Generation America August 2012 Newsletter by Generation America

AUGUST 2012

THE OFFICIAL NEWSLETTER FOR GENERATION AMERICA MEMBERS

ALSO INSIDE

THE STATES

RESIST OBAMACARE ONE MAN’S KEY TO

A LONG LIFE ELDER CARE TRAVEL KLONDIKE BY TRAIN

CHELSEA NEW YORK

WHAT YOU MAY NOT KNOW ABOUT

THE PATIENT PROTECTION & AFFORDABLE CARE ACT The Patient Protection and Affordable Care Act is an extremely complicated and difficult to understand law that concerns the already extremely complicated and difficult to understand issue of healthcare.

do not follow the letter of the law, Section 1311, will be

Since the law first emerged I have been fortunate enough,

already similarities present in the way Medicare and

services you will need, as well as what plans you will purchase. Additionally, they will decide upon the cost of the plan and which services will be covered. Doctors that denied the right to treat you. The Federal government will now have absolute power over how doctors can treat all patients for the first time in our nation’s history. There are

as have many of us, to engage in conversation with many

Medicaid are implemented, in the sense that only proce-

knowledgeable and intelligent individuals on the subject.

dures considered cost effective are covered. However, this

The political mindset of these individuals runs the

law eliminates the option of an alternate public or private

spectrum from devoted liberal to devoted conservative.

insurance program which is free from such oversight.

Included, are those in government, healthcare, and of

We all know that everyone will be required to purchase a

course, senior services. The overriding theme of these conversations has been inconsistency. I don’t mean inconsistency arising from a moral or philosophical opinion regarding socialized medicine, or speculation on its benefit or detriment to society; I mean that there are widespread inconsistencies in a general understanding of the contents and immediate effect of this law. In other words, we don’t know what this law does.

“qualified” healthcare plan. But did you know that you are required to include proof of enrollment when filing your income taxes? Consequently, the IRS is authorized to determine compliance and have penalties leveled against you if proof of enrollment is not provided. President Obama promised, “If you like your doctor, you can keep your doctor.” However, this will not hold true for anyone, especially those that are currently insured. Every

I will attempt to decipher two key components, that I

one of us will be forced to undergo unsolicited change

found particularly disturbing, from the content of the law.

and loss of personal choice whether our status is private-

1. You will no longer have control over your healthcare

ly-insured or uninsured. All aspects of one’s health

Under the Patient Protection and Affordable Care Act

coverage will be subjected to HHS scrutiny and oversight.

your right to independently choose medical treatment is

This includes basic decisions such as the choice between

removed. The Health and Human Services (HHS) Secre-

a cardiac by-pass versus a stent or whether there should

tary will be the sole decision maker concerning the

be an ACL repair or a procedure for an entirely new knee.

BY SETH DISARRO, GENERATION AMERICA

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Whether you are covered by Aetna, Cigna, Blue Cross, Kaiser Permanente, another major company, or none at all, the government will have total control over your healthcare, even when you are paying the premiums.1 The American public has been denied the opportunity for debate and discussion on this subject. This is due to the fact that this law fully authorizes the executive branch to decide which medical services will be provided as well as the ways in which they will be distributed within Medicare. Therefore, Medicare recipients will forfeit their ability to make healthcare decisions more than any other group. Congress does not even have to give approval for additional changes to Medicare that the HHS department deems necessary. 2. You will no longer have control over your privacy The Obama healthcare plan requires physicians to enter complete data on their patients into a government database. This includes all treatments provided, and applies to each and every patient, whether or not their insurance is privately provided. The government then directs physicians to undertake what it considers the correct and most economical treatment. This system of monitoring your healthcare is exempted, to a very high degree, from federal privacy laws (Chapter 35 of Title 44 U.S. Code) and from judicial review. This government oversight ensures that no patient will have medical privacy any longer. Federal authorities will be kept informed about every visit and every treatment administered—your physician will be required to comply with these rules or be penalized. This incursion into your privacy goes even further. Under these new provisions, your other private records (such as bank-

ing) are also accessible and may be provided to third parties if the federal government feels it is appropriate. This is part of the government’s plan to help determine your eligibility for additional programs. Rather than offering you information on what is available and leaving it to your discretion to decide, they want to create a complete profile of all your private information and then target you for the programs that they match to you.1 When the government is permitted to decide what is appropriate and costeffective in your medical care, and your physician is legally forced to offer you only these measures, your doctor will no longer be able to make their own recommendations for your healthcare.

This system of monitoring your healthcare is exempted, to a very high degree, from federal privacy laws ... This government oversight ensures that no patient will have medical privacy any longer. Federal authorities will be kept informed about every visit and every treatment administered— your physician will be required to comply with these rules or be penalized.

