Something that you hear about quite a lot these days is the "all of the above" energy plan. The phrase is in both party platforms with the general idea being that our energy needs should be met by using all forms of energy available -- coal, oil, gas, nuclear, renewables, biofuels, etc. Diversifying our energy sources and moving away from strictly relying on fossil fuels is a good idea.
The United States needs to be reimagined. A recent study from the Pew Research Center tells us that in economic terms the middle class "has suffered its worst decade in modern history." It's shrinking.
With jobs scarce, wages declining and the nation's wealth concentrating ever more intensely at the top, the middle class has shrunk in size for the first time since World War II.
Many Florida families have been paying up to 25 percent of median income for public in-state college costs — out of reach for some middle-class parents who have taken recent pay cuts or lost jobs, according to a new study.
Some eight years ago, I was at a presentation by Vanguard founder Jack Bogle at a business journalists' conference in Denver, and when his PowerPoint crashed, and he had to use transparencies on a vintage 20th-century overheard projector. After the presentation, he let me keep them, and they still serve as a sort of Rosetta Stone for me for enlightened investing.
Investors who were paying attention got a cold slap of reality this spring when the progressive think tank Demos released a study showing that the median household could expect to pay more than $150,000 in 401(k) fees over the course of a working lifetime, or about a third of potential investment returns. What's more, about two-thirds of 401(k) investors had no idea that they were paying such fees.
When I was a student, my English-major friends warned me that economists were people who didn’t have enough personality to become accountants. It seemed like a terrible accusation at the time. Today, I worry less about the personality than the efficacy of both professions.
It seems there is little real relief on the horizon.
“If you’re coming out of college with an average number of $20,000 to $25,000 in debt and there’s no job out there, you’ve got a real problem,” said John Quinterno, a researcher who has studied the consequences of student debt.
A group responsible for development of the Willets Point space next to Citi Field said Walmart wouldn’t be a part of its conception.
Late last week, the Daily News reported that Walmart quietly lobbied city officials to include them in the development of the area near Citi Field that currently houses auto body shops. Regardless, according to the group responsible for the development project, Walmart’s lobbying efforts are news to them.
The days between the Fourth of July and Bastille Day on the 14th are known for fireworks on both sides of the Atlantic. This year, more rockets and firecrackers than usual were going off, but they were inside hearing rooms in the British Parliament and the U.S. Congress. Barclays bank announced that it had been fined more than $450 million by regulators from both countries, and its CEO, Robert E. Diamond Jr., and COO, Jerry del Missier, both resigned. The fines were part of a settlement that granted Barclays immunity from potentially worse punishment for its manipulation of interest rates.
How will Marissa Mayer’s pregnancy play out? Will the new Yahoo chief executive find that it’s not so easy to power through a maternity leave? Or will she spend just a few short weeks at home — working all the while, as she promised in an interview — and thus set the bar high for future pregnant executives of Fortune 500 companies? What should the new “it” mom-to-be do?
Every day brings more reminders of the terrible unfairness that besets our country, the tragic reversal of fortune experienced by millions who once had good lives and steady jobs, now gone.
An article in the current issue of Rolling Stone chronicles “The Fallen: The Sharp, Sudden Decline of America’s Middle Class” and describes a handful of middle-class men and women made homeless, forced to live out of their cars in church parking lots in Southern California.
The think tank Demos has been doing a really stellar job commemorating the anniversary of Michael Harrington’s “The Other America” — as mentioned in my poverty charts post yesterday — and their best item so far is this series of beautiful interactive charts illustrating the state of poverty in America:
Fifty years ago, Michael Harrington wrote The Other America, documenting – among the many ravages of poverty – that millions of children in the richest country on earth went to bed hungry every night. His book inspired two Democratic presidents, John F. Kennedy and Lyndon B. Johnson, to launch a war on poverty, then estimated at more than 20 percent of the population.
Since 2008, working families have done everything they can to get by – changing spending habits, paying down debt, taking on 2nd (or 3rd jobs), digging into savings and retirement funds, and even cutting back on medical care – but they’re still falling behind.
CHAPEL HILL - Just two years out of college, 24-year-old Morris Gelblum is running a growing online company that helps other young people struggling in the Great Recession make ends meet.
The Supreme Court’s decision is in. With the Affordable Care Act mostly intact, tens of millions of uninsured Americans will gain coverage. Senior citizens will get billions of dollars of prescription drug benefits. Everyone with insurance will get preventive services at no cost.
Most of us with 401(k) plans watched in horror as our retirement savings plummeted in the stock market crash of 2008. That year, the average 401(k) balance dropped by a third, forcing older Americans to delay retirement or cut back on spending. Since then, as the market rebounded, some of our savings have recovered in fits and starts.
The movement has drawn some support from financial circles. Wallace C. Turbeville, a former Goldman Sachs banker who now is a senior fellow at Demos, a public policy research organization in New York,submitted testimony last month for the Senate Banking Committee in favor of more banking regulation.
In its May 2012 Plastic Safety Net survey, research and advocacy company Demos surveyed 997 low- and middle-income American households that carried credit card debt for three months or more — and looked at how the recession and the Credit CARD Act of 2009 have affected American households.
By 2007, the top 1 percent of earners took home 35 percent of all income earned in New York state, according to a study done by Demos, a policy research firm based in New York City.
That compares with just 10 percent of all income for this group in 1980.
Steep declines in skilled manufacturing jobs and a huge uptick in shorter-term, lower-paying jobs.