Connect with us

Massachusetts

Massachusetts investment advisor urges calm as concerns about stock market mount

Published

on

Massachusetts investment advisor urges calm as concerns about stock market mount


As stock markets continue to fall globally from President Trump’s latest round of tariffs, financial experts said they’re focused on keeping their clients calm as they watch their savings and 401(k) retirement accounts shrink.

Early Monday morning in Japan, the Tokyo stock market started plunging, falling eight points right from the opening bell. The Japanese Nikkei is often a precursor to what’s going to happen globally. For some, they’re worried of a repeat of 1987’s Black Monday, when the Dow fell more than 22% in a single day.

Worried about recession

“Spoken to a lot of neighbors, all sorts of career backgrounds, and the one thing is pretty universal, which is they’re worried about recession,” said Michael Armstrong, president of the Armstrong Advisory Group.

Armstrong said concerns were sparked last Wednesday after President Trump announced sweeping tariffs of at least 10% on goods imported from other countries.

Advertisement

“The promise of the Trump administration that they seem to be making is we want to manufacture many new goods and stuff that used to be manufactured in the United States here again,” said Armstrong.

Armstrong said the tax for other countries comes at a cost for Americans too.

“The problem seems to be that in order to do that, they are more than willing to cause a recession,” said Armstrong.

The announcement of import taxes last week prompted a sharp drop in the U.S. stock market. Thursday and Friday were the worst two days on Wall Street since the pandemic.

“It is looking fairly ugly out there,” said Armstrong. “These are the most nerve-wracking times, I think, for investors.”

Advertisement

Repeat of 1987’s Black Monday?

The decline has also affected people’s 401(k) retirement accounts and as the new week begins, there’s concerns of another Black Monday crash.

“I don’t love the comparisons because that was a really, really ugly day,” said Armstrong. “My point is, I don’t think anyone really knows, precisely, what is going on or what’s going to happen next because these are policies that we literally haven’t seen from the United States in the modern era.”

Armstrong said the best advice he can give his clients is to take a break from the TV because as it looks right now, things may get worse before they improve.

Advertisement



Source link

Massachusetts

Think you’re middle class in Massachusetts? Here’s the income range

Published

on

Think you’re middle class in Massachusetts? Here’s the income range


play

Your household can earn more than $200,000 a year and still be considered part of the “middle class” in Massachusetts, according to a recent study by SmartAsset.

Massachusetts ranks as the top state with the highest income range for households to be considered middle class, based on SmartAsset’s analysis using 2024 income data from the U.S. Census Bureau. The Pew Research Center defines the middle class as households earning roughly two-thirds to twice the national median household income.

Advertisement

According to a 2022 Gallup survey, about half of U.S. adults consider themselves middle class, with 38% identifying as “middle class” and 14% as “upper-middle class.” Higher-income Americans and college graduates were most likely to identify with the “middle class” or “upper-middle class,” while lower-income Americans and those without a college education generally identified as “working class” or “lower class.”

Here’s how much money your household would need to bring in annually to be considered middle class in Massachusetts.

How much money would you need to make to be considered middle class in MA?

In Massachusetts, households would need to earn between $69,900 and $209,656 annually to be considered middle class, according to SmartAsset. The Bay State has the highest income range in the country for middle-class households. The state’s median household income is $104,828.

In Boston, the range is slightly lower. Households need to earn between $65,194 and $195,582 annually to qualify as middle class, giving the city the 19th-highest income range among the 100 largest U.S. cities. Boston’s median household income is $97,791.

Advertisement

How do other New England states compare?

Massachusetts has the highest income range for middle-class households in New England. Here’s what households would have to earn in neighboring states:

  1. Massachusetts (#1 nationally) – $69,885 to $209,656 annually; median household income of $104,828
  2. New Hampshire (#6 nationally) – $66,521 to $199,564 annually; median household income of $99,782
  3. Connecticut (#10 nationally) – $64,033 to $192,098 annually; median household income of $96,049
  4. Rhode Island (#17 nationally) – $55,669 to $167,008 annually; median household income of $83,504
  5. Vermont (#19 nationally) – $55,153 to $165,460 annually; median household income of $82,730
  6. Maine (#30 nationally) – $50,961 to $152,884 annually; median household income of $76,442

Which state has the lowest middle-class income range?

Mississippi ranks last for the income range needed to be considered middle class, according to SmartAsset. Households there would need to earn between $39,418 and $118,254 annually. The state’s median household income is $59,127.



Source link

Continue Reading

Massachusetts

Massachusetts AG Campbell accused of breaking professional conduct amid audit lawsuit

Published

on

Massachusetts AG Campbell accused of breaking professional conduct amid audit lawsuit


AG Andrea Campbell called Diana DiZoglio’s personal cell phone a day after an SJC justice moved the legislative audit legal case to the full court, a call that the auditor alleges violates the state’s professional conduct rules.

