Toronto Home Prices Fall for a Seventh Month as Economy Slows
The benchmark price of a home in the country's largest city slipped 0.9% in June from May, hitting C$978,200 ($720,164), according to seasonally adjusted data released Friday by the Toronto Regional Real Estate Board.
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Yahoo
12 minutes ago
- Yahoo
What Americans Said About Money In 1994 Still Rings Alarm Bells For Today's Crisis
Thirty years before today's financial influencers started preaching about emergency funds and investment basics on TikTok, ordinary Americans were already sounding the alarm about the nation's broken relationship with money. A revealing street interview from 1994, captured by documentary filmmaker David Hoffman on his YouTube channel, shows that the financial challenges plaguing Americans today have deeper roots than many realize. The Great Spending Hangover In 1994, Americans were experiencing what experts called a 'major transition' from the 1980s' culture of excess. The previous decade had been characterized as a 'decade of spending,' where people routinely spent more than they saved, riding high on what were described as 'terrific' market returns that weren't expected to continue. Don't Miss: Would You Have Invested in eBay or Uber Early? The Same Backers Are Betting on Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — 'The 1990s are turning out to be a savings decade,' one expert observed, noting that Americans were finally beginning to save 'a significant portion of their income'—something they 'hadn't followed before.' This shift was seen as the beginning of a 'long term savings boom.' Sound familiar? Today's Americans are grappling with similar realizations about overspending, just with different triggers—pandemic-induced financial stress, inflation, and economic uncertainty rather than the end of an 80s bull market. America's Savings Rate: A Global Embarrassment The numbers from 1994 paint a stark picture that resonates today. The U.S. maintained a 'very low savings rate' of around 4%—described as 'abysmally low' compared with international peers. Swedish citizens kept one year's income in the bank, Canadians managed three months of expenses, Japan saved 25%-30% of income and China saved in the mid-30s. Financial experts criticized Americans as 'sloppy and lazy' with their spending, advocating for savings rates between 10%-20% annually. The diagnosis was brutal but accurate: Americans 'lived beyond their means.' Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can Fast forward to today, and the U.S. personal savings rate has fluctuated dramatically—spiking during the pandemic but generally remaining well below the levels financial advisors recommend for long-term stability. Retirement Reality Check: Then and Now Perhaps most prescient were 1994 Americans' concerns about retirement funding. They recognized that Social Security would 'not be enough' to support their desired lifestyle and understood they would 'have to have enough invested on their own' to retire comfortably. This realization drove increased interest in 401(k)s and IRAs as 'crucial investment vehicles for retirement'—a trend that has only intensified as traditional pension plans have largely disappeared and Social Security's long-term viability remains questionable. Timeless Investment Wisdom The investment advice shared in 1994 reads like a modern financial planning handbook. Americans understood that diversification was key to 'limiting risks' and should span different asset classes. They recognized that for long-term goals spanning 10, 15, 20, or 30 years, there was 'very little risk in stocks' because market 'dips will even out' and could represent buying opportunities. Most importantly, they grasped that trying to 'figure out the highs and the lows' of the market was 'virtually impossible'—a lesson many retail investors are still learning today amid meme stock frenzies and crypto Behavioral Trap That Never Changed Perhaps the most striking insight was the observation that people typically do the 'opposite' of what they should: buying more when prices rise (lower potential returns) and hesitating when prices fall (higher potential returns). This counter-intuitive behavior pattern remains one of the biggest obstacles to successful investing three decades later. The 1994 interviews reveal that while investment vehicles and technology have evolved dramatically, the fundamental challenges of saving, planning, and smart investing remain remarkably consistent. The Americans who recognized these truths 30 years ago were ahead of their time—and their insights remain more relevant than ever. Read Next: These five entrepreneurs are worth $223 billion – Image: Imagn Images Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article What Americans Said About Money In 1994 Still Rings Alarm Bells For Today's Crisis originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Wall Street Journal
14 minutes ago
- Wall Street Journal
Will E.J. Antoni Raise Your Taxes?
President Trump's recent decision to replace the commissioner of the Bureau of Labor Statistics has the feeling of replacing the meteorologist and hoping you get better weather. But economic data affect government actions and could have surprising consequences. If nominee E.J. Antoni manipulates the statistics to make Mr. Trump look good, you could end up paying higher taxes. Every year the IRS adjusts more than a dozen tax thresholds to account for inflation, a process called indexing. In 2020 the 10% tax bracket applied to income up to $9,875 for single individuals and $19,750 for married couples. Thanks to inflation indexing, those thresholds are now $11,925 and $23,850, respectively.
CBS News
14 minutes ago
- CBS News
Citi Field casino has "a very good shot," but is still risky, New York state senator says
The proposal to build a casino across from Citi Field in Queens may have the upper hand as New York narrows in on awarding three downstate casino licenses. State Sen. Brad Hoylman-Sigal, who opposes building a casino anywhere in New York City, said the plan led by New York Mets billionaire owner Steve Cohen has "a very good shot" at being approved, despite inherent risks. There have been no decisions on which casino bids will be awarded a license, but it stands to reason that two could go to Yonkers Raceway and Aqueduct in Queens, since both already have racinos. That would leave one license for a handful of new casino bids in the downstate region, mostly in New York City, including Coney Island, Times Square, Manhattan's East Side and Citi Field. Hoylman-Sigal appeared Sunday on CBS News New York's "The Point with Marcia Kramer." The current Democratic nominee for Manhattan borough president believes casinos do more harm than good to their surrounding areas, and he's especially against the Times Square and East Side bids. "If you want a casino in Manhattan, don't vote for Brad Hoylman-Sigal," he said, adding, "If you want to exacerbate the problem of quality of life in a neighborhood, drop a casino in the middle of that. Crime, traffic, addiction. Casinos feed on all of those societal problems." The New York City casino plans have all seen a degree of community opposition. Last week, several Broadway theaters lit up their marquees with the phrase "No Times Square Casino" during a community rally. But there's also support, since they stand to be major moneymakers. "In my opinion, [that's a] shortsighted way to raise revenue for the state, because look at the other side. Again, the problems that casinos bring to neighborhoods are well documented. Those cost the public purse a lot of money too," Hoylman-Sigal continued. "That said, if a community strongly embraces a casino in another borough, more power to them. I think the one at Citi Field has a very good shot after we amended a statute in Albany to allow that casino to go forward." The casino would be located in Citi Field's parking lot. Construction started on NYCFC's Etihad Park, the city's first soccer-specific stadium, across the street from the ballpark last year. While new casinos could help New York make up for lost revenue due to federal budget cuts without raising income taxes, Hoylman-Sigal said the state could consider other options, like taxing digital advertising revenue instead.
