Who is Phil Hegseth? Defense Secretary's Brother in Senior Pentagon Role
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Phil Hegseth, younger brother of Defense Secretary Pete Hegseth, holds a senior advisory role at the Pentagon as a liaison from the Department of Homeland Security. His appointment has raised concerns about nepotism, especially as he works directly under his brother and has traveled with him on official trips. DHS claims Phil is its employee, potentially sidestepping federal nepotism laws, though experts argue the arrangement warrants further legal scrutiny. Phil previously worked in media and social media consulting, including for a think tank and his brother's former organization, Concerned Veterans for America.
https://www.newsweek.com/who-phil-hegseth-defense-secretarys-brother-senior-pentagon-role-2052353
Who is Phil Hegseth? Defense Secretary's Brother in Senior Pentagon Role
==========
Phil Hegseth, younger brother of Defense Secretary Pete Hegseth, holds a senior advisory role at the Pentagon as a liaison from the Department of Homeland Security. His appointment has raised concerns about nepotism, especially as he works directly under his brother and has traveled with him on official trips. DHS claims Phil is its employee, potentially sidestepping federal nepotism laws, though experts argue the arrangement warrants further legal scrutiny. Phil previously worked in media and social media consulting, including for a think tank and his brother's former organization, Concerned Veterans for America.
https://www.newsweek.com/who-phil-hegseth-defense-secretarys-brother-senior-pentagon-role-2052353
Who is Phil Hegseth? Defense Secretary's Brother in Senior Pentagon Role
==========
Phil Hegseth, younger brother of Defense Secretary Pete Hegseth, holds a senior advisory role at the Pentagon as a liaison from the Department of Homeland Security. His appointment has raised concerns about nepotism, especially as he works directly under his brother and has traveled with him on official trips. DHS claims Phil is its employee, potentially sidestepping federal nepotism laws, though experts argue the arrangement warrants further legal scrutiny. Phil previously worked in media and social media consulting, including for a think tank and his brother's former organization, Concerned Veterans for America.
https://www.newsweek.com/who-phil-hegseth-defense-secretarys-brother-senior-pentagon-role-2052353
Who is Phil Hegseth? Defense Secretary's Brother in Senior Pentagon Role
==========
Phil Hegseth, younger brother of Defense Secretary Pete Hegseth, holds a senior advisory role at the Pentagon as a liaison from the Department of Homeland Security. His appointment has raised concerns about nepotism, especially as he works directly under his brother and has traveled with him on official trips. DHS claims Phil is its employee, potentially sidestepping federal nepotism laws, though experts argue the arrangement warrants further legal scrutiny. Phil previously worked in media and social media consulting, including for a think tank and his brother's former organization, Concerned Veterans for America.
https://www.newsweek.com/who-phil-hegseth-defense-secretarys-brother-senior-pentagon-role-2052353
Foreign-born women see surge in unemployment
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Unemployment rate for foreign-born women rose from 3.9% to 5.0% between December 2023 and December 2024; overall unemployment rate in the U.S. is 4.1%; 18.6% of U.S. workforce is foreign-born, with 8% being foreign-born women; native-born women saw a smaller increase in unemployment from 3.0% to 3.3%; David Dyssegaard Kallick from the Immigration Research Initiative noted more immigrant women are seeking jobs but facing barriers; Kevin Thompson highlighted workplace culture issues; Julie Su reported 256,000 jobs added in December 2024; analysis indicates immigrant women have been vital to the economy.
#Unemployment #Foreignborn #Women #UsEconomy #LaborMarket #EmploymentBarriers #Immigration #WorkplaceCulture #JobStatistics #DiversityAndInclusion
https://www.newsweek.com/foreign-born-women-see-unemployment-surge-2015755
Oil rise and stronger U.S. economy causes Wall St drift
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U.S. stocks drift lower on October 3, 2024, as crude oil prices rise; S&P 500 down 0.4%, Dow Jones down 273 points (0.6%); Brent crude oil up 3.9% to $76.80 following Iran's missile attack on Israel; U.S. economic growth in real estate and services accelerates, surpassing expectations; Fed Chairman Jerome Powell indicates potential interest rate cuts; China discusses economic aid; Levi Strauss shares drop 7.9% despite profit beat; Nvidia shares rise 3.1%; Treasury yields increase, 10-year at 3.82%; international markets mixed with Japan's Nikkei 225 up 2%.
