improved Not Outlawed, Say WHO

(LONDON) — The World Health Organization said Friday that although a market in the Chinese city of Wuhan selling live animals likely played a significant role in the emergence of the new coronavirus, it does not recommend that such markets be shut down globally. In a press briefing, WHO food safety and animal diseases expert…




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Brooklyn Couple Have The Most Beautiful At-Home Wedding



Thanks to Zoom, 50 of their friends were able to attend.




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Jeannie Mai Has One Non-Negotiable For Her Wedding To Jeezy



'The Real' co-host has a vision of her special day.




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The Morning After: We reviewed Apple's new 13-inch MacBook Pro, and its keyboard

Over the last few years, social networks have instituted slightly stiffer policies against misinformation, but those systems are being pressed to their limit by a fast-spreading new video. The ‘Plandemic’ clip “spreads debunked conspiracy theories ab...




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Bride's mum has brutal reaction to daughter's wedding dress picked to please her

Jenny and her mum Jacky have very different ideas about what she should wear on her big day - so they turn to Gok Wan for help




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Benthos in the Antarctic Weddell Sea in decline

Over the past quarter-century, changes in Antarctic sea-ice cover have had profound impacts on life on the ocean floor.




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Nicola Sturgeon says lockdown must continue in Scotland but people may be allowed out more than once per day to exercise

Scotland's First Minister Nicola Sturgeon says the lockdown period in the country should be extended.




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A disaster waiting to happen or a bold, evidence-based response? In Sweden, it depends who you ask

As winter fades and spring breaks over Sweden, a high-stakes experiment in self-responsibility is underway.




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Neither Sweden nor NZ: Australia must steer its own COVID-19 course

With some modifications, Australia must keep its social-distancing restrictions in place until after winter.




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Target and superquiz, Wednesday, April 22

Trivia buffs: test your knowledge with today's interactive superquiz and target.




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Neither Sweden nor NZ: Australia must steer its own COVID-19 course

With some modifications, Australia must keep its social-distancing restrictions in place until after winter.




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Target and superquiz, Wednesday, April 22

Trivia buffs: test your knowledge with today's interactive superquiz and target.




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Dining out, local and regional travel allowed under easing of coronavirus restrictions

Restaurants, cafes and shops are given the green light to reopen and local and regional travel is on the cards under the first step of National Cabinet's plan to ease coronavirus restrictions.




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International flights still grounded but regional and local travel allowed

International travel remains on hold for "the foreseeable future" as the Government announces plans to open up local, regional and interstate travel.




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Ruby Princess doctor tells inquiry she would not have allowed passengers to disembark

The senior doctor on board the Ruby Princess tells an inquiry she is surprised passengers were allowed to disembark in Sydney last month despite some displaying COVID-19 symptoms.




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Neither Sweden nor NZ: Australia must steer its own COVID-19 course

With some modifications, Australia must keep its social-distancing restrictions in place until after winter.




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Target and superquiz, Wednesday, April 22

Trivia buffs: test your knowledge with today's interactive superquiz and target.




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Strictly Come Dancing star Graziano di Prima announces decision to postpone wedding

Strictly's Graziano di Prima has revealed he and fiancée Giada Lini have been...




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Covid 19 coronavirus: Swedish expert says NZ faces years of quarantine for arrivals

Sweden's former top virus expert says lockdowns are just a way of delaying the inevitable and warns that New Zealand could face years of quarantining foreigners entering the country, even after wiping out Covid-19.Johan Giesecke...




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What's on TV Wednesday: 'Brockmire' finale on IFC; coronavirus

What's on TV Wednesday, May 6: Brockmire series finale on IFC; coronavirus; season finales of Riverdale, Summer House; movies on TV;




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A coronavirus debate on the apple orchard: Should migrant workers be allowed to sleep in bunk beds?

Washington state fruit growers say that a ban on bunk beds in farmworker housing would cut their seasonal work force in half, likely leading to food shortages and price hikes.




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ACRO Opposes Fatally-Flawed Right-To-Try Legislation

In May of 2017 the Board of Directors of the Association of Clinical Research Organizations, which represents the world’s leading clinical research...




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Subsidiaries of Swedish Company, Trelleborg AB, Agree to Plead Guilty and Pay $11 Million in Criminal Fines

Two subsidiaries of the Swedish company Trelleborg AB, one based in Virginia and the other in France, have agreed to plead guilty and pay a total of $11 million in criminal fines for their participation in separate conspiracies affecting the sales of marine products sold in the United States and elsewhere.



