Economy
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Russia’s economy minister admits ‘reserves have largely been used up’ while communist lawmaker warns of 1917-style revolution as GDP shrinks
The Kremlin offered more indications that it’s acknowledging Russia’s economy is in trouble after years of relying on military spending for growth. Last week, Economy Development Minister Maxim Reshetnikov told a business conference that the economy “is not easy” and called for reallocating the workforce, which has been tight as Russia’s war on Ukraine and…
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Kevin Warsh is poised to lead the Fed with none of the gravitas Greenspan had but plenty of baggage from Trump, former Powell adviser says
President Donald Trump has made it clear he expects his choice for Federal Reserve chair to quickly cut interest rates once he takes office. Yet Americans shouldn’t pencil in lower borrowing costs for mortgages, auto loans, or business loans just yet. The odds of Kevin Warsh becoming chair by the time Jerome Powell’s term ends…
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Milestones like marriage and parenthood are so delayed for millennials and Gen Z many of them are skipping out on life insurance, report finds
Due to the rising cost of housing and wages not catching up to inflation, Gen Zers and millennials are delaying major life milestones like buying a home or becoming a parent. In some cases, they’re pushing off these major milestones to enjoy life in the moment by traveling or making large purchases. This phenomenon is…
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Intel’s blowout quarter just sparked its best day since 1987
A surge for Intel following a blowout profit report led the U.S. stock market to more records Friday, while oil prices kept yo-yoing in the wait for what’s next with the Iran war. The S&P 500 climbed 0.8% and topped its prior all-time high, which was set on Wednesday. The Dow Jones Industrial Average dipped…
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Good news: Rumors of a K-shaped economy are overblown so far, says Goldman Sachs. Bad news: 2026 is the year it will really bite
Despite the consternation around the K-shaped economy, Goldman Sachs’ chief U.S. economist is of the opinion that rumors of consumers’ demise has been greatly exaggerated. In the past year, particularly amid households clamoring for relief amid affordability challenges, many economists had speculated that a “K” shape was emerging in the data: High-earning households were continuing…
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People living in the U.S. with temporary protected status, targeted by Trump, are a $29 billion economic force
Later this month, the Supreme Court will hear arguments on the Trump administration’s efforts to strip a humanitarian immigration benefit from Haitians and Syrians. It’s a case that will affect more than 350,000 people who live in the U.S. under a Temporary Protected Status (TPS), part of a much larger group that has grown into…
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The tech industry is applying an Uber-style ‘gigification’ model to nursing. It means no workers’ comp, AI managers, and ‘surveillance wages’
In the late 2000s, surging unemployment during the financial crash gave rise to the gig economy, later supercharged by the emergence of ride-sharing and food-delivery apps. Almost two decades later, gig work is as big as it’s ever been, and is creeping into one of the country’s most essential and historically stable professions. Last year,…
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When interest on national debt overtook military spending, it triggered a limit where the U.S. may ‘cease to be a great power’, warns Hoover historian
Interest payments on the U.S. national debt are set to surpass $1 trillion in 2026, some $88 billion a month—equal to spending on defense and education combined. The economy has tripped past this point before: that is, there have been brief periods in history when service payments on the debt have outweighed military spending, for…
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The Iran war is pushing Southeast Asia to debate the once unthinkable: Whether ships will need to pay to transit the Strait of Malacca
Iran’s decision to charge fees for ships transiting the Strait of Hormuz—and U.S. President Donald Trump’s tentative endorsement of that idea—are reverbarting in a different waterway around four thousand miles away. On April 22, Indonesia’s finance minister, Purbaya Yudhi Sadewa, suggested the Southeast Asian country might start imposing levies on ships transiting the Strait of…
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How Spirit Airlines’ business model collapsed—and why a Trump bailout could make things worse
During a CNBC interview on April 21, President Trump for the first time hatched the possibility of an administration-led rescue plan for stricken Spirit Airlines. “Spirit’s in trouble,” declared the POTUS, “Maybe the federal government should help out on that one…it’s 14,000 jobs.” Prior to Trump’s statement, few if any were speculating on such a…