#WallStreet #OilPrices #UsEconomy #Stocks #InterestRates #Iran #Israel #TreasuryYields #LeviStrauss #Nvidia
https://www.newsweek.com/stocks-drift-oil-prices-rise-stronger-economy-1963328
Texas' Booming Economy Is Far Outpacing the US as a Whole
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The Texas economy recorded its 36th successive month of growth in March, with a record of 14,115,700 nonfarm jobs and a total of 14,590,800 people working in Texas. The state's economy is performing substantially better than the US economy as a whole. In March, jobs were created in sectors such as leisure and hospitality, mining and logging, and other services. Unemployment in Texas remained stable at 3.9 percent. Between March 2023 and March 2024, nonfarm employment in Texas increased by 270,700, a 2 percent annual increase. In the fourth quarter of 2023, the Texan economy grew by 5 percent in real GDP terms, one of the fastest growth rates in the country. Governor Abbott attributes the success to the state's workforce, business climate, and investments in education, workforce development, and infrastructure.
#Texas #Economy #JobGrowth #UsEconomy
The Hunger Stat That Shames America
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The U.S. had the highest rate of people struggling to afford enough food to feed themselves and their families of all G7 countries in 2023, according to a recent Gallup survey. One in four (26 percent) Americans surveyed in a new Gallup analysis said there have been times in the past 12 months when they did not have enough money to buy the food they needed. The number of struggling Americans is growing despite the U.S. consistently being at the top or tied at the top of the G7 for inability to afford food since 2009. Hunger rates are disproportionately worse for households with children and of color, single-parent households, and those located in southern and rural areas. The rise of inflation and the end of government support for struggling families have played a role in increasing food insecurity in the U.S. Federal nutrition programs like SNAP help alleviate hunger, but they alone cannot address the root causes of hunger in America. Ending hunger in America requires a national priority and a wide array of diverse stakeholders.
#Hunger #FoodInsecurity #G7 #GallupSurvey #NutritionPrograms #Snap
Map Shows Where Layoffs Are Hitting Key Swing States
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Initial unemployment claims for the week ending April 13 were unchanged from the prior week at 212,000. In key swing states, Arizona saw a slight increase of 57 claims, Nevada saw a rise of about 357, Georgia was up about 1,200, and Michigan dropped by nearly 400. Pennsylvania claims went down by close to 1,650 and Wisconsin also experienced a substantial decline of nearly 1,800 claims. A Biden campaign spokesperson stated that unemployment was down in swing states and attributed it to President Biden's economic policies. The labor market in swing states has recovered from the economic crisis of the COVID era, with lower unemployment rates compared to the height of the pandemic. Arizona's unemployment rate was at 4.1 percent, Nevada's at a little over 5 percent, Georgia's at 3.1 percent, Michigan's at 4.2 percent, Pennsylvania's at 3.4 percent, and Wisconsin's at 3 percent. The article provides a nuanced picture of the labor market in swing states and its impact on the 2024 presidential election.
#Unemployment #SwingStates #2024PresidentialElection #EconomicPolicies
https://www.newsweek.com/map-shows-where-layoffs-are-hitting-key-swing-states-1891779
China's Banks Hit Russia's War Economy
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China's banks have started rejecting payments from Russian importers in a key industry, according to Russian newspaper Kommersant. Chinese banks are blocking orders for components used to assemble electronic products like laptops, servers, and storage devices. The trouble reportedly began in December when traders encountered difficulties making payments for finished products. Then, in late March, firms began receiving letters from their Chinese partners stating that their payments were not going through for orders of components for electronics. Some major Chinese banks have stopped processing Russian payments, while others have switched to transactions via third parties, increasing the price of trade and causing delays. The new secondary sanctions imposed by the US do not restrict trade unrelated to Russia's military-industrial complex, but some Chinese banks may consider their risks unacceptably high or compliance too complicated or costly. The looming threat of US sanctions is seen as a likely cause for the banks' actions.
#China #Russia #Trade #UsSanctions #ElectronicsIndustry
https://www.newsweek.com/chinese-banks-hit-russian-war-economy-1889812
AI Is Helping Solve Malnutrition
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Artificial intelligence (AI) and other technologies can be used to address global nutrition challenges. AI is being used in wealthy nations to recognize dishes, provide nutrition information, and track food consumption. AI assistants are being deployed to identify crop diseases and coach frontline workers. Blockchain is used to empower producers and consumers with sourcing information. The next frontier for AI in nutrition is understanding the composition of food on a biomolecular level. Research into Microbiome Directed Foods and precision nutrition is also underway. The goal is to achieve a nourished world through the use of AI.
https://www.newsweek.com/ai-helping-solve-malnutrition-opinion-1889449
Modi's Moment: How Narendra Modi is Changing India and the World
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Narendra Modi, the Prime Minister of India, is known for his innovation, tradition, and masterful messaging. He wears a modified version of the 'Nehru Jacket' and has popularized the 'Modi Jacket'. Modi embraces both modernization and India's past, and his campaign slogan calls for inclusive progress. However, his Hindu nationalist Bharatiya Janata Party has been criticized for excluding religious minorities. Modi has transformed India's infrastructure, making significant investments in roads, bridges, ports, airports, and digital networks. India's economic growth is projected to surpass America's by 2075. Modi is committed to fighting climate change and aims for India to achieve net-zero emissions by 2070. Despite challenges, Modi is expected to win a rare third term as prime minister in the upcoming elections. His leadership has shaped India's role in the world and its relationship with China and the United States.