DiZoglio’s fight with Campbell is steaming ahead, even as the attorney general claims that there’s a “path forward” for the voter-approved audit of the state Legislature, over 15 months after 72% of the state signed off on the ballot measure.

DiZoglio’s office argues that Campbell’s attempt to call the auditor on her personal cell phone violates Rule 4.2 of the Massachusetts Rules of Professional Conduct, which prohibits lawyers from communicating directly about a case with an individual represented by another attorney without consent.

“The Attorney General is our state’s top law enforcement officer and should follow the Rules of Professional Conduct,” DiZoglio said in a statement on Wednesday. “I will not participate in dark, shadow conversations with the AG about this lawsuit.”

Advertisement

“That she is trying to get me to speak with her alone, via private cell phone, without my legal counsel present, is unacceptable,” the auditor added.

Campbell’s office is firing back at DiZoglio’s claim, which it says is a “false and baseless accusation.”

“If the Auditor is interested in a solution,” the office said in a statement shared with the Herald, “the AG is available to speak with her or the Auditor’s staff can speak with our office – but as it stands, her office refuses to engage with us directly on a path forward.”

DiZoglio and Campbell have been locked in a legal tug-of-war since voters approved the audit in November 2024.

Siding with legislative leadership, Campbell has claimed that DiZoglio has not answered basic questions on the scope of the legislative audit. The AG argues that the auditor’s review may also violate the state Constitution.

Advertisement

In February, DiZoglio sued House Speaker Ron Mariano and Senate President Karen Spilka for refusing to comply with the audit. The auditor is asking the SJC to allow her to appoint an outside attorney, as Campbell is representing the top Beacon Hill Democrats.

DiZoglio spotlighted Campbell’s attempt to talk with her on her personal cell phone after the AG appeared on GBH’s Boston Public Radio on Wednesday. The auditor also released emails between the two offices regarding the call.

In her radio segment, Campbell admitted to calling the auditor after seeing her at a recent event in Worcester and that she had yet to hear back from DiZoglio. The AG said the message that she is trying to convey to the auditor is that “there’s a pathway forward.”

Speaking at an event on March 16, DiZoglio said, “I have only asked for financial receipts and state contracts. There is nothing unconstitutional about …  getting access to that information.”

Campbell argues DiZoglio has “changed” her stance on the audit’s scope.

Advertisement

Deputy Auditor Michael Leung-Tat expressed his concerns about Campbell’s call to DiZoglio in an email on Monday to Assistant Attorney General Anne Sterman and First Assistant Attorney General Pat Moore.

Leung-Tat emphasized that the last time DiZoglio and Campbell spoke via phone was allegedly in November 2023, when the AG informed the auditor of her support of the legislative audit.

“They don’t have a relationship beyond our office’s official communications,” Leung-Tat wrote, “and, as you know, official business between our offices is conducted at the staff level. … it appears that the Attorney General was calling the Auditor about the pending litigation before the SJC.”

“As you are aware,” the deputy auditor added, “we have been engaged with your office seeking assistance in our efforts to audit the Legislature since 2023, so it is curious that the Attorney General only just now decided to call.

In an email reply, Moore said there was “nothing unethical” about Campbell’s call and that the AGO was “surprised to see” the auditor’s “unfounded assertion.”

Advertisement

“The Auditor has also used her time in those forums make false allegations against the Attorney General and officers of every other branch of state government, recently including judges,” Moore wrote. “Having now heard multiple variations of these comments, the Attorney General felt it appropriate to reach to talk with the Auditor.”

After multiple exchanges back and forth, Moore refuted Leung-Tat’s claims that DiZoglio has answered Campbell’s questions to help the legislative audit proceed. The first assistant AG added that the office “takes pride in our professionalism.”

“We do not, just to pick one example,” Moore wrote, “claim that every state agency funded by legislative appropriation is corrupt; nor that the courts adjudicating our cases are.”

“Nor do we take exception to conferring with those against whom we are litigating,” he added. “We do that every day.”

Advertisement



Source link

Continue Reading

Massachusetts

Massachusetts faces World Cup-test with friendly match in Foxboro

Published

on

Massachusetts faces World Cup-test with friendly match in Foxboro


Massachusetts will get a taste of World Cup action in Foxboro on Thursday.

There is a friendly match between Brazil and France at Gillette Stadium.

It’s being considered a test ahead of World Cup matches in June.

Massachusetts governor Maura Healey says dozens of agencies are involved in making sure the 7 World Cup matches are safe and secure.

Advertisement

Thursday is a test for transportation for the World Cup.

The MBTA will have 4 trains going from South Station to Foxboro.

MassDOT expects heavy traffic to begin later this morning with new traffic patterns near Gillette for the match.

As for the teams, NBC 10 caught up with Team France at their practice.

Team France says it is excited to face off against one of the best teams in the world.

Advertisement

France is ranked 3rd worldwide while Brazil is ranked 5th.

Parking opens at noon while the game’s kickoff is at 4:00 p.m.



Source link

Continue Reading

Trending