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Swedish National Charged with Hacking and Theft of Trade Secrets Related to Alleged Computer Intrusions at NASA and Cisco

Philip Gabriel Pettersson, aka "Stakkato," 21, a Swedish national, was indicted today on intrusion and trade secret theft charges.



  • OPA Press Releases

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Fifth Former Georgia Prison Officer Pleads Guilty in Connection with the Assault of an Inmate and the Cover-Up That Followed

Today, the Department of Justice and the U.S. Attorney for the Middle District of Georgia announced that Kerry Bolden, a former employee of the Correctional Emergency Response Team (CERT) at Macon State Prison (MSP) in Oglethorpe, Ga., pleaded guilty to civil rights and conspiracy charges.



  • OPA Press Releases

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Attorney General Eric Holder Delivers Remarks at the Parliament of Sweden

At the same time, our Civil Rights Division is fighting to achieve justice for victims of hate crimes, and to safeguard those who are targeted just because of their sexual orientation or gender identity. And countless Americans from all backgrounds and walks of life are proudly standing alongside Sweden and other democratic nations in calling for the protection of our LGBT citizens; in working to secure recognition for the equal love and equal humanity of all people; in supporting local advocates in other countries so they can bring about change from within; and in speaking out for the fundamental truth that no matter where you live, who you love, or who you are – whether you’re a public servant or a businessperson; an educator, a scientist, or an athlete competing at the highest level and on a world stage – every human being is, and must be, free and equal in both dignity and rights.




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Gilead's Remdesivir Becomes 1st Drug Allowed For Emergency Use For COVID-19

The FDA has issued emergency use authorization for Gilead Science Inc's (GILD) antiviral drug Remdesivir for the treatment of COVID-19 in adults and children hospitalized with severe disease.




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Op-Ed: We allowed coronavirus to ravage nursing homes. But there's still time to save lives

Nursing facilities account for a large percentage of COVID-19 deaths. Better protection and testing can change that.




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Israeli COVID-19 Vaccine Developments Webinar – Wednesday, May 6, 2020




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Reinventing quantitative genetics for plant breeding: something old, something new, something borrowed, something BLUE




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Yas Marina circuit flawed - Whitmarsh

McLaren team boss Martin Whitmarsh has hit out at the design of the Abu Dhabi circuit, saying that the modern Yas Marina venue is flawed




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Nigeria’s Renewed Hope for Democratic Development

When the Union Jack was lowered in Nigeria on October 1, 1960, the potential of Africa’s most populous nation seemed boundless—and that was before its abundant reserves of petroleum and natural gas were fully known. However, Nigeria has since underperformed in virtually every area. A massive fuel shortage, just days before the historic change in…

      
 
 




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Income growth has been negligible but (surprise!) inequality has narrowed since 2007


Alert voters everywhere realize the economy is neither as strong as claimed by the party in power nor the disaster described by the opposition. The election season will bring many passionate but dubious claims about economic trends. People running for office know that voters rank the economy near the top of their concerns. Of course, perceptions of the economy differ from one voter to the next. A few of us are soaring, more are treading water, and too many are struggling just to stay afloat.

Since reaching a low point in 2009, total U.S. output—as measured by real GDP—has climbed 15 percent, or about 2.1 percent a year. The recovery has been long-lived and steady, a tribute to the stewardship of the Administration and Federal Reserve. The economic rebound has also been disappointingly slow in view of the depth of the recession. GOP office seekers will mention this fact a number of times before November.

Compared with the worst months of the Great Recession, the unemployment rate has dropped by half. It now stands at a respectable 4.9 percent, almost 3 points lower than the rate when President Obama took office and far below the rate in fall 2009 when it reached 10 percent. Payroll employment has increased for 77 consecutive months. Since hitting a low in January 2010, the number of workers on employer payrolls has surged 14.6 million, or about 190,000 a month. While the job gains are encouraging, they have not been fast enough to bring the employment-to-population ratio back to its pre-recession level. June’s job numbers showed that slightly less than 80 percent of adults between 25 and 54 were employed. That’s almost 2 percentage points below the employment-to-population rate on the eve of the Great Recession.

