Health/Food Posts Tagged as 'Economy'
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Loads of houses are up for sale -- but middle-class buyers are still shut out
Despite an uptick in homes on the market and weakening home sales across the country, home ownership is out of reach for a growing number of middle-class buyers, according to a recent report from real estate brokerage Redfin.
An analysis of U.S. homes on the market in 2017 and 2018 found that the number of affordable homes for sale has decreased in 86 percent of metro areas (of 49 included in the study), even as the number of homes on the market grew. While buyers normally benefit from better availability in competitive housing markets, it doesn’t help if the majority of available homes are priced for the wealthy.
“For the past few years, home prices have gone up faster than wages,” said Daryl Fairweather, chief economist at Redfin. “That kind of growth really isn’t sustainable. At a certain point, there won’t be enough buyers left for the homes left on the market.”
Boise and Reno Capitalize on the California Real Estate Exodus
For some Californians, the state’s punishing housing costs, high taxes, and constant threat of natural disaster have all become too much. They’re making their escape to areas such as Boise, Phoenix, and Reno, Nev., fueling some of the biggest home-price gains in the country. While the moves are motivated mainly by economics, they’re also highlighting political divides as conservatives from the blue state seek friendlier areas and liberal transplants find themselves in sometimes hostile territory.
Where Are All Of The Pro-Choice Men?
Abortion rights and reproductive freedom are in jeopardy like never before. The Trump administration has proposed radical cutbacks to Title X, the nation’s only federal grant for family planning services. And now, with the nomination of Judge Brett Kavanaugh to the Supreme Court, Roe v. Wade and the right to safe, legal abortion are in imminent danger. A recently leaked email revealed that Kavanaugh once disputed the description of Roe v. Wade as “settled law” and said it could be easily overruled.
The American people have not been silent in their opposition to Trump and his decidedly anti-abortion Supreme Court nominee. Protests and demonstrations have been ongoing since Kavanaugh’s confirmation hearings began on Tuesday. People are standing outside the hearing room holding signs or wearing T-shirts or “Handmaid’s Tale” costumes. Some are even interrupting the hearing itself.
But almost all of the protesters are women.
This is how much money you need to make to afford rent in every state
The rule of thumb on how much a person should budget for rent is 25% to 30% of monthly income. But due to inflation in property values and surging demand, affordable housing is increasingly becoming a pipe dream in some states.
Among the most expensive rental markets is the nation’s capital, where a person must make an average of $8,487 a month to rent, according to cost estimating site HowMuch.net.
In California, the richest state in the U.S. based on gross domestic product, the monthly income to afford renting a house is $8,313, followed by Hawaii at $7,806 and New York at $7,223.
Republicans admit they’ll slash Medicare, Social Security to pay for their tax cuts
Slowly but surely, Republicans that supported the trillion dollar Trump tax bill are revealing their true motivations: slashing Medicare and Social Security.
During a Sunday interview with CNBC’s John Harwood, Rep. Steve Stivers (R-OH) urged entitlement reform as the deficit continues to balloon as a result of the GOP tax cuts.
“I do think we need to deal with some of our spending,” Stivers said. “We’ve got try to figure out how to spend less.”
Cannabis stocks soar to new highs
Rival Cronos Group (CRON) has soared more than 40% in the past week, including an 11% pop Tuesday. Tilray (TLRY), another competitor that just went public on the Nasdaq last month, has skyrocketed more than 60% in the last five days. Tilray shares were up 10% alone on Tuesday.
Both companies, which are also based in Canada, have clearly attracted more interest after Constellation (STZ) took an increased stake in Canopy Growth. That deal, announced last week, led to a 30% surge in Canopy's stock (CGC).
Investors are betting that Constellation, which owns Corona and other spirits and wine brands, may eventually launch cannabis-based beverages and other products.
Infused drinks likely won't be for sale in the United States, where cannabis continues to be prohibited by the federal government.
In America, wage growth is getting wiped out entirely by inflation
U.S. workers' paychecks are worth less than they were a year ago, the Labor Department reported Friday, as modest wage gains have failed to keep pace with inflation.
Inflation rose 2.9 percent from July 2017 to July 2018, the department reported, while average hourly pay increased 2.7 percent over the same period.
The lack of real wage gains comes despite a strong economy, with sustained growth and an unemployment rate of 3.9 percent — one of the lowest levels in decades.
The Labor Department tracks average hourly pay adjusted for inflation, which is known as the “real wage.” According to the federal government, the real average hourly wage was $10.78 in July 2017 and $10.76 in July 2018. Real wages have been on a sharp decline since the start of the year, mainly because energy prices have increased while pay has stayed flat.
