Category : Personal Finance

(BBC) UK faces biggest fall in living standards on record

The UK faces its biggest drop in living standards on record as the surging cost of living eats into people’s wages.

The government’s forecaster said that household incomes – once rising prices were taken into account – would dive by 7% in the next few years.

It also expects the number of people who are unemployed to rise by more than 500,000.

It came as the chancellor said the UK was already in recession and set to shrink further next year.

But Jeremy Hunt said his Autumn Statement – which unveiled £55bn of tax rises and spending cuts – would lead to a “shallower downturn” with fewer jobs lost.

Read it all.

Posted in * Economics, Politics, Economy, England / UK, Personal Finance

(CNBC) 60% of Americans are living paycheck to paycheck heading into the peak shopping season

Just as the holiday shopping season gets into full swing, families are finding less slack in their budgets than before.

As of October, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report. A year ago, the number of adults who felt stretched too thin was closer to 56%.

“More consumers who have historically managed their budgets comfortably are feeling the financial strain, which will impact their spending behavior as we head into the holiday shopping season,” said Anuj Nayar, LendingClub’s financial health officer.

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Posted in * Economics, Politics, Economy, Personal Finance

(Church Times) C of E Pensions Board joins fight to force VW to open its books on climate lobbying

The Church of England Pensions Board has joined five other pension funds to bring legal action against Volkswagen AG (VW), after it refused repeated attempts to reveal crucial information on its corporate climate-lobbying activities.

The funds, four Swedish and one Danish in addition to the C of E board, are all part of the Institutional Investment Group on Climate Change (IIGCC) and the Climate Action’s 100+ initiative. These have asked the company repeatedly to clarify its lobbying position. VW discloses trade association memberships, but does not disclose how the goals of these associations align with its own climate goals.

The boards wanted to table an agenda item at VW’s AGM, seeking publication of a report setting out how the company’s lobbying of policy-makers matched its stated ambition to support the Paris Agreement goals by becoming a net-zero company. VW refused to table the item.

The investors say that they tried over several years to get information before tabling the amendment. The case, supported by the legal charity ClientEarth, will test whether VW has the right to refuse the agenda item.

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Posted in Church of England (CoE), Climate Change, Weather, Ecology, Energy, Natural Resources, England / UK, Ethics / Moral Theology, Europe, Germany, Pensions, Science & Technology, Stock Market

(BBC) Bristol warm places scheme welcomes first residents

New mothers and the elderly are among the first to take advantage of a warm spaces scheme to help people struggling to afford to heat their own homes.

Cafes, churches and libraries across Bristol are opening their doors as energy prices rise this winter.

The city council asked businesses and public buildings to join the scheme in the summer.

As well as warmth, many of the spaces are offering services like financial advice and homework support.

A cafe in the Wellspring Settlement community centre in Barton Hill is taking part in the initiative twice a week and is also providing food.

People are only asked to pay what they can afford, with the rest subsidised by the council.

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Posted in Church of England, Energy, Natural Resources, Housing/Real Estate Market, Parish Ministry, Pastoral Care, Personal Finance, Stewardship

(FT) ‘A self-inflicted lockdown’: how the global the cost of living crisis puts lives on hold

When Sarah, a 29-year-old North American, quit her job in the film industry and came to study law in London, she hoped to put her life on a firmer financial footing. Two years on, that goal seems further away than ever.

Interest payments on a bank loan have gone up; she has lost weight having cut back on groceries; and feels isolated because going out costs too much. A soaring energy bill has forced her to move out of her previous flat-share.

And with earnings as a research assistant working out at £6.65 an hour, Sarah says it is “impossible to imagine” planning for the future.

“I’m fixing the problem directly in front of me, not building a long-term game plan,” she says. “Every relationship and facet of my life has been impacted . . . It’s as if you’re climbing a staircase and you don’t know if the next step is going to be there [or] if you’re going to fall through.”

Sarah is one of countless casualties of a global cost of living crisis that is forcing people around the world to put their lives on hold — forgoing social lives, scrapping house moves and weddings, hesitating to start a family or delaying retirement because of the financial pressures caused by high inflation.

