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River Nice is a self-proclaimed anti-capitalist financial planner based in Philadelphia. They also want to empower young people with less wealth to meet their financial goals. It's a value system that makes their career as a financial planner unique. Nice wants to help young people be intentional and independent when it comes to their moneyThe stock market is a complicated topic in Nice's practice. Nice said, however, that the stock market is unavoidable for those making financial plans in the current US economy.
Men earning with college degrees earning at least $100k a year are clocking fewer hours at work. That's as men without degrees have been quitting due to perceived low social and financial prospects. Highly paid men typically work more hours than their peers, Yongseok Shin, an economist who co-wrote the paper, told Insider. Fueling that figure are young men without college degrees, according to the Boston Fed. Higher-paid men with college degrees have more financial mobility, and likely a stronger social self-estimation.
Higher-earning men with college degrees are clocking fewer hours at work. That's as men without degrees have been quitting due to perceived low social and financial prospects. Highly paid men typically work more hours than their peers, Yongseok Shin, an economist who co-wrote the paper, told The Wall Street Journal's Courtney Vinopal. Fueling that figure are young men without college degrees, according to the Boston Fed. Higher-paid men with college degrees have more financial mobility, and likely a stronger social self-estimation.
The issue brief stated that a "10% increase in median childcare prices was associated with 1 percentage-point lower county-level maternal employment rates." "High childcare prices and minimal public childcare investments are especially detrimental to employment among mothers with lower wages, as childcare affordability is out of reach," the researchers wrote. Childcare costs have outpaced inflation during the pandemic, according to one recent report, and the lion's share of childcare duties have fallen on women during the pandemic, causing them to leave the workforce en masse. Childcare workers made a mean hourly wage of $13.31 as of 2021, with the bottom 10% earning about $9 an hour. That's as childcare workers are more than twice as likely to live below the poverty line as those in other industries.
While net international migration in 2022 wasn't as high as in 2016 — the high point for immigration between 2010 to 2022 — it's still the highest since 2017. Additionally, the authors note that 2022 is the "first time net international migration increased since 2016." The US would have had about two million more immigrants if not for those policies, Insider estimated based on the average growth rate from 2011 to 2016 for net international migration. According to Peri, "the number of immigrants who can come in legally is constrained" by laws and procedures that haven't really changed. Since entering office, President Joe Biden has reversed a number of Trump's restrictive immigration policies, although a number of them are still in place.
House Republicans have alluded to cuts they want to make to the federal budget for months. They're becoming more explicit about those cuts involving Medicare and Social Security funds. So popular, in fact, that former President Donald Trump recently warned the GOP to keep them out of debt ceiling negotiations. The White House, and Democratic lawmakers, have criticized the GOP using the debt limit to implement cuts to Medicare and Social Security. "They claim their plan to use the debt ceiling to trigger global economic chaos is about fiscal responsibility.
One will allow employers to match workers' student loan payments in the form of retirement plan contributions. It's a boon for those who owe student debt, Tamara Telesko, Director of Wealth Planning at TIAA, told Insider. "Under our reforms, many more workers would access resources for retirement and see meaningful federal retirement contributions year after year." Telesko explained that this provision would be a way for people with student debt to build savings, which many can't. Shanna Bennett, a 37-year-old borrower who had more than $130,000 in student debt last year, currently works as a human resources manager.
Donald Trump told the GOP to leave Medicare and Social Security cuts out of debt ceiling negotiations. But former President Donald Trump is warning the GOP to keep social spending programs out of it. "Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security," Trump said in the video. However, in the lead-up to Trump's 2020 run, the former president embraced abandoning a payroll tax that helps fund Social Security. Republicans and Democrats have sparred over Medicare and Social Security for years, with Republicans routinely looking to cut benefits for both programs.
