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A federal district court judge in Alexandria, Virginia issued an opinion yesterday ruling that the ban on corporate contributions to federal candidates enacted in 1907 is unconstitutional. The ruling was issued in United States v. William Danielczyk, Jr, et al.

Less than a decade ago, the Supreme Court in Federal Election Commission v. Beaumont (2003) explicitly upheld the constitutionality of the corporate contribution ban at issue in the district court case.

The decision in Citizens United v. Federal Election Commission (2010), furthermore, that struck down the ban on independent corporate expenditures made clear that the opinion dealt only with corporate expenditures and not with contributions.

This leaves the Beaumont decision standing as existing Supreme Court doctrine, a decision that the district court judge conveniently ignores.

On May 16, 2011, the Eighth Circuit Court of Appeals in Minnesota Citizens Concerned for Life, Inc. v. Swanson issued an opinion that correctly upheld the constitutionality of a corporate contribution ban based on the Supreme Court decision in the Beaumont case.

Federal district courts cannot overrule Supreme Court decisions, as the district court judge in this case is attempting to do.

The district court judge in this case does not have the authority to overrule the United States Supreme Court.

The district court opinion should be appealed and reversed by the Fourth Circuit Court of Appeals.

FRANKFURT — Amid growing expectations that Greece will have to restructure its debt, the German finance minister, Wolfgang Schäuble, warned Thursday that a default could have grave and unpredictable consequences.

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Wolfgang Schäuble, German finance minister, seemed willing to give Greece more time.

But Mr. Schäuble’s comments left room for a less radical solution in which Greece might be given more time to pay its debts.

“There is no experience with what happens when a country inside a currency union becomes insolvent,” Mr. Schäuble said in an interview published Thursday in the German newspaper Handelsblatt.

European leaders have begun to discuss openly the possibility of extending the payback period for Greek debt, despite fierce opposition to that idea from the European Central Bank. Mr. Schäuble’s comments were interpreted by some as a sign that he had moved closer to the central bank’s view.

“We believe that today’s interview is key for markets in that it shows that politicians in charge of the matter in Germany, namely Chancellor Angela Merkel and Finance Minister Wolfgang Schäuble, remain opposed to a rescheduling for the time being,” analysts at Barclays Capital wrote in a note.

But a Finance Ministry official, who was not authorized to speak publicly, said that Mr. Schäuble stood by comments he made days earlier, in which he appeared to entertain stretching Greece’s bond payments.

In an interview published Sunday in the German daily Bild, Mr. Schäuble said an extension of Greek debt payments would be possible only if it could be done without causing private investors to withdraw their money from the country.

Mr. Schäuble and other European leaders have grown impatient with the pace of Greek efforts to sell state assets, improve tax collection and make the economy more competitive. They are trying to maintain pressure on Greek leaders, while acknowledging that they may have to deal with the possibility that Greece cannot meet all its obligations.

In an interview published this week by Der Spiegel, the German magazine, Prime Minister Jean-Claude Juncker of Luxembourg, who oversees regular gatherings of euro zone finance and economic ministers, said that a so-called soft restructuring might be considered, but only after Greece had completed a tough overhaul.

“It would be the last step in a very long process,” Mr. Juncker said.

On Thursday, he warned that Greece might not meet requirements to receive the next installment of aid from the International Monetary Fund, Bloomberg News reported. His comments were interpreted as further pressure on Greece to act more boldly.

“I’m skeptical about Greece,” Otmar Issing, a former member of the European Central Bank’s executive board, said on Thursday, according to Bloomberg News. “Greece is not just illiquid, it’s insolvent.”

Peter Bofinger, an economist who advises the German government, said on Wednesday in Hamburg that Greece’s creditors would need to accept a 40 percent cut in the value of the country’s bonds, and swap them for bonds issued jointly by euro zone members.

One idea that has been gaining favor among economics specialists is a pact in which holders of Greek bonds would agree to be paid back more slowly to avoid greater losses if Greece defaulted. Such an agreement would be complicated but possible, legal specialists say.

The European Central Bank, which is the largest holder of Greek debt, has refused to consider such solutions.

DEAUVILLE, France, May 27 (Xinhua) — Internationial finance bodies are expected to pledge more than 70 billion USdollars to support the development of Arab countries, according to a draft statement Friday from the summit of the Group of Eight (G8).