You will have no choice but to trust that government regulators know what is best for you, and that they will not misuse the deeply personal information that will now be disclosed to them. SEE ‘ACT’ PG 8

Cost of President’s Health Law Rises with Each New Estimate PRESIDENT’S PROMISED 10-YEAR COST

$1.4

$0.9

$1.7

$2.0

$2.3

$2.6

TRILLION

ESTIMATE

FY2010-2019 ESTIMATE

FY2011-2012 ESTIMATE

FY2012-2021 ESTIMATE

FY2013-2022 ESTIMATE

FY2014-2023 ESTIMATE

Estimates of the gross outlays under the President’s health care law in nominal dollars using CBO estimates of major coverage provisions, as well as Senate Budget Committee Republican projections based on CBO estimates of the remaining costs. Sources: CBO. Produced by SBC Republican staff. Ranking Member Jeff Sessions, budget.senate.gov/republican

NEWS

OPINION

THE STATES RESIST OBAMACARE BY MICHAEL D. TANNER, THE CATO INSTITUTE

ne of the few bright spots in the Supreme Court’s ruling on Obamacare was its 7–2 decision striking down the Obama administration’s

attempt to blackmail states into going along with a massive and costly expansion of Medicaid. Barely a day later, Florida governor Rick Scott announced that his state would not expand Medicaid eligibility to 133 percent of the poverty level, which comes out to roughly $30,000 per year for a family of four, or allow single, childless men to participate in the program. Earlier, Scott had rejected another key component of Obamacare, refusing to establish a state insurance exchange. He had even returned grants and other funding that the previous governor had received to help implement the legislation. Scott was quickly joined by at least six other GOP governors in rejecting the Medicaid expansion, including governors Branstad (Iowa), Brownback (Kansas),

to participate in the expansion, but Governor Sandoval has since indicated he may reconsider. In rejecting ObamaCare’s Medicaid expansion, these governors will be saving their state taxpayers billions of dollars. Initially, the federal government would have provided additional funding to cover the expansion, but those additional funds would have been phased down, starting in 2017. Eventually state taxpayers would have had to pick up much of the extra cost. For example, over ten years, the Medicaid expansion would have cost taxpayers in states such as Florida, Kansas, and Texas more than $20 billion each, while in New Jersey, for example, the expansion could cost as much as $35 billion. (In fairness, a few states such as California do emerge as net winners under the expansion formula, but they are clearly the exception, and there are plenty of other reasons why they should resist participating.)

that they were unlikely to expand their programs.

On the other hand, if a state does not expand its Medicaid program, most of those who would have been eligible for Medicaid will now become eligible for subsidies through ObamaCare’s health-insurance exchanges. Those subsidies are paid in full by the federal government. That much should be an easy call for any fiscally responsible governor, although the reasons to forgo the exchanges and the subsidies they entail are strong as well.

Nevada had earlier passed regulations paving the way

Beyond the Medicaid expansion, at least four governors

Haley (South Carolina), Heineman (Nebraska), Jindal (Louisiana), and, not surprisingly, Scott Walker (Wisconsin). At least seven other governors, including Bentley (Alabama), Bryant (Mississippi), Daniels (Indiana), Deal (Georgia), Fallin (Oklahoma), McDonnell (Virginia), Perry (Texas), and Jay Nixon (Missouri), a Democrat, had previously made statements suggesting

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John Roberts Is a Super-taxer have joined Governor Scott in explicitly refusing to set up a state-based insurance exchange: Jindal, Perry, and Walker, as well as Democratic New Hampshire governor John Lynch. Perhaps as many as 35 other states have simply not taken the actions necessary to establish exchanges. That may be less explicit a revolt, but it has the same result. Of course, if states refuse to set up an exchange, ObamaCare gives the federal government the authority to step in and operate an exchange itself in those states. But there is reason to doubt that the federal government has either the ability or the money to do so. Congress has not appropriated any funding for this purpose and seems unlikely to do so. More important, as my colleague Michael Cannon has discovered, a little-discussed provision of ObamaCare makes federal subsidies for insurance available only through those exchanges that the states set up themselves. So, while the federal government does have the power to create exchanges in states that refuse to do so, it cannot offer subsidies through those federally run exchanges. Moreover, it is those subsidies that actually trigger the penalty under ObamaCare for employers who fail to provide workers with insurance. ObamaCare requires employers with 50 or more workers to provide health insurance or pay a tax, but only if at least one employee qualifies for subsidies under the exchange. Therefore, if subsidies can be provided only through a state-authorized exchange, a state could potentially block the employer mandate altogether, simply by refusing to establish an exchange.

he Obama administration and the IRS, unsurprisingly, have claimed that they have the right to unilaterally rewrite the law, yet again, to close this loophole. But, at the very least, this would be open to legal challenge. And perhaps next time the Supreme Court will get it right. So, by refusing to go along with ObamaCare’s Medicaid expansion and by blocking state-run exchanges, governors are not just saving state taxpayers money. They are potentially reducing future federal spending by as much as $1.5 trillion over the next ten years. While congressional Republicans have been reduced to taking symbolic repeal votes, and Mitt Romney struggles to determine whether or not the individual mandate is a tax, governors—and state legislators—have become the real heroes of the fight against ObamaCare.G Michael Tanner is a senior fellow at the Cato Institute and author of Leviathan on the Right: How Big-Government Conservatism Brought Down the Republican Revolution. SOURCE: CATO.ORG

BY LAWRENCE KUDLOW

In the hours following the Supreme Court’s decision to ratify ObamaCare, Romney got $4.6 million in donations from 47,000 individuals. The tide is with him. The Supremes are a game-changer. But Romney has to make the case. He needs to link the anemic jobs and economic situation to the ObamaCare tax, spend and regulate fiscal drag. And he has to add to that mix the dangers to our freedoms embodied in Justice John Roberts’ expansion of the power to tax our personal behavior. Scott Rasmussen says the idea of ObamaCare repeal has held steady at around 54 percent ever since its passage in March 2010. This reveals the dynamic political opportunity that Romney has. Again, it’s a three-pronged attack: the anemic economy, the ObamaCare costs that are stifling the economy and the John Roberts expanded power of taxation that will bring us more mandates, more entitlements and less personal freedom, all of which will further cripple the economy. One way of looking at Roberts’ slight-of-hand decision to vote in favor of ObamaCare is that a tax is a tax is a tax. As a non-lawyer, I see the Roberts vote as a massive expansion of federal government taxing power. Just what we don’t need. Supply-siders like myself argue that when you tax something, you get less of it. With Roberts throwing in with the liberals on the court to expand federal tax powers, we now face the