The Washington Post
This High School Teacher Quit His Job to Deliver Groceries. Now He's Making $100,000 a Year
For the past two decades, Ed Hennessey has spent his days teaching high school and his nights picking up shifts at Blockbuster, Steak ‘n Shake and Target — “you name it, I’ve done it,” he jokes.
But as of this summer, Hennessey is retired from education. He’s found a much more lucrative job delivering groceries.
As millennials, especially Latinos and blacks, own fewer homes, wealth gap will grow
Angely Mercado, 26, who has a master's degree in journalism, makes a living as a freelance writer; she hopes to land a full-time job at some point.
The Queens, New York, resident was clear when she was asked where home ownership stood on her list of priorities. “I wish it could be higher, but it's not financially possible,” said Mercado, who describes herself as very budget conscious and someone who obtained scholarships so she wouldn't have student loans like so many young people her age.
Still, Mercado has to live with her parents in the home they own. She's part of a generation of millennials who are less likely than previous generations to buy homes, according to a new report from Better Mortgage, a digital lender focused on improving access to home finance, and the Urban Institute, a nonprofit organization with a focus on social and economic policy.
Red states will lose the most in trade war with China: Citigroup
The U.S. officially implemented tariffs on Chinese imports, to which China immediately retaliated to with levies of its own.
This tit-for-tat trade war would mostly impact states that voted “overwhelmingly” in favor of Trump in 2016 as they possess “jobs and output significantly affected by tariffs,” says Dana Peterson, Citi's North America economist.
She notes, “80 percent of ‘red’ states produce goods subject to retaliatory tariffs totaling 10 percent or more of GDP, compared to 10 percent of ‘blue’ states.”
Fed Raises Interest Rates, Signals 2 More Hikes This Year
The Federal Reserve increased a key interest rate again Wednesday, which will trigger higher rates on credit cards, home equity lines and other kinds of borrowing.
Wednesday's action, which was widely expected, was the second Fed rate hike this year — and the seventh since it began boosting them in 2015. The latest increase puts the federal funds rate in a range between 1.75 and 2 percent. The Fed previously nudged rates up in March.
The Fed also signaled that it will raise rates more this year than previously expected — four times rather than three.
Trump plan would raise rents on poor people by 26% on average
The Trump administration’s latest attack on housing assistance would boost rents by an average 26 percent for millions of financially vulnerable Americans and increase the risk of homelessness, a Center on Budget and Policy Priorities analysis found.
Department of Housing and Urban Development (HUD) Secretary Ben Carson claimed the “Make Affordable Housing Work Act,” which he announced on April 25, would create a path towards self-sufficiency for low-income Americans receiving housing assistance.
Under the plan, which still needs Congressional approval, people receiving housing assistance would see the percentage of their total income they are required to pay towards housing increase from 30 to 35 percent. It would also raise the minimum monthly rent on the 712,000 most financially vulnerable families from $50 to $150 per month, eliminate deductions for medical care and child care, and allow housing authorities to impose work requirements.
The most and least expensive places to live in America
America's big coastal cities are really expensive.
The Bureau of Economic Analysis recently released data on personal income and the cost of living in 2016 for metropolitan and nonmetropolitan parts of states, including the relative cost of living in different parts of the country.
Regional price parity is an index that sets the national average cost of goods and services at 100, with a particular region's RPP showing how the cost of living in that region compares with that average.
For example, the New York metropolitan area had an RPP of 122 in 2016, meaning the city and its suburbs are about 22% more expensive than the national average.
A Millionaire Mindset Never Made Anyone Rich
The notion that just thinking something can make it happen is a joke. Too bad some people fall for it.
The past three decades of minimal real wage growth have led some people to wonder why they haven't gotten ahead. And in much the same way that nature abhors a vacuum, con artists hate missing an opportunity to separate suckers from their money. This might explain why we see a special class of self-help gurus -- none of whom were rich until they developed this particularly odious grift -- who have dedicated themselves to convincing people that if you only believe it, it can happen. Typical of the genre are platitudes like this:
What’s the main thing that separates the rich from the poor? Ask any of the financially free people, and they will tell you the same: their mindset.
Whole Foods Is Suffering From Food Shortages and Customers Are Pissed
Amazon’s grocery delivery service has seen a major boost following the retail giant’s acquisition of Whole Foods — but the grocer’s IRL stores seem to be having some issues.
Whole Foods stores are suffering inventory shortages, leading to empty shelves, according to several employees that spoke with Business Insider. The shortages are being attributed to a new ordering system the grocer introduced company-wide in early 2017. (Amazon acquired Whole Foods in June 2017.)
Referred to as “order-to-shelf,” or OTS, Business Insider describes it as “a tightly controlled system designed to streamline and track product purchases, displays, storage, and sales.” Instead of keeping additional product in store stock rooms that can be used to replenish shelves, with OTS products are taken straight from delivery trucks to store shelves, bypassing the backroom altogether.