The International Monetary Fund is expected to pledge 35 billion dollars to support nations in the Middle East and North Africa and a further 37 billion dollars could come from other multilateral lending institutions over the next three years, according to the draft.

The statement is expected to be adopted by the G8 leaders later Friday at the end of the two-day summit. They were also expected to declare a Deauville Partnership with Arab nations in a bid to comprehensively support the development of the region.

This partnership … is founded on respect for sovereignty of states and peoples, says the draft.

The second day of the summit is focusing on how the rich nations of the G8 can support development in Tunisia, Egypt and other nations in North Africa and the Middle East. The G8 nations think those nations need urgent help to boost their economies and comprehensive development.

Leaders in Deauville are also expected to call for an extension of the mandate of the European Bank for Reconstruction and Development to cover the nations of the southern Mediterranean. The bank was set up in the early 1990s to support economies in the former Soviet bloc.

The G8 draft calls for Libyan leader Muammar Gaddafi to leave power. At a meeting on the sidelines of the G8, US President Barack Obama and his French counterpart Nicolas Sarkozy pledged to finish the job of the NATO bombing campaign in Libya to ensure Gaddafis departure.

On the economic front, the G8 statement includes a commitment from the European Union to address the eurozones sovereign debt problem with determination and an engagement from the United States to put in place a clear and credible medium term fiscal consolidation framework.

I was sorely disappointed to learn of the proposed city budget cuts to the recreation athletics budget line funded under the Memphis Park Services.

This so called budget-saving effort would bring an end to the Memphis Kickball League and other activities funded under this line item. This specific budget cut would hurt our community that is desperately trying to retain/gain groups of young professionals within the Memphis city limits.

This kickball league has provided my co-workers, friends and neighbors throughout the Shelby County area an opportunity to enjoy an evening filled with youthful fun and outside activity. We compete, laugh, socialize and network, and most of all we pay for the field time with the fee going directly to Memphis Park Services.

Ive made new friends, reconnected to old friends and established business connections through this league over the last three years (seven seasons). I even recommended the FedEx Scholars (students studying for their MBAs/interning at FedEx) to join the league. Theyve started two teams in the past two seasons, which theyve used as another way to bond with their classmates through sport.

Why would the city want to disband an opportunity that brings so many people together each week, especially since larger cities provide many other options for adult recreation and athletics on a daily basis?

The Memphis City Council owes it to its constituents to look at alternative ways to balance the budget.

Rachel Kesselman

Memphis

Heres your cant-fight-this-feeling roundup of consumer news from around the Web:

–Consumers spent more in April, and thats good news for the economy. The bad news is that we spent a big chunk of that on gas and food, which are growing increasingly expensive. After discounting for the jump in energy and food prices, spending barely budged and after-tax incomes were flat for a second straight month. Consumer spending rose 0.4%, according to the Commerce Department. Excluding price changes, spending rose a much smaller 0.1%. Incomes rose 0.4% but after-tax incomes adjusted for inflation were flat. Analysts are worried that weak income growth and big gains in gas and food prices are leaving consumers with little left to spend on other products. That could dampen economic growth. Consumer spending is closely watched because it accounts for 70% of economic activity.

–Heads-up if you drive a Nissan Altima or Jeep Wrangler.The National Highway Traffic Safety Administration says brake fluid can leak on the Altima, causing a loss of stopping power. The investigation covers about 440,000 Altimas from the 2007 and 2008 model years. The agency says the brake master cylinder can leak internally, causing a warning light to illuminate. If the light is ignored, the cars could eventually lose braking power. Meanwhile,the Jeep Wrangler, made by Chrysler Group, is being probed because the front drivers-side air bag can fail to deploy because of a broken electrical circuit. The investigation covers about 222,000 vehicles from the 2007 and 2008 model years. Nissan and Chrysler say theyre cooperating with the investigations.

–Another heads-up: The online phone service Skype says a small percentage ofusers have been unable to sign inbut the company is taking steps to resolve the problem. Skype says a corruption issue on computers using Windows, Linux or Macintosh operating systems is behind the access denials. The company, which is being purchased by Microsoftfor $8.5 billion, says it has released a new version of Skype for Windows and plans to release an updatefor Mac. Linux users were told to follow instructions for a manual update. Skype says people using the service on their cellphone, TV or other device should be able to continue to sign in as normal. About 170 million people worldwide use Skype regularly for calls and chats.

