The Manhattan Institute issued a report that reveals that a year of middle class wages no longer pays for major household expenditures.
From The Washington Post:
Lead author Oren Cass distills it as follows: “In 1985, the typical male worker could cover a family of four’s major expenditures (housing, health care, transportation, education) on 30 weeks of salary,” he wrote on Twitter last week. “By 2018 it took 53 weeks. Which is a problem, there being 52 weeks in a year.”
Image: Washington Post
CNN reports that the spread of the coronavirus has greatly reduced demand for oil, “as schools and offices close, airlines cancel flights worldwide and a growing number of people hunker down at home.” “This is a sudden, instant demand shock — and the scale of the decline is unprecedented,” said Jim Burkhard, vice president and […]
The Dow Jones Industrial Average plummetted more than 1,000 points as news of a spreading coronavirus outbreak suggests wider coming damage to the global economy.
‘We are desperate — we need more immigrants.’ Mick Mulvaney, Trump’s Office of Management and Budget chief
“We are desperate — desperate — for more people,” Donald Trump cabinet member Mick Mulvaney said in a recording obtained by The Washington Post. “We are running out of people to fuel the economic growth that we’ve had in our nation over the last four years. We need more immigrants.”
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