Economy News

16 Aug 2022, 03:19

The CEO of a major student-loan company says 'it's hard for us to believe' Biden won't extend the debt payment pause 'given where we are in the calendar'

Biden has not given an update on whether student-loan payments will resume, but Navient's CEO said an extension is likely during a July earnings call.

16 Aug 2022, 01:20

Inflation has slammed Americans' wallets at the grocery store — but restaurants could be a surprising winner

The inflationary gap between restaurants and grocery stores hasn't been this large since the 1970s. Restaurant chains say that coupon cutting is up.

16 Aug 2022, 00:19

Biden's Education Department took an 'enormous step' toward helping student-loan borrowers who have been shut out of debt relief, 23 Democratic senators say

Lawmakers including Elizabeth Warren and Chuck Schumer urged the department to "provide as much relief as possible" to student-loan borrowers.

15 Aug 2022, 23:35

The 'vibecession' is already on its way out

The University of Michigan's Consumer Sentiment Index hit a three-month high in early August as tumbling gas prices boosted Americans' economic moods.

15 Aug 2022, 15:14

JPMorgan CEO Jamie Dimon told wealthy clients there's a chance the US is heading into 'something worse' than a recession, report says

Jamie Dimon told clients he estimated a 20% to 30% chance of a "harder recession" and a 20% to 30% chance of "something worse," Yahoo reported.

14 Aug 2022, 19:31

3 reasons some highly paid professionals like doctors and lawyers still have 7 figures in student debt they can't pay off

Some doctors and lawyers have $1 million or more in student-loan debt. Here's how they get buried in loans they can't repay despite high salaries.

14 Aug 2022, 19:30

How to fix the housing affordability crisis: Build more homes

The real estate market is cooling off, but home prices remain high due to a lack of inventory.

14 Aug 2022, 19:19

Joe Manchin wrecked Biden's economic agenda last year. He ended up saving a lot of it in the last month.

Manchin signed onto the largest climate bill that Congress ever put together after blocking the Democratic agenda for months.

14 Aug 2022, 18:35

Americans are in a 'vibecession' despite booming spending and jobs, and their gloomy outlook could drag the economy into a real downturn

Dwindling real income, fading worker power, and still-elevated inflation have Americans feeling glum. That could pull the economy into a downturn.

14 Aug 2022, 18:20

Workers forced to take time off because of COVID have lost $28 billion in wages

Women, workers of color, and the lowest-paid workers were more likely to have unpaid absences at work during the first two years of the pandemic.

13 Aug 2022, 20:19

There are a lot of perks for Big Oil in Democrats' new bill, even though it's being touted as the biggest climate investment in US history

The Inflation Reduction Act includes $369 billion in energy and climate spending. The bill also includes some "Easter eggs" for fossil fuel firms.

13 Aug 2022, 18:39

Student-loan payments are set to restart in less than 3 weeks. It's the closest Biden has ever been to the deadline without giving borrowers an update.

Student-loan borrowers are waiting for news of both debt cancellation and a payment pause extension, and Biden has yet to announce either.

13 Aug 2022, 18:25

Many retirees could get an extra $1,900 next year thanks to inflation's impact on Social Security. It would be the highest cost of living adjustment in 30 years.

Seniors' credit card debt has been rising in recent years, likely to due to rising prices for groceries, gas, and other goods.

13 Aug 2022, 18:24

Meet a nurse who quit 2 jobs and has given up on the promises of the Great Resignation offering workers more power: 'That is absolutely not true'

Jade worked in an ER during the pandemic. She quit for a better deal but still thinks nurses have no power.

13 Aug 2022, 17:39

2 reasons why China is still in lockdowns, more than 2 years after the pandemic started — and what it'll take for life to go back to normal

China's zero-Covid policy is not just about national pride and safety in the COVID-19 pandemic. It's also about the next pandemic.

13 Aug 2022, 16:40

Serena Williams' blunt retirement essay is a warning sign to all women: You'll never have it all

The tennis legend was forced to choose between continuing a great career and growing a family. It's a decision many women have to make.

13 Aug 2022, 05:34

The House passes the Inflation Reduction Act, sending it to Biden for his signature

It caps a year-long drama with multiple near-death experiences for the Democratic climate, health, and tax bill.

12 Aug 2022, 21:38

The Inflation Reduction Act's tax on stock buybacks isn't a perfect solution to close the wealth gap — but it's a step in the right direction

Thanks to the IRA, buybacks are no longer the pure, unadulterated transfer of wealth from workers to the richest 1%. That's cause for celebration.

12 Aug 2022, 21:36

Why mortgage rates are fluctuating so much in 2022

Mortgage rates have been fluctuating throughout 2022. Freddie Mac's Lien Kiefer says it's due to inflation as well as economic volatility.

12 Aug 2022, 14:39

South Korea just pardoned Samsung's chief for bribing a former president because the country needs him to overcome a 'national economic crisis'

Lee was sentenced to two-and-a-half years in prison for bribing a friend of then South Korean President Park Geun-hye.

12 Aug 2022, 11:19

The war in Ukraine has likely sent Russia's economy back to 2018 — but it's still a smaller contraction than experts expected

Russia's GDP likely fell 4.7% in the second quarter of 2022, per Bloomberg. It was the first full quarter since the invasion of Ukraine.

12 Aug 2022, 03:14

More homebuyers are taking a cue from Elon Musk and Jeff Bezos and buying up real estate to create 'compounds' in their neighborhoods and keep investors out

Neighbors in Massachusetts joined forces and finances to buy a home for nearly $3 million and keep investors out, The Wall Street Journal reported.

11 Aug 2022, 23:22

A former treasury secretary and outspoken inflation hawk slams Democrats opting out of closing a loophole for wealthy investors

Larry Summers asked why money managers "should pay taxes at half the rate of others" and appeared to swipe at Sen. Kyrsten Sinema.

11 Aug 2022, 22:21

Student-loan borrowers who fall behind on payments 'provide the most compelling evidence' the system needs 'fundamental change,' a top education official says

"Defaulting on a student loan should not be a lifelong sentence of financial struggle and despair," Under Secretary of Education James Kvaal said.

11 Aug 2022, 20:36

Inflation might be cooling, but some parents are worried it'll make back-to-school shopping harder

Per a Bankrate survey, 53% of respondents in middle-income households believe inflation will change how they do their back-to-school shopping.

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