Worried about your ability to set money aside for retirement? You should also worry about what happens to the money you do manage to put away. According to a report fromDemos, the typical two-earner family with an employer-sponsored account will end up paying some 30 percent of its retirement nest egg – a total of $155,000 – to Wall Street money managers in 401(k) fees and charges.
Apple always seemed like the perfect company. Not so fast. When CEO Tim Cook testified before Congress on May 25, he didn’t come to talk about Apple’s latest amazing gadget or the need to grant more visas to computer programmers. Rather, in his maiden voyage to Capitol Hill as Steve Jobs’s successor, Cook had to defend the company’s tax-avoidance efforts. What should have been a triumph for Cook was instead an awkward encounter. [...]
It used to be that many Americans entered retirement having paid off their mortgages and most of their other debts. This should have been senior citizens' Golden Years.
Nowadays, more and more people over the age of 65 are struggling with mounting debt levels, fueled primarily by mortgages and credit cards. The average debt held by senior citizens has ballooned to $50,000 in 2010, up 83% since 2001, according to Federal Reserve data crunched by the Employee Benefit Research Institute. [...]
On May 21, I had the opportunity to testify before a Congressional Progressive Caucus meeting on how federal dollars drive inequality by paying contractors who pay too many of their workers too little. The hearing was driven by a study from Amy Traub and her colleagues at Demos, a New York based think tank, that issued a report exposing the many ways that federal contracting often adds to the burden of the low income, especially those who earn less than $12 an hour, or less than $25,000 a year.
According to a recent study, Gen X and late baby boomers are on track to replace only about half of their current income when they reach retirement — which means they’ll need to seriously downgrade their lifestyles. Most financial planners recommend replacing, at the very least, 70% of one’s income.
Most people don't think about them until they're gone.
They pick up your trays at the food court and empty the trash bins at the National Air and Space Museum. They make uniforms for the military and drive truckloads of federally owned goods. In other words, they quietly keep things running smoothly at federal buildings in Washington, D.C. and around the country.
But the two million or so low-wage workers who work for private companies on behalf of the federal government say they aren't recognized or compensated fairly, and they're sick of it. [...]
“I work at Quick Pita in the food court of the Ronald Reagan Building. I work nearly 12 hours every day serving lunch to the thousands of people who work in the building. But I am not here to tell you how hard I work. I am here to tell you that my employer does not follow the law,” testified Antonio Vanegas before a hearing of the Congressional Progressive Caucus yesterday.
Melissa Roseboro has worked at the McDonald's outlet at the Air and Space Museum in Washington D.C. for nearly a year. The 53-year-old grandmother said she just got a raise—of 8 cents.
That brings her hourly wage to $8.33 an hour and was the reason she joined 200 other federal contract workers in the nation's capital to stage a one-day walkout Tuesday, forcing several food outlets in the city to shut down for the day. [...]
Today’s strike follows the release last week of a report from the progressive think tank Demos estimating that at least 1,992,000 workers receive $12 per hour or less while doing jobs backed by public funds.
Hundreds of low-wage employees of federal contractors walked off the job on Tuesday morning, demanding that President Obama sign legislation or an executive order requiring federal contractors to pay higher wages. The Washington, D.C., strike is led by a new campaign called Good Jobs Nation, formed earlier this month.
A handful of food-service workers walked off their jobs in the food court of the Ronald Reagan Building and International Trade Center on Tuesday morning as part of a day-long protest of low wages paid to federal contract employees.
The series of protests, dubbed “Good Jobs Nation,” was in support of the contract workers who clean the offices, serve the food and take care of the museums and landmarks in the federal city, some of whom said they make less than the federal minimum wage of $7.25 an hour. [...]
Groups of workers employed in service jobs at federal buildings around D.C. are picketing this morning outside the landmark sites at which they are employed over their low wages. The protest, organized by a new group calling itself Good Jobs Nation, includes people who work at federal building food courts, loading docks, memorabilia shops, and facilities that manufacture uniforms for the military.[...]
Since NVRA was passed, citizens can now register to vote when they go to public assistance offices to apply for welfare or disability benefits, or at their local DMV when they apply for a drivers license — hence the nickname “Motor Voter Act” — and also allowed for mailed-in registration forms. The result was that over 30 million people registered via the new paths opened by NVRA in its first year.
Though Americans of all ages suffered as a result of the Great Recession, the downturn dealt a particularly harsh blow to young people, as employers opted for suddenly plentiful workers with more experience. As a result, nearly half of the nation’s unemployed are under 34 years old, according to an April report from public policy organization Demos.
Previous research has found that the majority of the jobs added to the economy since the end of the recession pay low wages. Middle-wage and high-wage jobs haven’t seen nearly the same rate of growth, meaning that the economy has traded comfortable jobs for those that merely allow workers to scrape by.
At the very least, argues a recent report from Demos, the American government owes employees on its payroll a livable wage. Demos, a research and policy center focused on economic stability, defines low-wage work as “a job paying $12 an hour or less, equivalent to an annual income of about $24,000 for a full-time worker. Nationwide, a family of four trying to subsist on $24,000 a year hovers near the poverty level.
Regardless of the rationale behind these credit checks, this practice can be discriminatory, say Daniel Garodnick and Amy Traub in the New York Daily News. For instance, "African-American and Latino households are disproportionately likely to report poor credit, a finding some attribute to the nat
Big businesses, such as Wal-Mart and McDonalds, get a bad wrap for providing low-wage jobs. But, Americans may be surprised to know that they're funding a low-wage labor pool larger than both of these companies combined do, a new report by Demos, a public policy organization, shows.
Even with a freeze on basic pay rates and unpaid leave days and repeated attacks on the federal workforce, being a federal employee means you have a good, though as of late, a less-lucrative job.
That can’t be said by everyone in the federal workplace.