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Standard Of Living

The nation's chronic, growing budget deficit threatens to lower American living standards in the next decade and "there is no relief in sight," the director of the Congressional Budget Office warned Tuesday. Robert D. Reischauer, the CBO chief, and two of his predecessors painted a grim picture of the prospects for U.S. economic growth at the start of the new century during testimony before the House Banking, Finance and Urban Affairs subcommittee on economic stabilization.
May 17, 2013 | By Walter Hamilton
The retirement crisis is deepening, with recent generations of Americans less financially prepared for their golden years than their parents or grandparents, according to a new study. The study by the Pew Charitable Trusts suggests that people who retire over the next quarter-century could suffer declining standards of living compared with earlier generations, a rare and troubling phenomenon in modern-day history. The retirement math is most vexing for Generation X, those people born between 1966 to 1975, and for so-called late boomers, who were born after 1956, according to the study by the Pew Charitable Trusts.
Driven by housing and child care costs, a California family with two working parents and two children needs to earn more than $52,000 annually to make ends meet, a study to be released today concludes. That requires both parents to work full time at an hourly wage of at least $12.51, and it assumes that the family saves little or nothing toward retirement or their children's college education.
August 26, 2010 | By Ching-Ching Ni, Los Angeles Times
He lavished her with flowers and gifts and sealed them with words of love and kisses. He paid her children's school fees and supported their comfortable lifestyle in Beverly Hills. So, according to lawyers for billionaire developer Donald L. Bren, he has no more financial obligations to the two children he conceived with former girlfriend Jennifer McKay Gold, who claims he promised a lifelong relationship. "There was no oral promise in the first place," said Bren's lead lawyer, John Quinn, during final arguments Wednesday.
Sandra Lewis, 47, laid off 10 times in the last 10 years, got some encouraging news last month. Tokheim Corp., one of the companies she used to work for, declared that it will bring 300 assembly jobs back to town from Tennessee. The announcement seemed to cut against the economic news of the moment: The industrial Midwest is finally being enveloped by the recession which, for a change, started on the two coasts before working its way inland.
June 17, 1990 | PATT MORRISON, Patt Morrison is a Times staff writer who has covered Orange and L.A. counties.
WHAT IS IT between Los Angeles and Orange counties? Are we not warmed by the same ultraviolet rays, quenched by the same pirated water, ensnared in the same gill net of freeways? Are our differences really any wider than the line on a gerrymanderer's map? Let us put it to scholars, men of enlightenment and reason. Orange County historian Jim Sleeper (with feeling): "I wouldn't go up to Los Angeles to see Jesus Christ rassle a bear."
February 8, 1991
Hundreds of young Kuwaitis in Cairo are taking compulsory vocational courses in such BASIC SKILLS as sewing and car repair to prepare for their return to a Kuwait stripped of the riches and luxury it provided them until six months ago. The Kuwaiti government in exile is putting 800 students between the ages of 13 and 18 through the crash courses, preparing them for jobs that were formerly done by Asian and Arab guest workers.
September 5, 1988 | DAVID STREITFELD, The Washington Post
Paul Terhorst is probably the youngest member of the American Assn. of Retired People. He lied about his age to get in. When people hear he cashed out at 35, an understanding look appears on their faces. "Real estate, huh?" they say. Or: "Stock market?" Or: "Oil wells?" He denies all. Eventually they get desperate, asking: "What did you do? Rob a bank?" Not quite. Terhorst was a partner with an accounting firm.
June 3, 1988 | Associated Press
The standard of living of workers in other major countries has risen four times as fast as the U.S. standard of living in the past 15 years, according to a new study on American competitiveness released Thursday. The report, prepared by the Council on Competitiveness, concluded that the United States had lost ground not only in terms of living standards, but also in the related areas of international trade, productivity and investment.
January 22, 1990 | From Reuters
The Kremlin was wrong to send in troops to put down the virtual civil war between Azerbaijan and Armenia, maverick Soviet politician Boris N. Yeltsin said over the weekend. He also said that Soviet President Mikhail S. Gorbachev could soon fall from power. "It is a mistake to dispatch troops and suppress ethnic problems by armed force," Yeltsin told Akira Yamagishi, president of Rengo, Japan's largest labor organization, on Saturday, the financial daily Nihon Keizai Shimbun reported Sunday.
