There’s been so much going on lately, what with the markets and Greece, etc. But I want you to know about 2010’s Equal Pay for Equal Work Day…..April 20th. In order to make the same money that a man did in 2009, the average woman had to work the additional 100 days in 2010. Ladies, don’t we work hard enough as it is?
For those of you keeping track, it’s almost 50 years since the first Equal Pay Act was passed by Congress, yet women working full time still only earn 77 cents for every dollar a guy pockets. African American women earn 61 cents; Latinas, 52 cents.
There’s another move at the federal level, with bipartisan support, to level the paying field. The House has already passed the Paycheck Fairness Act (S.182) which would require employers to set wage differentials based on anything other than gender. It’s now on the Senate side. So, come on folks, call your Senators and ask them to support the Paycheck Fairness Act. Higher wages mean a higher benefit from Social Security. I’m sure I don’t have to tell you how important that is. Until next time, here’s to good planning!
Sometimes in life you just know you are right. The naysayers will tell you not to bother…that you’ve got no chance. Just forget about how you were treated…let go of it….and get on with your life. I’m sure Betty Dukes and the six other plaintiffs heard all that and more back in 2001 when they filed a class-action gender discrimination lawsuit against the world’s largest retailer, Walmart. Their complaints were the usual ones that women face in the workplace: fewer promotions and lower pay than their male coworkers.
Earlier this week, the 9th Circuit Court of Appeals in San Francisco gave a close (6-5) thumbs-up for the class-action lawsuit to proceed. The court didn’t rule on the allegations of discrimination. But, with roughly 1.5 million plaintiffs, a successful outcome could have far reaching implications for women workers everywhere. Walmart has fought the allegations vigorously and vows to appeal to the U.S. Supreme Court. You think it doesn’t matter who is on the high court?
Assuming this gets resolved, a loss for the company might turn its slogan into the usual battle cry for corporations over their workers: “Save Money, Live Better”. It’s just another reason to support your local stores who hire local people! Until next time, on this national Save the Frogs Day, here’s to good planning!
I hope you’ll be paying attention on Thursday when the President makes a speech in New York on why financial reform must be passed by Congress. If it were me, I’d sit atop that famous bull that epitomizes the Wall Street culture. Probably wouldn’t be very presidential.
I swear I heard people cheering last Friday when the news broke about the civil lawsuit by the Securities and Exchange Commission (SEC) against Wall Street powerhouse Goldman Sachs. (OK….maybe it was just me making the noise.) The timing was pretty interesting, don’t you think? Did the SEC wait until the economy and markets were strong enough to withstand such news? Or, maybe, the Friday before Congress started debating ways to rein in Wall Street, as a way to influence the final vote? Sorry to be so cynical. Either way, it’s about time!
Back in 2007, there were people in the Goldman Sachs mortgage division, reportedly backed by management, bundling together bonds, backed by residential mortgages to homeowners who couldn’t afford their payments (sub-prime mortgages). When the mortgage payments stopped coming, the loans defaulted, and the results, as you know, were disastrous. Everything went south. But not the pinheads at Goldman Sachs. Knowing things would go south (but not disclosing that to investors), they had used complicated investments known as derivatives, to bet against their own bonds, thus making billions when the bottom fell out of the housing market. And now there are some in Congress (the minority) that thinks we don’t need financial reform. They must have owned some of those derivatives, because I can’t imagine why anyone wouldn’t want to prevent such a disaster in the future. Call your senator or congressperson. I suspect more shoes will drop from this centipede before it’s all over. Until next time, here’s to good planning!
I’m used to being in the minority. Years ago, it wasn’t always so cool. But now, at least when it comes to alternative energy, I’m hoping us green types will eventually become the majority. Since signing up for NStar’s Green Program last year, 100% of my household’s electric comes from a wind farm in upstate New York. I’d prefer a wind farm somewhere in Massachusetts (it’s that Red Sox vs. Yankees thing) but we’re still battling over the proposed wind farm in Nantucket Sound. That will get sorted out…hopefully soon. Our cost per kilowatt has been a few pennies more, although I can’t really say I noticed much of a difference on our bill. We’re on the level billing program since it provides for easier budgeting.