#NarendraModi #India #Politics #Economy #Infrastructure #ClimateChange
https://www.newsweek.com/2024/04/19/modis-moment-how-narendra-modi-changing-india-world-1888654.html
Joe Biden Tells Audience Member to 'Shush Up'
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During a speech about the care economy, President Joe Biden told a heckler to 'shush up'. The incident occurred while Biden was delivering remarks about his administration's plans to improve the care economy infrastructure. It is unclear what the heckler was saying. Biden's response, 'You wanna come make a speech, or shush up, okay? I'm not messing around with him. He looks like he could take me,' drew laughter from the audience. The video of his remarks went viral on social media. Biden continued with his speech after the incident, pledging to take more actions to help strengthen the care economy. He highlighted his administration's plans to enact rules to strengthen staffing standards in nursing homes and give homecare workers a larger share of Medicaid payments. Biden also contrasted himself with former President Trump, touting the American Rescue Plan's investments into the care economy and criticizing Republicans for opposing it. He emphasized his support for establishing more affordable childcare, restoring the expanded childcare tax credit, expanding Medicaid homecare services, and creating a national paid family and medical leave program. The incident received mixed reactions, with some praising Biden's response and others offering a more critical take.
#JoeBiden #Heckler #CareEconomy #Speech #Response
https://www.newsweek.com/joe-biden-tells-audience-member-shush-1888629
America's Social Security Timebomb
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The Social Security Administration (SSA) is facing a grave insolvency threat as more Americans begin claiming their government-funded retirement benefits. In 2022, the SSA paid out retirement, survivor, and disability benefits to 70.6 million beneficiaries in the U.S., amounting to $1.3 trillion, or five percent of the 2023 GDP. The agency faces paying out more than ever due to an aging population and a funding cliff that could see benefits cut by a quarter in the next decade. The SSA's financial reserves are projected to be completely depleted by around 2033. The American Academy of Actuaries has proposed tax increases and benefit cuts as potential solutions. The enduring popularity of Social Security with voters makes it a politically sensitive issue. The growing political power of those over 65 is expected to influence lawmakers to maintain the benefits they have paid into and expect to use.
#SocialSecurity #RetirementBenefits #AgingPopulation #FundingCliff #BenefitCuts
https://www.newsweek.com/americas-social-security-timebomb-1887921
The Workforce Saving America's Economy
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The U.S. workforce is getting older, with a growing number of people aged 65 and over still working. Data from the Bureau of Labor Statistics shows that the median age of the U.S. labor workforce is increasing. A recent Pew Research Center report found that in 2023, roughly one in five Americans aged 65 and older were employed, nearly twice as many as 35 years ago. Older workers have also increased their earning power. However, many older workers are still working because they have to, not because they want to. Factors contributing to older Americans working longer include changes in pension plans, an uncertain future for Social Security, and a job market that has become more age-friendly. While the rise in the number of older people still in the workforce is good for the economy, it may not be entirely positive for younger generations, as it could limit their opportunities for high-wage, senior jobs. The narrowing wage gap between older and younger workers is mostly due to older people working longer hours and taking full-time jobs. The increase in older workers is expected to be an important source of labor force growth in the country. However, it remains uncertain whether it will be a net benefit for younger generations.
#Workforce #Aging #Economy #Employment #OlderWorkers #LaborMarket #Pensions #SocialSecurity
https://www.newsweek.com/workforce-saving-america-economy-1883529
Millennials Think Parents Should Be Paying Their Rent
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A recent poll conducted by Redfield & Wilton Strategies found that 50 percent of millennials believe their parents should help them pay rent while they save money for a home. Across all generations, 43 percent of respondents agreed that parents who can afford to help should assist with rental costs. Millennials had the highest rate of respondents (50 percent) saying parents should help with rent, followed by Gen Zers (49 percent), Gen Xers (37 percent), and baby boomers and the Silent Generation (40 percent). The unaffordability of the housing market has forced many millennials to delay buying a home and rent for longer periods of time. The average sales price of houses sold in the US in the last quarter of 2023 was $492,300, compared to $148,300 in the last quarter of 1993 and $90,800 in the last quarter of 1983. Rent prices have also surged, with a 208 percent increase between 1985-2023. The median price of an apartment in February 2024 was $1,981. The poll also found that 57 percent of respondents across all generations believe parents should help their adult children with funding for their first home if they can afford to offer aid. Sixty-one percent of boomers agreed with this statement, followed by 56 percent of millennials, 56 percent of Gen Zers, and 55 percent of Gen Xers. The average price of a home in the US as of February 29 was $347,716. The housing market's unaffordability has led experts to suggest that millennials either need to allocate more money to savings or reduce their expectations. The poll's results challenge the narrative that millennials are entitled and highlight the difficulties they face in achieving homeownership.