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Posted in * Economics, Politics, Economy, Health & Medicine, Personal Finance, Psychology

(Local paper front page) Huge rent increases have CharlestonSC-area residents questioning if they should move

Two years of huge rent increases in the already-expensive Charleston area have caused some tenants to take extra jobs, consider relocating to the rural edges of the suburbs or leave altogether for more affordable cities.

Stress-inducing monthly rates have radiated out from the pricey Charleston peninsula and Mount Pleasant to once-affordable places such as West Ashley, North Charleston and Summerville.

In September, according to Apartment List, the median yearly rent for an apartment in Ladson — some 20 miles from downtown Charleston — was $5,292 higher than it was two years earlier.

“I went in (to the rental office) today in tears,” said the Rev. Jo Anna Fallaw, a disabled single mother on leave from her work as a Methodist pastor. “I can see how someone could end up on the street.”

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Posted in * South Carolina, Housing/Real Estate Market, Personal Finance

(Barrons) Even as Altruism Grows Around the World, Charitable Giving Remains Flat

Charitable giving—including only monetary donations and the value of time donated —remained flat, at just under 3% of global GDP in 2021 despite an increase in altruistic attitudes and behaviors across the globe, according to a Citi report released Tuesday.

On average, prosocial behaviors like the acts of donating, volunteering, and helping strangers all increased by nearly 25% last year compared to pre-pandemic levels. Yet, charitable giving did not rise in most countries, and even fell in inflation-adjusted terms in some countries, according to the report, “Philanthropy and the Global Economy.”

“We were sort of hoping that after the pandemic that donations would continue in the trajectory and they really, for the most part, did not,” says Karen Kardos, head of philanthropic advisory at Citi Private Bank and a co-author of the report.

Global inflation and uncertainties in financial markets may create further headwinds for charitable giving. Globally, 55% of donors expect to give the same amount in 2022 as they did in 2021. In the U.S., the country with the most monetary donations, more than 60% of donors planned to be more cautious in 2022 as recession risks weigh on their confidence, survey data show.

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Posted in * Economics, Politics, Charities/Non-Profit Organizations, Economy, Globalization, Personal Finance, Religion & Culture, Stewardship

(Economist) Financial markets are in trouble. Where will the cracks appear?

It is hard not to feel a sense of foreboding. As the Federal Reserve has tightened policy, asset prices have plunged. Stocks, as measured by the Wilshire 5000 all-cap index, have shed $12trn of market capitalisation since January. Another $7trn has been wiped off bonds, which have lost 14% of their value. Some $2trn of crypto market-cap has vanished over the past year. House prices adjust more slowly, but are falling. Mortgage rates have hit 7%, up from 3% last year. And this is all in America—one of the world’s strongest economies.

Rising rates will slow the American economy and should break the back of inflation. But what else will they break? Since the Federal Reserve raised rates again on September 22nd, global markets have been in turmoil. When the British government announced unfunded tax cuts a day later, fire-sales by pension funds caused the yield on government bonds (or “gilts”) to spiral out of control. Contagion then spread to the American Treasury market, which is as volatile and illiquid as it was at the start of covid-19. The cost to insure against the default of Credit Suisse, a global bank, has risen sharply. These ructions indicate the world is entering a new phase, in which financial markets no longer just reflect the pain of adjusting to the new economic context—pricing in higher rates and lower growth—but now also spread pain of their own.

The most catastrophic pain is felt when financial institutions fail. There are two ways they do so: illiquidity or insolvency. Tighter monetary policy is likely to prompt or reveal both.

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Posted in * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Euro, European Central Bank, Federal Reserve, Globalization, Labor/Labor Unions/Labor Market, Personal Finance, Stock Market

(NYT) In an Unequal Economy, the Poor Face Inflation Now and Job Loss Later

For Theresa Clarke, a retiree in New Canaan, Conn., the rising cost of living means not buying Goldfish crackers for her disabled daughter because a carton costs $11.99 at her local Stop & Shop. It means showering at the YMCA to save on her hot water bill. And it means watching her bank account dwindle to $50 because, as someone on a fixed income who never made much money to start with, there aren’t many other places she can trim her spending as prices rise.

