Americans have long lived in a nation made up primarily of middle-class families, neither rich nor poor, but comfortable enough. This year, that changed, according to the Pew Research Center. A just-released analysis of government data shows that as of 2015, middle-income households have become the minority. The trend is …
“You can’t pay for housing and food and clothing on $18,000 a year, period. And that’s what today is all about.” ~GOV. ANDREW M. CUOMO, of New York, on his plan to raise the minimum wage for state workers to $15 from $8.75 an hour. Source: Quotation of the Day …
Why do so many Americans live paycheck-to-paycheck despite earning a decent income? There’s a growing segment of the American population that earns a decent salary but lives paycheck-to-paycheck: the income-rich and asset-poor. Empty bank balances are often associated with those on the lowest rungs of the income ladder. But many …
Most online tools recommend having 10 times one’s salary on hand before retiring. Is that too much or just right? Online financial-planning tools have a habit of spitting out terrifying numbers when people use them to figure out how much to save for retirement. Most tools, from the AARP’s to …
A 2015 global wealth report by Credit Suisse Research Institute found unequal distribution among adult populations. A new report by Credit Suisse Research Institute analyzed global wealth in 2015 and reported unequal distribution among populations. The very wealthy continue to reside in North America and Europe, but China’s increasing middle …
The socioeconomic divide helps determine who gets to grow old, researchers have found. Living longer, high earners take home more in federal benefits. A tale of two seniors: Susan McNeely left college after a year to marry and have children. She worked all her life — as a waitress, school …
ALBANY, N.Y. (AP) — New York’s plan to give fast-food workers a $15 minimum hourly wage is spurring similar efforts in other states even as Gov. Andrew Cuomo’s effort to enact a $15 wage for all workers faces vocal opposition at home. In a campaign modeled after the successful push …
WASHINGTON (AP) — A college degree practically stamped Andres Aguirre’s ticket to the middle class. Yet at age 40, he’s still paying the price of admission. After a decade of repayments, Aguirre still diverts $512 a month to loans and owes $20,000. The expense requires his family to rent an …
There has recently been quite a bit of discussion concerning the growth of economic inequality. The size of the gap between the economic resources of those who have more money and those who have less has been increasing rapidly. This development is regarded by many people as deplorable. In a …
Their incomes have fully recovered—and then some U.S. Census Bureau data out Wednesday underscore just how lousy the recovery has been if you aren’t rich. Looking at eight groups of household income selected by Census, only those whose incomes are already high to begin with have seen improvement since 2006, the last full …
More and more baby boomers are still paying off the house after they’ve stopped working. How long has it been since you’ve seen one of those mortgage-burning pictures? It was once a big deal, especially with the Greatest Generation. There was no joy like that last mortgage payment, and our …
Millions of Russians are now saddled with big debts after getting easy loans during the boom years, Oleg Boldyrev reports. Millions of Russians took out loans during the economic boom years, but now they face crippling debts and the law is not on their side, the BBC’s Oleg Boldyrev reports. …