– David Lazarus

Photo: Consumer spending is up, but much of that cash went to gas and food. Credit: Justin Lane / EPA

Following is the text of the US personal income
and spending report for April released by the Commerce Department.

Personal income increased $46.1 billion, or 0.4 percent, and disposable
personal income (DPI) increased $35.1 billion, or 0.3 percent, in?April,
according to the Bureau of Economic Analysis. Personal consumption expenditures
(PCE) increased $41.5 billion, or 0.4 percent. In March, personal income
increased $54.6 billion, or 0.4 percent, DPI increased $46.3 billion, or 0.4
percent, and PCE increased $54.8 billion, or 0.5 percent, based on revised
estimates.

Real DPI decreased less than 0.1 percent in April, in contrast to an increase
of less than 0.1 percent in March. Real PCE increased 0.1 percent in April,
the same increase as in March.

2010 2011

Dec. Jan. Feb. Mar. Apr.

(Percent change from preceding month)
Personal income, current dollars 0.4 1.1 0.4 0.4 0.4
Disposable personal income:
Current dollars 0.4 0.4 0.3 0.4 0.3
Chained (2005) dollars 0.2 0.1 -0.1 0.0 0.0
Personal consumption expenditures:
Current dollars 0.4 0.4 0.8 0.5 0.4
Chained (2005) dollars 0.1 0.1 0.4 0.1 0.1

Wages and salaries

Private wage and salary disbursements increased $27.3 billion in April,
compared with an increase of $20.6 billion in March. Goods-producing
industries payrolls increased $6.3 billion, compared with an increase of $7.5
billion; manufacturing payrolls increased $0.8 billion, compared with an
increase of $6.6 billion. Services-producing industries payrolls increased
$20.9 billion, compared with an increase of $13.1 billion. Government wage and
salary disbursements increased $0.3 billion, compared with an increase of $1.3
billion.

Other personal income

Supplements to wages and salaries increased $4.2 billion in April, compared
with an increase of $4.3 billion in March.

Proprietors income increased $4.4 billion in April, compared with an increase
of $5.4 billion in March. Farm proprietors income decreased $2.1 billion, in
contrast to an increase of $0.2 billion. Nonfarm proprietors income increased
$6.5 billion, compared with an increase of $5.3 billion.

Rental income of persons increased $3.1 billion in April, compared with an
increase of $8.4 billion in March. Personal income receipts on assets (personal
interest income plus personal dividend income) increased $5.0 billion, in
contrast to a decrease of $2.1 billion. Personal current transfer receipts
increased $5.5 billion, compared with an increase of $20.1 billion.

Contributions for government social insurance — a subtraction in calculating
personal income — increased $3.8 billion in April, compared with an increase
of $3.3 billion in March.

Personal current taxes and disposable personal income

Personal current taxes increased $11.0 billion in April, compared with an
increase of $8.3 billion in March. Disposable personal income (DPI) — personal
income less personal current taxes — increased $35.1 billion, or 0.3 percent,
in April, compared with an increase of $46.3 billion, or 0.4 percent in March.

Personal outlays and personal saving

Personal outlays — PCE, personal interest payments, and personal current
transfer payments — increased $41.3 billion in April, compared with an
increase of $54.8 billion in March. PCE increased $41.5 billion, compared with
an increase of $54.8 billion.

Personal saving — DPI less personal outlays — was $570.6 billion in April,
compared with $576.7 billion in March. Personal saving as a percentage of
disposable personal income was 4.9 percent in April, the same as in March. For
a comparison of personal saving in BEAs national income and product accounts
with personal saving in the Federal Reserve Boards flow of funds accounts and
data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-
Frb.asp.

Real DPI, real PCE and price index

Real DPI — DPI adjusted to remove price changes — decreased less than 0.1
percent in April, in contrast to an increase of less than 0.1 percent in March.