“There is nothing to cut back on,” she said.

Jordan Trevino, 28, who recently took a better paying job in advertising in Los Angeles with a $100,000 salary, is economizing in little ways — ordering a cheaper entree when out to dinner, for example. But he is still planning a wedding next year and a honeymoon in Italy.

And David Schoenfeld, who made about $250,000 in retirement income and consulting fees last year and has about $5 million in savings, hasn’t pared back his spending. He has just returned from a vacation in Greece, with his daughter and two of his grandchildren.

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Posted in * Economics, Politics, Economy, Labor/Labor Unions/Labor Market, Personal Finance

(NYT) Get Ready for Another Energy Price Spike: High Electric Bills

Already frustrated and angry about high gasoline prices, many Americans are being hit by rapidly rising electricity bills, compounding inflation’s financial toll on people and businesses.

The national average residential electricity rate was up 8 percent in January from a year earlier, the biggest annual increase in more than a decade. The latest figures, from February, show an almost 4 percent annual rise, reaching the highest level for that month and approaching summer rates, which are generally the most expensive.

In Florida, Hawaii, Illinois and New York, rates are up about 15 percent, according to the Energy Department’s latest figures. Combined with a seasonal increase in the use of electricity as people turn on air-conditioners, the higher rates will leave many people paying a lot more for power this summer than they did last year.

The immediate reason for the jump in electric rates is that the war in Ukraine has driven up the already high cost of natural gas, which is burned to produce about 40 percent of America’s electricity. And supply chain chaos has made routine grid maintenance and upgrades more expensive.

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Posted in * Economics, Politics, Consumer/consumer spending, Economy, Energy, Natural Resources, Personal Finance

(WSJ) Food Banks Are Serving More People Again as Inflation Squeezes Budgets

Food banks are straining to meet growing demand caused by rising food prices, which are pinching budgets for households and the organizations themselves.

Forgotten Harvest, which serves the metro Detroit area, said demand increased 25% to 45% since December in different areas it serves. In March alone, demand rose 30% compared with the previous month.

Christopher Ivey, a spokesman for the food rescue, says metro Detroit is at the front of the bell curve, experiencing economic ripples before they hit other parts of the U.S.

“The need is growing quickly, as gas prices are continuing to rise,” he said. “As you know, there are shortages in the grocery store and the costs of the commodity goods are going up and up and up,” he said, adding that the organization is challenged by the increased demand but is still able to fulfill the needs of the public.

With inflation at a four-decade high, American households are feeling the pinch of higher prices across a range of products and services. The price of food at grocery stores in March was 10% higher than a year earlier, while food prices at restaurants were 6.9% higher than in March 2021, according to the Labor Department’s most recent consumer-price index.

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Posted in * Economics, Politics, Dieting/Food/Nutrition, Economy, Personal Finance, Poverty

(NYT Op-ed) Ross Douthat–The huge Proliferation of Gambling in America is the Symptom of a Deeper Cultural Malaise

….in rationalizing our gambling regime by making it ever more universal, we’re following the same misguided principle that we’ve followed in other cases. With pornography, for instance, where the difficulty of identifying a perfectly consistent rule that would allow the publication of “Lolita” but not Penthouse has led to a world where online porn doubles as sex education and it’s assumed that the internet will always be a sewer and we just have to live with it. Or now with marijuana, where the injustice and hypocrisy of the drug war made a good case for partial decriminalization, but stopping at decriminalization may be impossible when the consistent logic of commercialization beckons.

The reliability of this process doesn’t mean that it can never be questioned or reversed. Part of what we’re witnessing from #MeToo-era feminism, for instance, is a backlash against the ruthless logic of an unregulated sexual marketplace, and a quest for some organic form of social regulation, some new set of imperfect-but-still-useful scruples and taboos.

