Economy
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‘Different from anything in the past 80 years of dollar dominance’: U.S. sanctions spur a ‘paradox’ pushing allies away from American currency
The world’s de-dollarization push continues, but this time, it’s America’s allies who are pulling back from greenbacks. Canadian Prime Minister Mark Carney announced last week a $25 billion sovereign wealth fund to bolster domestic infrastructure, part of an effort to make Canada’s economy less dependent on the U.S. The move follows France’s withdrawal of all…
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A year after Liberation Day, Trump’s tariffs have done ‘significant damage’ to the U.S. economy, says Moody’s chief economist
Economists now have more than a years’ worth of data to pick over when it comes to the impact of Liberation Day tariffs. While some might argue the revenue tariffs have generated are a gamechanger for the economy, others point to cost for those paying them. Mark Zandi, chief economist at Moody’s Analytics, is concerned…
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Dario Amodei spent last year warning of an AI white-collar bloodbath. Now he’s changing the narrative
For most of last year, Dario Amodei was one of Silicon Valley’s most prominent doomsayers on AI and employment. The Anthropic CEO said publicly and repeatedly that AI could eliminate half of entry-level, white-collar knowledge work within years — the kind of stark projection that made him the rare tech founder willing to say out…
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One American loses their job for every 6 immigrants removed from the workforce as researchers see ‘no evidence’ that ICE is helping the economy
Donald Trump said he had been given a “mandate” by the electorate when he returned to office last year, with one of his charges being to enact mass deportations. Most of his voters seemed to agree, with immigration often topping Republican priorities heading into the 2024 election. Most Americans still support a heavy hand on…
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Early retirement is shrinking Gen X’s brain, new research warns
While economists sound alarms about Gen Z unemployment, new research points to a quieter crisis: Gen X workers retiring years before 65—and paying a steep cognitive price for it. About 35% of workers who have been unemployed for more than 24 weeks are over the age of 55, according to an April 2025 analysis. Over…
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You had a miserable 2025 because of tariff inflation. The Iran war will be even worse, top economist says
“This will be indeed the golden age of America,” President Donald Trump proclaimed on April 2, 2025, better known as Liberation Day. On that day, the president lauded tariffs as a way to “make America wealthy again.” Americans invested in the market lost about 10% of their wealth as the market reeled with one of…
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‘Any semblance of fiscal responsibility’ was abandoned two decades ago, says budget watchdog, and challenges Congress to cut deficit levels by half
The the Committee for a Responsible Federal Budget (CRFB) has blasted policymakers for abandoning “any semblance of fiscal responsibilty,” as well as disregarding loose targeting, to keep the U.S. federal budget in a balanced order. With the national debt now outgrowing the size of the U.S. economy, budget watchdog the CRFB has renewed its call…
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Trump’s former AI czar says the quiet part out loud on the economy: ‘Stopping progress in AI would be equivalent to halting the US economy’
President Donald Trump has framed the current state of the U.S. economy as a “golden age,” and in some ways he’s right. The stock market is at record highs, and economic growth has chugged along adequately. And depending on who you ask, it’s all being supported by one growing industry: AI. “Polls may show that…
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America is lucky it’s no longer a manufacturing powerhouse—it’s what’s protecting the U.S. economy from the worst of the oil shock, top economist says
Americans are reeling from the effects of the Iran war—now entering its ninth week—in which the chokehold on the Strait of Hormuz has effectively stopped the flow of more than 20% of the world’s energy supply and has sent countries globally scrambling to find alternatives. In the U.S., average gas prices exceed $4.45—some even touch…
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BofA throws cold water on AI apocalypse panic: 60% of today’s jobs didn’t exist in 1940
The doomsday crowd may want to check its history books. As fears of an AI-driven jobs apocalypse intensify across boardrooms, union halls, and college campuses, Bank of America’s global research team is urging a reality check. In a report published April 28, BofA economists argue that the “Armageddon narrative” around artificial intelligence “sits uneasily with both…