Real PCE — PCE adjusted to remove price changes — increased 0.1 percent in
April, the same increase as in March. Purchases of durable goods increased
less than 0.1 percent in April, in contrast to a decrease of 0.6 percent in
March. Purchases of nondurable goods increased less than 0.1 percent, in
contrast to a decrease of 0.2 percent. Purchases of services increased 0.1
percent, compared with an increase of 0.4 percent.

PCE price index — The price index for PCE increased 0.3 percent in April,
compared with an increase of 0.4 percent in March. The PCE price index,
excluding food and energy, increased 0.2 percent, compared with an increase of
0.1 percent.

Revisions

Estimates for personal income and DPI have been revised for October through
March; estimates for PCE have been revised for January through March. Changes
in personal income, current-dollar and chained (2005) dollar DPI, and current-
dollar and chained (2005) dollar PCE for February and March — revised and as
published in last months release — are shown below.

For October through December 2010, the revisions to wages and salaries reflect
the incorporation of newly available BLS tabulations of fourth-quarter private
wages and salaries from the quarterly census of employment and wages.

Change from preceding month
February
Previous Revised Previous Revised

(Billions of dollars) (Percent)
Personal Income:
Current dollars 53.1 47.8 0.4 0.4
Disposable personal income:
Current dollars 49.6 37.8 0.4 0.3
Chained (2005) dollars 1.3 -8.1 0.0 -0.1
Personal consumption expenditures:
Current dollars 94.4 80.2 0.9 0.8
Chained (2005) dollars 44.9 33.1 0.5 0.4

Change from preceding month
March
Previous Revised Previous Revised

(Billions of dollars) (Percent)
Personal Income:
Current dollars 67.0 54.6 0.5 0.4
Disposable personal income:
Current dollars 64.4 46.3 0.6 0.4
Chained (2005) dollars 15.4 1.4 0.1 0.0
Personal consumption expenditures:
Current dollars 60.7 54.8 0.6 0.5
Chained (2005) dollars 15.7 12.2 0.2 0.1

This news release presents revised estimates of wages and salaries, personal
taxes, and contributions for government social insurance for October through
December 2010 (fourth quarter). These estimates reflect newly available fourth-
quarter wage and salary tabulations from the quarterly census of employment and
wages from the Bureau of Labor Statistics.

Annual Revision of the National Income and Product Accounts

As part of the annual revision of the national income and product accounts
(NIPAs), revised estimates of personal income and outlays will be released
along with estimates for June 2011 on August 2. Personal income, disposable
personal income, and their components will be revised back to January 2008, and
PCE and personal saving will be revised back to January 2003. The August Survey
of Current Business will contain an article that describes the annual revision
in detail.

BEAÆs national, international, regional, and industry estimates; the Survey of
Current Business; and BEA news releases are available without charge on BEAÆs
Web site at www.bea.gov. By visiting the site, you can also subscribe to
receive free e-mail summaries of BEA releases and announcements.

Next release üEJune 27, 2011 at 8:30 AM
EDT for Personal Income and Outlays for May

SOURCE: US Commerce Department. http://www.bea.gov

To contact the reporter on this story: Alex Tanzi in Washington at
1959 or atanzi@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

WASHINGTON — Consumer spending rose by the smallest amount in three months during April, government data showed Friday, in a further sign of erosion in spending momentum due to higher gasoline prices.

Consumer spending rose 0.4 percent last month, the Commerce Department estimated.

Meanwhile, personal incomes rose 0.4 percent in April. Income has risen for seven straight months.

When adjusted for inflation, the increases in April were much more modest.

Adjusted after-tax incomes were flat in April for the second straight month, and spending increased 0.1 percent for the second straight month.

Adjusted for inflation, spending on durable goods and nondurable goods was flat in April. Spending on services rose 0.1 percent.

Consumer spending is the single largest contributor to US growth, accounting for as much as two-thirds of economic activity. Consumer spending slowed to a 2.2 percent rate in the first quarter, leading to a moderate 1.8 percent increase in gross domestic product.

Aprils figures came in mixed in terms of market expectations. Spending rose less than the 0.5 percent expected, while income growth matched the forecast of economists surveyed by MarketWatch.

For economists, the big question is: Will consumers increase spending in coming months? The consumer sector has to be an important driver for GDP growth as government stimulus fades.

Gasoline prices have eased slightly in recent weeks. which may help consumers.

