The News

news.bbc.co.uk — Americans live shorter lives than citizens of almost every other developed nation, according to a report from several U.S. charities. The report found that the U.S, ranked 42nd in the world for life expectancy despite spending more on health care per person than any other country. Overall, the American Human Development Report ranked the world's richest country 12th for human development. The study looked at US government data on health, education and income. The U.S. report identifies obesity and the lack of health insurance for some 47 million Americans as the most significant factors in premature death. It also provides a snapshot of the inequalities between the richest and the poorest Americans and between different ethnic groups.

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csmonitor.com — Even as more Americans pile onto city buses, subways, and suburban trains, fuel prices are also hitting transit agencies hard. In many cases this means fare hikes and service cuts. Nearly half of metropolitan bus operators surveyed by the American Public Transportation Association said they have increased prices to address the strains of rising fuel costs; 19 percent said they have reduced service. Fare hikes are hurting the poor disproportionately. While suburbanites are choosing mass transit, many of the nation's poorest urban dwellers, whose only option is often public transportation, aren't riding at all because of fare hikes. Because of the downturn in the economy, some no longer have jobs to commute to.

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washingtonpost.com — The Senate Appropriations Committee will consider a new stimulus plan, the first step toward legislation drafted by Democrats that President Bush and congressional Republican leaders oppose. The final details of the Senate legislation are still being developed as lawmakers and staff members pick through an assortment of traditional liberal programs, such as increased funding for highway construction, food stamps and home heating assistance. Also under consideration is another round of government payments to workers. The House Appropriations Committee is putting together its own plan, but the timing of its introduction is uncertain. Neither chamber is expected to act until September.

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time.com — Americans are not simply dissatisfied with the economy. They are deeply unhappy: 85 percent of respondents in a recent poll believe that the country is on the wrong track. Among blacks and Latinos, the dissatisfaction levels are 96 percent and 88 percent, respectively. Fewer than half of Generation Y believes that the country's best days are ahead. Most intriguing, a majority of those surveyed believe in the power of government to solve the biggest problems of our time. They support major government investments that create jobs — 82 percent favor public works projects — and they remain sympathetic to the economy's victims: 70 percent say more government programs should help those now struggling.

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ft.com — Congressional investigators accuse UBS and Liechtenstein's LGT Group of using the "cloak of bank secrecy laws" to help American clients evade billions of dollars in taxes. A 100-page report by the Senate permanent subcommittee on investigations details allegations about how the banks "colluded" with U.S. clients to help them shield taxable income from regulators even though they knew their clients were seeking to hide from the Internal Revenue Service. The report — which offers no conclusion on whether the banks broke the law — comes as regulators worldwide have ramped up efforts to crack down on tax havens. The report estimates the US Treasury loses $100 billion annually to offshore tax abuses.

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time.com — Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee that mortgage giants Fannie Mae and Freddie Mac are "adequately capitalized" and in "no danger of failing." The two companies hold or guarantee more than $5 trillion in mortgages — almost half of the nation's total. The Bush administration is asking Congress to temporarily increase lines of credit to Fannie and Freddie and to let the government buy their stock. The Fed has offered to let the companies draw emergency loans. The pledges of aid have raised concerns about the government's role in bailing out financial institutions while passing the risk on to taxpayers. The companies' shares have plunged as losses from their mortgage holdings threatened their financial survival.

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