March 26, 2021

term

Yellen says higher taxes needed in long term to finance US spending

Treasury Secretary Janet Yellen said Wednesday the U.S. government has more room to borrow, but acknowledged that higher taxes will likely be needed to pay for those future expenditures.

During her second day testifying on Capitol Hill, Yellen said her views on federal debt levels have changed since 2017, when she raised concerns about the sustainability of the U.S. debt trajectory. At the time, the federal debt was equal to about 75% of U.S. GDP; that ratio has since surged to above 100%.

HERE’S

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What is decreasing term life insurance and who should get it?

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

There are two types of life insurance: permanent life and term life. Term life is more affordable because unlike permanent life insurance, term life doesn’t have a cash value component. And unlike permanent life insurance, term life policies expire after a specified period of time, so you won’t necessarily have coverage for the rest of your life.

There are different

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Ex-Lakeside finance manager gets federal prison term in fraud case

The former finance manager for a defunct Erie auto dealership that was part of a federal fraud investigation was sentenced in federal court on Friday to serve two years and eight months in prison for his admitted involvement in the crime.

Chad Bednarski, 49, of Erie, who pleaded guilty in September to one count of fraud conspiracy, was also ordered to serve two years of supervised release, to pay restitution totaling nearly $1.7 million jointly with co-defendant Andy Gabler, and to pay a $1,000 fine, according to the sentence handed down by U.S. District Judge Susan Paradise Baxter in U.S

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