Of the more than one million NStar electricity customers, fewer than 1% (8,000) signed up for the Massachusetts Green Program since it started in July of 2008. I don’t think they promoted it nearly enough. And now, the utility has applied for a rate increase to the Massachusetts Department of Public Utilities citing “rapidly changing energy prices”. If approved, the rate hike will kick in next month. Those getting 50% of their electricity from wind will pay an additional 1.52 cents more per kilowatt hour of power, or roughly $7.50. Those getting all of their electricity from wind will pay 3.04 cents more….roughly $15 per month. It’s not a deal breaker, as far as I’m concerned, but it may discourage thousands from enrolling in the program in the future. That’s too bad, since I believe this country has to shift to multiple forms of alternative energy to meet our needs in the future and make us less dependent on foreign oil. Check with your utility company and see if you can make the switch. Long term, it’s the right thing to do….like paying more for fresh fruit vs. getting it in cans. Until next time, here’s to good planning!
I’ve been dying to update you on the Move Your Money campaign….the national movement that encourages consumers to leave those “too big to fail” banks and take their business to credit unions and community banks. This idea has caught on like wild fire and I’m reading about the most amazing examples of people who are fed up. I love this stuff:
* New Mexico’s House of Representatives voted unanimously last week to move the state’s nearly $5 billion from Bank of America and Wells Fargo to community banks in the state. The state Senate is expected to pass a similar measure soon
* The Oregon legislature is considering a similar move. Could that start an avalanche of legislatures on the “move”? The 50 states reportedly have a total of $230 billion in the big banks
* New York Mayor Michael Bloomberg announced that the City is going to move $25 million to neighborhood credit unions. That doesn’t sound like much, but it’s a start. After all, NYC is where so many of the big Wall Street firms are located
* John Tuttle put stickers on 60 ATM machines in the Seattle area last week. His web site, http://www.CreditCardRevolt.com calls for a cap on credit cards and some other reforms. He says it’s time Americans stood up to the big bankers
* An organization encouraging young people to move their money to credit unions (http://www.YoungFreehq.com ) wants folks to make music videos for their contest. The words have to be to the song ““Lookin’ Like A Fool With Your Money In A Bank”. The winner get a new ipad
* Social media has been a huge booster of the Move Your Money campaign. Groups have sprouted on Facebook, Twitter and there are videos on YouTube. Have you moved your money?
I’d be interested in your thoughts and movements on this topic. Until next time, here’s to good planning!
A Maryland nurse came out on top last month in her battle with the Internal Revenue Service. In the process, she may have helped thousands of other students who are getting their M.B.A. degree.
Lori Singleton-Clarke started working toward her Masters of Business Administration through an online degree program in 2005. When she filed her 2006 federal tax return, her tax preparer told her she qualified to take her $14,787 tuition expense as a deduction. When the IRS audited her return in 2006, they disallowed the deduction. Lori (who keeps and files every receipt) kept rereading Publication 970 (Tax Benefits for Education) and continued to believe her deduction was justified. She couldn’t afford to hire an attorney so she handled the many, many letters and meetings with IRS representatives, digging in her heels as the process continued. Ultimately, she took her case to the U.S. Tax Court. Since her case was before the Tax Court, she didn’t have to pay the contested amount before going to trial.
Ms. Singleton-Clarke’s skills as a nurse came in handy. Used to being brushed off (or even ignored) by physicians and surgeons, she was not intimidated when she had her day before Judge Stanley Goldberg in the Tax Court, late in 2008. She sat at one table…..the IRS’s two attorneys and several paralegals were at the other. (If I ever spend time in a hospital, I want a nurse like Lori!) Judge Goldberg later praised her preparation and presentation skills in an interview after he issued his ruling. This case will provide a roadmap for others earning their MBA, and, perhaps, other professional degrees. Good work! Until next time, here’s to good planning!
Bank bailouts. Outrageous fees. Obscene credit card interest rates. Our financial system on the verge of collapse. There is a lot of anger in this country over the big banks that received billions of dollars in federal bailout dollars only to turn around and hoard the dough and not lend to small businesses or homeowners on the verge of foreclosure. Banking executives still seem to be getting their fat bonuses, however. I don’t have to tell you which banks I’m talking about. If you want to channel your anger into action, check out the Move Your Money campaign.
This started just before Christmas and it’s spreading like crazy. The idea is for Americans to move their checking, savings and other accounts from the “too big to fail” banks to smaller community banks or credit unions. The smaller institutions, which tend to be more conservative, weren’t making those reckless investments like the big guys. The mainstream media has picked up on this movement and thousands have already taken action. It’s another example of how, when banding together, people can move mountains. Until next time, here’s a great video about the Move Your Money campaign:
http://moveyourmoney.info/
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