Howard Gold
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Half of Americans over 55 may retire poor

Half of Americans over 55 may retire poor

How badly is COVID-19 hurting Americans on the cusp of retirement? Maybe worse than we thought. In an interview, economist Teresa Ghilarducci, a professor at The New School in New York City and one of the nation’s leading experts on retirement, told me that half—that’s right, half—of Americans aged 55 and up will retire in poverty or near poverty.“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on...

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Howard Gold
Oct 2
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A feckless Fed, huge budget deficits and poisonous politics have brought us to a crisis

A feckless Fed, huge budget deficits and poisonous politics have brought us to a crisis

On Sunday, the Federal Reserve bowed to the inevitable.In the face of market turmoil brought on by the rapid spread of the novel coronavirus, the Fed by slashing the federal-funds rate a full percentage point to 0%-0.25% for the first time since the financial crisis and pledging to buy at least $700 billion of U.S. Treasurys and mortgage-backed securities three days before its next scheduled policy-setting meeting .Investors gave a thumbs down byand buying Treasurys.READ:Bottom line: Investors don’t think the Fed’s moves are enough. What’s missing is massive fiscal stimulus, which has yet...

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Howard Gold
Mar 17
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