Posts by Martha C. White
Social Security cuts threaten to hurt low-income Americans more
“Social Security is not in immediate trouble,” says Alice Rivlin, senior fellow at the Brookings Institution and a member of the deficit commission. “It is not on a solid basis for the long run, however. The sooner we act, the less we have to do.” The problem is, there’s no consensus on what form that action should take. And many of the most commonly discussed tactics for stemming the flow of red ink would disproportionately impact lower-income Americans, the segment of the population that depends on Social Security the most.
Outdated tariff system means the poor pay more
Most people take for granted that they know how much an item will cost them when they look at the price tag and figure in the amount of their local sales tax. But low-income Americans end up paying extra for necessities like clothes and shoes — victims of an outdated, inefficient tariff system that inadvertently penalizes the poor.
Low-income taxpayers continue to be hurt by refund-anticipation loans
Despite years of efforts to rein in the practice, lightly regulated tax preparers will be permitted to continue peddling high-cost refund anticipation loans once again this tax season to the most vulnerable filers, as tougher rules to curb the practice languish in bureaucratic purgatory.
Obama’s small business lending plan meets skepticism
With the unemployment rate hovering just shy of 10 percent and Washington focused on job creation, President Obama this month called on Congress to approve a plan that would take $30 billion in repaid TARP funds and make it available for small banks to lend to small businesses. There’s just one problem: there’s little indication that these banks need the money — or that making it available would stimulate lending.
Long-term job losses demand large-scale fix
While the national unemployment rate of 10.2 percent is a sobering reminder of the depth of this recession and the protracted timeline a recovery will take, the challenges posed by long-term unemployment are far greater — and, given the potential snowball effect, more dangerous.
Homes underwater: A stumbling block for recovery
Despite the recent good news that home prices in the U.S. rose 2.9 percent in the second quarter of 2009, it’s too early to call it a turnaround for the battered housing sector.
Renters hit by foreclosure crisis too
While the plight of homeowners affected by the real estate meltdown has been well-documented, renters too often fall under the radar.
Underemployment presents challenges
While the steady rise of the nation’s unemployment rate has become shorthand for the recession’s impact, many economists say the grim figures — 8.9 percent in April — don’t tell the whole story of Americans’ financial distress.