NEWS & OPINION | POLITICS

massive threat of ultra-slow economic growth in the U.S. for years to come. The Roberts court has served up a “tax mandate” that is more powerful than the still-limited Commerce Clause regulatory mandate. Roberts has created a huge new loophole. Instead of new purchase mandates, we’ll have new purchase tax mandates. This expanded tax power could force me to eat broccoli if the government so chooses, or make me put solar panels on my home. Gov. Bobby Jindal now worries about the people who “refuse to eat tofu or refuse to drive a Chevy Volt.” Not because of the Commerce Clause, but because of the new tax-mandate clause. You’ll be taxed heavily if you don’t do what the government wants you to do. And don’t we have enough taxes already in this country? And what about the tax threats that are coming down the road? Repealing the Bush tax cuts and adding on the ObamaCare tax hikes will produce outrageous marginal tax rates of roughly 45 percent for successful earners, dividend investors and small-business owners. In other words, European-style taxes, which suggests anemic Europeanstyle growth. Americans for Tax Reform estimates that ObamaCare contains 20 new or higher taxes on American families and small businesses. Investor’s Business Daily says this comes to a $675 billion tax hike over the next decade. Steve Moore of The Wall Street Journal editorial board cites Congressional Budget Office estimates that roughly 8 million (or 76 percent of) middle-class taxpayers earning less than $120,000 a year will shoulder the new ObamaCare tax mandate authorized by Roberts. And this whole panoply of ObamaCare taxes is already one big drag on the economy. Just in recent days, revised gross domestic product came in at 1.9

percent, and real consumer spending was essentially flat. Job growth has slowed markedly, as have new factory orders. Economists on Wall Street are looking for only 2 percent growth this year. The Fed is so worried about the economy it might launch another counterproductive quantitative easing. Meanwhile, health care premiums are going up, not down. Mandated one-sizefits-all health services and insurance will incentivize businesses to pay the fine and push employees into the state exchange systems. And this will drive up the subsidized entitlement even more. The CBO now estimates that ObamaCare spending will hit $1.8 trillion over the next 10 years. That’s a number that started out at only half as much. But that’s what happens when you install European-style entitlements. You threaten to bankrupt the nation’s finances. Or you threaten to literally tax us into perpetual subpar growth and high unemployment. And that’s the case Romney has to make. But he has to hammer away, day by day. He needs to make these points if we’re to end the malaise.G To find out more about Lawrence Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at creators.com. © 2012 CREATORS.COM.

$2.7

TRILLION OBAMACARE SPENDING, NEXT 10 YEARS SOURCE: HOUSE REPUBLICAN COMMITTEE

Obama Plans to Fund Government for Eight Days BY RICHARD W. RAHN

When President Obama announced that he again wanted to increase taxes on the top 2 percent of taxpayers, I would have recommended to Mitt Romney that he reply by saying: “President Obama has called for a tax increase on job creators, which will only fund the government for eight days, while I have an economic growth program that will fund the government for eight years and beyond.” Mr. Romney is being justifiably criticized for not delivering a clear and concise description of his economic plan. Since he has not done it, I will give it shot. I don’t know if Mr. Romney will turn out to be another Ronald Reagan when it comes to taxes, spending and regulation, or will fall seriously short as did those who succeeded Mr. Reagan (except for President Clinton on spending). What I do know is that Mr. Obama will almost certainly increase taxes, spending and regulations, if re-elected. Mr. Romney needs to clearly state the economic problem and the solution in a few bullet points that people can remember. (Most people cannot remember all Ten Commandments so any candidate who has a program with more than a very few points has little hope the public will remember.) The problem The economy is growing too slowly and producing too few jobs because:

GENERATIONAMERICA.ORG

The

government is wasting money on programs that don’t work or work poorly.

Individual

tax rates are too high, and the tax code is too complex so job creators are discouraged from fully investing and hiring.

The

U.S. corporate tax rate is the highest in the world, causing businesses and entrepreneurs to flee or avoid the United States.

Regulations have been growing so rapidly and are so complex that business people are inhibited from expanding their businesses and hiring new workers because of the cost of trying to understand and comply with the vast new regulatory state.

The solution First, my administration will bring the level of government spending down to what it was at the end of Clinton administration (18.2 percent of gross domestic product).

all new regulations until we can make sure that regulations’ benefits exceed their costs.

Mr. Romney would need to detail his

Finally, all federal departments will be required to make sure that all of their existing regulations are not unduly complex and vague, and meet reasonable cost-benefit standards.

current proposals are very near what I am

proposals for the policy wonks but not necessarily for the general public. His suggesting, so only a relatively little tweaking would be necessary (my personal preference is for substantially less government).

The bumper sticker Reagan tax rates + Clinton spending policies = high growth and full employment!

