The following piece from Arun Gupta, a founding editor of The Indypendent newspaper, puts the disaster in Japan in context.

From Climate Solutions

By Arun Gupta

This century, barely out of the box, is already flush with mega-disasters: Hurricane Katrina, Haiti’s earthquake, the 2004 Boxing Day earthquake, the BP oil spill, Cyclone Nargis and the Sichuan earthquake in 2008, and now Japan’s earthquake, tsunami and nuclear meltdowns.

In recent testimony before the U.S. Senate Budget Committee, the executive director of the Center on Budget and Policy Priorities, Robert Greenstein, suggested that cutting tax expenditures (i.e., spending delivered through the tax code), and not program cuts, should be the focus of attempts to bring our federal deficit under control.

Below are excerpts from CBPP’s Off the Charts blog:

The costs of tax expenditures are large.  In 2010, individual tax expenditures totaled nearly $1 trillion, and total tax expenditures – both individual and corporate – amounted to $1.05 trillion.  This greatly exceeded the cost of Medicare and Medicaid combined ($719 billion), Social Security ($701 billion), and non-security discretionary programs, which stood at $589 billion, a little over half of the cost of tax expenditures.

From the Post Carbon Institute

Posted Oct 1, 2010 by Richard Heinberg

This is the second part of a two-part post from a new book-in-progress with the working title ‘The End of Growth’. Only some of the book’s contents will be serialized this way. The final product, with graphs and footnotes, will be published by New Society Publishers in September 2011. Read Part 1 here. Read more ‘End of Growth’ excerpts.

Business Cycles, Interest Rates, and Central Banks

We have just reviewed a minimalist history of human economies and the economic theories that have come into vogue to explain and manage them. But there is a lot of detail to be filled in if we are to understand what’s happening in the world economy today. And much of that detail has to do with the spectacular growth of debt-in obvious and subtle forms-that has occurred during the past few decades. That phenomenon in turn must be seen in light of the business cycles that characterize economic activity in modern industrial societies, and the central banks that have been set up to manage them.

Ed. note: our hearts are with the people of Japan who are experiencing — again — the brutal downsides of human ingenuity, on top of the combined nightmare of two natural disasters. For a good live feed of news from NHK World TV, click here. For good information on the ongoing nuclear issues in Japan from the Union of Concerned Scientists, click here.

By Chris Burrell, The Patriot Ledger

Read the original article here

PLYMOUTH – The Pilgrim nuclear power plant runs the second-highest risk of catastrophic earthquake damage of all the nuclear plants in the country, according to a Nuclear Regulatory Commission study.

The Pilgrim Nuclear Power Plant in Plymouth (photo credit: Entergy Corp.)

The agency estimates the risk of an earthquake damaging the core of Pilgrim’s reactor over the course of a year at 1 in 14,493, a significantly higher risk assessment than its previous estimate of 1 in 125,000.

The federal agency considered both earthquake probability and the stalwartness of a nuclear plant’s design in tallying those odds.