Business
Retirement Crisis: 29 Percent of Older Americans Have No Savings, GAO Says
(NBC News) – How bad is America doing when it comes to retirement savings? The Government Accountability Office looked into the question, and its answer is sobering.
A new GAO analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan.
“There hasn’t been a significant increase in wages, people have student loans and other debt, and many are continuing to struggle financially,” said Charles Jeszeck, the GAO’s director of education, workforce and income security, which analyzed the Federal Reserve’s 2013 Survey of Consumer Finances to come up with its estimates. “We aren’t surprised that people have not saved a lot for retirement.”
Even among those who do have retirement savings, their nest eggs are small. The agency found the median amount of those savings is about $104,000 for households with members between 55 and 64 years old and $148,000 for households with members 65 to 74 years old. That’s equivalent to an inflation-protected annuity of $310 and $649 per month, respectively, according to the GAO.
Activism
Oakland Post: Week of May 22 – 28, 2024
The printed Weekly Edition of the Oakland Post: Week of May May 22 – 28, 2024
To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.
Business
Banning Menthol Cigarettes: California-Based Advocacy Group Joins Suit Against Federal Govt.
A California based non-governmental organization, The African American Tobacco Control Leadership Council (AATCLC), has joined two other public health advocacy groups in a second lawsuit against the U.S. Food and Drug Administration (FDA) for the agency’s inaction on issuing a final rule banning menthol cigarettes.
By Edward Henderson, California Black Media
A California based non-governmental organization, The African American Tobacco Control Leadership Council (AATCLC), has joined two other public health advocacy groups in a second lawsuit against the U.S. Food and Drug Administration (FDA) for the agency’s inaction on issuing a final rule banning menthol cigarettes.
The suit, filed by Christopher Leung of Leung Law, PLLC on behalf of the AATCLC, Action on Smoking and Health (ASH) and the National Medical Association (NMA) comes more than seven months after the FDA’s established date for finalizing a new rule against menthol cigarettes.
“We are a group of Californians, although we have expanded now. We were formed in 2008 to inform and direct the activities of commercial tobacco control and prevention as they affect African Americans and African immigrants in this country,” said Carol McGruder, co-chair of the AATCLC.
McGruder was speaking during a press briefing April 2 organized to announce the lawsuit. with representatives from the ASH, NMA and other organizations.
“Menthol cigarettes have had a devastating and disproportionate impact on the health of Black Americans,” said Yolanda Lawson, President of the NMA. “Smoking related diseases are the number one cause of death in the Black community.”
The lawsuit also follows the FDA’s 15-year delay in creating national policy that would ban cigarettes made with compound menthol, a minty substance that cigarette makers infuse into their tobacco products, making them more addictive and harmful.
Despite significant reductions in overall smoking rates in the US, smoking among poor, less educated and marginalized groups remains high. Every year, 45,000 Black Americans prematurely die from tobacco-caused diseases. An estimated 85% of them smoked menthol cigarettes.
“This disproportionate use of menthol cigarettes among Black Americans is not a coincidence,” Dr. Yerger continued. “I was one of the first tobacco documents researchers out of UCSF who exposed the tobacco industry’s systematic, predatory marketing schemes to dump highly concentrated menthol cigarette marketing into urban inner-city areas.”
In 2011, the FDA’s own scientific advisory committee concluded that the “Removal of menthol cigarettes from the marketplace would benefit public health in the United States.”
If the sale of menthol-flavored cigarettes is indeed banned, the FDA projects a 15.1% drop in smoking within 40 years, which would help save between 324,000 to 654,000 lives.
As a result of the Plaintiffs’ first lawsuit, the FDA made the landmark determination to add menthol to the list of banned characterizing flavors in cigarettes.
On the contrary, tobacco-aligned groups in the past have argued that banning menthol cigarettes would be impact federal and state budgets with the loss of nearly $6.6 billion in cigarette sales taxes. Menthol cigarettes account for over one-third of the U.S. cigarette market.
Other arguments from tobacco-backed groups include unintended consequences of a ban such as increased policing in Black and Brown communities due to contraband cigarettes. However, health advocates have dismissed this claim stating the ban would apply to companies that make or sell menthol cigarettes, not individual smokers.
By law, the United States has two months to respond to the lawsuit. The feds can respond to it or file a motion to dismiss.
If the suit is successful, the FDA would have 90 days to make a final ruling.
Business
Cal. Supreme Court Could Strip Gov and Legislature of Power to Raise Taxes
On May 8, the California Supreme Court heard oral arguments on the Taxpayer Protection and Government Accountability Act, a measure that has already been approved for the November ballot. It calls for restricting the state Legislature and Governor’s ability to increase taxes without statewide voter approval. California business owners back the measure while Labor unions have rallied in opposition to it.
By California Black Media
On May 8, the California Supreme Court heard oral arguments on the Taxpayer Protection and Government Accountability Act, a measure that has already been approved for the November ballot. It calls for restricting the state Legislature and Governor’s ability to increase taxes without statewide voter approval.
California business owners back the measure while Labor unions have rallied in opposition to it.
Gov. Gavin Newsom and legislative Democrats have petitioned the Supreme Court to remove the proposal from the ballot since the California Constitution requires a constitutional convention to ratify the ballot with a two-thirds majority vote in the legislature.
Democrats and labor unions stated that the ballot measure could limit state and local funding thus crippling the state’s ability to produce new sources of revenue. A reduction in revenue may result in government programs and initiatives being underfunded,” they say.
Legislative Democrats also argued that the measure’s economic impact will make it harder to resolve the state’s budget deficit.
Business owners and company leaders advocating for the ballot measure stated that the tax initiative can help form new checks and balances on taxation and attract companies to invest in California creating more jobs.
President of the California Business Roundtable Rob Lapsley, a supporter of the tax initiative, said that people are fed up with the state’s high taxes.
“This gives the people of California the right to vote on future taxes, and voters are going to support it if it’s on the ballot,” Lapsley said.
Opposers of the tax initiative, mainly labor unions and state workers such as teachers, police officers, and firefighters, have aligned with Legislative Democrats to reject the tax law.
Executive director of Service Employees International Union California Tia Orr said the tax law was created to benefit wealthy corporations and deceive the average taxpayer.
“I want to make it clear that the ‘Taxpayer Deception Act’ let’s wealthy corporations, who can afford expensive campaigns, to block taxes on their industries while regular Californians, regular people, shoulder more of the cost of critical services,” Orr said.
The California Supreme Court is expected to make a ruling on the future of the initiative by June 27 this year.
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