But it’s a lot easier to tear down an inconsistent but workable system than it is to build a new one up from scratch — and the impulse to rebuild usually becomes powerful only once you’ve reached the bottom of consistency’s long slope.

I’m not sure where we are with gambling’s cultural trajectory. But every time this playoff season served up another ad for Caesars Sportsbook, it felt like a sign that we’ve accelerated downward, with a long way yet to fall.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, America/U.S.A., Consumer/consumer spending, Economy, Gambling, Law & Legal Issues, Personal Finance, Pornography, Sports, Supreme Court

Investors hold mining companies to account following Church of England intervention

A memorial event at which families of those killed in the devastating Brumadinho disaster shared testimonies and prayers, has catalysed investors to take further steps in recognition of the profound risks caused by tailings facilities.

Following the memorial event, Responsible Investor magazine contacted unresponsive companies named, during the event, resulting in further disclosure about tailings from ArcelorMittal. The Church of England Pensions Board has called on the company to publish its support of the global industry standard, and continue to make relevant disclosures for their facilities.

The event marked the third anniversary of the Brumadinho disaster. During the event the Church of England Pensions Board together with the United Nations Environment Programme provided an update on the implementation of the Global Industry Standard on Tailings Management (GISTM).

The £3.5/$4.7 billion Church of England Pensions Board, which set up and leads the 100 strong coalition of investors representing USD $20 trillion under management that form the Investor Mining and Tailings Safety Initiative, also announced that they will vote against the chairs of company boards at companies in which they invest that have not confirmed their intention to implement the Industry Standard.

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Posted in Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Pensions, Stock Market

(Bloomberg) American families are feeling the financial squeeze of soaring inflation

American families are feeling the financial squeeze of soaring inflation and a persistent pandemic as fractious Democrats return to Washington this week no closer to a deal on a tax and spending bill party leaders hoped would by now provide relief.

Despite gangbusters growth at a 6.9% annual rate during the final quarter of 2021, other economic measures tell a very different story. Average wages are falling behind inflation and consumer sentiment plummeted in January to the lowest in more than a decade.

More Americans are having trouble paying their bills than at any time since last March, shortly before the Biden administration began distributing stimulus checks and other relief measures. Hunger is rising again.

It’s an ominous start to a midterm election year for Democrats struggling to hold on to razor-thin majorities in Congress. President Joe Biden began his term with ambitions to address long-festering economic inequalities and lift prospects for the poor and middle class but an intra-party rift has halted progress on his centerpiece tax and social spending plan.

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Posted in America/U.S.A., Consumer/consumer spending, Economy, Personal Finance

(Church Times) Pensions Board puts pressure on mining companies to adopt global safety standards

On the third anniversary of the mining disaster that killed 270 people in Brumadinho, in Brazil, the Church of England Pensions Board has stepped up the pressure on companies to adopt new global safety standards.

The disaster happened when a mine-waste facility, a tailings dam, collapsed. The new Global Industry Standard on Tailings Management was developed in response by a coalition of investors led by the Pensions Board and the Council on Ethics of the Swedish AP Funds…. Now, they have published the names of the companies that have committed themselves to the new measures.

Seventy-nine mining companies — one third of those employing tailings dams — have either made a commitment to the new Global Industry Standard on Tailings Management or are still assessing their compliance. The list includes several of the largest companies, including BHP, Anglo, Glencore, Rio Tinto, and Vale.

The Brumadinho disaster of 2019 is not an isolated incident. Another 12 such collapses have been reported in the past three years. In three instances — two of which took place in Myanmar and one in Peru — workers were killed. The collapses also cause significant environmental damage.

Read it all.

Posted in Anthropology, Brazil, Church of England (CoE), Corporations/Corporate Life, Ethics / Moral Theology, Globalization, Labor/Labor Unions/Labor Market, Myanmar/Burma, Pensions, Stock Market

([London] Times) A Chance for Christians to put their faith in wealth creation

Some Christians may think that the words “faith” and “wealth creation” are incompatible, but Matt Bird isn’t one of them. Last year the social entrepreneur called on Britain’s churches to start businesses and to encourage their parishioners to do the same. Now Bird, founder and chief executive of Nayba, the Christian charity, wants them to go a step further.

