Friedrichs v. CTA, is ostensibly about one teacher’s right to not join her teachers union, but that choice is already available to any worker everywhere in America. This case is really just another attack on workers’ ability to join together and make their voices heard.
Robert Hiltonsmith, a researcher at the think tank Demos, has estimated that the average household loses $155,000 in potential gains as a result of unnecessary fees.
Last month, President Obama inaugurated yet another way to encourage Americans to save for retirement. In the new myRA accounts, workers can save up to $15,000 in a low-fee investment plan that, like a government savings bond, guarantees the principal. The accounts are a small step toward helping households save, but they are not an effective solution to the coming retirement crisis.
Starting in 2020, the numbers of very low-income elderly will rise sharply as the retired population soars to almost 56 million.
Now that’s a holiday gift! On Tuesday, NYC Mayor Bill de Blasio announced that approximately 20,000 employees of New York City would be guaranteed paid parental leave—giving mothers and fathers critical time off to bond with a new baby, adoptee, or foster child without giving up a paycheck.
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.
But for many, even landing a job was not enough to make ends meet: of those 5 million job openings, nearly half paid less than $15 per hour, leaving only 2.7 million that paid $15 or more per hour. And for workers able to secure only part-time employment, wages were even more inadequate: in 2014, more than one in five part-time workers wanted full-time employment but were unable to find it.
The core finding: there are not enough living wage jobs to go around. And women and people of color are especially impacted by low wages and part-time work.
There’s recourse available to people who find themselves in cycles of unpayable debt; it’s called bankruptcy. Unfortunately for student debtors, education loans are exceedingly difficult to discharge in bankruptcy, which makes little sense in an era where college is unattainable for most without student loans, and where student debt is the highest form of non-mortgage debt in the economy.
As Black Friday approaches, retailers nationwide are waiting anxiously to see whether the nation’s busiest shopping day will deliver a boost in profits. But perhaps no company has more at stake than Walmart, the shopping behemoth that was the world’s largest retailer until Amazon supplanted it in that role this summer.
However generous paid leave benefits are, whether employees actually use those benefits will depend a lot on the culture they work in and the social pressures they face.
Amazon, for instance, is "notorious for its competitive work environment, and simply having access to leave may not be enough if workers feel they will be penalized in their careers for taking it," said Amy Traub, a senior policy analyst at Demos.
This is doubly true for fathers, who are especially unlikely to take leave no matter where they wo
All in, 401(k) fees can range from 50 basis points up to 3 percent, said David Walters, a CPA and certified financial planner with Palisades Hudson Financial Group. Any plan charging more than 1 percent, Walters insisted, should be seen as suspect.
"Taken over an employee's lifetime, that can make a huge difference in what [workers] get to spend in retirement," Walters said.
Fees can take a bite out of your retirement income, so it's important to be aware of what advisory or fund management fees you might be paying. Fees for a median-income two-earner family can eat up almost one-third of their investment returns over a lifetime, according to Demos, a think tank. Reining wrote on his blog that he invested in index funds, which typically have lower fee structures than actively managed funds, and individual stocks.
As you read this, workers across the country from retail, fast food, home care, and the federal government are launching one of the biggest strikes yet, calling for $15 an hour and collective bargaining rights. Together, they make up the American working class, the backbone of our economy, and they are sounding the alarm that they will no longer stand for meager wages and poor working conditions.
On Monday, President Obama ordered federal agencies to stop asking most prospective employees about their criminal histories at the beginning of the application process.
For too long, Americans seeking to re-enter the workforce and make an honest living have had job opportunities taken away because of an honest answer on an application--an honest answer about a crime for which they have already paid the price.
Discussion about the working class, who make up the majority of American families and would benefit most from such a raise, has all but disappeared from popular conversation.
Of course, the vast majority of Americans will never come close to earning a million dollars. Perhaps more tellingly, many of the people politicians think they’re speaking to by talking about the “middle class,” don’t define themselves as such. They view themselves as working class, and basically hear none of the candidates reflecting their lived experiences.
In America, chief executive pay is now 300 times more than the average worker. That’s a high enough ratio that presidential candidates are taking note on both sides of the aisle.