One of the most disappointing numbers from the recovery has been the growth rate of wages. In the first 5 years of the recovery, hourly wages edged up just 2 percent a year. After factoring in the effect of consumer price inflation, this translates into a gain of exactly 0 percent. The pace of wage gain has recently improved. Workers saw their real hourly pay climb 1.7 percent a year in the two years ending in June.

The economic bottom line for most of us is the rate of improvement in our family income after accounting for changes in consumer prices. No matter how household income is measured, income gains have been slower since 2007 than they were in earlier decades. The main reason is that incomes produced in the market—in the form of wages, self-employment income, interest, dividends, rental income, and realized capital gains—fell sharply in the Great Recession and have recovered very slowly since then. That a steep recession would cause a big drop in income is hardly a surprise. Employment, company profits, interest rates, and rents plunged in 2008 and 2009, pushing down the incomes Americans earn in the market. The bigger surprise has been the slow recovery of market income once the recession was behind us.

Some critics of the recovery argue that the income gains in the recovery have been highly skewed, with a disproportionate share obtained by Americans at the top of the income ladder. Economist Emmanuel Saez tabulates U.S. income tax statistics to track market income gains at the top of the distribution. His latest estimates show that between 2009 and 2015 income recipients in the top 1 percent enjoyed real income gains of 24 percent. Among Americans in the bottom nine-tenths of the income distribution, average market incomes climbed only 4 percent.

Source: Emmanuel Saez tabulations of U.S. income tax return data (including capital gains), 

However, Saez’s estimates also show that top income recipients experienced much bigger income losses in the Great Recession. Between 2007 and 2009 they saw their inflation-adjusted incomes drop 36 percent (see Chart 1). In comparison, the average market income of Americans in the bottom nine-tenths of the distribution fell just 12 percent. These numbers mean that top income recipients have not yet recovered the income losses they suffered in the Great Recession. In 2015 their average market income was still 13 percent below its pre-recession level. For families in the bottom nine-tenths of the distribution, market income was “only” 8 percent below its level in 2007.

Only about half of households rely solely on market income to support themselves. The other half receives income from government transfers. What is more, this fraction tends to increase in bad times. Many retirees rely mainly on Social Security to pay their bills; they depend on Medicare or Medicaid to pay for health care. Low-income Americans often have little income from the market, and they may rely heavily on public assistance, food stamps, or government-provided health insurance. When joblessness soars the percentage of families receiving government benefits rises, largely because of increases in the number of workers who collect unemployment insurance.

Government benefits, which are not counted in Saez’s calculations, replace part of the market income losses families experience in a weak economy. As a result, the net income losses of most families are much smaller than their market income losses. The Congressional Budget Office (CBO) recently published statistics on market income and before-tax and after-tax income that shed light on the size and distribution of household income losses in the Great Recession and ensuing recovery. The tabulations show that, except for households at the top of the distribution, net income losses were far smaller than the losses indicated in Saez’s income tax data.

Source: Congressional Budget Office (2016) household income data (including capital gains), 

For example, among households in the middle fifth of the before-tax income distribution, average market income fell more than 10 percent in the Great Recession (see Chart 2). If we include government transfers in the income definition, average income fell 4.4 percent. If we account for the federal taxes families pay, average net income fell just 1 percent. In contrast, among households in the top 1 percent of the distribution, average market income fell 36 percent, average income including government transfers fell 36 percent, and average income net of federal taxes fell 37 percent. Government transfers provided little if any protection to top-income households.

The CBO income statistics end in 2013, so they do not tell us how net income gains have been distributed in the last couple of years. Nonetheless, based on Saez’s income tax tabulations it is very unlikely top income recipients have recovered the net income losses they experienced in the Great Recession. All the available statistics show household income gains since 2007 have been negligible or small, and this is true across the income distribution.

It is popular to say slow income gains in the middle and at the bottom of the distribution are due to outsize income gains among families at the top. While this story is at least partly true for the three decades ending in 2007, it does not fit the facts for the years since 2007. CBO’s latest net income tabulations show that inequality was almost 5 percent lower in 2013 than it was in 2007. The Great Recession hurt the incomes of Americans up and down the income distribution, but the biggest proportional income losses were at the very top. To be sure, income gains in the recovery after 2009 have been concentrated among top income recipients. Even so, their income losses over the recession and recovery have been proportionately bigger than the losses suffered by middle- and low-income families.


Editor's note: This piece originally appeared in Real Clear Markets.

