Silicon Valley is so expensive that people who make $400,000 think they’re middle-class — here’s what the middle class actually is in the 25 largest US cities

wealthy dinner

The Pew Research Center defines the US middle class as those earning 67% to 200% of the median household income.
Middle-class Americans earned about $40,425 to $120,672 in 2016, according to Pew’s definition, but middle-class incomes vary at the state and city levels.
Some Silicon Valley residents earning $400,000 consider themselves to be in the middle class, a recent survey found.

Some residents of Silicon Valley self-identify as being in the middle class, even though their salaries dwarf those of many Americans.

The Pew Research Center defines the US middle class as those earning two-thirds to twice the median household income, which was $60,336 in 2017, meaning middle-class Americans were earning about $40,425 to $120,672.

But that number shifts as its broken down by state and even by city.

The Palo Alto Weekly, a local paper in Palo Alto, California, asked residents to report their household income and perceived social class. Out of more than 250 respondents, 81 with incomes between $10,000 to $399,999 said they were “middle class.”

“Middle class” is a term used broadly — and often incorrectly — even though it can be quantified with US government data. And while the US middle class …read more

Source:: Businessinsider – Life

      

An Air India pilot failed two breathalyzer tests before trying to fly a plane, but he denies he was drunk after being fired

An Air India pilot was fired by the airline after twice failing a breathalyzer test an hour before he was scheduled to pilot a plane.
According to Economic Times of India, Captain Arvind Kathpalia of Air India Airlines was scheduled to pilot AI-Flight 111 from Delhi to London on November 11 when he failed a pre-flight breathalyzer test and deemed “not fit to fly.”
Economic Times in India reports Captain Kathpalia was relieved of his duties “with immediate effect” and that the Directorate General of Civil Aviation (DGCA) suspended his flying license for three years.
Reuters reports that Kathpalia plans to contest this charge.

An Air India pilot was fired by the airline after twice failing a breathalyzer test an hour before he was scheduled to pilot a plane, multiple sources have reported.

According to Economic Times of India, Captain Arvind Kathpalia of Air India Airlines was scheduled to pilot AI-Flight 111 from Delhi to London on November 11 when he failed a pre-flight breathalyzer test and deemed “not fit to fly.”

Fox News reports that after failing his first test, Kathpalia was administered a second test, but failed that one as well.

Economic Times in India

Source:: Businessinsider – Life

      

An often overlooked Fed report shows that the risky leveraged loan market isn’t letting up anytime soon

jerome powell

An obscure and often overlooked Fed survey is flashing a warning about the growing leveraged loan market.
The Federal Reserve’s Senior Loan Officer Opinion Survey, which takes responses from 70 domestic US banks, showed that lending standards for commercial and industrial (C&I) loans eased in the third quarter.
Demand for commercial and industrial loans also fell, the survey said.
Several major institutions, including the Fed itself, and the Bank of England, have warned about the rise of leveraged loans.

This year’s rumbling debt story looks like it isn’t going anywhere — despite numerous warnings from major figures in the world of finance — especially if banks continue to lend without adequate protections in the booming leveraged loan market.

According to the Federal Reserve’s Senior Loan Officer Opinion Survey, which takes responses from 70 domestic US banks, lending standards and terms for commercial and industrial (C&I) loans eased in the third quarter of this year.

The figures apply to both large and mid-market companies suggesting that so-called “covenant lite” lending is permeating much of the US credit market.

Covenant-lite loans often lack lender protections that are built into traditional loan contracts, potentially allowing companies to take on more debt or loosen restrictions on dividend …read more

Source:: Businessinsider – Finance

      

I stopped making my lunch for a week and switched to Ritual, the order-ahead app that’s sweeping San Francisco. Here’s what I found.

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Typically, I take my lunch to work. It’s healthier than always eating out and helps me save some dough. But microwaved leftovers and soggy PB&J’s can get old.

So I decided to try out Ritual — an order-ahead app that I’ve seen advertised all around San Francisco’s Financial District. It’s also available in most major US cities like New York City, Chicago, and Washington, D.C.

I was initially wary of Ritual. If I wanted a food app for the sole purpose of convenience, why wouldn’t I splurge on a food-delivery app like Caviar that would bring food right to me? Or, if I was optimizing on price, why wouldn’t I use MealPal — the monthly subscription service where lunches from local restaurants only cost $6.

The value propositions of Ritual — order ahead, skip the line, and earn rewards — seemed to fall in some awkward middle ground of food apps that didn’t seem all too compelling for me.

Nonetheless, I was curious to see why so many techies around me seemed to be loving it.

Here’s what I found:

Ritual’s main selling point is saving time by ordering ahead and skipping the line. With each purchase, …read more

Source:: Businessinsider – Life