#Millennials #Rent #Housing #Homeownership #Poll
https://www.newsweek.com/millennials-think-parents-should-pay-rent-1887196
Ukrainian Refugee Frustrated With New York City: 'You Have to Work So Much'
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Kseniia Nadvotska, a Ukrainian refugee who moved to New York City after fleeing Kyiv amid the Russian invasion of Ukraine, has expressed frustration with the city's affordability crisis. Nadvotska found that the city was too expensive to live in after working in low-paying jobs and living in cramped apartments in Brooklyn. She eventually decided to return to Ukraine, warning others about the high cost of living in New York. New York City remains one of the most expensive cities in the United States, with studio apartments averaging $3,468 per month and two-bedroom apartments averaging $4,900 per month. Mayor Eric Adams has emphasized efforts to make the city more affordable, including an 80% increase in financing for affordable housing construction and preservation.
#UkrainianRefugee #NewYorkCity #AffordabilityCrisis #CostOfLiving #Housing #EricAdams
https://www.newsweek.com/ukrainian-refugee-frustrated-new-york-city-1887507
How Much Has NATO Cost the US Over the Past 75 Years?
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Since its inception on April 4, 1949, NATO has stood as a bulwark of collective security against the specter of aggression, with the U.S. playing an important role in its financial and strategic underpinnings. Over the past 75 years, the U.S. contributed $21.9 trillion to NATO's defense budget, significantly more than its 31 peers. Last year, the U.S. contributed 68 percent of NATO's total budget, which worked out to be 3.49 percent of America's total GDP for $860 billion of the $1.26 trillion NATO spent. Canada contributed 1.38 percent of its GDP at $28.95 billion (2.29 percent of total contributions), while the collective European allies accounted for $375.1 billion (29.68 percent) of the total budget. Poland allocated 3.9 percent of its GDP, surpassing the U.S. in percentage terms. Greece, Estonia, Lithuania, Finland, Romania, Hungary, Latvia, the U.K., and Slovakia also contributed more than the 2 percent guideline last year. The investments do not translate into direct payments to NATO, but encompass national defense spending, including domestic personnel costs, equipment purchases, and infrastructure investments. NATO's composition includes 31 member countries across North America and Europe, with Finland and Sweden being the newest members. They joined in 2023 and 2024, respectively, spurred by Russia's invasion of Ukraine in 2022.
https://www.newsweek.com/how-much-has-nato-cost-us-over-past-75-years-1886632
Minimum Wage Study Debunks Business Claim
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New research from the University of Michigan and Carnegie Mellon University suggests that most small business owners may not need to worry about rising wages. The study drew on data from six states exploring revenue, employment, and profits of independent businesses following increases in the minimum wage over a 10-year period. On average, independent businesses were able to accommodate these minimum wage increases through higher revenues, and there were even small average increases in owner profits. However, when analyzing the data by sector, restaurants were most likely to be impacted by these changes, with some smaller restaurants being forced to close in line with rising wages. The authors conclude that while wage increases do negatively impact a small number of independent businesses, small increases in the minimum wage are unlikely to lead to widespread distress among independent businesses.
#MinimumWage #SmallBusinesses #Research #UniversityOfMichigan #CarnegieMellonUniversity
https://www.newsweek.com/minimum-wage-debunks-small-business-1886582
Minimum Wage Study Debunks Business Claim
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New research from the University of Michigan and Carnegie Mellon University suggests that most small business owners may not need to worry about rising wages. The study drew on data from six states exploring revenue, employment, and profits of independent businesses following increases in the minimum wage over a 10-year period. On average, independent businesses were able to accommodate these minimum wage increases through higher revenues, and there were even small average increases in owner profits. However, when analyzing the data by sector, restaurants were most likely to be impacted by these changes, with some smaller restaurants being forced to close in line with rising wages. The authors conclude that while wage increases do negatively impact a small number of independent businesses, small increases in the minimum wage are unlikely to lead to widespread distress among independent businesses.
#MinimumWage #SmallBusinesses #Research #UniversityOfMichigan #CarnegieMellonUniversity
https://www.newsweek.com/minimum-wage-debunks-small-business-1886582