On Wednesday, Puerto Rico’s Electric Power Authority (PREPA) announced that it has reached a deal with some hedge funds and bondholders to restructure its massive $8.3 billion debt. What this means is that investors will be taking a 15 percent loss in the debt exchange. According to PREPA, the deal with owners of roughly one-third […]
Archives for September 2015
Thanks Janet Yellen! You need a $157k salary to live in San Francisco
In order to live and own a home in San Francisco and San Diego you need to have a six-figure salary. To live in other top cities, your income needs to be just under $100,000. We can thank the Federal Reserve and Chair Janet Yellen for this enormous increase in the cost of living. The […]
Faced with huge tax burden, 100,000+ New Yorkers flee the ‘Biggest Loser’
The Empire State is losing taxpaying residents more than any other state in the country, says the latest Internal Revenue Service (IRS) migration data from 2013. In 2013, approximately 115,000 New Yorkers fled the state, and took their $5.65 billion in adjusted gross income, or AGI, with them. When dating back to 1985, the state […]
Polls find millennials draining parents’ retirement accounts, a quarter living paycheck to paycheck
United States and Canadian millennials are still apparently having a tough time adjusting to adulthood. Despite a temporary boom in the labor market, they’re still relying on the bank of Mom and Dad to cover their basic living expenses. Unfortunately, this is hurting their parents’ dreams of retirement. According to a new survey by CIBC, […]
Bernie Sanders open to taking U.S. to war even when not directly attacked
If you want just yet another example of how there is zero difference between Republicans and Democrats on the big issues, you have to look no further than Vermont Senator and 2016 presidential candidate Bernie Sanders. The self-described socialist official spoke with ABC’s “This Week” and was honest about using military force if he’s elected […]