People in rich countries such as the United States don't like to think their inexpensive clothes, toys and handbags have been made by workers who ought to be in school. But that's the case, the Economist says. The magazine cites data that one in six of the world's children age 5 to 17 work, with higher proportions in parts of Asia and Africa.
With income tax refund checks soon to be in the mail, many financial planners suggest using them to pay down high-interest debt. But Consumer Reports says building up an "emergency fund" may be the best use for the windfall. The magazine suggests having at least six months of your salary on hand because if you lose your job, chances are good it will take longer to find a new one than it once did because of the persistent weakness of the labor market.
Turns out that the rich aren't getting richer and the poor aren't getting poorer around the world, according to Glenn Firebaugh, a Penn State University sociologist and demographer. Income inequality between nations has been shrinking in the past three decades, due in large part to rapid income growth in China and south Asia, Firebaugh says in his book, The Geography of Global Income Inequality. On average, annual incomes around the world are increasing by nearly 2 percent a year, Firebaugh says, while in China, pay is going up by about 6 percent.
It seems that those big car-buying incentives may be here to stay. Detroit's generosity over the past two years has conditioned buyers to expect big discounts, BusinessWeek says. And Toyota and its Japanese rivals have started discounting more aggressively, making it even less likely U.S. automakers can ease off their deals any time soon.
Along with the astonishing number of frequent flier miles in circulation comes increasing status restrictions and less trade-in value. And experts say the more miles travelers acquire through flights and with credit cards, the more likely additional restrictions will be implemented. Since miles don't appreciate, experts recommend using them as soon as possible. If you'd prefer to donate your miles to charity or to troops and their families, most frequent flier programs can arrange the transfer.