I would not be surprised if second-quarter consumption was not even a modest 2 percent, said Joel Naroff, president of Naroff Economic Advisors.

Consumers are desperately trying to keep up, but they have essentially been running in place, Naroff said.

That would mean a growth rate that is similar to the first quarters disappointing 1.8 percent pace, he added.

Wages and salary income, which is key for consumer spending, increased 0.4 percent in April after rising 0.3 percent in March.

With spending matching incomes in April, personal savings remained steady at 4.9 percent of disposable income. This matched the lowest savings rate since October 2008.

This weeks report on the big-dollar pay boosts to Westchester County government staff will not surprise taxpayers who are mindful of the real world: the political spoils system lives on, notwithstanding the recession and sky-high property taxes. Who gets what, and how much, though, might stick in the craw of taxpayers who have been rooting for Rob Astorino, who was elected on a platform of thrift and frugality, and continues to sound those themes. He hasnt exactly slain the political-payout monster either, despite making significant gains in downsizing the government.

While times are tough all over, it still pays to have a political pedigree; that is one of the takeaways from staff writer Gerald McKinstrys article this week (find it at www.lohud.com) on pay and promotions in county government.

The article examines some 220 promotions last year, one shy of the 2009 figure.

Among the notables: Nancy Meehan, wife of County Attorney Robert Meehan and chairwoman of the Mount Pleasant Republican Party, who went from program specialist to Republican deputy commissioner of the Board of Elections, boosting her pay from $51,230 to $118,965; and Westchester GOP Chairman Doug Colety, promoted from deputy to Republican elections commissioner, upping his pay by $36,280,to $155,245.

Republican Philippe Gille, a voting machine technician who used to work for former GOP County Executive Andrew ORourke and former Yonkers Mayor John Spencer, also a Republican, saw his salary more than double, moving from $62,700 to $127,125, for becoming deputy commissioner of social services. Astorino also made two longtime legislators members of his administration: Republican George Oros is his $155,245-a-year chief of staff; Democrat Vito Pinto receives $92,470 for running an anti-DWI program and veterans affairs. Democrats knew how to be generous, too: Ken Jenkins, chairman of the Democratic-controlled Board of Legislators, authorized nearly $75,000 in retroactive raises for top staffers, including his chief of staff, finance director, director of communications, and several aides. Broadened responsibilities saw Board Clerk Tina Seckerson boost her salary $20,338, to $135,000. Hers was the biggest increase going to board officials.

County officials had plenty of justifications for the moves: some vacancies had to be filled at the same pay scale, meaning big raises for some earning considerably less; in many cases, the politically connected had the most experience, making them the naturals for promotion; and county government is shrinking, even if some paychecks arent. Indeed, the county workforce of 5,701 was trimmed by 588 in 2010, McKinstry reported. Last year, 132 workers took a money-saving county buyout; another 354 left under a state incentive program; and 102 were laid off. Additionally, the 220 promotions last year are far fewer than the 410 in 2006; the 400 in 2007; or the 329 in 2008.

But the increases, some doled out retroactively, dont sit well with everyone, including Karen Pecora, president of the Civil Service Employees Association, which, like the rest of us, has been treated to a steady stream of dire warnings from Astorino about projected budget deficits in the hundreds of millions of dollars — unless union workers make big sacrifices on wages and benefits, and the downsizing continues.

Its a little hypocritical , said Pecora. Little by little, hes starting to fill those offices again and not with little salaries.

In any case, the marriage of politics and pay, however shaken, lives on in county government.

A Journal News editorial

Trout fishing is most challenging in the spring, once the warming temperatures trigger a rush of melting snow out of the mountains, swelling rivers into a torrent that brings out the whitewater junkies and anyone else whos game for a wet and wild ride.

The rafting season begins in May for most outfitters and runs through late August or early September, but certain stretches can only be run on a seasonal basis, so check with an outfitter to find out whats available when you want to go.

While options for a whitewater rafting trip abound, local rivers offer a couple of memorable rides. The Roaring Fork River, when its running high enough just below Aspen (spring and early summer), offers the legendary Slaughterhouse Falls a Class IV, white-knuckle drop to be sure.

The rollicking Shoshone Rapids on the Colorado River in Glenwood Canyon is arguably the most popular section of local whitewater.

