Income
Millennials Want to Retire at 50. How to Afford It Is Another Matter.
“You don’t want to have all of your savings in pretax retirement accounts that can be costly to use before age 59.5,” he said. Mr. Northrup will sometimes recommend that his millennial clients reduce their retirement savings to have more cash available for shorter-term goals like buying a house, taking a trip or paying down […]
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Income and Spending Rose Less Than Prices in May
Americans’ income and spending failed to keep pace with rising prices in May, the latest sign that the fastest inflation in a generation is chipping away at the bedrock of the economic recovery. Consumer spending, adjusted for inflation, fell for the first time this year, declining 0.4 percent from April, the Commerce Department said Thursday. […]
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How Inflation Is Altering People’s Behavior
Americans are suffering from sticker shock. With inflation running at 8.6 percent, its fastest pace in 40 years, people are balking at the rising cost of everything from groceries to gas. In May 2021, the average price of a dozen large eggs was $1.60. A year later, it was $2.80 — an increase of 75 […]
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Biden’s Tax Forms Show He and the First Lady Earned $610,702 in 2021
WASHINGTON — President Biden and his wife on Friday reported earning $610,702 in 2021, almost the same amount the couple said they earned the year before, according to copies of their tax return made public by the White House. The release of their return — which comes just days before Monday’s deadline for Americans to […]
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Why Small Towns Are Attracting More Newcomers
Research by Rebecca Diamond, an economist at Stanford University, and Enrico Moretti, an economist at the University of California, Berkeley, explains the attraction. They worked out how costs affect living standards in various parts of the country. Workers without a four-year college degree earn little in the Cookeville commuting zone — their income puts them […]
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Cash Aid to Poor Mothers Increases Brain Activity in Babies, Study Finds
The question of whether cash aid helps or hurts children is central to social policy. Progressives argue that poor children need an income floor, citing research that shows even brief periods of childhood poverty can lead to lower adult earnings and worse health. Conservatives say unconditional payments erode work and marriage, increasing poverty in the […]
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