June 3, 2001 |
The Federal Reserve's dramatic cuts in short-term interest rates this year have had one overriding goal: to reduce the cost of credit for struggling companies and consumers, thereby lessening the chances that an economic slowdown will become a recession. But the Fed can't affect lending rates without also affecting savings rates.
December 16, 1989 |
President Bush is expected to propose new tax incentives for savings to encourage Americans to set aside more money for the future, Administration officials said Friday. Treasury Secretary Nicholas F. Brady announced several months ago that he was looking at ways to increase incentives for savings and investment, but few details of the Administration approach have emerged until now. Several options are under consideration, aides said, and no decision has been made about specifics.
CALIFORNIA | LOCAL
April 25, 1995 |
In a setback for landfill opponents, Los Angeles officials said Monday that an independent audit shows the city would save $56 million by extending the life of the Lopez Canyon Landfill near Lake View Terrace until 2001. Macias & Co., a private accounting firm hired by sanitation officials, found that the city would spend $14.62 per ton to dump trash in the landfill after extending it past its 1996 closing date, compared to $24.98 per ton to haul it elsewhere.
February 17, 1999 |
The nation's younger adults seem to be much more cognizant of the need for retirement savings than their elders were at the same age. Sixty-four percent of Americans ages 18 to 34 are saving for retirement, and the average age when they started to save was 23, according to a survey commissioned by Lincoln Financial Group and Money magazine. That's 13 years earlier than people who are 65 or older and four years earlier than the average baby boomer.
April 30, 2006 |
Are Americans saving enough for retirement? Many financial service companies, citing a paltry U.S. savings rate, say we're not. But the savings rate takes into account only how much people are saving from their current earnings. A recent A.G. Edwards & Sons Inc. "nest egg" survey, which looked at the savings rate as well as how much people have accumulated in savings, says we are. Another recent study, by the Employee Benefit Research Institute, provides a nuanced answer.
July 5, 1989 |
Anxiety about the U.S. economy is running high. The latest statistics--the government's leading indicators, factory orders, the intentions of corporate purchasing agents--all point to a slowdown in business. And the mood is anxious in the stock market, which fell sharply last week, although prices bounced back a bit on Monday in slow, pre-Fourth of July trading. The worry is about recession.
August 25, 1987 |
Consumer spending, bolstered by brisk auto sales and exceptional air-conditioning costs, soared 0.9% in July for the second month in a row, more than twice as fast as incomes grew, the government reported Monday. The Commerce Department said personal income also was up, but more modestly: 0.4% in July, compared to 0.3% gains in May and June. It was the biggest income gain since a 0.6% advance in April.
September 20, 1994 |
Many baby boomers will face a nasty financial surprise when they retire because they're saving too little and not investing wisely, financial experts said Monday. "I think there's a retirement crisis in America," said Carter Beese, a commissioner with the Securities and Exchange Commission, at a conference on financial markets and the economy hosted by Boston College. Social Security will be worth "little more than food stamps when the baby boomers retire," he warned.
June 20, 1997 |
A decade after Congress curtailed a popular retirement savings tax break for millions of Americans, new incentives to save are popping up again like worms after a spring rain. Legislation now moving through Congress would expand the availability of individual retirement accounts, create new kinds of tax-deferred savings accounts and allow new uses for IRA savings.
July 5, 1989 |
More saving by Americans and others is a key to international prosperity, the World Bank said Tuesday in its annual review of economic development. The World Bank is the largest source of aid for Third World countries, lending over $21 billion in the past 12 months. "The fundamental problem is a shortage of world saving," said Stanley Fischer, one of the bank's vice presidents and its chief economist. "We focus very much in economics on the U.S.