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Economy News
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Huileng Tan
22 Mar 2023, 16:25
Central banks' obsession with holding down wages has led to banks becoming 'collateral damage in a class war,' says GFC veteran economist
Ann Pettifor hit out at "the predicted and deplorable outcome of recent decisions by central bankers" who have hiked interest rates aggressively.
Eliza Relman,Madison Hoff
22 Mar 2023, 01:11
The 10 US cities where it's hardest to build affordable housing
A new database created by the Eviction Lab at Princeton University ranks metro areas by how restrictive their housing and zoning policies are.
Juliana Kaplan,Ayelet Sheffey
21 Mar 2023, 22:02
Treasury Secretary Janet Yellen said the SVB collapse is 'very different' from the 2008 crisis and that the financial system is 'significantly stronger than it was 15 years ago'
The ghost of 2008's past has been haunting the SVB collapse, but Janet Yellen says it's not the same situation.
Eliza Relman
21 Mar 2023, 21:39
It took a progressive Virginia suburb 8 years to let developers build apartments instead of single-family houses. It shows how hard it is to build middle-class housing in the US.
After fierce debate, Arlington County will finally vote to approve the construction of so-called "missing middle" housing.
Jason Lalljee
21 Mar 2023, 17:00
An overworked engineer says he's an example of men taking on too much because of their 'bigger egos.' It could be why so many of them are leaving the workforce.
An engineer who put up with 80-hour workweeks at his job finally quit because he wasn't getting the pay or work-life balance he felt he deserved.
Ayelet Sheffey
21 Mar 2023, 15:49
Silicon Valley Bank's collapse is looming over the Fed as it makes the next move in its war on inflation this week
Sen. Elizabeth Warren blamed Fed Chair Powell for Silicon Valley Bank's fallout. It'll likely weigh on Wednesday's interest rate decision.
Jason Lalljee,Ethan Dodd
21 Mar 2023, 02:28
Obama wants companies to strip degree requirements from more six-figure jobs to address the labor shortage
Barack Obama and Joe Biden are promoting state policies gaining traction that make it easier for people without degrees to secure high-paying jobs.
Ayelet Sheffey,Juliana Kaplan
21 Mar 2023, 00:59
5 ways House Republicans' budget plan 'will be a disaster for families,' according to the White House
House Republicans want to freeze federal spending at 2022 levels for the next 10 years. The White House says that will be devastating for families.
Ayelet Sheffey
21 Mar 2023, 00:03
Chuck Schumer vows to fight the latest GOP attempt to block student-loan forgiveness in Congress 'with everything we have'
GOP Rep. Virginia Foxx said the GAO "confirmed" Congress' ability to overturn student-debt relief using oversight under the Congressional Review Act.
Ayelet Sheffey
20 Mar 2023, 23:01
Biden's Education Department just pushed back the deadline for student-loan borrowers to see debt relief through a one-time reform
Student-loan borrowers who were expecting relief through recent IDR and PSLF reforms will have to wait another year, due to a lack of federal funding.
Ayelet Sheffey
20 Mar 2023, 21:25
Millions of student-loan borrowers will experience 'devastating' delays in debt relief if a GOP proposal to cut spending goes through, Biden's Education Secretary says
Student-loan borrowers would see "decreased service hours and longer turnaround times" with debt relief under GOP spending cuts, Sec. Cardona said.
Ethan Dodd
19 Mar 2023, 19:29
The Biden administration is offering to pay Colorado River farmers to let fields go dry during a devastating drought. They're worried it's just the first step in losing their way of life.
To avoid more drastic measures that could destroy their livelihoods, agricultural producers want better pay to fallow their fields.
Jacob Zinkula
19 Mar 2023, 19:10
A millennial who became a millionaire after the 2008 crash says building wealth is about more than opportunistic investing. You also have to make lifestyle changes and load up on side hustles.
Grant Sabatier, 38, became a millionaire after the Great Financial Crisis. He says the key to wealth goes well beyond market timing.
Eliza Relman
19 Mar 2023, 19:10
Conservatives scoff at Trump's 'leftist plan' to build 10 new American cities featuring flying cars
A Republican consultant close to Trump's campaign said Trump came up with the idea himself and was likely inspired by Saudi Arabia.
Ayelet Sheffey
19 Mar 2023, 17:59
A student-loan borrower was promised a $5,000 refund on payments after Biden's broad debt relief. Months later, she's still waiting — and no one is picking up the phone to help.
Roxanne Dougherty thought she could get refunded for student-loan bills she paid during the pandemic payment pause. MOHELA isn't making it easy.
Catherine Boudreau,Jacob Zinkula
19 Mar 2023, 16:29
This could be Big Oil's last surge
Despite record profits, the oil and gas industry is still headed for a long-term decline, even if it sees more boom-and-bust cycles along the way.
Madison Hoff
18 Mar 2023, 19:24
ChatGPT is the Myspace of AI: It's fun, but it's far from taking your white-collar job
While some may be worried about ChatGPT, one economist said "it's nowhere near ready for real-world use other than as entertainment."
Juliana Kaplan,Jacob Zinkula,Andy Kiersz
18 Mar 2023, 18:00
Remote jobs have some workers feeling like college kids again: They play in the afternoon and work at night
New research has found remote workers are driving a spike in weekday-afternoon golfing. Like college students, they're using their afternoons for fun.
Jacob Zinkula
18 Mar 2023, 17:10
Don't lose your life savings on your phone: A millennial with a sports-betting addiction explains how he's cut back as March Madness hype mounts
A millennial sports gambler turned $2,500 into $30,000 last year but said betting then took control of him: "Addiction gets you to do crazy things."
Juliana Kaplan
18 Mar 2023, 02:09
Meet a Taylor Swift fan who regrets paying $5,500 for resale tickets: 'I'm embarrassed I did it, I regret it, and I kind of just wish I had a nosebleed ticket'
Paige, a Swiftie for 15 years, was excited to see Taylor Swift live for the first time. Now she feels like it's a "dirty ticket."
Juliana Kaplan,Ayelet Sheffey
17 Mar 2023, 23:29
After SVB's collapse, Biden calls on Congress to hold bank executives accountable for failures: 'No one is above the law'
Among other measures, Biden wants to strengthen the FDIC's authority to prohibit executives at failed banks from holding jobs at other banks.
Ayelet Sheffey
17 Mar 2023, 21:41
3 GOP lawmakers just introduced a plan for Congress to overturn Biden's student-loan forgiveness
Republican lawmakers want to strike down Biden's "irresponsible and unfair" student-debt relief using the Congressional Review Act, an oversight tool.
Juliana Kaplan
17 Mar 2023, 17:12
Welcome to Swift City: When Taylor Swift comes to town, businesses build new bars, prepare thousands of cookies, and welcome over 150,000 Swifties
Glendale, Arizona, is enchanted to be the first stop on Swift's "Eras Tour." An official said: "We've got folks that will travel far and wide."
Ayelet Sheffey
16 Mar 2023, 22:35
Some student-loan companies are 'ignoring' court orders and continuing to collect borrowers' debt after they received relief through bankruptcy, a federal consumer watchdog finds
Some student-loan companies have "illegally" sent borrowers' debt back to collections after a bankruptcy discharge. The CFPB has put them on notice.
Ethan Dodd
16 Mar 2023, 22:15
After back-to-back train disasters, regulators approve the largest rail merger in decades creating a line that would stretch from Canada to Mexico
The already highly-concentrated industry has seen major accidents and labor disputes in recent months.
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