$15 minimum wage could squeeze workers on public assistance, By Katie Johnson, December 9, 2016, Boston Globe: “If it succeeds, a campaign to raise the Massachusetts minimum wage to $15 an hour could put more money in the pockets of low-income workers and create a path to self-sufficiency. But for some families, the boost in pay could mean a drop of hundreds of dollars a month in government benefits. Food stamps, child care vouchers, and rent subsidies could be cut before families can afford to cover those expenses on their own, leaving some households, particularly single parents with young children, worse off despite a bigger paycheck — a phenomenon known as the ‘cliff effect…””
Tag: Economic insecurity
Retirement Security
Women more likely than men to face poverty during retirement, Associated Press, July 10, 2016, Chicago Tribune: “During their working years, women tend to earn less than men, and when they retire, they’re more likely to live in poverty. These are women who raised children and cared for sick and elderly family members, often taking what savings and income they do have and spending it on things besides their own retirement security. The National Institute on Retirement Security, a nonprofit research center, reports that women are 80 percent more likely than men to be impoverished at age 65 and older. Women age 75 to 79 are three times more likely…”
Household Economic Security
Nearly half of U.S. households would struggle with an unexpected $400 expense, Fed study finds, By Don Lee, May 25, 2016, Los Angeles Times: “Shedding light on the precarious economic state of many American families, theFederal Reserve said Wednesday that nearly half of U.S. households reported they would have trouble meeting emergency expenses of just $400. In addition, the Fed found that 22% of workers were juggling two or more jobs last year, higher than what government jobs data would suggest. And nearly one out of three Americans said that they have no retirement savings or pension…”