Economy
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Inflation is roaring back globally, 2022 style. The Iran war is only half the problem
The specter of higher-than-2% inflation has loomed over the economy since the pandemic. But just as it seemed like the Fed had clawed its way out of unpopular rate hikes, a war with Iran has dragged it right back in. Producer prices climbed 6.5% over the past year, the Bureau of Labor Statistics reported Thursday,…
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Inflation is back above 4% for the first time since 2023—but Kevin Warsh might catch a break
Consumer prices rose 0.5% in May, the Bureau of Labor Statistics reported Wednesday, lifting annual inflation to 4.2% from 3.8%—the first 4%-handle increase in three years. But the heat was mostly contained in energy: It accounted for more than 60% of the monthly damage, with gasoline jumping 7% from April and 40.5% over the year…
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‘I love the inflation’: Trump is ‘not concerned’ about inflation hitting 4% for the first time since 2023. ‘The numbers were great’
President Donald Trump praised the inflation report in comments to reporters Wednesday, saying, “the numbers were great” and “I love it.” When asked by a reporter in the Oval Office if he was concerned about the inflation report that came out today, the president replied in the negative. “I’m not concerned about the latest inflation…
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China’s exports to the US are surging at a pre-Liberation Day pace, defying Trump’s tariff goals
China’s exports picked up pace in May, rising 19.4% from a year earlier, its customs agency said Tuesday, as technology-related shipments remained robust despite impacts from the Iran war. The stronger than expected performance was an improvement from April’s 14.1% year-on-year increase. Imports in May jumped 27.4%, also at a faster pace compared with April’s…
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‘We are rapidly running out of time’ Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
The new Social Security Trustees report released Tuesday confirms that the program is on track for automatic, across-the-board benefit cuts once its main retirement trust fund runs dry in the early 2030s, escalating pressure on lawmakers as voters overwhelmingly demand a plan to avert reductions. The projected shortfall would hit during the terms of senators elected…
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70% of fourth graders aren’t reading proficiently, report finds—one of several areas where education is failing America’s kids
Early childhood is a crucial time for education. It’s when children develop the cognitive and emotional ability to grow into successful adults, and instill foundational skills to keep learning later in life. Schools are supposed to be a place for kids to grow and learn, but in the U.S., they’re quickly becoming an emblem of…
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Gen Z might be the flakiest generation when it comes to career and life decisions. They might also be the most intentional
The workforce’s youngest cohort has been labeled lazy, entitled, and unrelentingly pessimistic by their elders. But critics might be missing something as they watch Gen Z piddle their way through life’s early stages. The kids these days are taking every precaution to make sure they are ready ahead of each next big step—whenever they eventually…
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Trump says Fed rate increase would be wrong ahead of Warsh debut
President Donald Trump said the Federal Reserve would be wrong to raise interest rates as his nominee Kevin Warsh prepares to chair his first Fed policy meeting. Trump, in an interview with NBC’s Meet the Press, sought to push back against market sentiment after a blowout US jobs report for May spurred bets that the…
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Repair Cafes, the Buy Nothing Project and tool libraries are part of an anticonsumerism trend rejecting mass-produced disposable goods
On a drizzly Saturday morning late last month, the basement of the New Paltz United Methodist Church filled with old lamps, blunt knives, malfunctioning sound mixers and balky zippers. About a dozen volunteers welcomed the broken goods and their owners to a worldwide movement that’s evangelizing new relationships between people and their things. Repair Cafes…
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‘The golden years are not golden’: Boomers are hoarding most of America’s wealth and power because they’re terrified of outliving their money
The Baby Boomers have most of the wealth and power in America, so why are they so angry when this gets pointed out? In recent weeks, a collection of economic data and explanations of structural forces preventing important things like housing affordability, household formation and economic mobility have provoked many responses—some thoughtful, some angry, some…