October 24, 2006 | Megan K. Stack, Times Staff Writer
There were no fireworks or feasts this year. Instead, it was the funeral of a child that ushered out the holy month of Ramadan in this tiny village of olive farmers. Ashraf Shibli was 11 years old, and his family remembers him as a clever and curious boy. On Sunday afternoon, he set off a cluster bomb while foraging for pine cones in a sun-dappled grove. The first thing the villagers heard, echoing over the hills, was the explosion.
April 8, 2006 | From Times Wire Reports
Life in Zimbabwe is shorter than anywhere else in the world, with neither men nor women expected to live to 40, World Health Organization statistics show. The WHO's World Health Report for 2006 says the average life expectancy in the AIDS- and poverty-stricken country is 36 years, less than half the 82 years for Japan, which tops the list along with San Marino and Monaco. The study used the latest data from 2004.
September 19, 2004 | Jeffrey Fleishman, Times Staff Writer
The stone goddesses are flaking on Big Garden Street. The steel mill started its slide years ago. The textile plant has fared no better. Steeples glimmer above the rooftops, but the hopeful flicker doesn't obscure what Otto Mahler sees as one long betrayal. "When East and West Germany reunified after communism, they promised us the world," said Mahler, a retired steelworker whose factory has cut its 10,000 jobs to 750 over the last decade. "They said we'd all have an equal standard of living.
September 8, 2004 | Hugo Martin, Times Staff Writer
A massive migration of families in search of housing, plus an onslaught of truck traffic from local ports, has pushed the fast-growing Inland Empire onto a list of the nation's top five most traffic-choked urban areas, transportation experts said Tuesday.
February 27, 2004 | Eric Sondheimer, Times Staff Writer
Each time 6-foot-6 junior center Conor Turley blocked a shot, took a charging foul or made a three-point basket for North Hollywood Campbell Hall this season, he added new meaning to the label "Comeback Kid." Three and a half years ago, Turley spent 42 days at Children's Hospital in Los Angeles because of severe internal bleeding from an autoimmune disorder. "There was one night we didn't think he was going to make it," Turley's father, Doug, said.
December 3, 2003 | From Bloomberg News
About half the baby boomers in the U.S. aren't saving enough to maintain their standard of living in retirement, and many low-income individuals will have to rely mainly on Social Security, according to a government report Tuesday. The Congressional Budget Office's review of 10 years of studies says most baby boomers who aren't saving enough will see a "modest" drop in income that can be made up by working a few years longer.
February 3, 1989 | From Times Wire Services
The budget deficit is eating away at the foundations of the nation's economic strength and threatens the future living standard of Americans, Federal Reserve Board Chairman Alan Greenspan told Congress on Thursday. "The deficit already has begun to eat away at the foundation of our economic strength," and the need to reduce the deficit has become ever more urgent, Greenspan told the House Ways and Means Committee.
A quarter of a century ago, Ron Fauquher was a central-casting cog of the "old economy," cranking out headlights at a General Motors plant in the eastern Indiana Rust Belt. It was an industry headed for hard times. Then Fauquher and a GM buddy started a software business and hit pay dirt. A bigger company bought them out, installing Fauquher in the executive suite, and now he and his wife eat out five times a week.
June 27, 2003 | Tomas Alex Tizon, Times Staff Writer
The fall from grace was dizzying and even, to some, cartoonish. For decades, Oregon's charms routinely won over the surveyors whose job was to rank places according to beauty, efficiency and livability. The state in recent years was hailed as the place "Where It Works" and its largest city, Portland, as one of the nation's best places to live. Oregon claimed similar honors in the early 1970s, about the time that a square-jawed young labor lawyer named Ted Kulongoski straggled into the state.
November 26, 2002 | T. Christian Miller and Hector Tobar, Times Staff Writers
Across Latin America, people are trading in the old for the new. In country after country, voters are rejecting political parties and powerful party bosses who have long dominated the economic and social landscape in favor of outsiders. It's a trend rooted less in ideology than in a desire for change. Voters do not seem to care whether candidates are of the left or right, but whether they are likely to deliver a better standard of living.
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