“A food parcel can sustain a person and their family for a few days, but a small business can sustain it indefinitely,” he said. “The Church often over-spiritualises and underplays practical answers to community needs. I believe that the ability to start a business is a God-given gift and that we should encourage the Church to do this as a way of serving the community.”

He wrote his column in The Times in January 2021 — headlined “It’s time for faith-driven entrepreneurs to emerge” — expecting to be “shot down in flames” for suggesting that the Church should get involved in profit-making. Instead, he has been inundated with inquiries from churches nationwide eager to help people to become entrepreneurs. He rapidly formulated his ideas into a book and a month later published The Spirit of Enterprise: Helping entrepreneurs transform neighbourhoods on Amazon.

Read it all (subscription required).

Posted in Anthropology, Corporations/Corporate Life, England / UK, Personal Finance, Religion & Culture

(Chronicle Live) ‘The exact opposite of levelling up’ – North East groups including the Bp of Durham call for Universal Credit uplift to be kept

An unprecedented coalition of groups in the North East – including business leaders, unions, charities and the Bishop of Durham – have come together to condemn the Government’s planned cut to universal credit as ‘the exact opposite of levelling up’.

Groups including the North East Child Poverty Commission, Children North East and the North East England Chamber of Commerce have signed the letter to Chancellor Rishi Sunak opposing the ending of the Government’s £20 universal credit uplift.

The benefit increase came into force at the beginning of the pandemic but ministers have confirmed that it will phased out over the coming months, despite opposition from across the policital spectrum and from a number of charities.

A total of 17 North East organisations have signed the letter, as has Bishop of Durham the Rt Rev Paul Butler, who takes responsibility for child poverty for the Church of England.

It points out that the cut in benefits will take £5m a week from the regional economy and make it harder for the North East to recover from the Covid crisis.

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Posted in Church of England (CoE), CoE Bishops, Economy, Ethics / Moral Theology, Personal Finance, Politics in General, Religion & Culture

(NYT Dealbook) Rescue Package Includes $86 Billion Bailout for Failing Pensions

Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.

Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now.

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Posted in Ethics / Moral Theology, Health & Medicine, Pensions, Politics in General, Senate, The U.S. Government

(Forbes) 49% Of Americans Who Lost Pay In Covid Pandemic Still Have not Returned to Their Previous Income Level

Nearly half of all U.S. adults who took pay cuts during the Covid-19 pandemic still have not returned to their previous incomes, according to a Pew Research Center report released Friday, indicating the pandemic’s lasting impact on many Americans’ finances.

Some 44% of American adults told Pew in a late January poll that somebody in their household has either lost a job or endured a pay cut since February 2020.

Among Americans who took a pay cut in the last year, 49% say they still make less money than they did prior to the pandemic, compared to 34% who earn roughly the same amount as before and 16% whose pay has increased.

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Posted in Economy, Health & Medicine, Personal Finance

(H Post) Archbishop of Canterbury and Bishop of Kensington: Only A Shared Long-Term Vision Will End Our Housing Crisis

To solve the housing crisis, we need a similar long-term goal. Our housing crisis is really an affordability crisis. We don’t just need more houses, we need more good quality houses that people can genuinely afford.

What if we were to set a target for the number of truly affordable homes we need in 20 years’ time? What if we were to work out the financial gap between the cost of providing them and what they would cost at normal market prices? What if successive governments then had the task of planning ahead how to meet that gap by whatever means necessary?

The Church of England is stepping up to play its part. We own land and property and are looking to make some of that land available for affordable housing, and inviting others to do the same, even though it is bound to mean an element of sacrifice. Jesus taught us that there are two simple tasks at the heart of human life: to love God and to love our neighbour, whoever they happen to be. If that neighbour doesn’t have somewhere safe, stable and satisfying to live in, then we must do all we can to help them find that.

