Each month, The Hamilton Project calculates America’s “jobs gap,” or the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while absorbing the people who newly enter the labor force each month. As of the end of July 2015, our nation faces a jobs gap of 3.3 million jobs.
In 2014, nearly 60 percent of Americans' tax-preferred retirement savings were held in either IRAs or defined-contribution plans, and only 13 percent were held in private sector traditional pensions (i.e., defined-benefit plans).
This chart presents one widely used measure of financial literacy: the ability to correctly answer three questions about compound interest, inflation, and risk diversification. Fewer than half of Americans can accurately answer these questions.
Half of all Americans turning 65 in 2015 will eventually face out-of-pocket expenditures on long-term services and supports (LTSS)—services provided in nursing homes, adult day-care centers, or in people’s homes that support those who have difficulty with routine daily activities such as bathing or dressing.
Rising life expectancy and potentially exorbitant long-term care costs have increased the financial resources required to support oneself and one’s spouse in retirement and old age.
In 2014 approximately half of nonretired Americans reported being confident that they will have enough money to live comfortably in retirement.
Federal taxes, which are constant across states, amount to 18.4 cents per gallon—of which 15.44 cents go to the highway portion of the Highway Trust Fund (HTF), 2.86 cents to the mass transit portion of the HTF, and 0.1 cent to maintaining underground storage tanks). State taxes on gasoline vary considerably.
Of the more than 1,800 mass transit systems in the United States—including those running trains, buses, or other transport modes—roughly 2 percent reported that fare revenue exceeded operating expenses in 2013.
The Highway Trust Fund (HTF), established by the Federal-Aid Highway Act of 1956, was the first dedicated funding source for highway construction and maintenance. For most of its history, the HTF was well in the black. Over the past fifteen years, however, expenditures have routinely exceeded revenues.
Public infrastructure spending from all levels of government totaled $416 billion in 2014—$41 billion (9 percent) less than its peak of $457 billion in 2003.