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In a recent interview with MSNBC, Galloway discussed the current challenges facing young adults, remarking, “For the first time in our nation's history, a 30-year-old man or woman isn't doing as well as his or her parents were at 30, that is the social compact breaking down.” According to a 2016 study from Harvard-based research initiative Opportunity Insights, over 90% of children born in the 1940s grew up to earn more than their parents at age 30. However, for children born in the 1980s, only half managed to outearn their parents. Galloway, said the economy is "purposely" transferring money to...

As we approach what is likely to be the most chaotic presidential election in U.S. history, troubling signs are starting to erupt for the U.S. economy. In fact, CNN is actually admitting that “the long-predicted storm clouds in the economy may actually be forming”. I can’t remember the last time that I saw a CNN article with a headline like that. But at this point, it is becoming extremely difficult for the mainstream media to avoid the truth. Inflation is getting worse at the same time that many key sectors of our economy are slowing down. If you thought that...

Friday’s jobs report has everyone excited. Everyone, that is, who is pulling for Joe Biden to win reelection. Outside that blinkered lot, the pain of Bidenomics is still very real. “Today’s report marks a milestone in America’s comeback,” he said. “Three years ago, I inherited an economy on the brink” – a lie we’ve repeatedly exposed – “With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office” – another lie; as we noted last week, the economy has created only 5 million net new jobs under Biden,...

By Nicolas Vega,CNBC • Published February 17, 2024 • Updated on February 17, 2024 at 11:17 am New York City has long been known for two things: being expensive and its pizza. Now, it's known for its expensive pizza. The five boroughs are officially home to the priciest pizza in the nation, according to new research from Clever Real Estate. A large cheese pizza in the Big Apple will cost you $28.60 on average, according to the research. That's nearly double what a plain pie will run you in Richmond, Virginia, the home of the country's cheapest pizza, where the...

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).

Soaring home insurance premiums in Florida are putting residents under unbearable financial pressure, with many telling Newsweek that they are considering leaving the state or moving somewhere cheaper within Florida. The state has currently the most expensive home insurance premiums in the country, according to a recent report by the Insurance Information Institute. Residents are currently paying on average more than $4,200 per year compared to the national average of $1,700, according to data from Triple I. While this is due in part to the increased risk of devastating weather events like hurricanes, other factors—including an excess of litigation and...

(NewsNation) – The Social Security Administration announced 2024’s cost-of-living adjustment (COLA) just over a month ago, confirming a 3.2% bump in benefits for retirees. Here’s what you need to know. How does the 2024 increase compare to 2023’s? While still one of the largest increases in decades, 2024’s COLA increase of 3.2% is far below the 8.7% bump that recipients were granted in 2023.

When it comes to housing, living expenses, taxes, insurance, and even grocery costs, South Dakota is the winner for the most affordable place to live in the United States. In its "Cheapest States to Live in 2023" report, Scholaroo, a college scholarship search platform, analyzed all 50 states using 31 metrics, which also included cable, internet, utility, medical, transportation, and even haircut and manicure costs.Indiana came in second, followed by Arkansas, Mississippi, and Nebraska.Scholaroo spokesperson Abigail Da Costa told The Epoch Times that this is the first time the platform has conducted the analysis on the average cost of living...

Former President Donald Trump will call on Florida Gov. Ron DeSantis (R) to “get back” to Florida and “do the job he was elected to do,” during his keynote address at the Turning Point Action Conference in West Palm Beach, Florida, according to prepared remarks obtained by Breitbart News.“It is time for Ron DeSanctus to get back here and do the job he was elected to do—be the Governor of FLORIDA,” Trump’s prepared remarks say. “He’s got to get home and take care of business.”Trump will urge DeSantis to return to Florida to address the home and car insurance crisis...

Property Insurance experts are weighing in on one state senator’s call for another special session to address the skyrocketing cost of property insurance for millions of Floridians. Gov. DeSantis is also urging patience, and quote “knocking on wood that we won’t have a big storm this summer.” “So knock on wood (that) we won’t have a big storm this summer,” he also said. “Then I think you’re going to start to see companies see an advantage.” “We have seen some projections that other companies may decide to take similar actions and withdraw from the state,” Friedlander said. “But we have...

Florida Gov. Ron DeSantis raised some questions Friday when he suggested that Citizens Property Insurance Corp., the state-created insurer, has “not been solvent” and may be unable to pay all claims from a major hurricane.The head-scratching comments came just hours before the Citizens board of governors voted to spend more than $170 million over the next three years on $500 million in reinsurance bonds.DeSantis made his statement at a news conference in Fort Myers, a city that took the brunt of Hurricane Ian last September, and where many homeowners are now complaining that they’ve received little or no payouts on...

