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Customers shop for back-to-school supplies at a Target store in Colma, California. David Paul Morris | Bloomberg | Getty Images As parents know all too well, it’s hard to cut back when it comes to the kids. Despite more households living paycheck to paycheck, this year’s total back-to-school spending is expected to match last year’s…
Andrew Biggs, senior fellow at the American Enterprise Institute American Enterprise Institute When Andrew Biggs, senior fellow at the American Enterprise Institute, was nominated by President Joe Biden to be a member of the Social Security Advisory Board in May, it came at an important inflection point for the program. A report subsequently released by…
Evgenia Tsvirko / Getty More than a third of U.S. adults are dipping into their savings accounts to help them afford higher prices, new research shows. In the face of high inflation, 36% of people say they have withdrawn an average of $617 from their savings during the first six months of this year, according…
Fizkes | Istock | Getty Images Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. More than $1 million, or an average of $516 for each payment, is being returned to the victims either via PayPal or a mailed check, the…
Fluxfactory | E+ | Getty Images Travelers saw prices fall for big-ticket pieces of their vacation budgets in July, offering at least a temporary reprieve after soaring costs earlier this year. Airfares fell nearly 8% from June to July, while prices for rental cars and lodging like hotels declined 9.5% and about 3%, respectively, according…
FluxFactory New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released on Wednesday….
Amid one of the worst public-health crises in history, a record number of Americans are without health insurance. John Fedele The Inflation Reduction Act just passed by the Senate will cap insulin at $35 per month for Medicare beneficiaries. But that dashed hopes to curb insulin prices for a broader set of the diabetes patient…
Jeffrey Coolidge | Photodisc | Getty Images As the Democrats’ spending plan moves closer to a House vote, one of the more controversial provisions — nearly $80 billion in IRS funding, with $45.6 billion for “enforcement” — has raised questions about who the agency may target for audits. IRS Commissioner Charles Rettig said these resources…
The Biden administration has promised to make a decision on student loan forgiveness within weeks, or even days. And yet, college affordability will remain an issue for years to come, experts say. Increasingly, high school students are rethinking the value of a four-year degree. Many now say it’s just not worth the sky-high cost. “More…
FatCamera | E+ | Getty Images Households that get help paying for health insurance through the public marketplace are likely to continue qualifying for more generous subsidies under a congressional bill moving closer to final approval. The Inflation Reduction Act, which cleared the Senate on Sunday, includes an extension of temporarily expanded health insurance subsidies…
Sen. Kyrsten Sinema, D-Ariz., and Sen. Joe Manchin, D-W.V., on Capitol Hill on Sept. 30, 2021. Jabin Botsford | The Washington Post | Getty Images Senate Democrats passed a historic package of climate, healthcare and tax provisions on Sunday. But one proposed tweak to the tax code — a modification of so-called carried interest rules…
Federal student loan payments, most of which were paused during the pandemic, are set to resume in September. And yet, 93% borrowers say they are not financially prepared to restart payments, according to a survey by the Student Debt Crisis Center and Savi. With no break in sight for rising prices, many Americans are simply stretched too…