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If you’re CEO of one of America’s top-selling 350 firms, pay is higher still. Compensation in 2012 averaged $14 million for that group, including the value of exercised stock options, according to research by the Economic Policy Institute, a labor-leaning research group. That’s 273 times the pay of a typical worker, up... |
Amid the up-and-down swings (high-end income was hit along with others in the financial crisis) the long trend for the richest Americans is upward. They’ve gained from a generally low-tax political climate and from the shifts in the economy that have offered opportunities to the educated even as many middle-rung jobs a... |
But the consolidation of wealth at the top has accelerated in recent years. The top 1 percent (by wealth) had 35.4 percent of household net worth in 2010. And the top 10 percent, collectively, have gained in recent decades to account for three-quarters of US wealth, according to research by Ed Wolff of New York Univers... |
That wealth share for the top 1 percent has been as high as 38.1 percent, in 1998. And it may have climbed back again since 2010, as the stock market’s post-recession rebound has brought indexes like the Dow Jones Industrial Average to new record highs. |
Average income for the middle fifth of American households was $57,900 in 2010, compared with $42,600 back in 1979 (after adjusting for inflation), according to the CBO. |
Americans in the middle tier have been struggling not just in the wake of the recession but also in a longer-run race to keep up with changes in the workplace – everything from wobbly job security to less-certain retirement benefits. |
Some statistics on this group’s financial health point to stagnation. Census income numbers show “down” years battling “up” ones to a draw since the late 1980s. The group’s share of Americans’ net worth took a beating in the recession, and its income as of 2010 hadn’t recovered to pre-recession levels. |
But on the income side, many economists see evidence that middle class fortunes have generally been improving. The group’s backsliding in relative terms (in other words, a shrinking slice of the nation’s income “pie”) doesn’t mean an absolute decline in income. |
The overall size of the US income pie has been growing, and the middle fifth of Americans has seen its average income rise by 1 percent a year since 1979, according to CBO numbers that factor in taxes (including tax credits) and government transfer payments such as Social Security. |
That’s slower than in the pre-1979 period, but not long-term stagnation. |
Cornell University economist Richard Burkhauser and colleagues came to similar conclusions in a 2011 study, while some other research finds much smaller (but still positive) gains. |
If the middle class has managed to gain some financial yardage, that doesn’t mean all households feel it. |
In Pew polling, many Americans feel pretty good about their personal finances, but a 2012 survey of adults who describe themselves as middle-class found 85 percent saying it is harder now than a decade ago to maintain a middle-class living standard. |
Where the dominant asset on the balance sheet of “top 1 percent” households is typically equity in a business, for middle class families it’s usually a home, followed by a retirement account. |
The housing bust put about 1 in 4 mortgage borrowers into a negative equity position, with a loan balance higher than the diminished value of their home. That problem has begun to ease, but lingers as a concern for several million households. |
Meanwhile, jobs that offer a pension and health benefits are harder to come by than they used to be. |
The bottom fifth of US households averaged $23,700 in income for 2010, up from $15,900 in 1979. As with the other CBO numbers highlighted in this article, that’s an after-tax figure that includes transfer payments from government programs as well as wages. |
The poor have essentially tread water during the past three decades, some studies suggest. Disposable-income gains for the bottom 10 percent of households has been just 0.15 percent a year from 1985 to 2010, according to a 2012 study by the University of Wisconsin’s Timothy Smeeding, along with Jonathan Fisher and Davi... |
Just as “the rich” is a fluid club at the top, Americans labeled “the poor” are not a group of people who all reside permanently at the bottom rung. |
But Mr. Obama recently drew attention to a troubling trend: diminished upward mobility in a nation that has long prided itself as being a “land of opportunity.” He noted that the ability of young people to climb upward economically now appears to be hampered, for the poor especially, by problems such as absent fathers,... |
Scholars find that in the US it is relatively hard for people to climb from one income class to another. There's mobility, but the correlation of income levels between parent and child tends to be closer in the US than in most OECD nations. |
While the top income group in the US holds most of the nation’s wealth, the bottom 20 percent has long had a slightly negative net worth, according to Professor Wolff’s analysis, which draws on Federal Reserve surveys of households. That means debts outweigh assets for the group as a whole. |