Thirty years ago, ideas such as the minimum wage as a way of fighting poverty and the need for radical policies on climate change seemed fringe issues – cranky policies proposed by a few wild and weird figures on the edges of political life. Now they are mainstream, and every government has to sign up to them. We need the same for housing.

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Posted in --Justin Welby, Anthropology, Archbishop of Canterbury, Church of England (CoE), CoE Bishops, Economy, England / UK, Ethics / Moral Theology, Housing/Real Estate Market, Personal Finance, Religion & Culture

(NYT front page) For Latinos in Los Angeles, the Cost of Inequality Is Death

p class=”css-axufdj evys1bk0″>Over the New Year’s holiday, the grown children of two immigrant families called 911 to report that their fathers were having difficulty breathing. The men, born in Mexico and living three miles from each other in the United States, both had diabetes and high blood pressure. They both worked low-wage, essential jobs — one a minibus driver, the other a cook. And they both hadn’t realized how sick they were.

Three weeks later, the men — Emilio Virgen, 63, and Gabriel Flores, 50 — both died from Covid-19. Their stories were hauntingly familiar at Martin Luther King Jr. Community Hospital in Los Angeles, by size the hardest-hit hospital in the hardest-hit county in California, the state now leading the nation in cases and on the brink of surpassing New York with the highest death toll.

In the intensive care unit on Jan. 21, Mr. Virgen became No. 207 on the hospital’s list of Covid-19 fatalities; Mr. Flores, just down the hall, became No. 208.

The New York Times spent more than a week inside the hospital, during a period when nearly a quarter of all Covid-19 patients there were dying, despite advances in knowledge of the disease. It was an outcome that approached that of some New York hospitals last spring, when the city was the epicenter of the pandemic.

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Posted in Economy, Health & Medicine, Personal Finance

(Bloomberg) Millions of Renters Are Fighting to Stay Housed as Evictions Near

Mari Finkley has already been homeless once during the pandemic. For two weeks in October, she lived out of her Dodge Journey with her dog and 11-year-old godson. The 29-year-old found a new place, and fresh hope. But she’s behind on her rent again.

Finkley was pushed out of her Gainesville, Fla., home by her previous landlord after she stopped driving for Uber and fell behind on the rent. She suffers from severe asthma, and her doctor warned her the job put her at high risk for exposure to Covid-19.

“Are you going to risk potentially dying just to pay a bill?” Finkley says. “But if you don’t pay the bill you’re going to be homeless. You have to literally decide what’s worse.”

Finkley is a member of a burgeoning class of long-term underemployed and unemployed Americans who have slipped into poverty during the pandemic. Many of them are renters teetering on the verge of homelessness, even as large swaths of the U.S. economy have rebounded and coronavirus vaccines raise hopes for a brighter 2021….

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Posted in * Economics, Politics, America/U.S.A., Economy, Ethics / Moral Theology, Health & Medicine, Housing/Real Estate Market, Personal Finance

(WSJ) The Covid Economy Carves Deep Divide Between Haves and Have-Nots

A two-track recovery is emerging from the country’s pandemic-driven economic contraction. Some workers, companies and regions show signs of coming out fine or even stronger. The rest are mired in a deep decline with an uncertain path ahead.

Just months ago, economists were predicting a V-shaped recovery—a rapid rebound from a steep fall—or a U-shaped path—a prolonged downturn before healing began.

What has developed is more like a K. On the upper arm of the K are well-educated and well-off people, businesses tied to the digital economy or supplying domestic necessities, and regions such as tech-forward Western cities. By and large, they are prospering.

On the bottom arm are lower-wage workers with fewer credentials, old-line businesses and regions tied to tourism and public gatherings. They can expect to bear years-long scars from the crisis.

The divergence helps explain the striking disconnect of a stock market and household wealth near record highs, while lines stretch at food banks and applications for jobless benefits continue to grow.