Four-day work week trials across the world have been successful for both employers and workers. But when it comes to the four-day work week, that's "an upper-class issue," Gennip said. "They're happy to do a 15-hour stretch, but they want an eight-hour break"Recent studies show that four-day work trials have been big successes. "We have Amazon workers who do four-day work weeks, but ten hours days, and they would prefer five eight-hour days." "Some people would rather have a five-day work week and have six weeks off," she said.
The Inflation Reduction Act passed last summer allots funds to explore a free federal tax filing service. The head of TurboTax's parent company says that a government-run tax filing service would be unethical. Intuit, a global financial technology platform, owns TurboTax, one of the leading paid tax filing services. In the US, tax filing services like TurboTax and H&R Block spend millions of dollars lobbying against free tax filing services. Commercial providers such as TurboTax and Tax Act offer their own free services for those earning under a certain amount.
Those concessions likely include budget cuts that will threaten Medicare and Social Security. Even if that agenda doesn't pass, negotiations could threaten Social Security payments, advocates say. According to a screenshot of the presentation viewed by CNN, the spending priorities were vague but mentioned reforms to "mandatory spending programs" that could include Social Security and Medicare. But it looks like some House Republicans are already strong-arming the policy direction of their renewed majority. Johnson also noted that any sort of stalemate over budget negotiations could endanger the timely payment of Social Security benefits, which would hurt seniors.
That's partially due to inflation woes, but spending on travel and recreation still remains high. That's largely due to an unprecedented boon in cash from stimulus checks and other pandemic aid along with reduced spending amid the pandemic. Inflation has been eating into Americans' wallets for the last two years, but it's not the only reason savings are falling. Spending has remained strong overall, especially for in-person services that were especially constrained during the worst of the pandemic, said Goodarzi. Credit bureau Experian defines a score of 580 to 669 as "fair," and most Americans fall somewhere between 600 and 750.
A greater number are also offering remote work options, educational benefits, and fertility services. It's not just about remote work, though that remains one of the most important benefits for many workers. "What we're also seeing is that there are different approaches to hybrid work that people are exploring." This comes as more companies are outsourcing talent from lower cost-of-living countries after the pandemic made remote work more feasible. Some of these companies are also giving staffers the option of shorter workweeks and remote work.
Some companies have been threatening to fire workers who don't return to the office, The Wall Street Journal reported. Bosses are gaining leverage over employees due to recession anxiety. But most people will likely keep their jobs in the event of a recession, experts say. That's because the recession that could hit this year is giving employers a leg to stand on in their pandemic-long fight to get workers back in the office. A survey from Insight Global last summer found that 78% of US workers are worried about losing their jobs during the next recession.
Slater Vance joined in on a TikTok trend where users lie about celebrity deaths to their parents. Many social media users have called the trend distasteful. That's what 16-year-old Slater Vance learned last week, after joining in on it using his own famous parents: actors Angela Bassett and Courtney B. Vance. The trend involves users pranking their families on camera, pretending that celebrities — usually ones beloved to their parents — have died. "Angela Bassett and Courtney B. Vance just put an end to that TikTok trend and we owe them a debt of gratitude," one user said.
Alabama's permitless carry law went into effect with the start of the new year. Over the past two decades, gun control laws have weakened at the state and federal levels. The law signaled a gun rights landmark for the US: Now, half of the 50 states allow people to carry handguns without permits. More than 600 mass shootings transpired in the US in 2022, making it the second-highest annual total for mass shootings on record, according to data compiled by the Gun Violence Archive, a non-profit tracking gun violence. There were more mass shootings in the last half decade than in any other five-year period going back to 1966, the Marshall Project found last year.
Anita Pointer, who penned many of the Pointer Sisters' hits, died at the age of 74. Pointer and her sisters broke ground for Black women in country and pop with their hits in the '70s and '80s. Pointer was a founding member of the Pointer Sisters, a vocal group from Oakland that achieved critical and commercial success in the '70s and '80s, blending genres such as blues, pop, and R&B. On the original recording, Pointer was also the lead vocalist, as she was for many of the group's hits. In addition to being the first female African-American act to appear at the Grand Ole Opry, the Pointer Sisters were also the first contemporary artists to perform at the San Francisco Opera House.
