What Caught My Eye Today - Poverty, Olympics, Berlin

Poverty - An Associated Press survey found the official U.S. poverty rate will rise from 15.1% percent in 2010 to as high as 15.7% in 2011, the highest level since 1965. Among the survey findings:

• Poverty will remain above the pre-recession level of 12.5% for many more years.
• Suburban poverty, already at a record level of 11.8%, will increase again in 2011.
• Part-time or underemployed workers, who saw a record 15% poverty in 2010, will rise to a new high.
• Poverty among people 65 and older will remain at historically low levels, buoyed by Social Security cash payments.
• Child poverty will increase from its 22% level in 2010.
• The poorest poor, defined as those at 50% or less of the poverty level, will remain near its peak level of 6.7%.

It's a shame that the one bright spot in all this--Social Security--is headed for insolvency. But that is not the most discouraging thing. Nor is the fact that none of these statistics come as much of a surprise. To me, the biggest tragedy here is that neither of the candidates for President seem to have the slightest interest in talking about how they plan to tackle this issue.

Olympics - Guor Marial, a South-Sudanese refugee qualified for the Olympics last October after meeting the Olympic "A" standard with a run of 2 hours, 14 minutes and 32 seconds at the 2011 Twin Cities Marathon. The International Olympic Committee (IOC) requires athletes to be full citizens of the countries they represent. Though Marial has lived in the U.S. for 11 years, he has yet to gain full citizenship and his status as a permanent resident isn't enough to allow him to wear red, white and blue at the games. Marial was born in what is now the Republic of South Sudan, a newly independent country without a National Olympic Committee, an IOC requirement for nations to be able to compete in the games. I appreciate the fact that without rules there would be chaos, but still, you have to feel for this poor guy. With no country to represent, Marial petitioned the IOC to run as an independent participant under the Olympic flag. Just days before the Games begin, Marial found out the IOC will allow him to run in the Olympic marathon as an independent participant under the Olympic flag. I don't imagine I will have much to praise the IOC about in the coming days, but they did the right thing here. Bravo.

Olympics - Incidentally, although the Games don't officially begin for two more days, competition is already underway in soccer stadiums across the United Kingdom as women's group play commenced. For those of you who keep track of stuff like this, early results include: Great Britain 1 - 0 New Zealand; Canada 1 - 2 Japan; France 2 - 4 United States; and Brazil 5 - 0 Cameroon.

Berlin - By far, the most amusing news item I've read in a long, long time. The sleepy hamlet of Mittenwalde in eastern Germany could become one of the richest towns in the world if Berlin were to repay it an outstanding debt that dates back to 1562. A certificate of debt, found in a regional archive, attests that Mittenwalde lent Berlin 400 guilders on May 28 1562, to be repaid with six percent interest per year. How much could that possibly amount to?. The debt would amount to 11,200 guilders today, which is roughly equivalent to 112 million euros. That doesn't seem so bad. Adjusting for compound interest and inflation, the total debt now lies in the trillions. Halt deine Fresse! The debt-laden German capital would have difficulty meeting Mittenwalde's demands anyway. According to a report released by the senate finance administration in June 2012, Berlin is already close to 63 billion euros in the red. Indeed. I don't know about you, but if I'm a Berliner and some wichser from Mettenwalde came looking for payback, I might feel compelled to say, "fahr zur holle" (Fred's note: Assume it's funny. Trust me, it's not worth the effort to translate).