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Posted in America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Pastoral Theology, Personal Finance, Politics in General

(FT) Suicides rise after Coronavirus puts squeeze on India’s middle class

Even before Covid-19 hit, white-collar workers were under immense pressure as India’s growth stalled. Suicides among professionals have climbed for two consecutive years, averaging 23 a day in 2019, according to the National Crime Records Bureau.

“It’s the uncertainty that causes the maximum distress,” said Lakshmi Vijayakumar, a psychiatrist and suicide expert in Chennai, who added that the pandemic had led to significantly more suicides among professionals. “They are burnt out and Zoomed out,” she said. “There is the fear of infection and financial insecurity.”

The pandemic has compounded India’s economic challenges, with millions losing their jobs. The country’s economic output shrank by 24 per cent in the three months to June compared with the same period last year, the steepest fall among the world’s largest economies.

While casual labourers are beginning to pick up more work, middle-class professionals are still struggling.

Read it all.

Posted in Economy, Health & Medicine, India, Personal Finance, Psychology

(NYT Magazine) Elderly and Homeless: America’s Next Housing Crisis

Oliver was born at the tail end of the baby boom, when American families celebrated postwar prosperity by having more children than ever before — 72.5 million between 1946 and 1964, or nearly 40 percent of the population of the United States at the time. Many of those children went on to live stable, successful lives. Others teetered on the edge as they aged, working jobs that didn’t come with 401(k) plans or pensions and didn’t pay enough to build a nest egg, always one misfortune away from losing all they had. Amid the pandemic, many of them are now facing homelessness, at an age when they are often too old to be attractive to employers but are not old enough to collect Social Security.

Policymakers had decades to prepare for this momentous demographic shift, but the social safety net has only frayed under a relentless political pressure to slash funding for programs that senior citizens rely on to make ends meet, like subsidized housing, food and health care. “It’s the first thing fiscally conservative people want to cut,” says Wendy Johnson, executive director of Justa Center in Phoenix, the only daytime resource center in the state set up exclusively for older homeless adults. “But this is every single senior to whom we promised that if they paid into the system, we’d take care of them.”

Last year, after analyzing historical records of shelter admissions in three major American cities, a team of researchers led by Dennis P. Culhane, a professor at the University of Pennsylvania and one of the country’s leading authorities on homelessness, published a sobering projection: In the next 10 years, the number of elderly people experiencing homelessness in the United States would nearly triple, as a wave of baby boomers who have historically made up the largest share of the homeless population ages. And that was before a pandemic arrived to stretch what remains of the social safety net to the breaking point.

“If we’re forecasting a flood, where the water will reach up to our heads,” Culhane told me, “it’s already up to our knees, and rising very, very fast.”

Read it all.

Posted in * Culture-Watch, Aging / the Elderly, America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, Pastoral Theology, Personal Finance, Poverty, Theology

(W Post) U.S. faces shortage of up to 8 billion meals in next 12 months, leading food bank says

Bill Blackmer lost his job in telecommunications on April 18. Blackmer lives with his wife, Mary, and two young daughters in Weymouth, Mass.

“I waited until after dinner, once everything had settled down, to tell her,” he remembers. “Mary didn’t say anything, just grabbed her stomach and took three steps back and sat down.”

He is among tens of millions of Americans who have turned to a local food bank for help after becoming newly food insecure because of the pandemic and its fallout. About 10 percent of American adults, 22.3 million, reported they sometimes or often didn’t have enough to eat within the past week, according to the U.S. Census Bureau’s most recent Household Pulse Survey fielded between Aug. 19 and 31. That is up from 18 million before March 13.

Read it all.

Posted in America/U.S.A., Dieting/Food/Nutrition, Economy, Health & Medicine, Personal Finance, Poverty

(Bloomberg) Religion Meets Profit Generation in a Slew of New Faith-Based ETFs

As much as Samim Abedi loved his job as part of the team that managed Google’s corporate investment portfolio, he couldn’t always square the work with his Muslim faith. He worried that some of the companies whose securities he traded had ties to alcohol or tobacco or gambling.