It could be easily and creditably argued

The advantage of this approach is that it has been proved in the recent past—Reagan-like tax rates and Clinton-like spending policies can result in taxes and spending being at about 18.2 percent of GDP—a balanced budget. Republicans love Reagan, and the more sensible Democrats and many independents understand that the spending policies in effect at the end of the Clinton administration did provide an adequate “safety net” even by their definition. The econo-

almost certainly result in the good side of

that such policies should result in growth rates of more than 4 percent, based on past performance. These policies would what economists refer to as Mitchell’s Golden Rule of Fiscal Policy: “Good fiscal policy exists when the private sector grows faster than the public sector, while fiscal ruin is inevitable if government spending grows faster than the productive part of the economy.”G Richard W. Rahn is a senior fellow at the Cato Institute and chairman of the Institute for Global Economic Growth. © 2012 XYZ

These policies would almost certainly result in the good side of what economists refer to as Mitchell’s Golden Rule of Fiscal Policy: “Good fiscal policy exists when the private sector grows faster than the public sector, while fiscal ruin is inevitable if government spending grows faster than the productive part of the economy.” Second,

we will undertake tax reform to bring down rates to a level no higher than those after the Reagan tax reform in 1986, a maximum rate of 28 percent (which produced tax revenues of 18.4 percent of GDP).

Clinton/Gingrich-era

spending policies coupled with Reagan-era tax policies will provide a balanced budget at about 18.2 percent of GDP.

addition, we will cut the corporate tax rate to a maximum of 25 percent to make us more internationally competitive, and we will have a moratorium on

my was growing rapidly, with near full employment in both the last Reagan and Clinton administrations. Saying that his administration is going to duplicate the best of both Reagan and Clinton administrations would be a political winner, provided Mr. Romney and his surrogates say it over and over again. People can understand that program, and it would make Mr. Romney sound less partisan and more statesman-like, which is important in winning over independents and disaffected Democrats.

NEWS & OPINION | POLITICS

ACT CONTINUED FROM PG 3 If you disagree with the treatments prescribed by the federal government— and not by your own doctor—you will have no choice but to accept them anyway. The

lack of judicial review mentioned above means that you cannot bring these matters to court because the federal government is exempted from legal action on your part.

daunting task to even partially grasp the

The law is a tangled mess of autocracy and short-sighted decision making. It is a

of the people to be secure in their persons

implications to us and the future of healthcare in not only this country, but, in this world. Amidst all of the confusion, it seems that two things are clear; the right and in their papers, has been violated.G

1 Patient Protection and Affordable Care Act Section 1311 (h) (1). Beginning on January 1, 2015, a qualified health plan may contract with- (B) a health care provider only if such provider implements such mechanisms to improve health care quality as the Secretary may by regulation require. 2. SEC. 1561. HEALTH INFORMATION TECHNOLOGY ENROLLMENT STANDARDS AND PROTOCOLS. ‘‘(a) IN GENERAL.— ‘‘(1) STANDARDS AND PROTOCOLS.—Not later than 180 days after the date of enactment of this title, the Secretary, in consultation with the HIT Policy Committee and the HIT Standards Committee, shall develop interoperable and secure standards and protocols that facilitate enrollment of individuals in Federal and State health and human services programs, as determined by the Secretary. ‘‘(2) METHODS.—The Secretary shall facilitate enrollment in such programs through methods determined appropriate by the Secretary, which shall include providing individuals and third parties authorized by such individuals and their designees notification of eligibility and verification of eligibility required under such programs. ‘‘(b) CONTENT.—The standards and protocols for electronic enrollment in the Federal and State programs described in subsection (a) shall allow for the following: ‘‘(1) Electronic matching against existing Federal and State data, including vital records, employment history, enrollment systems, tax records, and other data determined appropriate by the Secretary to serve as evidence of eligibility and in lieu of paper-based documentation.

Patient Protection & Affordable Care Act, P.L. 111-148; Health Care & Education Reconciliation Act, P.L. 111-152 Prepared by: Joint Economic Committee, Republican Staff Congressman Kevin Brady, Senior House Republican Senator Sam Brownback, Ranking Member.

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FINANCE

Why Is Everyone Filing for Social Security Early? BY CARRIE SCHWAB-POMERANTZ

Dear Carrie: I’ll be 62 next month. All my friends seem to be taking Social Security on their birthday. I’ve heard this may not be the wisest choice. What do you think? —A Reader Dear Reader: Turning 62 seems to be one of those magic milestones—and more and more people seem to be celebrating by filing for Social Security benefits the first chance they get. According to the Stanford Center on Longevity, the majority of retirees choose to begin receiving Social Security payouts within a few months after age 62 or immediately after they stop working, regardless of economic or educational status. The reasons for taking benefits early appears to be primarily emotional—fear that Social Security will disappear or just because it’s possible to do it—rather than considering if it makes long-term financial sense. In fact, a new study by economists John B. Shoven and Sita Nataraj Slavov indicates that rather than putting extra money in your pocket, taking Social Security benefits early may likely leave a fair amount of money on the table. But studies aside, deciding the best time to take your benefits is a personal decision, based on your individual situation. So before you join your friends at the benefits table, I’d check your own financial reality. Do you need the money? The ongoing recession has made this a serious question for a lot of people. For those who have lost their jobs and are

having trouble finding other employment, taking Social Security benefits early may be essential to stay afloat. On the other hand, if you’re still working and you file at 62, not only will your benefits be permanently reduced by about 25 percent, $1 will be deducted for every $2 you make above the annual limit, which is currently $14,640. While you will get the money back in the form of a recalculated benefit when you turn 66, the temporary reduction minimizes the economic value of filing early. Plus, if you make over a certain amount each year (between $25,000 and $34,000 for single filers; between $32,000 and $44,000 for married filing jointly), you will likely have to pay income taxes on a percentage of your benefits. Do the math There’s also another way to look at the numbers. The study I mentioned earlier

