While the unemployment rate dropped and the economy added another 178,000 jobs, the number of Americans out of the labor force hit a record high last month.
According to the Labor Department, 95,055,000 Americans were out of workforce in November, meaning they were neither employed nor had made an effort to find work over the previous month.
It was a striking image. A photo of an 89-year-old man hunched over, struggling to push his cart with frozen treats. Fidencio Sanchez works long hours every day selling the treats because he couldn’t afford to retire. The photo and his story went viral and thousands of people donated more than $384,000 for his retirement.
His story is a window into a dark reality: Many low-wage workers say they can’t afford to retire.
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Time For Truth: (Associated Press) – For Some Low-Income Workers, Retirement Is Only A Dream
Oct 6 Weak investment performance and insufficient contributions will cause total unfunded liabilities for U.S. state public pensions to balloon by 40 percent to $1.75 trillion through fiscal 2017, Moody’s Investors Service said in a report on Thursday.
The report comes amid increasing concern over America’s ability to pay promised retirement benefits to public employees without draining state budgets.
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Time For Truth: (Reuters) – U.S. state public pension unfunded liabilities to hit $1.75 trln -Moody's
Has the time come for the government to break pledges made to pensioners, asks Paul Johnson, the director of the Institute of Fiscal Studies.
What should government do when things turn out to be rather different from what was expected? That’s often a question politicians have to deal with when things go wrong. But what about when things go too well?
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Time For Truth: (10 News) – Time to break promises to pensioners?
As shown in a photo posted by radio host Todd Stearns, Walmart attempted to remake the cake it had originally refused to decorate. The result “looked terrible,” the police officer’s daughter said. “It doesn’t look professional.” ToddStarnes.com
Walmart is apologizing for refusing to make a police officer’s retirement cake last week after an employee told the cop’s daughter that her “thin blue line” cake design might be considered racist.