Author: Georgia McKoy

For generations, owning a car has been an essential part of the American lifestyle, symbolizing freedom and independence. However, in 2024, this critical aspect of the American dream is under threat. The aftermath of the pandemic has made cars, insurance, and repairs significantly more expensive, pushing the dream of car ownership out of reach for millions. Record Highs in Car Prices Source: Rahul Bogal/Unsplash During the pandemic, the automobile industry faced unprecedented challenges, including supply chain disruptions and a shortage of chips, which contributed to a significant increase in the prices of both new and used cars. According to data…

In Tacoma, Washington, a significant transformation is underway as Amici House, led by Andrew and Julie Cain, plans to convert the Rock Revival Center into affordable housing. Purchased for $1 million in April 2021, this historic church, built in 1908, is envisioned to provide shared living spaces for 40 to 50 young adults aged 18 to 26. This proposal has sparked a mix of reactions within the North End neighborhood. Community Response to Housing Project Source: Michael Fousert/Unsplash The local community has expressed concerns regarding the impact of converting the church into housing. Neighbors are worried about the potential increase…

Jerome Powell, the Chair of the Federal Reserve, shared his concerns regarding the fiscal direction of the United States during a “60 Minutes” interview with Scott Pelley. Powell said, “The U.S. is on an unsustainable fiscal path,” emphasizing that the growth of the national debt is outstripping the growth of the economy. Record-Breaking National Debt Levels Source: freepik CNN reports that the national debt of the United States has reached an unprecedented level, surpassing $34 trillion for the first time in history. This milestone was reported by the U.S. Treasury and reflects a concerning trend of rapid debt accumulation. According…

In the United States, a shift is occurring in the way transactions are conducted. An increasing number of businesses across various cities are adopting a “no cash accepted” policy. This trend has profound implications for the approximately 6 million Americans who do not have a bank account. These individuals, often referred to as “unbanked,” find themselves excluded from participating in basic economic activities in stores and restaurants that no longer accept cash. Understanding the Unbanked in America Source: Igal Ness/Unsplash According to the Federal Deposit Insurance Corporation (FDIC), the issue of being unbanked is more widespread than many realize. In…

The economic policies and growth trajectories of the United States and China are markedly diverging. This shift is reflected in their respective stock markets, highlighting different approaches and outcomes in their economies. According to Business Insider, experts have analyzed the economic and market outlooks for these two superpowers, underscoring the contrast in their paths. US Experiences Significant Growth Source: Nextvoyage/Pexels The United States has reported a robust quarter of economic growth, with real GDP reaching 3.3% in the last three months of 2023, surpassing expectations. This follows a remarkable 5% growth in the preceding quarter, challenging the recession narrative. The…

Nassim Nicholas Taleb, author of the book “The Black Swan” and renowned for his prediction of the 2008 financial crisis, has voiced concerns about the U.S. facing a “death spiral” due to its mounting government debt. During an event hosted by Universa Investments, a Miami-based hedge fund he advises, Taleb described the national debt problem as a “white swan,” a term he uses to signify a risk that is highly probable rather than unexpected. He emphasized the critical nature of the situation, indicating that it is a more visible threat compared to the unpredictable “black swan” events he has previously…

The oil and gas market has experienced significant turbulence due to the COVID-19 pandemic, described by Harvard economist Kenneth Rogoff as the “mother of all shocks.” This event has led to dramatic fluctuations in energy prices, affecting global markets and economic stability. Rogoff, a respected figure in the field, highlights the severe impact of the pandemic, emphasizing the extensive duration required for recovery and stabilization in the energy sector. The Roller Coaster of Oil and Gas Prices Source: Danny Burke/Unsplash Business Insider reports that Rogoff, a Harvard professor and former chief economist at the International Monetary Fund, has observed a…

Jamie Dimon, CEO of JPMorgan Chase, has issued a serious warning about the United States’ escalating debt. During a panel at the Bipartisan Policy Center, he expressed concern about the country’s financial trajectory, emphasizing the urgency of addressing the debt situation before it escalates into a crisis. Reflecting on Economic History Source: Wikimedia Commons Fox Business reports that Dimon provided a stark comparison, recalling 1982’s economy where inflation was roughly 12%, the prime rate was roughly 21.5%, and unemployment was roughly 10%, and noted that the debt was roughly 35% of GDP. He contrasted this with today’s scenario where the…

British inventor Patrick Racz, known for creating the world’s first three-way mixer tap, the Triflow, finds himself in a bitter legal battle against Apple. Reflecting on his struggles, Racz says to The Guardian, “I lost everything. I had young children. I was embarrassed, upset that I’d let my family down. I couldn’t look them in the face.” The Highs and Lows of Racz’s Legal Battle with Apple Source: Michael Förtsch/Unsplash Racz says that Apple owes him $18 billion for the technology behind the App Store and iTunes — which he says he invented in the late 1990s. His legal conflict…

The European Union has taken a significant step in environmental protection by introducing draft rules that require beauty companies to shoulder 80% of the costs associated with cleaning up microplastic pollution. This initiative, part of the “polluter pays principle,” is designed to address the increasing issue of microplastics contaminating urban wastewater. The remaining 20% of the cleanup costs will be funded by governments, ensuring that essential products remain affordable and accessible. Aiming for Cleaner Water Source: Naja Bertolt Jensen/Unsplash According to Virginijus Sinkevičius, the EU’s environment commissioner, these measures are crucial for safeguarding citizens against harmful discharges from pharmaceuticals and…