Low-income Americans are likelier to be renters than homeowners, and are likelier than other Americans to confront severe housing-cost challenges. Some 2 in 3 households with incomes below $15,000 pay at least half their income for housing, the Harvard Joint Center for Housing Studies reports. |
Facebook Chief Technology Officer Bret Taylor announced that he will leave the social network later this summer to start a company with Kevin Gibbs, founder and tech lead of the Google App Engine and creator of Google Suggest. |
Taylor joined Facebook in 2009 as director of platform products, and he was promoted to CTO in June 2010. |
AllThingsD reported that Mike Vernal will now oversee the Facebook platform, while Cory Ondreijka will head up mobile. They have been with the social network since 2008 and 2010, respectively. |
I had always been upfront with Mark that I eventually wanted to do another startup, and we felt now is the best time after the IPO and the launch of some recent things for me to do that. |
Cross-pollination among companies is what drives so much of innovation, so I would not project a lot onto this event. I am really confident that the mobile and platform leaders at Facebook can deliver what needs to be done. |
We are dealing with the cultural change of increasing attention, from going from a private company with a lot of scrutiny to a public company with a lot more scrutiny. |
Readers: Do you think this is an isolated departure, or the start of the brain drain many feared when Facebook’s initial public offering launched? |
Three young Ponte Vedra Beach dancers recently won a national "I Love Dance" competition. |
The winners, Katherine Votaw, Emily Suarez and Tessa Peetluk of the Christ Church Dancers troupe, won for tap duo/trio in the 12- to 14-year-old age division. |
The girls learned about the competition in late April and worked on their program with teacher Brittany Atter for a month prior to the May 23 competition at the Hyatt Regency hotel in downtown Jacksonville. |
Thirteen dance studios from Jacksonville and elsewhere in Northeast Florida and South Georgia participated in dance categories including ballet, jazz, tap, lyrical/modern, variety arts, song and dance, and student choreography. |
The I Love Dance company, based in Portland, Ore., produces dance competitions in major cities around the nation, including Los Angeles, Chicago, Philadelphia, Boston and Orlando. |
Contrary to rumors that it would suspend plans to go public, Vonage (News - Alert) Holdings on Friday amended its necessary paperwork to proceed with its proposed initial public offering, essentially valuing the nation’s leading VoIP service provider at $2.65 billion. |
The amended S-1 registration statement comes amid speculation that Vonage considered pulling its IPO plans in lieu of a privately negotiated M&A transaction to sell the company. The company first filed its S-1 registration statement back in February, initially assigning an estimated IPO value of $250 million. |
But according to today’s SEC filing, Vonage now hopes to raise nearly $500 million through the sale of 31,250,000 shares between $16 and $18 each. Net proceeds from the offering will be used to fund expansion of its business, including its hefty marketing expenses. For the full year, marketing expenses totaled $243.4 m... |
And marketing expenditures aren’t slowing down any time soon. Last year, in the first quarter, the company spent more than $55 million on marketing but, for the first three months of this year, the marketing totaled $88 million. |
“They are going to have to go back to the market pretty soon,” chided Will Stofega, VoIP analyst at IDC, referring to the inevitability of a secondary offering after the IPO. |
Vonage also owes more than $650 million to creditors that helped out in several financing rounds. And that doesn’t even take into account the financing that venture capitalists contributed in earlier phases. “Their VCs want their money back. That's part of the game and when that actually happens, I guess VCs can be hap... |
Of greater concern to the IDC analyst, though, is Vonage’s complacency. While competing services like eBay’s Skype (News - Alert) has been busy diversifying to multi-modal platforms whether it be from ISV or cellular handsets partners, Vonage has retained the same business model – one that is accompanied by an extraord... |
For example, while Covad (News - Alert) Communications and 8x8 (with its Packet8 Internet Phone Service) have been courting small- to medium-sized businesses, Vonage’s comparative SMB offerings have been relatively overshadowed by its consumer branding efforts. |
“They were going to attack the small business market. But that sort of stopped. We didn't hear that much about their small business strategy,” he added. |
The number of shares offered in the IPO is equivalent to about 20 percent of the company. With only one-fifth of the outstanding stock floated to the public, it would be impossible for any prospective M&A buyer to take over the company without privately negotiating with investors and management. After the IPO, the comp... |
