More and more Americans are spending their golden years racking up debt—a trend that if left unchecked could derail entitlement reform and alter the traditional pattern of wealth being transferred from older to younger generations.
For the past several decades, millions of senior citizens have been able to enjoy relatively safe retirements, in part due to a lifetime of savings, private pensions, Social Security, Medicare, and home ownership.
“The very rich,” wrote F. Scott Fitzgerald, “are different from you and me.”
It turns out he was right. According to a new study by the think-tank Demos (PDF), the affluent tend to hold a different vision of a just society than the public at large, and it is that vision which tops the political agenda in Washington and in state houses across the country.
Sen. President Donald Williams and 23 other Democratic Senators were cross-endorsed in the 2012 election by both the Democratic party and a third party, but Williams proposed getting rid of the cross-endorsement system Monday because he says it causes confusion for voters.
He told the General Administration and Elections Committee that 44 states have no ability to cross endorse a candidate. He said it’s confusing for voters to have the same candidate appear on two lines on the ballot and could cause problems such as overvoting.
HARTFORD -- Connecticut lawmakers are considering allowing early voting during state elections and eliminating cross endorsements by minor parties.
Through testimony and remarks submitted Monday to the government administration and elections committee, early voting garnered considerable support, while eliminating cross endorsements drew sizable opposition.
The liberal Connecticut Working Families Party and the conservative Independent Party of Connecticut probably don’t share a lot of ideological common ground.
But they agree on one issue: ending the practice of cross-endorsements would be a bad idea. The two parties were part of a loose coalition of disparate political groups that spoke out at a public hearing at the legislative office building Monday on Senate Bill 1146, which would ban the practice.
Connecticut's experiment with New York-style fusion politics gave Democratic Gov. Dannel P. Malloy two lines on the ballot in 2010, and he needed the votes cast on both to narrowly defeat Republican Tom Foley.
So, it's a little surprising that a push to end cross-endorsements is coming from one of the governor's strongest allies in the legislature, Senate President Pro Tem Donald E. Williams Jr., D-Brooklyn. Or that Malloy is open to the idea.
The company an employee works for makes all the difference. Over the course of a 40-year career, workers at some companies lose tens of thousands of dollars in 401(k) fees and earnings -- sometimes more than double the savings lost by workers at other firms, according to an exclusive analysis of about 2,300 company 401(k) plans by FutureAdvisor, an online financial adviser.
Nowadays, whenever Social Security comes up in policy debates around Washington, the discussion often focuses on how best to cut benefits in order to shore up the program’s finances.
Edwin Guzman already lost his job once for union-organizing. But today, he and several hundred fast food workers across New York City are on strike anyway.
The 5.6 million young adults who are willing and able to work but cannot find a job make up 45 percent of America’s unemployed workforce, while another 4.7 million are stuck in part-time jobs when they are seeking full-time employment, according to a new report from Demos. In total, the U.S. needs to add 4.1 million jobs for young workers — ages 18 to 34 — to return to pre-recession levels of employment.
Washington frets endlessly over the problems that Social Security and Medicare, both of which are projected to exhaust their trust funds in the coming decades, might cause the budget. But two new reports underscore the serious problems they might solve for the country.
Take Social Security. For years, pension experts have spoken of the “three-legged stool” of retirement savings: Social Security, employer pensions and private savings. In recent years, however, that stool has begun to wobble, and today, Social Security is basically the only leg holding it up.
Analyzing the enduring economic effects of youth unemployment, a new report by Demos outlines a serious job crisis, especially those with less education and individuals of color. Surveying a full year of U.S.
Massive fraud in the high-speed trading markets is escaping detection because regulators and exchanges are dithering on a powerful supercomputer to uncover the scams, The Post has learned.
And as retail investors begin dipping their toes back into stocks, now at record prices, the market watchdogs are asleep at the wheel.
Unemployment rates for Americans under the age of 25 are the highest since the end of World War II. It's a situation that is unlikely to change anytime soon, according to a new report.
Since 2007, the average official unemployment rate for people under 25 has been 18 percent, 5.5 points higher than for the preceding 15 years, according to Bureau of Labor Statistics figures. This would seem to make the 16.2 percent rate for March look like an improvement.
Once you get your hard-earned dollars into your 401(k), it’s painful to think they might not begetting you the highest return possible. Before you go any further, those who aren’t contributing regularly to a 401(k) or another type of tax-advantaged retirement account, such as a Traditional or Roth IRA, need to start now. While making that 10 or 15 percent contribution from your paycheck can be tough, there’s no excuse to not plan for supporting yourself in your old age.
In the past few years, there has been a disturbing push in a number of states toward limiting the right to vote and raising barriers to participation in democracy. Not in Connecticut. When it comes to ensuring an inclusive and fair democracy that guarantees every voice is heard, our state has been a real leader and taken important steps forward.
Like many New Yorkers, Hazel B. of Queens struggled to get by after she was laid off from her job as an accounts receivable administrator. A single mother of two, Hazel relied on credit cards to make ends meet while she looked for work.
Finally, she found a job opening that looked promising. She went on two interviews and took a test given by the potential employer. She believed she had performed well, but then word came back that Hazel would not be hired because of negative information in her credit report.
Krugman speculates that they see this as a morality play wherein the rich are obviously the virtuous heroes (being rich and all) and the plebes are a bunch of lazy, immoral parasites who refuse to carry their weight. I think he's probably right, but I'm going to speculate further that for many of them this is a result of guilt at their own gargantuan selfishness and greed. I can only imagine that it's hard to live with yourself when you're taking more and more of the wealth that humans create while everyone else is falling behind.
A few weeks ago, Supreme Court Justice Antonin Scaliasaid that a key provision of the Voting Rights Act was motivated by a "perpetuation of racial entitlement."
As New York policymakers, led by Gov. Andrew Cuomo, consider a comprehensive package of campaign finance reform, they should look at Connecticut to see just how much a strong small-donor public financing program can improve the legislative process and relieve lawmakers of the burdens of high-donor, special-interest fundraising.