Workers rallied in 100 cities on Thursday to raise awareness for increasing pressure to raise wages. The push comes as 19 cities and states already raised minimum wages. A report from Berkeley economists finds the low-wage fast food jobs are costing taxpayer billions of dollars in public assistance — everything from food stamps to Medicaid.
Congress still has a long to-do list and not much time left. The House hopes to wrap it up next week — just as the Senate returns from a Thanksgiving break. On many lawmakers' lists are efforts to complete a farm bill before milk prices go off the "dairy cliff." That on top of tough budget negotiations.
Sen. Elizabeth Warren, D- Mass., listens to testimony during a Banking Committee hearing on Nov. 12. In a Senate floor speech on Social Security last month, Warren said, "With some modest adjustments, we can keep the system solvent for many more years, and we could even increase benefits."
For the past three years, there's been a shortfall in the payroll taxes collected for Social Security. And as more baby boomers join the ranks of the 57 million people already receiving benefits, that deficit is bound to keep growing.
At the same time, the overall share of wages being taxed for Social Security is shrinking as the higher wages that are exempt have soared. The Social Security Board of Trustees predicts a nearly $3 trillion trust fund built up over decades will vanish within 20 years.
Originally published on Thu December 5, 2013 2:17 pm
When you're making eight bucks an hour, which is pretty typical in the fast-food industry, it's tough to make ends meet.
And increasingly, the working poor are asking this question: Why am I living in poverty, even when I'm working full time?
That's the message that thousands of fast-food workers rallying Thursday in about 100 U.S. cities — from Oakland to Memphis to Washington, D.C. — want heard. A living wage in big cities is closer to $14 an hour, and it jumps to about $20 an hour for an adult supporting a child.
Originally published on Thu December 5, 2013 11:23 am
The U.S. economy grew at an annual rate of 3.6 percent in the third quarter, according to data released Thursday by the Bureau of Economic Analysis. That's a rise from the second quarter, when the real gross domestic product tallied a 2.5 percent gain.
The pace of growth is the fastest since the first quarter of 2012, which clocked in at 3.7 percent.
Thursday's release is the "second" estimate for the third quarter, following up on data released in November that put the GDP's increase at 2.8 percent.
Wal-Mart opened its first two stores in Washington, D.C. yesterday, earning cheers from the district's mayor and some residents who say they'll be happy to shop in the city and not in the suburbs. But there have been months of debate over the wages the big box store pays its employees. Some activists and lawmakers say Wal-Mart does not pay workers enough to live on.
Let's take a closer look at people working for much less than $15 an hour. For one week this fall, writer Gabriel Thompson did temp work in a busy warehouse in Southern California's Inland Empire region, which he describes as the belly of the online shopping beast. The warehouse where he packed merchandise for 9 bucks an hour is owned by Ingram Micro, the world's largest technology distributor.
A payday loan is a costly form of credit operating on the fringes of the economy. That's why the target of a new crackdown by federal regulators may surprise you: Instead of a forlorn-looking storefront with a garish neon sign, it's your familiar neighborhood bank.
A small but growing number of banks, including some major players, have been offering the equivalent of payday loans, calling them "deposit advances."
That is, at least, until bank regulators stepped in Nov. 21 and put new restrictions on the loans.
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Protests are planned at fast-food chain restaurants 100 American cities today. Unions are staging these protests as part of a campaign to press the industry to pay more than the minimum wage. In fact, organizers are calling for $15 per hour. In some cases, that would double the pay that workers get now, and the industry appears unlikely to do that voluntarily.
Shopping is on everyone's mind during the holiday season — not just what to buy, but where you buy it. Host Michel Martin speaks with columnists David Sirota and Mario Loyola about shopping with your values in mind.