The Men of League Foundation is calling on current and former first grade rugby league players to offer their time and support to check in with the men, women and children of the rugby league community in drought-stricken regional areas of New South Wales. Five buses will depart Sydney on the morning of Friday, October... |
The Men of League Foundation is calling on current and former first grade rugby league players to offer their time and support to check in with the men, women and children of the rugby league community in drought-stricken regional areas of New South Wales. |
Five buses will depart Sydney on the morning of Friday, October 5, each heading to numerous rural towns in five regional communities over three days. |
The tour will provide much needed support and good cheer to those in regional areas of the state who have struggled during one of the worst droughts in Australia’s history. |
The proposed tours will venture to Glen Innes, Inverell and Armidale; to Coolah, Cassilis/Merriwa and Scone; to Narromine, Gilgandra and Mudgee; to Parkes, Cowra and Forbes, and the final bus departing for Griffith and surrounding townships. |
Each bus will contain at least ten first grade rugby league players to assist with running events for young local rugby league fans, “Kick-Off clubs”, signing sessions and BBQ’s for local farmers and rugby league fans. |
These activities will provide a much-needed morale boost to potential well-being recipients and introduce them to the support network that is available through the Men of League Foundation and its partners. |
Men of League Foundation chief executive Stephen Lowndes said the Tackling the Drought tour will hopefully bring a smile to the faces of those in rural communities who have been struggling of late. |
“The tour is an opportunity for those who have been affected by drought in the countryside to get together and enjoy some time with the greats of the game and fellow members of the rugby league community,” he said. |
“We need more players to jump on board and offer their support for this fantastic cause. |
“It has been a tough season for the locals out in regional New South Wales. |
If you are a former or current first grade rugby league player and wish to pledge your support for the Tackling the Drought tour, please contact wellbeing@menofleague.com. |
This story Men of League Foundation aiming to help drought-stricken farmers first appeared on The Armidale Express. |
TOKYO (Reuters) - A Transformers-style, humanoid robot that can shape shift into a sports car in about 60 seconds was unveiled in Japan on Wednesday. |
Some people may view the robot as an “expensive toy”, but it was intended to inspire others, Ishida said. |
The RIDE was co-developed with Asratec, a robot consulting firm, and amusement ride manufacturer Sansei Technologies. |
Move over, Trump. Monsanto is Neil Young's next target. |
The rock star isn't just annoyed at The Donald for using Rockin' In the Free World. Neil Young's new album is a critique of GMOs and big business, and he targets Monsanto, Starbucks and Walmart specifically. |
Kids Puzzles: Princess Pony and the Ballerina Fairies Animated Jigsaw Puzzle for Kids! |
You are logged in as . Please submit your review for Kids Puzzles: Princess Pony and the Ballerina Fairies Animated Jigsaw Puzzle for Kids! |
Nov 08, 2018 (LBO) – US President Donald Trump has sacked his Attorney General Jeff Sessions, a day after the Republicans lost control of the lower house of Congress in the 2018 midterm elections. |
The move came after the President repeatedly criticized his Attorney General for not taking a tougher approach to illegal immigrants, and accused him over an investigation into Russia’s role in the 2016 presidential race. |
Trump had repeatedly attacked him of protecting Robert Mueller’s investigation into whether the Trump campaign colluded with Russians, an investigation that is also examining whether the president himself obstructed justice. |
Foreign media reports say this will be the first of what could be a string of high-profile exits as the President reshapes his team ahead of his own 2020 re-election effort. |
Nirmala Sitharaman was slated to follow up the ‘2+2’ meeting on July 6 with a visit to the Pentagon and bilateral talks with US Defence Secretary James Mattis. |
After it postponed the inaugural ‘2+2’ dialogue due to “unavoidable reasons”, the US offered to host Defence Minister Nirmala Sitharaman in Washington DC in the first week of July in line with the original plan but the offer was declined by India, The Indian Express has learnt. |
India felt that accepting the offer would have defeated the purpose of a ‘2+2’ meeting, which involves a simultaneous dialogue between its defence and foreign ministers, and secretaries of state and defence from the American side, sources said. |
According to the original plan, Sitharaman was slated to follow up the ‘2+2’ meeting on July 6 with a visit to the Pentagon and bilateral talks with US Defence Secretary James Mattis. After US Secretary of State Michael Pompeo became unavailable, the US Department of Defence suggested that Sitharaman continue with her ... |
There has been no announcement yet of a new date for the 2+2 dialogue although it is now expected to be held in New Delhi. |