For experienced and fit paddlers, a number of guiding outfits offer Class IV and V trips on the Pine Creek and Numbers sections of the Arkansas River (the faint-hearted need not apply). Keep in mind, a trip to the Arkansas involves a shuttle drive over Independence Pass east of Aspen (a scenic outing in itself).

If a less intense float is more your speed, take a trip on the lower Roaring Fork or enjoy the Colorado via the Grizzly Creek-to-Two Rivers Park route, taking in part of breathtaking Glenwood Canyon. Later in the summer, try a ducky trip on the Roaring Fork a cooling float in an inflatable kayak.

Following is a list of local guiding outfits for both whitewater rafting and fishing.

He gave away a Jeep Grand Cherokee that retailed for $26,000. He forgave a personal loan worth at least $500,000. He poured at least half a million dollars into a trust fund for his ex-wife. And he cast off a set of unwanted cabinets valued at more than $40,000.

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  Michael Bloomberg

Even by the stratospheric standards of Michael R. Bloomberg, 2010 represented a year of pronounced consumption and charity, according to tax documents and disclosure reports that were revealed in a heavily edited form on Friday.

Mayor Bloomberg, whose fortune is estimated at about $18 billion, has never exactly slummed it — not in the last few decades, anyway: he owns seven homes, a fleet of private planes and a stable of thoroughbred horses (not to mention an exceedingly profitable media company that bears his name).

But the documents suggested that as the stock market rebounded from recessionary lows last year, so did the mayor’s personal spending.

Mr. Bloomberg, who has long subsidized the lifestyle of his family members, children and ex-flames, set up three new trusts for those close to him, not including the fund for Susan Bloomberg, whom he divorced in 1993. (Aides refused to identify the recipients.)

And, in a sign of flush times, he ratcheted up the amount he pays for his household staff. The documents show that his Social Security taxes on those wages totaled at least $100,000 last year, up from at least $60,000 in 2009.

Mr. Bloomberg, 69, paid at least $1.5 million in city, state and federal taxes, the documents show, a figure all but certain to be a fraction of his entire bill.

As in past years, however, just how much he paid — and earned — is unknowable because his staff discloses a redacted version of his tax forms, which were shared with reporters for about two-and-a-half hours at the offices of the mayor’s accountant in Midtown Manhattan. (Reporters were barred from taking copies with them.)

The documents display his income and losses not as dollar amounts, but as a dollar range represented by letters: A ($1,000 to $5,000) to G ($500,000 to the moon).

Stu Loeser, a spokesman for the mayor, said Mr. Bloomberg refused to release his unedited tax documents because he feared disclosing sensitive corporate information to his competitors, though he did not elaborate on what those secrets might be. The president and vice president of the United States, by contrast, release a full, unexpurgated tax return to the news media every year.

Once decoded, the alphabet soup of data showed that Mr. Bloomberg earned, at the very least, about $4 million from investments in 2010.

As always, his tax returns were filled with tantalizing glimpses into the world of a multibillionaire. They reveal that horses he owns won four equestrian competitions, earning up to $98,000 in prize money, and that the mayor has found novel ways to profit from his daughter Georgina’s career as a horse show jumper. Three of Ms. Bloomberg’s fellow riders spent at least $7,000 renting space at the mayor’s various estates, and an unnamed individual paid between $5,000 and $44,000 to lease a horse that he owns.

Mr. Bloomberg earned a small tax deduction for donating a 1996 Grand Cherokee to the Red Cross. He had bought the car for his older daughter, Emma, as a high school graduation present, and the family had held on to it for 14 years, logging 95,728 miles and “driving the car into the ground,” Mr. Loeser said.

The mayor told his alma mater, Johns Hopkins University, that it did not need to repay a large personal loan from him, effectively turning it into a donation, according to the documents.

But perhaps the mayor’s most intriguing charitable gift was the set of cabinets — a lacquered unit that was bought for the headquarters of his charitable foundation, on the Upper East Side.

According to a person who had been briefed on the matter, the cabinets had already been purchased and installed inside the foundation, at 78th Street and Madison Avenue, when a case of buyer’s remorse (or clashing color schemes) set in.

Aides to Mr. Bloomberg removed the cabinets, which had cost at least $44,000, and donated them to a charity that works with formerly homeless New Yorkers.