makes a strong economic case for delaying benefits, especially in a lowinterest environment like the one we’re in now. First, if you delay taking your Social Security benefits from age 62 to your full retirement age (66 for those born between 1943 and 1954), you’ll increase your payout by 25 percent. And if you continue to delay taking your benefits until age 70, your payout increases by 8 percent each year. That’s equivalent to an 8 percent raise! The study suggests that when interest rates are 3.5 percent or below, the gains from delaying are especially significant. In a close to zero-interest world like ours, the numbers speak for themselves. Look at the personal side Of course numbers are only one side of the story. You also need to consider your health and your family history of longevity. The average life expectancy for American women turning 62 this year is 85 1/2, for men it is 83. If you have a serious illness or there are other factors affecting your life expectancy, you might be wise to take your benefits early. However, if you are healthy and come from a family of centenarians, you should definitely consider waiting until 70 to collect to give yourself a financial boost in your later years. Coordinate with your spouse If you are married, it also makes sense to coordinate the timing of your Social Security benefits with your spouse. Even if one spouse has never worked, he or she is often still eligible to collect a benefit based on their spouse’s work record. If either spouse begins to collect early, their benefit will be reduced. However, for two-earner couples, and especially if there is a large discrepancy in incomes, it may make sense for the lower earner to take a spousal benefit at age 66, while the higher earner waits until age 70. The lower earner can either continue receiving spousal benefits or switch to their own benefit when they

OPINION

turn 70. As you can see, this type of calculation can get extremely complex. I strongly advise couples to get some help from a qualified financial advisor or Social Security expert before filing. Make social security part of a bigger plan While it is often wise to delay taking Social Security benefits, your decision should

always be part of a larger retirement plan. I would start by estimating what your yearly expenses will be in retirement. Calculate how much you can realistically draw from your portfolio and how significant Social Security will be to your overall financial picture. And then coordinate with your spouse. Just because the government allows you to draw your benefits at 62—or even at 66—doesn’t mean you should.

Your retirement plan is unique. What someone else considers a wise decision may not be the best move for you.G Carrie Schwab-Pomerantz, Certified Financial Planner™, is president of Charles Schwab Foundation and author of “It Pays to Talk.” You can e-mail Carrie at askcarrie@schwab.com. This column is no substitute for an individualized recommendation, tax, legal or personalized investment advice. © 2012 CHARLES SCHWAB & CO., INC. MEMBER SIPC. DISTRIBUTED BY CREATORS.COM

Negative Interest Rates Are Possible BY TERRY SAVAGE

Q. Pardon me if this is a dumb question, but just how low can interest rates go? I’m barely earning anything on my CDs. And how long can this situation last? A. That is not a “dumb” question. In fact, it’s on the minds of traders around the globe. The very simple answer is that interest rates could go negative! As unlikely as that sounds, there is precedent for negative interest rates. And I can anticipate your next question. Yes, that means you would actually be paying the bank to hold your money That has happened before, primarily when those who have investment capital are fearful that it will not be returned if they leave it in their own currency. The owners of that money are willing to pay for a “safe haven” for their money. It happened in Switzerland in the 1970s— when global fears of inflation sent money running to the presumed safety of Swiss banks and the Swiss franc. At one point, deposits in Swiss banks were paying a negative 0.4 percent! (That, of course, was before the Euro.) And still, money came flooding into Swiss banks.

Zero interest rates happened briefly in Japan in the late 1990s, when savers there were so afraid of the stock market, which had collapsed, that they insisted on putting their money in the bank, even at a negative interest rate. In Sweden, in 2009, in the midst of the financial crisis, their central bank actually cut the deposit rate to a negative 0.25 percent. In the past few weeks, central banks of Germany, the Netherlands and Belgium have actually sold government securities with slightly negative interest rates. There was demand for these securities despite the rates because of the perceived security compared to the euro. And with foreign money rushing to the perceived safety of the U.S. dollar, some recent U.S. Treasury auctions of TIPS— zero coupon Treasury notes that protect against inflation—have already been sold with slightly negative yields. So, yes, zero interest rates are a possibility in the United States—and may even become a policy tool of the Fed. You might be interested to know that some economists are discussing the possibility of negative interest rates—a “tax on money”—as a way of pushing money out of the banks and into investments that might otherwise benefit the economy.

The Fed’s current low-rate policy hasn’t worked yet, and some think negative rates may do the job. So, where does that leave you—the saver who planned to live on interest income? This is where self-discipline comes in. The search for higher yields absolutely means you incur more risk. For example, you could buy dividend-paying stocks that yield far more than the 0.1 percent on 3-month Treasury bills. But stock prices can fall—especially in a slowing economy. You could buy insurance products that offer higher yields—but also have penalties to access your money if you need it. You could buy bonds with higher yields—but find yourself locked in to low rates if inflation returns. It’s tough, but leaving your money in insured deposits that pay nearly no interest may be the only answer for those who need financial security. This is no time to chicken out on your “chicken money.” That’s The Savage Truth.G Terry Savage is a registered investment adviser and is on the board of the Chicago Mercantile Exchange. She appears weekly on WMAQ-Channel 5’s 4:30 p.m. newscast, and can be reached at terrysavage.com. © 2012 TERRY SAVAGE PRODUCTIONS. DISTRIBUTED BY CREATORS.COM