Authors

Publication: Real Clear Markets
      
 
 




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Social Security Smörgåsbord? Lessons from Sweden’s Individual Pension Accounts

President Bush has proposed adding optional personal accounts as one of the central elements of a major Social Security reform proposal. Although many details remain to be worked out, the proposal would allow individuals who choose to do so to divert part of the money they currently pay in Social Security taxes into individual investment…

       




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The slipping mask of Swedish capitalism

As of the end of April, the amount of COVID-19 deaths in Sweden per 1,000 inhabitants is three times that of Denmark, three times that of Germany and four times that of Norway. The government is peddling the nationalist idea that Sweden is somehow different and better than the rest of the world. But the pandemic has revealed the true colours of Swedish class society.




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How to Go Green: Wedding Engagement

Photo credit: Michael Blann/Getty We've already talked a lot about how to green your dating life and how to green your wedding, but what about that time in between--your engagement? The average couple these days spends 15 months being engaged, which




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TranquiliT Adds Something Green to Your Wedding With Eco-Friendly Bridal Gowns

TranquiliT may be better known for its downward-dog-friendly garb, but the erstwhile yoga-wear label is now rocking the frock, matrimonial style. Outfit the femmes of your bridal party—bride, bridesmaids, and flower girls—in 95 percent organic bamboo




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Planet Green's Ultimate Green Wedding Guide

Whether you're the romantic, three-tiered cake type—or the "let's hitched at a civil court and call it a day" sort of guy or gal there's something for everyone in Planet Green's fresh off-the-blog Ultimate Green




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Green Your Wedding! Low Cost, Zero-Waste, Eco-Conscious Options

The average wedding in the USA costs $20,000. Yikes! In this economy, that's not just insane; it's silly.




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Holy Crap! Toilet-Paper Wedding Dress Displays Unparalleled Dedication

Major, major kudos to Ann Kagawa Lee of Honolulu, Hawaii, winner of Cheap Chic Wedding's annual toilet-paper wedding dress contest, who made this mind-boggling matrimonial ensemble out of bathroom tissue—a textile fit




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5 Ridiculously Over-the-Top, Extravagant Celebrity Weddings

Photo via Madeline's Weddings and Events/ CakellaAll you really need to get married is love--and maybe a ring, and a marriage license. But that doesn't stop celebrities from going overboard when they're ready to tie the knot, hosting parties decorated




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Win an Eco-Friendly, Solar-Powered Wedding

Want an eco-friendly wedding?? Afraid of the sticker shock for all of those organic, free-range doves merrily flying away after your vows? Not sure you can beat the millions of other people vying for a Today Show




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Beautiful Bike Wedding in Sao Paulo

It might not be a first, but you have to give this couple credit for marrying on a bike in a city where traffic is so heavy that even pedestrians beat cars.




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Something Old, Something New, Something Borrowed, Something...Green? Ritz-Carlton, Charlotte Delivers Eco-Friendly Weddings

As more eco-conscious couples take their walk down the aisle, a growing green wedding industry has responded in kind. Enter "Something Green," a new service introduced by The Ritz-Carlton, Charlotte. "We are constantly looking for




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Couple to Wed Thanks to 400,000 Recycled Cans

After Pete Geyer and Andrea Parrish became engaged, they decided to say "I can" before saying "I do," and in more ways than one. The couple worked to make their wedding not just a celebration of the love they have for each other, but




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McDonald's To Offer Fast-Food "McWeddings" in Hong Kong

If soaring wedding costs have you wondering how you can afford it all (and yet, you couldn't be bothered with the effort to put on a more eco-conscious wedding) then McDonald's may have the answer for you.




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10 Wacky (and Mostly Wasteful) Royal Wedding Souvenirs

In the market for a royal PEZ dispenser? The wedding of Prince William and Kate Middleton -- set for this Friday, April 29 -- has inspired dozens of trinkets, tchotckeys, and souvenirs of varying usefulness, quality, and taste, from cheesy mugs and ugly




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10 Wacky (and Mostly Wasteful) Royal Wedding Souvenirs (Slideshow)

In the market for a royal PEZ dispenser?




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Will and Kate's Royal Wedding: The Green Lowdown in 8 Juicy Details

It's been 30 years since Charles and Diana's wedding, which means royal watchers all over the world have been working themselves into a tizzy over every last, secret detail of the Friday, April 29th nuptials




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How to make your wedding day green

A wedding is one of the most important days in a couple's life. If you care about the planet, why not integrate your principles into your big day?