So he quit to join Wahed Invest, which in July 2019 launched the first exchange-traded fund in the U.S. that’s compliant with Sharia, Islam’s religious law. It’s one of eight ETFs introduced in the U.S. last year that incorporate faith-based principles, raising the total to 11. More are coming: In June, money manager Global X filed to launch a bond fund aligned to Catholic values. “We’re all trying to solve the same question,” says Abedi, the global head of portfolio management for Wahed. “How do we invest our wealth in ways that align with our ethics?”

Religion-based funds can differ on what they consider ethical. A stock fund that caters to Catholics shuns companies that sell weapons or exploit child labor. Several ETFs for Muslims steer clear of anything related to interest-based finance, which the religion frowns upon. Those funds invest in a Sharia-compliant alternative to bonds called sukuk, which provide regular payments that are considered profit-sharing rather than interest.

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Posted in Corporations/Corporate Life, Ethics / Moral Theology, Islam, Other Churches, Personal Finance, Religion & Culture, Stock Market

(NYT) Vast Federal Aid Has Capped Rise in Poverty, Studies Find

An unprecedented expansion of federal aid has prevented the rise in poverty that experts predicted this year when the coronavirus sent unemployment to the highest level since the Great Depression, two new studies suggest. The assistance could even cause official measures of poverty to fall.

The studies carry important caveats. Many Americans have suffered hunger or other hardships amid long delays in receiving the assistance, and much of the aid is scheduled to expire next month. Millions of people have been excluded from receiving any help, especially undocumented migrants, who often have American children.

Still, the evidence suggests that the programs Congress hastily authorized in March have done much to protect the needy, a finding likely to shape the debate over next steps at a time when 13.3 percent of Americans remain unemployed.

Democrats, who want to continue the expiring aid, can cite the effect of the programs on poverty as a reason to continue them, while Republicans may use it to bolster their doubts about whether more spending is needed or affordable.

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Posted in * Economics, Politics, Anthropology, Ethics / Moral Theology, Personal Finance, Poverty, The U.S. Government

Yesterday’s NYT Front Page–Renters Out of Work, Money And, Very Soon, Their Homes

The United States, already wrestling with an economic collapse not seen in a generation, is facing a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans who have little financial cushion and few choices when looking for new housing.

The hardest hit are tenants who had low incomes and little savings even before the pandemic, and whose housing costs ate up more of their paychecks. They were also more likely to work in industries where job losses have been particularly severe.

Temporary government assistance has helped, as have government orders that put evictions on hold in many cities. But evictions will soon be allowed in about half of the states, according to Emily A. Benfer, a housing expert and associate professor at Columbia Law School who is tracking eviction policies.

“I think we will enter into a severe renter crisis and very quickly,” Professor Benfer said. Without a new round of government intervention, she added, “we will have an avalanche of evictions across the country.”

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Posted in America/U.S.A., Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance

Archbp John Sentamu: Carers who risk their lives need funding, not applause

“I feel like a Roman gladiator in the ring, clapped by cheering crowds as I risk death.” These words from a brave care worker stopped me in my tracks. I heard them through my work with the Living Wage Foundation. This person, who asked to remain anonymous, does vital work on a zero-hours contract, paid just £8.72 an hour. The clapping on a Thursday is a kind gesture – but it won’t pay the rent.

The fate of the country is in the hands of people like this brave care worker. It is just morally wrong for them to face infection and potential death and to do it for poverty pay. Almost half of all care workers are earning below the foundation’s Real Living Wage.

For me this is simply unacceptable. And while so many of us across the country take to our doorsteps every Thursday at 8pm to clap for carers and other key workers, this week my prayer is that we begin to show real compassion and protect our key workers – whether British, European or even former refugees – who are the most at-risk group when it comes to catching Covid-19.

They are literally risking their lives for us, day in, day out, and they do it for a wage that means they struggle to stay afloat financially.

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Posted in Anthropology, Archbishop of York John Sentamu, Corporations/Corporate Life, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, Personal Finance, Religion & Culture