Money
The Biden-Harris Administration is Taking Action on Junk Fees that Hurt Americans’ Pocketbooks and the Economy
"Academic research and agency experience suggest the following fees and fee practices fall within this category: Mandatory fees that often hide the full price. Some sellers publish a low price and then add mandatory fees later, at the “back-end” of the buying process or when a consumer tries to terminate the service... As the research shows, by hiding the full price, this practice can lead consumers to pay more than they would otherwise, and it also makes it hard for consumers to comparison shop... An example is the “service fees” added to the cost of a ticket to a concert or sporting event. more »
GAO Report, Older Households: Comparison of Income, Wealth, and Survival in the United States with Selected Countries
"In recent decades, income and wealth disparities have been increasing among older Americans and exceed those in Canada, Germany, and the United Kingdom. We found: In 2007, older Americans in a typical low-income household needed to work 12 years to equal what a typical high-income older household earned in 1 year; there were similar gaps in Germany, where they'd need to work 6 years, and 10 years in the U.K. Higher income and wealth were associated with living longer in the U.S. and the U.K. for those under 80 years old." more »
Social Security Announces 8.7 Percent Benefit Increase for 2023; On average, Social Security benefits will increase by more than $140 per month starting in January.
“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said. To view a COLA message from Acting Commissioner Kijakazi, please visit www.youtube.com/watch?v=Vgm5q4YT1AM. The Social Security Act provides for how the COLA is calculated. To read more, please visit www.ssa.gov/cola. more »
Gender and Labor Markets by Diego Mendez-Carbajo* : "Sure [Fred Astaire] was great, but don't forget that Ginger Rogers did everything he did…backwards and in high heels." — Robert Thaves1
"...Recent research suggests that the key to understanding at least part of the unexplained portion of the gender wage gap might have to do with marriage. Although the gender wage gap between never-married men and never-married women is small, married men earn much higher wages than everybody else in the labor force. It is not immediately clear why married men earn more than single men, but the fact that they do earn so much more than other workers helps explain, at least in part, the presence of a wage and earnings gap between genders..." more »