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HEALTH

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WELLNESS

Diet Exercise Love

One Man’s Key to Long Life BY DR. DAVID LIPSCHITZ

In nine months, I turn 70. I often ask myself, why am I so healthy? I feel so full of energy and able to do as much as or more than I did at age 40. My secret, I believe, is that I mostly eat right. I am overweight but not obese—no matter how hard I try, this is the best I am going to do—and I walk my dog briskly seven days a week for about 30 minutes. I am very hopeful about the future and the plenty of opportunities available to make work and days interesting and exciting, with the sense that I can continue to make a difference. I will never retire. Most importantly, I give love and respect to and receive it from the many individuals I work with daily and for whom I have great affection. I strive to be successful as a physician by genuinely and truly loving my patients. I work particularly hard on those who are the most difficult to love—the ones who never get better, question your every suggestion, are often rude and usually frustrated. These are the patients who are doctor shoppers and more than anyone else need someone who will never give up on them. No question, love is the key to happiness, health and longevity. It exists in many forms: in our faith, the love we have for our patients, students, workers and friends. Love is a powerful health tonic. And an important new study shows if you want to live long and live well, do not be a curmudgeon.

HEALTH & WELLNESS

eople who are kind, loving, considerate, laugh a lot and are friendly to everyone are twice as likely to make it to the ripe old age of 100. Do not bottle up your feelings and if possible, do not speak ill of others. These personality traits may well be genetic—the most powerful predictor of living to 100 is the ages at which your parents died. Being sweet, kind, good and living long may all be gifts inherited from your parents. But if you are difficult to get along with, seek help and try to change. Your life will be better and may be longer. Love people, love life, love your work, be a kind and good person and longevity is all but assured. But people with all these wonderful attributes can lose much and become lonely. And new research in the Archives of Internal Medicine documents the powerful negative effects of loneliness. For example, in a study of 45,000 people who had a heart attack, patients who lived alone were 24 percent more likely to die during a four-year follow-up period than those who lived with a spouse or a roommate. But living alone does not mean that you are lonely. Many people are perfectly content to be by themselves, love their own company and cope well. However, those individuals who reported that they were lonely were 46 percent more likely to die than those who did not say they were lonely. Lonely people are far more likely to be depressed, be sedentary, eat poorly and have poor health habits such as smoking or drinking. It is not surprising, therefore, that life expecAny man in a long-standing, tancy is reduced.

loving and intimate relationship has a 50 percent chance of living 10 years longer than a man living alone.

Any man in a long-standing, loving and intimate relationship has a 50 percent chance of living 10 years longer than a man living alone. Women benefit from such a relationship as well, but only by three years. Married men are more likely to have medical checkups, wear a seat belt, drink in moderation, be compliant with medications, eat right and exercise. And if the woman dies before her husband, he has a 30 percent chance of death within a year. Studies also indicate that the happier the marriage, the more quickly the widower remarries. By contrast, many women state that they were married to the best partner and no other man could ever match up. My advice, however, is to remember that as we grow older, loneliness becomes a threat and companionship, or sometimes more, is definitely a tonic for a longer and better life.G Dr. David Lipschitz is the author of the book Breaking the Rules of Aging; more information is available at: drdavidhealth.com. To find out more about Dr. David Lipschitz and read features by other Creators Syndicate writers, visit creators. com. © 2012 CREATORS.COM

Elderly Suffer When Decisions About Their Care Are Unclear BY TERRY SAVAGE

When is it elder abuse—and when is it an adult child trying to make arrangements for a parent who is losing the ability to cope with the daily activities of living? Every day, police and social workers and others face these decisions, and last week, it was my turn. It was pure coincidence that a friend was checking into a small hotel and ran into an elderly woman sitting in the lobby and crying. After she calmed down, she explained—and her story was backed up by the desk clerk— that her daughter had come with a power of attorney and the police, and had moved her husband of 62 years to a nursing facility. She said they wouldn’t let her come to visit. She was staying alone in the hotel, with a little money and their small dog. When she revealed that she and her husband had a substantial sum of money in the bank as a result of selling their home, I grew more concerned. Financial elder abuse is a growing crime. Sadly, the statistics reveal that elder abuse is almost always a family crime. The most recent reliable study of elder abuse was done by the National Center on Elder Abuse in 2005. But according to that report, between 1 million and 2 million Americans age 65 or older have

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experience without thinking about yourself and your family. What plans have you made? What documents have you executed? What relative or friend do you trust to make these decisions for you—when you are least able to be heard, and most likely to be confused and resentful of changes forced on you?

been injured, exploited or otherwise mistreated by someone on whom they depended for care or protection.

at the facility, and heard the other side of

It’s as difficult to imagine a family taking advantage of an elderly parent as it is to imagine parents who would abuse their children. But it happens with even more frequency in these tough economic times.

and her mother could not take care of

How could anyone who suspects this kind of treatment stand by and not get involved? That certainly wasn’t something I could forget. So I called the local suburban police department, and police and a social worker came right over to

the story. She said she had no choice, as her father is suffering from Alzheimer’s him. She gave me a long list of their dangerous experiences and her multiple interventions in their living conditions. She was hoping to move her mother into the assisted-living section of the nursing home, keeping them at least in the same building. And she would use their money to pay for it, saying she didn’t want a penny for herself. So what was the final word, you might

“...between 1 million and 2 million Americans age 65 or older have been injured, exploited or otherwise mistreated by someone on whom they depended for care or protection.” interview the woman. She was distraught but able to answer all their questions. Because of the woman’s allegations that the daughter now controlled her bank account, an investigation was opened, and I left satisfied that her complaints would be heard.

he next day, I went back to the hotel, drove her to the nursing home and witnessed a very tender reunion with her husband. I also met her daughter, an aide

