Gary Gensler, Chairman of the US Commodity Futures Trading CommissionThe massive and lavishly funded opposition to reasonable financial reform still wages a multi-front war to preserve the risk-oriented business model that produced the financial crisis of 2008.
But here's the fact that convinced me older Americans need more help managing their debt than new college grads: The age range of low- and middle-income Americans with the highest credit-card debt today is 65 and older — they owe an average of $9,283. By comparison, 18- to 24-year olds average just $2,982 in credit card debt; those aged 25 to 34 are about $5,156 in the red.
Tuesday's New York Times editorial on the Chamber of Commerce's clandestine intrusion into American politics didn't go far enough in explaining why hiding the identities of donors to political ads is harmful to our democracy.
Preparing the terrain for Senator Marco Rubio, his Florida colleague and friend, Representative David Rivera (R-Fla) introduced this week the Studying Towards Residency Status Act or STARS Act. This act is Rep. Rivera’s alternative to the DREAM Act that has stalled in Congress for nearly eleven years. Complimenting this Act, last January Rivera introduced similar legislation, the Adjusted Residency for Military Service Act or ARMS act.
Millions of Americans with damaged credit records are at risk of being unfairly denied job opportunities by companies that use credit histories to screen applicants. Faced with growing public complaints, seven states have rightly limited the use of credit histories by potential employers. Federal, state and local lawmakers who are considering similar legislation are on the right track.
There are more than 50 million Americans with investments in 401(k) and other defined-contribution retirement-savings plans. They’re about to be getting more information about the fees they pay.
By one estimate, it could be sobering news.
Retirement-plan administrators have to provide detailed information to employers by July 1 about the fees they charge. Employers have to share that information with workers in their plans by Aug. 30, and once a year after that. The charges include investment-related fees and fees for administering a plan itself.
The 2009 CARD Act has been celebrated for helping consumers: The law limits interest rate hikes, fees, and other frustrating aspects of the credit card industry. Now, on the three-year anniversary of the bill’s signing, a report from the research and advocacy organization Demos suggests that it has successfully helped middle- and low-income households pay down their balances and avoid fees.
As natural gas becomes more affordable, power plants are switching over from coal to save money. Since last March, power plants increased their natural gas use by 40 percent. Over the same time period, coal use fell to 57.6 million tons, down from 72.3 million ton in March 2011.
There is a terrible beauty in how America's constitutional system seems designed to stop big changes from ever happening -- or, more specifically, stops the majority of ordinary people from ever getting their hands on real power.
The average American couple could pay nearly $155,000 in fees for their 401(k) plans over their careers, reducing their eventual nest eggs by more than 30%, according to a new report.
American workers who don’t think twice about their employer-sponsored 401(k) plans may be surprised to learn that fees can cut their retirement savings by 30 percent over a lifetime.
A household with two people earning the median income of their age group from 25 to 65 will pay an average of $154,794 in 401(k) fees and lost returns, according to a report from progressive, non-partisan public policy research group, Demos, based in New York.
Americans are increasingly dependent on credit cards just to put food on the table and keep the lights on, a new study shows. Although we’re doing a better job overall paying our bills on time these days, many people are relying on more easily attainable credit just to keep their heads above water.
Do you know how much your 401k is costing you? I would wager not, nor have you ever asked your employer about costs or looked in fund documents to find out. Chances are, it’s far too much and it’s eating away your retirement nest egg.
Upcoming Labor Department regulations mandating disclosure of retirement-plan costs are long overdue. Even then (I haven’t seen the final version yet), they may be so bureaucratic that millions may ignore them.
In a series of posts at The Atlantic, Jonathan Adler has looked at how to advance environmental protection and action on climate change while still adhering to conservative principles like limited government and market-based solutions. Adler’s posts are interesting and thoughtful.
Here’s a question that you probably don’t want to answer honestly: What fees are you being charged by your 401(k) plan?
Don’t feel bad if you haven’t got a clue, because that puts you in the majority. An AARP study a few years back found that 65 percent of 401(k) account-holders didn’t know they were even paying fees.