Wages have been going up this year, but so have prices — and prices are growing faster. Skyrocketing inflation has meant that a pay raise of 7.1% or below is essentially a pay cut. It's the time of year when annual raises come in, but if you didn't see a pay hike of at least 7.1%, you're effectively making less. But many workers haven't seen their real wages outpace inflation since 2021, even as they have more bargaining power than they've seen in decades. "If there are 100 chairs and 50 workers, workers are cool, man!"
Nearly 17 million Americans describe themselves as digital nomads. Insider previously spoke with three people who have embraced the digital nomad lifestyle. Nearly 17 million Americans describe themselves as digital nomads, a 9% increase from 2021 and 131% from 2019, according to a MBO Partners' 2022 State of Independence study of more than 6,000 US adults, including 901 current digital nomads. Driving this trend is the growth of remote work, which has provided many workers the flexibility to work outside their homes. The digital nomad life isn't without its challenges, but Insider previously spoke with three people who are making it work for them.
Remote work has become increasingly popular, and make-or-break for many Americans when choosing jobs. Workers are using their current bargaining power to ask for better pay, flexibility, and work-life balance. Insider talked to three remote workers about how they did so. That's because remote work has changed his life for the better, he said. "Work was definitely a thorn in my side that really affected my entire life," she told Insider.
A couple from Minnesota gets by on disability benefits and a basic-income program aimed at parents. The St. Paul pilot program launched in 2020 provides 150 families $500 per month for 18 months. The possibilities opened up for their family when Malissa was chosen for a guaranteed-income pilot program in her hometown of St. Paul, Minnesota. Money from guaranteed-income programs does not typically affect one's eligibility for public-assistance programs in the way employment can. The couple has been supporting their family on about $2,000 per month in disability income because of mental-health issues and complications from a childhood case of spinal meningitis.
A top Biden economist said the president is looking to fix the labor shortage by making it easier to get back to work. That includes giving people childcare options and lowering "costs for consumers." Deese is also referencing the high inflation that the Federal Reserve is fighting to curb, and that Americans are struggling to keep up with, adding that the White House will potentially take administrative actions to reduce the price of housing. Deese was not specific about what White House economists' plans would be beyond that, but he suggested childcare was key to making sure that parents would be able to work. Such provisions may be hard for Biden to pull off after losing control of the House to Republicans this year.
A New York City non-profit is piloting a program to pay for students' housing so they can complete their degrees. The New York Times spoke with one student who was on the verge of dropping out before receiving this benefit. According to one 2019 reported from The Hope Center for College, Community, and Justice, almost three in five college students reported experiencing housing insecurity the previous year. 18% of two-year college students and 14% of four-year students reported experiencing homelessness at some point, the researchers found. Homeless students reported lower GPAs and higher dropout rates, according to a report by the UCLA Center for the Transformation of Schools.
The Biden administration announced its plan to cut US homelessness by 25% in 2 years. That's according to an announcement from the White House this week, in which the Biden administration outlined its plan to build on homelessness-reducing initiatives started during the pandemic. ARP money is already on track to secure permanent housing for more than 100,000 people through the end of 2022, the White House said. There's reason to believe that the Biden administration's plan to address these surges is a promising one, Berg said. "In the past, the focus was a lot on what homeless programs are doing to get homeless people back in housing, which is very important and I don't want to put that down," he said.
Renee Semarge has had long COVID symptoms for a year now, and it's making work much harder. Much of long COVID is a mystery to healthcare professionals — why it happens, how to treat it — but data shows that it has affected millions of Americans. Many other workers, however, may be hesitant to reveal that they have long COVID. Long COVID treatments "have eaten our savings"Semarge's candor about her condition at work is a departure from what her father always taught her. Long COVID treatments, she said, "have eaten our savings.
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