Economy
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Inside the mind of Kevin Warsh: As told by his former boss Condoleezza Rice, his college friend, and his closest partner during the financial crisis
The first time former Secretary of State Condoleezza Rice encountered Kevin Warsh was in the 1980s when she was an associate professor of political science at Stanford University and he was an undergraduate. She knew he would go on to do something special. Admittedly, this isn’t an unusual phenomenon—it’s Stanford, after all. However, by the…
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The World Bank has elevated Vietnam and the Philippines to upper-middle-income status—but now they face ‘a far more demanding phase of development’
Vietnam and the Philippines are now “upper-middle-income” countries, at least according to the World Bank, putting them on the same level as Southeast Asian peers like Malaysia, Thailand, and Indonesia. The upgrade is “a highly encouraging milestone,” says Khuong Minh Vu, a professor at Singapore’s Lee Kuan Yew School of Public Policy. “It represents strong…
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AI’s $2.2 trillion deficit fix is already half fake, economists say
AI could shave $2.2 trillion off the U.S. deficit by 2036. But according to a new working paper from economists at Brookings and the Federal Reserve, more than half of that savings could vanish — canceled out by the very disruption AI itself would cause. In May, the U.S. national debt crossed the eye-popping $39…
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Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
While economists sound alarms about Gen Z unemployment, 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 the…
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‘More fizzle than sparkle’: June jobs report fails to launch a July 4 firework
June’s jobs report did not just miss expectations; it also complicated the story economists had been telling about a labor market that might be reaccelerating into summer. Payrolls rose by only 57,000, and both April and May were revised down by a combined 74,000 jobs, which means the recent pace of hiring looks weaker in…
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Economy disappoints with half as many jobs created in June, and May and April gains revised downward
U.S. employers pulled back on hiring last month and added only 57,000 jobs, less than half the previous month’s total and a sign companies still have a cautious economic outlook. The Labor Department said Thursday that the unemployment rate declined to a low 4.2% from 4.3% in May, though the decline mostly occurred because many…
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Elon Musk says AI is the only way to fix the $40 trillion U.S. debt crisis—but a new study says even the most optimistic scenario won’t fill the hole
In the great debate about rebalancing the United States’ debt to its economic growth, the optimists suggest that expanding the economy is preferable to cutting federal spending. It would certainly be less painful. Indeed, SpaceX founder CEO Elon Musk has suggested that the productivity gains thanks to AI may be the only way to save…
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‘It’s fair to ask whether it was worth it’: The Iran War has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says
U.S. and Iranian officials remain locked deep in negotiations to secure a lasting ceasefire to the war that has rocked the Middle East for months. For many Americans, however, no deal will be enough to replace what the war has already sapped from their wallets. Peace talks between the two countries are still inching along,…
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It started with one viral influencer complaining about Russia’s economy. Now a record 60% of Russians are pessimistic about their country’s outlook
Overnight, Victoria Bonya went from being a Russian influencer known for exercise routines and cosmetic endorsements into a catalyst for widespread public discontent about the state of her home country’s society and economy. Bonya, a former television presenter in Russia who now makes a living as an influencer in Monaco, enjoyed the sort of virality…
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Trump takes his inflation battle to gas retailers after his plot against the Fed runs aground—sets target for $2.50 a gallon
President Trump is searching for a new target in his battle against the affordability crisis, and it seems he’s found one in gasoline retailers. The price of gas increased 40.5% on a 12-month basis ending May 2026, with fuel oil also moving up 58.9%, according to the Bureau of Labor Statistics (BLS). The increases came…