Now is the time to make a revocable living trust, naming a successor trustee to handle your financial affairs if you are in an accident or unable to make decisions for yourself. And now is the time to create a health care power of attorney and a living will. And if you need help finding resources to do this, I recommend going to naela.org—the National Association of Elder Law Attorneys. There you can find links to a list of elder law specialists in your community. And if you suspect elder abuse, contact the National Center on Elder Abuse, a part of the U.S. Administration on Aging, at ncea.aoa.gov, or contact them at 855-500-3537 (ELDR). Their website home page has quick links to both statistics and resources in every state, including telephone hotlines to report abuse. And for eldercare resources in your community available to those who have elderly parents or neighbors, go directly to eldercare.gov.

and I promised to visit again to make

The 7th Annual World Elder Abuse Awareness Day was just a few weeks ago, on June 15, 2012. I missed that day, never noticing the media promotion. But I didn’t miss a chance to step in a few days ago. And I know that if everyone who reads this column would just speak up and report suspected elder abuse, we could all make a big difference for the generation that made it possible for us to be here. And that’s The Savage Truth.G

sure her move in to the assisted-living

Terry Savage is a registered investment adviser

facility goes smoothly. I left them

and is on the board of the Chicago Mercantile

be wondering? I cannot really tell you yet how it will work out, or whom I believed most. The police are still investigating the financial aspects, social services will stay on top of the situation—

holding hands, agreeing that being near each other was most important. You can’t have participated in this

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ALL ABOARD! NEXT STOP THE yaaaaaaaaaaaaaaaaaaaz

KLONDIKE BY JIM FARBER

n July 17, 1897, the Seattle Post-Intelligencer ran a banner headline proclaiming “Gold! Gold! Gold!” and reporting

that 68 men fresh from Alaska had arrived in town loaded down with “stacks of yellow metal.” The rush was on! They called themselves “stampeders”—those hearty men and women who found themselves in Skagway, Alaska, bound for the gold fields of the Klondike. But before they could reach the Yukon River that would take them to Dawson City and the gold fields, they faced the arduous challenge of climbing either the Chilkoot or White Pass trail. And to make the task even harder, the Canadian government required that every stampeder haul 1 ton of supplies with them to ensure they at least had a shot at surviving. Three years after the rush began, on July 29, 1900, a pair of railroad gangs, one working from the north, the other from the south, met in the Canadian village of Carcross. There they drove the final spike of the 110-mile-long White Pass and Yukon Route railroad. It was a miraculous feat of railroad construction that had required climbing mountains thousands of feet high, blasting tunnels through solid rock and building sky-high trestles over cascading creeks at temperatures sometimes as low as 60

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WHEN YOU GO: WHITE PASS AND YUKON ROUTE 907- 983-2217 wpyr.com

SKAGWAY SIGHTS AND ACCOMMODATIONS 888-762-1989 skagway.com

More than 35,000 men worked to complete the White Pass and Yukon Route, which in 1994 was designated an International Historic Engineering Landmark, taking its place alongside the Statue of Liberty, the Panama Canal and the Eiffel Tower. A vintage train between Skagway, Alaska, and White Pass, Alaska. PHOTO: DONALD FINK / 123RF STOCKPHOTO

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below zero. More than 35,000 men worked to complete the White Pass and Yukon Route, which in 1994 was designated an International Historic Engineering Landmark, taking its place alongside the Statue of Liberty, the Panama Canal and the Eiffel Tower.

oday the narrow-gauge railroad transports tourists instead of gold-seekers, as well as weary hikers off

the Chilkoot Trail happy for a comfortable ride back to Skagway. Whether they choose to ride in one of the classic coach cars behind a gaily painted green and yellow diesel or be pulled by a historic steam locomotive, Engine No. 73, a trip on the White Pass and Yukon Route is unforgettable. Located conveniently adjacent to Skagway’s bustling cruise ship wharf, the White Pass and Yukon Route is a popular day trip as well an ideal point of departure for visitors planning to continue by motor coach (from Carcross) into the heart of the Klondike. U.S. citizens who choose a trip that crosses the border into Canada will need a passport. In the early days of the gold rush new arrivals had two choices for getting over the mountains: the steeper but more direct Chilkoot Trail out of Dyea or the longer but

Today’s passengers can look down into Cutoff Canyon where the remains of the original White Pass Trail are clearly visible, along with the bleached bones of the horses that died making the climb. Why would the stampeders choose to make such a hazardous climb in winter? Greed. Their goal was to reach Lake Bennett at the top of the pass, where they could make camp and spend the winter building boats in anticipation of the spring thaw. At the peak of the gold rush Lake Bennett was home to 30,000 fortune hunters. When the ice broke on May 29, 1898, it was reported that more than 7,000 crafts set sail. Some would strike it rich. Most would not, while others would drown in the rapids of the Yukon River before they ever saw Dawson City or panned a nugget of gold. The trains of the White Pass and Yukon Route that go on to Carcross also stop at Lake Bennett. The lunch stop allows time for passengers to walk the rocky shoreline where the gold-seekers camped and built their boats. Surprisingly there are still remnants of their encampments: rotting pilings, long rusty nails and the beautiful log church where they prayed for success. The railroad offers a variety of itineraries beginning in May and running through mid-September. The shortest is

Left to right: A historical train used during the Klondike Gold Rush; gold-seekers wintered on Bennett Lake and built boats for the long trip to Dawson, Alaska; Chilkoot Trail, from the gold-mining era, Skagway, Alaska.

somewhat more gradual White Pass Trail out of Skag-

because bandits commonly set upon travelers on the

the White Pass Summit Excursion ($112), a popular 3½-hour round trip that takes visitors to the summit but does not cross into Canada. The Yukon Adventure can be made as a one-way or round trip from Skagway to Carcross with a return by motor coach. Another option for true rail buffs is the Fraser Meadows Steam trip ($155) that runs Mondays and Fridays only pulled by Engine 73. Special fares for children 12 and under are also available.

