Free Republic

Nearly 6 in 10 American workers saw their wages grow more quickly than inflation in the past year, according to a new analysis from the Center for American Progress (CAP), a left-leaning think tank. Some 57 percent of workers earned higher inflation-adjusted wages in November compared to one year earlier, the analysis found. This represents a larger share of workers than the average before the COVID-19 pandemic, between 2017 and 2019. “In fact, real wages for a typical worker stand at about the level expected if there had been no pandemic or recession in early 2020 and if they had...

If you have read my articles for a while, you would know I am a big fan of studies that give a perspective of where the average American stands financially. Now, let me be clear: I wouldn’t use these as a basis for a financial plan by any stretch of the imagination. These studies don’t mean people are in a good or bad financial situation. Plus, they include a large contingent that lives below or at the poverty line.However, why I like these studies is twofold. First, finances are still taboo to talk about. Thus, most people have no sense...

On TikTok, this zeitgeist is called the "Silent Depression," comparing the current times to the era of the Great Depression. In the height of depression in the 1930s average income was $3,900 and today it is $56,000. The cost of a home was $3900 (3x income) in 1930 today average home costs $426,000 (8x income). The cost of a car was $600 (45% of income) today an average car costs 48,000 (85% of income). In 130 rent was $216 per year (16% of income) today average rent is $24,000 per year (42% of income).

As the holiday season approaches, a recent LendingClub report reveals that 60% of adults are grappling with the harsh reality of living paycheck to paycheck. Despite this financial strain, consumers are gearing up to overspend during the festive season, marking a concerning trend of "hyper-consumption." More Americans have experienced a decline in disposable income in 2022 than in any of the preceding seven years. This financial squeeze adds stress during a time traditionally associated with increased spending.

The fate of an obscure provision of President Donald Trump’s 2017 tax package, which will be reviewed by the Supreme Court next week, has many experts panicked over the potential to destabilize the nation’s tax system. In addition, some say the outcome could preemptively block Congress from creating a wealth tax. But the case has also exposed questions about the accuracy of the personal story a Washington State couple presented to the court in making their constitutional challenge to the tax, a one-time levy on offshore earnings. Charles and Kathleen Moore appear to have closer ties to the company central...

Can an economy in which 10% of the households qualify as middle class claim to offer widespread opportunities for secure prosperity? No, it cannot.Defining the middle class is a perpetually popular parlor game because it's well-known that the foundation of widespread prosperity is a broad-based middle class and a sturdy ladder of social mobility that enables those below the middle class to work their way up to middle class security.Here's an example of a typical trope on the subject: What Does It Take To Be Middle Class?The topic is also a perennial favorite because the middle class is losing ground....

The average American 65 years of age and up earns an annual pre-tax income of $60,359, and that same group spends $57,818 yearly, or $4,818 a month, according to the Bureau of Labor Statistics (BLS). That income doesn’t leave a lot of extra cash for unexpected expenses or emergencies. The average American aged 65-69 has about $200,000 in retirement savings, according to an analysis of Federal Reserve data, and might still need to work even when they reach retirement age. High expenses often play a role. Watch for these four categories of spending that eat into monthly expenses. 1. Housing...

As one of the most expensive cities in the world, it should come as no surprise that a third of New Yorkers are forking over half their income for rent. The devastating data comes from the latest report from the nonprofit the Community Service Society of New York, which found that 55% of households, or nearly 1.2 million households, in the Big Apple were “rent-burdened” in 2021, meaning tenants spent at least 30% of their income on rent. A staggering 34% of the city’s tenants were classified as “severely rent-burdened,” spending at least half their income on monthly rent as...

Senior citizens looking to relocate may want to steer clear of Hawaii as it ranks as the most expensive state to retire to, figures show. Retirees in the Aloha state require $121,000 to live comfortably, according to study by GoBankingRates - compared to those in Mississippi who need just $55,000. Washington DC, Massachusetts, California and New York were the next most expensive states to retire to, with an average annual cost of $94,000 across all four. After Mississippi the four cheapest states were Oklahoma, Alabama, Kansas and Iowa, with an average cost of $57,000 a year. Across the US, the...

Mayor Eric Adams warned that the cost of the ongoing migrant crisis will hurt low-income New Yorkers as he’s forced to dip into the city coffers and address the disaster without more federal or state help. Adams made the dire warning during an interview with Rev. Al Sharpton about a week after he said all NYC agencies may have to slash up to 15% from their budgets by springtime to cover the expenses tied to the crisis. The Democrat said the city has already spent $2 billion and is projected to spend $5 billion to care for and house asylum...

