March 31, 2023
Mohenjo
Business, Finance, Food For Thought, Human Interest, Political, Science, Technical
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The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.
The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021.
The analysis below presents seven facts about how the economic status of the U.S. middle class and that of America’s major demographic groups have changed since 1971. A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. (In the source data for both analyses, demographic figures refer to the 1971-2021 period, while income figures refer to the 1970-2020 period. Thus, the shares of adults in an income tier are based on their household incomes in the previous year.)
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Interesting!
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April 24, 2022
Mohenjo
Business, Finance, Food For Thought, Human Interest, Political, Science, Technical
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The House of Representatives has passed a bill that will improve the retirement savings system for U.S. workers, moving it closer to becoming law.
The Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, was approved on Tuesday with a bipartisan vote of 414-5. Now, the legislation heads to the Senate.
“H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said House Ways and Means Committee Chairman Richard Neal, D-Mass., ahead of the Tuesday vote. “Too many workers reach retirement age without having the savings they need.”
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Lucy Lambriex
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April 24, 2022
Mohenjo
Business, Finance, Food For Thought, Human Interest, Science, Technical
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For the past few months, Wall Street and the investing community have been reminded that stocks can go down, too.
Following the strongest bounce back from a bear market bottom in history, all three major U.S. indexes are, once again, in correction territory. The 125-year-old Dow Jones Industrial Average and benchmark S&P 500 are lower by more than 10%, while the growth-dependent Nasdaq Composite has entered a bear market (i.e., a decline of at least 20%).
While the velocity of stock market declines can be scary at times, especially for the more-volatile Nasdaq Composite, history has shown time and again that buying high-quality stocks during corrections and bear markets is a smart move. After all, every notable decline in the market throughout history has eventually been put into the back seat by a bull market rally.
The big question is: Which stocks to buy on the dip?
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Image source: Getty Images.
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April 23, 2022
Mohenjo
Business, Finance, Food For Thought, Human Interest, Science, Technical
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“House poor” is a common expression used to describe people who are wasting too much money on housing, leaving them with too little to spend on everything else. But it can also refer to those who are getting too little housing bang for their buck.
And now, with interest rates on home mortgages spiking faster than they have in decades, it’s getting more expensive by the moment to own a home in the U.S.
As an economist, one of my goals is to make you “house rich,” ensuring you end up with the housing you really want at the price you can really afford.
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Peter Dazeley | The Image Bank | Getty Images
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April 23, 2022
Mohenjo
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Here’s who won’t qualify for $6.2 billion of student loan cancellation.
Here’s what you need to know — and what it means for your student loans.
Student Loans
There’s good news for student loan borrowers: President Joe Biden will cancel $6.2 billion of student loans. However, you may be wondering if you will qualify for this student loan forgiveness. While 100,000 student loan borrowers are expected to qualify for this student loan cancellation, it’s important to understand who won’t qualify for $6.2 billion of student forgiveness.
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President Joe Biden (Photo by Win McNamee/Getty Images) Getty Images
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April 20, 2022
Mohenjo
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By the end of the decade, about 21% of the country’s population will be 65 or older, up from 15% in 2016, according to forecasts by the Census Bureau. Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track.
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Now, Congress is looking to help Americans save by bolstering 401(k) programs — the tax-deferred, company-sponsored retirement accounts to which employees can contribute income, and employers can match their contributions.
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A new bill, expected to reach President Joe Biden’s desk by the end of the year, could require most employer-sponsored retirement plans to enroll their workers automatically, making it easier for student-loan borrowers to save, and for older workers to make catch-up contributions. It will also lower costs for smaller businesses.
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Should I invest if I have debt? A financial coach shares her advice
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December 13, 2021
Mohenjo
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October 23, 2021
Mohenjo
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October 21, 2021
Mohenjo
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October 19, 2021
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