Personal Finance

Financial News Roundup: Job Recovery Is Steady, Vermont Enacts Single-Payer Health Insurance

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Vermont passes new single-payer health insurance programToday’s top news headlines feature a new state healthcare law voted in by Vermont legislators and reasons one top government official is saying job creation is on track. Plus, find out how many hours analysts say Americans should be working per week.

Government Official Says Job Recovery Is Headed In ‘Right Direction’
The Huffington Post

The most recent labor report, which revealed the private sector added roughly 54,000 jobs in May, may have discouraged many Americans who were hoping for stronger signs of recovery in the labor market. However, President Barack Obama’s Council of Economic Advisors Chairman Austan Goolsbee recently said job recovery is on the right track, and Americans should not focus too much on monthly reports. Goolsbee notes employment trends have improved and recent tax breaks may increase hiring in the private sector.

Are Americans Working Too Much Or Too Little?

Analysts are currently debating how many hours Americans should be working to maintain job security in a struggling employment market. Recent studies provide mixed results, some showing that CEOs who work more hours tend to be more successful, while others show that logging additional time does not necessarily translate into increased productivity. Most analysts agree that while working more than 40 hours per week may help Americans get more done, employees lose efficiency and productivity during the last additional hours.

Vermont Creates Single-Payer Health Insurance System For Residents
The New York Times

Vermont recently passed legislation approving a new single-payer health insurance program that will work in conjunction with Obama’s Affordable Care Act and cover all state residents. While the funding components of this plan have not been fully released, the state intends to create a universal program that will eliminate the “fee-for-service” structure, and establish incentives for preventative healthcare.

Study Shows Credit Reports Mostly Accurate

The results of a recent study reveal the accuracy of the information in consumers’ credit reports is high, and most mistakes appear in the identifying rather than financial details. The study shows 19.2 percent of credit reports had a potential inaccuracy, but roughly half of these possible mistakes were listed in the identifying section, such as the individual’s name or address. Identifying information has no bearing on a consumer’s credit score.

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