The glories of Bidenomics is on fully display. Despite what Lyin’ Biden says, Bidenomics is only working for the elites (top 1%). How Soviet/CCP command economy of him! Here is an ugly chart showing Bidenomics in action! We all know that Covid unleashed a torrent of Fed monetary stimulus AND Federal spending on Covid relief and green energy subsidies (most to large Democrats donors). BUT we now have experienced 3 consectutive quarters of negative gross domestic income (GDI) growth. And nominal GDI growth is falling with falling M2 Money growth. And today’s jobs report for August showed that only 187k...

In the modern rental market, some apartments and other types of homes for rent have requirements from their owners dictating the level of a tenant's income. Typically, these require tenants to make three times their monthly rent in income to qualify, with some requiring up to four times the rent to ensure tenants will pay each month. Over the past few years, rental rates have increased dramatically across the U.S., with a 16% increase observed nationally from 2021 to 2022, according to NerdWallet. While that growth has reportedly slowed, rents remain higher than they have historically. A TikToker questioned the...

BLS charts show interesting trends in real (inflation-adjusted) weekly earnings. Men are getting clobbered relative to women, but everyone is losing lately...Median real earnings from the BLS, inflation adjusted to the 1982-1984 CPI Index, chart by Mish.Median Weekly Real EarningsIn the first quarter of 1979 men were making $408 weekly. Today, men are making $391.In the first quarter of 1979 women were making $250 weekly. Today women are making $330 weekly.Collectively, people were making $335 then and now they are making $365.Men are getting clobbered, down 4.2 percent, while median women’s earnings have risen 32 percent. These numbers may look...

LOS ANGELES (KABC) -- The California Department of Housing and Community Development released new income limits this month, and they increased in most counties. These limits are calculated annually based on federal guidelines and are used to determine eligibility for things like affordable housing programs. In Orange County, one-person households making less than $80,000 a year are considered low-income, according to the California Department of Housing and Community Development. That's up from just under $76,000 last year, and puts Orange County as the most expensive of the Southern California counties. In Ventura County, it's a little over $74,000 and in...

ROCHESTER, N.Y. (WROC) — Mayor Malik Evans announced the launch of Rochester’s Guaranteed Basic Income program Thursday — a pilot program that would give $500 a month to around 350 families. The program will launch on Thursday, June 22 at 10 a.m. with an application form, and will be available for one week. To qualify, Mayor Evans says applicants must: Be 18 years of age or older Live in a qualified census track in the City of Rochester Have lived in the City for at least one year before applying Have a household income of at or below 185% of...

CHICAGO (CBS) –Mayor Brandon Johnson spoke Friday in favor of a basic income guarantee program at a conference held in Chicago. "We are ushering in a more dynamic, prosperous economy by giving people a guarantee that their lives have meaning," Johnson said. About 3,200 families are receiving direct payments in the first-ever Cook County Promise Guaranteed Income pilot program for low-earning households.

California will soon become the first state to determine residents’ electricity fees based on their income as part of a new effort to spur households toward full electrification and bring down the state’s soaring electricity costs for low-income Californians. Electricity bills are made up of fixed costs as well as fees that vary based on the amount of electricity residents use. Last year, the state passed a law giving the California public utilities commission a 1 July 2024 deadline to determine a fixed charge for household electric bills based on people’s income. The new income-based electricity bills could hit residents’...

AU.S. family of four needs to earn a minimum of $85,000 a year on average to "get by," which is nearly three times the federal poverty line and $27,000 more than the estimated needed annual average 10 years ago, according to a new poll When asked, "What is the smallest amount of money a family of four needs to make each year to get by in your community?", the average answer respondents gave was $85,000, according to a Gallup Poll released Friday. In 2013, the average answer was $58,000 annually. The poll also found that 30% of respondents said a...

A new poll out from Richard Baris shows that Trump is undoubtedly in the lead in the 2024 presidential race in the Rust Belt states. Trump leads the GOP primary field with 67.5 percent, and DeSantis comes in a distant second at 17.1 percent. Trump also leads President Biden in the poll, showing that likely voters prefer Trump to Biden 46.9 to 38.1 percent. Among those likely voters who were polled, 7.5 percent say they would opt for a third party candidate, and 7.4 percent are not yet decided. If DeSantis were to be the nominee, according to likely voters,...

New York City council is considering a plan to impose fines for parking and other violations that are adjusted based on the income of the offender. Depending on one's point of view, it's either a step toward more proportionate justice or a deeper embrace of Marxism. The proposal for a pilot program to test the concept comes from South Brooklyn Councilman Justin Brannan, whose colorful background includes being a hardcore punk guitarist for the bands Indecision and Most Precious Blood, and working in alternative-energy venture capital at Bear Stearns. New York City Councilman Justin Brannan (Matt Miller via New York...