The dialogue was originally announced last August following a telephone call between Prime Minister Narendra Modi and President Donald Trump, with a focus on “strengthening strategic, security and defense cooperation”. On Wednesday, Pompeo spoke to Swaraj “to express his regret and deep disappointment at the US having ... |
When the dialogue was previously postponed from its scheduled date in April, after President Trump fired his then secretary of state Rex Tillerson, a similar offer to host Sitharaman was made by the US. That offer had been rejected by New Delhi. |
Meanwhile, official US sources told The Indian Express that the postponement of 2+2 is unrelated to bilateral issues. Refusing to confirm whether the reason for the fresh delay was US’s engagement with North Korea, sources said it was because “Secretary Pompeo got called to an urgent trip”. |
Sources also said that “the postponement was not related to any policy”, trying to dispel the notion that it was either related to India’s import of crude oil from Iran or its purchase of the S-400 missile system from Russia. |
Indian plans to buy the Russian missile system has generated interest in the US where the Congress is debating legislation against Russian defence entities, which could cover recipient countries as well. The Russian S-400 missile system falls under the category of equipment targeted under the Countering America’s Adver... |
After President Trump’s decision to dismantle the sanctions relief provided to Iran under the 2015 nuclear deal, the US has asked India and China to stop all imports of Iranian oil by November 4 or face sanctions. India has not officially responded to the American demand, although it is widely expected to reduce oil im... |
Join us on the third Wednesday of every month for Career Crossroads, a look at how journalists, bloggers, and freelancers are adapting to the changes in their media careers. Catch up on previous installments at bit.ly/careercrossroads. |
There’s a small satisfaction that comes with publishing a story. |
For journalists, it’s fleeting, and they’re on to the next item that must be covered. |
Admittedly, Matt Swibel misses those 10 minutes of instant gratification. But the Lockheed Martin director of corporate sustainability has found a way to keep burning that fire of perpetual curiosity. |
Swibel began his journalism career in April 1999, and he suspended it Oct. 2008. |
In that time, he’d carved out a solid career as a business journalist, covering marketing, media, real estate, personal finance, structured finance, retail, international business, healthcare, strategy, government contracting, and economic development. |
He served a couple of years with the Washington Business Journal, covering marketing and media. His last newsroom was the Forbes Washington bureau, which produced content for Forbes and Forbes Asia magazines and the Forbes.com site. He also co-edited the Forbes Billionaires issue. In total, Swibel spent a total of eigh... |
After this time, he started to feel as if he’d maxed out on his ability to expand what he was reporting. By 2008, he decided to change things up. |
There, Swibel began with supporting the chief financial officer and then the president and chief operating officer, performing a variety of duties from speechwriting to employee communications to media outreach. |
It presented a diverse portfolio. Swibel leaned on his journalism skills and quickly learned the company. |
Swibel directs sustainability strategy, reporting, and stakeholder engagement at Lockheed Martin, the top-ranked aerospace and defense prime contractor named to CR Magazine’s 100 Best Corporate Citizens list. |
He led Lockheed Martin’s inaugural report in 2012, and its first issues assessment, formal stakeholder meetings and Global Reporting Initiative-based report in 2013, according his bio with Cornerstone Capital Group, of which Swibel is a member of the board of directors. |
A graduate of the American University School of Communication, Swibel double-majored in journalism and sociology. He says he strongly benefited from broadening his course content with his sociology studies. |
Have an interesting story to share about your media career? PR Newswire’s Career Crossroads series features stories and job advice for journalists from journalists. Tell us your story by emailing media.relations@prnewswire.com. You can also stay up-to-date on future Career Crossroads and other media articles by subscri... |
Christine Cube is a media relations manager with PR Newswire and freelance writer. Follow @cpcube or check out her latest Beyond Bylines articles on PR Newswire for Journalists. |
A man has admitted to killing three people on a tram in Utrecht and said he acted alone, Dutch prosecutors say. |
Turkish-born Gokmen Tanis, 37, wounded five others and was arrested on Monday after a city-wide manhunt. |
A judge on Friday extended his detention for two weeks as investigations continue. |
Prosecutors are assessing whether he was driven by terrorist motives or his actions came from personal problems combined with radicalised ideas. |
Three other men, aged 23, 27 and 40, were arrested after the incident but have since been released. |
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