The past decade of economic recovery looks pretty great at first glance. Unemployment is at its lowest rate in 50 years, and economic growth and the stock market have both been rising in the decade since the crash.
“We want prosperity to be widely shared,” Powell said Wednesday evening. “We need policies to make that happen.”
The American middle-class ideal was forged in the decades after World War II, when economic growth and wage increases climbed in lockstep for nearly 30 years. That pairing dissolved abruptly in the 1970s. Between 1973 and 2017, according to the Economic Policy Institute, the productivity of the economy grew 77%—but average compensation rose only 12.4%, adjusted for inflation.
Less than four months ago, a research report released by the Washington, D.C.-based National Institute on Retirement Security (NIRS), using an analysis of U.S. Census data, found that even with the nation’s economic recovery, savings levels of working age Americans are inadequate for America’s retirees to rely on.
In the 1930s, concentrations of wealth and a diminishing middle class exacerbated the cruel impact of the Great Depression.
The recent announcement by the founder of Amazon, Jeff Bezos, that his company would give substantial raises to its lowest-paid employees should not blind us to the fact that most American workers are not receiving big wage increases.
Contrary to the ideal of a government of and by the people, new research shows Americans are almost always governed by the very privileged.
If you can find anyone not directly employed by President Trump who thinks that is remotely true, I’d be shocked. It’s certainly the case that unemployment is extremely low. But what is the state of the American worker, and what is the Trump administration doing for them? Or rather, what is the administration doing to them?
WASHINGTON — President Trump heads into a midterm referendum on his presidency showing no real progress on a core promise: to raise the wages of America’s ‘‘forgotten man and woman.’’
Marty Walsh is a college dropout and recovering alcoholic who grew up in a union household and worked his way up through organized labor and local politics. In many ways, he fits the profile of the kind of white working-class man who put Donald Trump in the White House.
Sen Bernie Sanders (I-Vt.) on Thursday slammed President Trump for “going to war against working people” in America.
One of the mysteries of personal finance has been the disconnect between the income inequality afflicting the working public and the claims by fiscal conservatives that most people’s retirement lifestyles will be perfectly comfortable.
With Senate Republican leadership pulling their healthcare bill, titled “Better Care Reconciliation Act of 2017,” scheduled for a vote before the Fourth of July recess, because they were unable find 50 votes, opponents continue their lobby against an anticipated rewrite of the unpopular Senate bill.
Mary Savage an NCPSSM volunteer displays her sign to Protect Medicare and Social Security.
The future of Medicare and Medicaid may depend on Sen. Charles Grassley.
Letter to Deseret News: “Voters Will Punish Elected Leaders who Tamper with Social Security and Medicare”
According to a new poll commissioned by our organization, 79% of likely voters support increasing – not cutting – Social Security benefits.
While President Trump won over 52 % of seniors in November, Democrats are hoping that Trump and congressional Republicans are providing the party with openings around issues such as healthcare and his budget proposal that can be used to win older voters back.
The future of Medicare and Medicaid may depend on John McCain. He is one of a handful of Senate Republicans who could serve as a firewall against harmful changes to this crucial program that Arizona seniors rely upon.
Politico: Sen. Susan Collins (R-ME) on Thursday said she couldn’t back the House GOP’s Obamacare repeal-and-replace legislation, an expected — if crucial — defection for Republicans trying to corral enough votes to enact a repeal bill.
The GOP plan, which replaces Obamacare’s subsidies with a tax credit scheme, ends up offering less financial assistance to older, lower-income Americans, particularly in rural areas where premiums are higher — groups that tended to support Trump. On top of that, the plan would permit for higher premiums on older Americans.
Portland Press Herald – 2/27/2017 “She is one of a handful of Senate Republicans who could serve as a firewall against harmful changes to a program that 306,000 Maine seniors and people with disabilities rely upon.”
The dim retirement outlook for today’s young people means the smart play is to expand benefits. That can be achieved easily by lifting the cap on wages subject to payroll taxes.
Sen. Bernie Sanders (I-Vt.) is the tip of the spear of the Democratic comeback that began immediately after the 2016 elections. He represents the true working-class hero who offers ideas that bridge divides in American politics.
In a pre-emptive move designed to defend health and retirement security benefits for working Americans, the National Committee to Preserve Social Security and Medicare is launching a new advocacy and education campaign called “Stop the War on the Working Class.”
Few will disagree that most Americans aren’t saving enough for retirement. With household income flat in recent years and many high-income jobs going away, it isn’t easy.
For many months on the campaign trail, Donald Trump sent a clear message about his fellow Republicans: Ideologically, I’m not one of them. This wasn’t just true on trade, but also on safety-net programs that protect, among others, low-income whites. President Trump, he said, won’t let people die in the streets and will protect Medicare and Social Security from those heartless Paul Ryan types who are forever salivating at the chance to slash them to ribbons.
Americans overwhelmingly support traditional Social Security and Medicare and oppose benefit cuts, according to a new poll released today by the National Committee to Preserve Social Security and Medicare. At a time when Congressional Republicans are proposing to fundamentally alter both programs, strong majorities of voters want Congress to protect Social Security and Medicare – and intensely disagree with key provisions of GOP plans.
As one of the nation’s leading advocates for seniors, The National Committee to Preserve Social Security and Medicare has called upon four Republican Senators to serve as a “firewall” against harmful changes to Medicare.
Donald Trump made a lot of promises to the American people during the Presidential campaign. For seniors, who supported him overwhelmingly, none was more important that his promise “not to touch” middle-class benefits in Social Security and Medicare. There’s no doubt his political calculus during this campaign accurately tapped in to a core middle-class value.