This is the first post in a series exploring class divides across America's largest cities and metros. Social class, an inescapable presence in American life, influences almost every aspect of our culture. It is inscribed on our very geography. Although our cities are more than ever our most powerful economic engines, they also are becoming more divided along class lines, creating distinct experiences within a given city.
Companies like Netflix Inc. (NFLX), Amazon.com Inc. (AMZN) and Hulu are all capitalizing on the binge-viewing phenomenon. Binge-watching refers to the viewing of televised content for extended spans of time, usually a single television show. While viewers enjoy watching episodes of their favorite TV shows back-to-back, advertisers suffer because video-on-demand (VOD) providers do not want to alienate their viewers by running advertisements.
The average 401(k) and other defined contribution (DC) plan participant now defers over 8% of their annual income toward retirement savings through their plan and social security taxes, making it one of the largest expenses for households. However, as HelloWallet found, retirement readiness remains stubbornly low: the typical worker near retirement only has about 2 years of replacement income saved, or about 15 years short of the median lifespan post-retirement.
WASHINGTON — For years, many Americans followed a simple career path: Land an entry-level job. Accept a modest wage. Gain skills. Leave eventually for a better-paying job.
The workers benefited, and so did lower-wage retailers such as Wal-Mart: When its staffers left for better-paying jobs, they could spend more at its stores. And the U.S. economy gained, too, because more consumer spending fueled growth.