You’ve probably heard that the Bureau of Labor Statistics (BLS) Employment Report for the month of May was disappointing. Economists who follow job growth in the U.S. economy were expecting 123,000 new jobs to be created. The actual number, according to the BLS, was 38,000—the smallest gain since September of 2010.
By all accounts, Puerto Rico is a beautiful, sunny place to visit, especially in the Winter. But it’s hard to fathom how this U.S. island territory of 3.5 million people could have racked up $70 billion in public debt—roughly $20,000 per citizen, which happens to be almost exactly the population’s average yearly income. Now that Puerto Rican bonds are trading at 20-50 cents on the dollar, a lot of people are starting to wonder what happened.
How much in lifetime earnings does it cost you to be a woman?
That’s a question posed by the National Women’s Law Center, and its analysis was eye-opening. On average, in America, a woman who is starting her career now will earn $430,480 less than a male counterpart over the course of a 40-year career. If you happen to be an African American or Native American woman, your earnings will be more than $870,000 less, and Latina women will miss out on more than $1 million in lifetime wages.
We all know that money can’t buy you happiness, right? As it turns out, this is not exactly true.
A recent study by University of Michigan economists Betsey Stevenson and Justin Wolfers, examining data from more than 150 countries using World Bank data, has shed new light on the interaction between happiness and the size of your bank account. Their first conclusion: the more money you have, the happier you tend to be, regardless of where you are on the income spectrum. They concluded that multi-millionaires don’t think of themselves as “rich.”