The bottom line
Ponzi scheme billionaire sentenced; Health insurance in the food industry; Foreign purchase of U.S. homes rises; Housing's slow recovery continues; The cost of raising a child
Ponzi scheme billionaire sentenced
Former Texas billionaire R. Allen Stanford was sentenced to 110 years in prison last week for running what prosecutors called one of the biggest Ponzi schemes in U.S. history. Stanford was convicted in March of fleecing thousands of investors out of an estimated $7 billion.
Los Angeles Times
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Health insurance in the food industry
Less than a quarter of the 20 million people employed in the U.S. food industry receive health insurance from their employers, according to a new survey by the Food Chain Workers Alliance, a coalition of food-industry worker groups.
The New York Times
Foreign purchase of U.S. homes rises
Foreign buyers spent $82.5 billion on U.S. homes last year, up 24 percent from 2010. Properties in Arizona, California, Florida, and Texas accounted for just over half the sales, with buyers from Canada, China, Mexico, India, and the U.K. making 55 percent of the purchases.
Bloomberg.com
Housing's slow recovery continues
Confidence among U.S. homebuilders hit a five-year high in June, a sign that the housing market continues to recover, however slowly. The homebuilder sentiment index rose to 29, the highest reading since April 2007. However, any figure below 50 still indicates negative sentiment about the housing market.
Associated Press
The cost of raising a child
Middle-income Americans earning between $59,410 and $102,870 can expect to spend an average of $234,900 raising a child from birth to age 17, according to a new government estimate. That is 3.5 percent higher than last year, mainly because of increases in the cost of gas, food, education, and child care.
Time.com

Continue reading for free
We hope you're enjoying The Week's refreshingly open-minded journalism.
Subscribed to The Week? Register your account with the same email as your subscription.