White Pass Trail.

way. Both trails were arduous, and both had drawbacks. The Chilkoot and its infamous “golden stairs” could only be ascended by foot. The White Pass could be navigated with pack animals; however, an estimated 3,000 horses died trying to make the climb to the summit in the dead of winter. The Chilkoot was also deemed safer

PHOTOS ABOVE, L TO R: GNOHZ / 123RF STOCK PHOTO, PHOTO COURTESY JIM FARBER, IMAGEX / 123RF STOCK PHOTO.

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NEW YORK CITYâ&#x20AC;&#x2122;S

CHELSEA RIVIERA

A TRANSFORMED CULTURAL DESTINATION FOR ART, SHOPPING, FOOD, AND OPEN SPACE BY DIVINA INFUSINO

eighborhood by neighborhood, New York City continues its transformation. Formerly gritty areas, like the Meatpacking District, have undergone makeovers in the last decade, becoming enclaves of urban reinvention and relatively safe tourist destinations. The latest locale to have its Cinderella moment is the West Chelsea district, sometimes called the Chelsea Riviera due to its proximity to the Hudson River. The large and loud warehousestyle clubs and the city-owned housing projects that once

defined the vicinity still stand in this community located roughly between West 17th Street and West 30th Street and bordered by 10th Avenue. But all the landmarks of urban renewal are moving in or already haveâ&#x20AC;&#x201D;art galleries, trendy restaurants, edgy designer shops, a boutique hotel, renovated or glistening new condos, and street beautification paid for by public or private money. In West Chelsea, however, that beautification process has occurred 30 feet above street level in the form of the High Line. A public parklike walkway, the High Line was created from a

The Falcone Flyover rises above the High Line in the West Chelsea area of New York City between West 25th and West 27th streets. PHOTO COURTESY OF IWAN BAAN.

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historic elevated freight rail line that runs the length of the neighborhood as well as beyond to the adjacent Meatpacking District. Fully opened about one year ago, the High Line is functioning as the Prince Charming in this city fairy tale, already attracting 3,000,000 visitors in the past year. With modern design touches in its railings and benches and its sustainable foliage of plants and grasses that grew up around the tracks over the 25 years that the rail line was out of use, the High Line is primarily a promenade where visitors can get a low-flying bird’s-eye view of the city. On temperate days and even in the winter months, throngs of people stroll the mostly concrete plank pathways, pausing sometimes to soak in views of the newer high-rises currently under construction, the older buildings that tell of the area’s industrial past and at some points the Statue of Liberty and the Empire State Building. Yet although the High Line is no doubt the highlight of the area, in many ways it is late to the Chelsea Riviera party. Like so many urban-renewal movements, the first settlers to upgrade this territory were the

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the most prestigious art showcases in the world, including the Gagosian Gallery on West 24th, the Maryanne Boesky Gallery on West 22nd and the Pace Gallery on West 25th Street. In these places and in many of the other 30 or more galleries lining the streets, the shows can rival museum-quality exhibits in other cities— and with no entry fee.

Now many of those establishments populate West Chelsea streets in such close proximity that visitors can wander from door to door and linger in some of

Access to the High Line is off 10th Avenue at the following intersections: Gansevoort Street, 14th Street (elevator access), West 16th Street (elevator access) , West 18th Street, West 20th Street , 23rd Street (elevator access), West 26th Street, West 28th Street, West 30th Street (elevator access). For more information, visit thehighline.org.

Artisan pizza places such as Ovest Pizzoteca; great breakfast, lunch and dinner spots such as Boutique Eat Shop (try the cornflake encrusted French toast); and finer dining like Trestle on Tenth, which serves Swiss-Italo-inspired cuisine (scallops with flageolets beans, butternut squash and house-made sausage) also are gathering a following.

Fully opened about one year ago, the High Line is functioning as the Prince Charming in this city fairy tale, already attracting 3,000,000 visitors in the past year. art galleries, especially those priced out of Soho, New York’s former art-scene hub.

WHEN YOU GO:

Of course the chic shops have followed, like the Comme des Garçons store, which feels more like an art-installation space than a shopping destination. The clothing racks are worth perusing even if they are outside the budget or fashion aesthetic.

The district came of age, so to speak, when the Hotel Americano opened. True to its surrounding environment, this boutique hotel wears its minimalism like a

badge of honor. The rooms are small but efficient. They come equipped with a platform bed on the floor, a black leather bean-bag-style chair for seating, gleaming glass and stainless-steel bathrooms with almost miniature fixtures and an iPad

HOTEL AMERICANO 518 W. 27th St. New York, NY 10001 212-525-0000 hotel-americano.com

resting on a wide glass shelf that substitutes as a desktop computer. The vibe is stylish, the food is good, and the service is surprising friendly and accommodating. The financiers and celebrities are claiming penthouses and apartments in the new residential buildings. And the people who lived in West Chelsea before it became the belle of the New York hipster ball are already complaining about the increase in traffic around the area. But for the visitor, West Chelsea provides a pastiche of old and modern New York and a city in transition.G To read features by other Creators Syndicate writers visit creators.com. © 2012 CREATORS.COM

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