Ron DeSantis, the rightwing Republican governor of Florida and a likely 2024 presidential candidate, has handed favors to his big-money donors in the insurance industry at the expense of cash-strapped residents of his state, a new report claims. The report, “How Ron DeSantis sold out Florida homeowners”, draws on contributions from the American Federation of Teachers union, the non-profit Center for Popular Democracy, the voting rights group Florida Rising and the dark money watchdog Hedge Clippers. [cut] the report’s authors suggest, that DeSantis’s administration has put the insurance companies’ interests ahead of Florida’s own citizens, who are battling homeowner insurance...

Six-figure salaries have long been seen as a milestone for gauging success — the peak between the arduous grind of climbing the income ladder and breathing a deep sigh of relief. Those with a $100,000 salary earn more than double the median individual income for 2021, which might imply financial comfort on first glance. But when accounting for taxes and cost of living in America’s largest cities, those six-figures will feel much smaller.Ultimately, to have the purchasing power of $100,000, you will have to earn a substantially higher salary. With this in mind, SmartAsset set out to determine the salary...

Seen as a sign of success and financial comfort, a six-figure salary has long been an important milestone for American workers. But the times have changed and $100,000 isn’t quite what it used to be, especially as rampant inflation continues to sap the purchasing power of money and push the cost of living higher. In fact, 51% of people who earn more than $100,000 reported living paycheck to paycheck in December 2022 – 7% higher than a year earlier – according to a recent survey from PYMNTS and LendingClub. To see how much $100,000 is actually worth in different parts...

In 2019, I bought a three-bedroom, 1,400-square-feet house in Atlanta, Georgia for $196,000. I figured I could earn extra income by renting out the spare rooms on Airbnb, especially since I traveled a lot for work and was rarely home. Unfortunately, the bookings dried up in 2020. No one wanted to share a house with a stranger in the early days of the pandemic. My work travels also stopped, so I was living alone in a house that felt too big. But that May, as I stared out the kitchen window into my huge backyard, something clicked: I could use...

Fertilizer Giant Yara Slashes European Output As Energy Crisis Worsens.. Europe’s fertilizer supply crunch continues to tighten after Yara International ASA announced Thursday that third-quarter ammonia output was slashed due to skyrocketing natural gas prices, putting more upward pressure on food inflation as the cost-of-living crisis worsens. The Norwegian producer said ammonia output in the quarter dropped to 57% of capacity in Europe, plunging from 81% in the previous quarter. It warned output could collapse to just 35% if NatGas prices stay elevated through the cold season, according to Bloomberg. Russia’s squeeze on NatGas, Western sanctions on Moscow inhibiting energy...

Rising food prices, startling energy bills, and frustration with politicians and employers brought 10,000 people to the streets of Brussels on Wednesday. Dressed in green, blue and red, the colours of the three main unions – the anger was palpable as they gathered in the city centre. Protestors told Euronews they want local, national and European politicians to react now and take immediate measures to help them with the financial burden of the crisis. They say the responsibility lies with national politicians to address the matters now and not to blame geopolitics. "I have been working for the past 23...

Experts have warned the risks of civil unrest are growing in even the wealthiest countries of Europe, particularly due to the skyrocketing energy bills and cost of living crisis. Risk consultancy firm Verisk Maplecroft warned that Germany and Norway are two developed economies that have already been facing some disruptions to daily life as a result of labour actions. Earlier today, pilots at Lufthansa went on strike, forcing the German airline to cancel hundreds of flights in Frankfurt and Munich.

Hot government inflation data points to an 8.6% cost-of-living adjustment for 2023, The Senior Citizens League said Friday. That would top a 5.9% boost to benefits that went into effect this year, the highest in about 40 years. Some advocacy groups and lawmakers want to change the way those annual adjustments to benefits are calculated. Image Source | Getty Images New government inflation data came in hotter than expected last week. If record-high prices don’t subside, that will lead to a higher Social Security cost-of-living adjustment in 2023. Yet even with a more generous boost to benefits next year, there’s...

Most of the time, the vast majority of Americans simply do not care about economics. And it pains me to say that, because I have been running a website about economics for more than a decade. But it is true. Under normal circumstances, most hard working Americans don’t have the time or the energy to debate the finer points of economic policy. But now things have changed. Here in 2022, our leaders have messed things up so badly that suddenly just about everyone is feeling the pain. Most people just want economic conditions to “return to normal”, but that isn’t...