Paid family leave is finally gaining steam in the United States. President Obama and the Democratic presidential candidates universally embrace the idea. And while a conservative Congress may stymie federal action for years, states from New York to Colorado to Oregon are moving toward implementing their own family leave insurance systems, building on the success of policies already in place in California, New Jersey and Rhode Island.
Amy Traub, senior policy analyst at Demos, a public policy organization, told the Public News Service that the vast majority of people who work in New York would benefit from paid family leave.
Today more than a hundred New Yorkers from a host of organizations will descend on Albany, calling on their elected officials to finally guarantee paid family leave to working people statewide. They’ll argue that for too many New Yorkers, bonding with a new baby or tending to a loved one who is seriously ill is impossible without missing a much-needed paycheck. And the numbers back them up.
Seven years ago today, the Lilly Ledbetter Fair Pay Act became the first piece of legislation that newly-inaugurated President Obama signed into law. The law restored protections against pay discrimination that had been restricted by a recent Supreme Court decision, making it easier for working people to hold their employers accountable for discriminatory compensation.
But as Demos senior policy analyst Amy Traubpoints out in a blog post on Friday, "[b]eing paid less for doing the same job is just one aspect of the pay gap."
America’s growing inequality is well-documented. Less discussed is its intersection with another of the country’s defining trends, growing diversity.
Racial disparities in wealth are vast. And addressing inequality now and in the years ahead, means thinking seriously about the racial wealth gap and the steps we can take to ameliorate it.
Amy Traub, senior policy analyst at Demos, a New York-based nonpartisan public policy research organization, told Bloomberg BNA Jan. 20: ‘‘It’s really striking the way the growing protests we’ve seen by Wal-Mart workers, and increasing public pressure, has really pushed the world’s largest employer to raise wages and improve [work] schedules. It’s a huge victory for Wal-Mart workers [and] will ultimately benefit the company itself as employees have increased buying power.’’
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.
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.