In the News

The last person I’d expect to offer optimism and advice about Americans and retirement is Teresa Ghilarducci, the fiery economics professor at the New School for Social Research. And yet, that’s exactly what she does in her new, friendly, slim book, How to Retire With Enough Money and How to Know What Enough Is: A Clear Answer in 116 Pages.  I recommend it.

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America could elect its first woman president next year, but even that would be a hollow sign of progress in a country mired in gender inequity.
 
The Supreme Court may well gut Roe v. Wade. Access to abortion and contraception has regressed dramatically, and clinics face increasing intimidation. The pay gap is stubbornly broad.
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‘Climate change continues to be the biggest single issue we face.’
 
Robert H. Frank, professor of management and economics at Cornell University
 
Climate change continues to be the biggest single issue we face. Scientists agree that continuing accumulations of greenhouse gases pose a nontrivial long-term threat to the viability of our planet.
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⌗BlackLivesMatter is a young movement, literally and demographically. Democrats need young black voters, a key part of “the rising American electorate” that twice propelled Barack Obama into the white house. As Donovan X.

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Federal Reserve Board Chair Janet Yellen is living in a bubble because the Fed just doesn’t see that. Perhaps the Fed wants to put the brakes on an economy already struggling up a hill on low fuel? Amy Traub, a senior policy analyst at Demos, believes the Fed’s interest-rate hike is a “small step toward slowing down the economy.”

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Nia Mirza, an international student from Pakistan, organized a petition earlier this year demanding NYU lower the cost of attendance after the annual price tag of attending the school suddenly rose from $64,000 to $71,000.

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Unfortunately, more and more retirees are falling into debt at the exact point in their lives when they should be free from financial worries. Whereas older people paid off their mortgages in generations past, now nearly half of all senior citizens still owe a house note.

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“When public figures demonize whole swaths of people for their own political gain, they are complicit in the escalation from words to deeds that follow,” said Heather McGhee, president of Demos.
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The IWPR study also offers a window into the way race affects a borrower’s’ experience with student debt. Studies show that black students are more likely to borrow for school and tend to borrow more than their white counterparts, likely because the gap in wealth between black and white Americans means black students have fewer resources to draw from to pay for college.

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In finance, the problems with nudging reveal it may even have a dark side. Nudgers are quick to push workers toward retirement savings, but sometimes are not doing enough to warn them about possible risks. The think tank Dēmos estimates that, over a lifetime, retirement-account fees “can cost a median-income two-earner family nearly $155,000.” John Bogle, an investor, has noted that a 2 percent fee applied over a 50-year investing lifetime would erode 63 percent of the value even of an account with healthy returns.

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