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But unless you’ve got an economics degree, you might not fully realize how integral this","_key":"59772bbf0a780"},{"_type":"span","marks":["strong"],"text":" somewhat nebulous factor","_key":"8b620d4dd64c"},{"marks":[],"text":" is within the larger economic system.","_key":"fc4154f2f5dc","_type":"span"}],"_type":"block","style":"normal","_key":"afb5c6604d96","markDefs":[]},{"_type":"block","style":"normal","_key":"80a4ea45b36c","markDefs":[{"_type":"link","href":"https://www.axios.com/2024/04/24/labor-market-worker-productivity-fed-economy","_key":"9b7c1751ec47"}],"children":[{"_type":"span","marks":[],"text":"And, despite a year spent fretting over inflation, high interest rates, and a potentially looming recession, 2023 was","_key":"babc3a5ce3fc0"},{"_type":"span","marks":["9b7c1751ec47"],"text":" a good year","_key":"babc3a5ce3fc1"},{"_type":"span","marks":[],"text":" for productivity.","_key":"babc3a5ce3fc2"}]},{"markDefs":[],"children":[{"_key":"12311860b3800","_type":"span","marks":["strong"],"text":"Cause and effect"}],"_type":"block","style":"normal","_key":"cf861d12928f"},{"markDefs":[],"children":[{"marks":[],"text":"As the jobs market approached pre-pandemic normalcy last year, the stars began to align for an improvement in worker productivity — and sure enough, ","_key":"206658d949420","_type":"span"},{"_type":"span","marks":["strong"],"text":"that’s exactly what experts found","_key":"96b722d9c9dd"},{"_type":"span","marks":[],"text":". There are several ways to boost output, and two of the most prominent appeared to be responsible for the impressive results recorded last year.","_key":"2b4a79b051a8"}],"_type":"block","style":"normal","_key":"a9762d6214f4"},{"children":[{"text":"For starters, a long period of low unemployment has","_key":"534a1351bf650","_type":"span","marks":[]},{"text":" increased the pressure on employers","_key":"c5f02c7ab5da","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" to raise wages, but by doing so they’ve had to figure out ways to justify the cost through increased productivity.","_key":"c0b4656fdc67"}],"_type":"block","style":"normal","_key":"3911ca5382fd","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"The second factor is technology, which has long played a role in increasing productivity but has accelerated tremendously in recent years.","_key":"a15babc36b7f0"}],"_type":"block","style":"normal","_key":"c5c1e41bd548"},{"_key":"0ddde33b2b02","markDefs":[],"children":[{"_key":"ad49d877a6820","_type":"span","marks":["strong"],"text":"But will it last?"}],"_type":"block","style":"normal"},{"children":[{"text":"There are still some fundamental questions about the health of the U.S. economy, with the inflation rate still stubbornly high and the Federal Reserve unwilling to make a commitment about interest rates. 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Homeowners with low fixed-rate mortgages say it just doesn’t make sense to sell, even if they want to.","_key":"b7f8436386ec2","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"f05e5f5d66dd"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The pandemic divide","_key":"41b69de5d2e90"}],"_type":"block","style":"normal","_key":"70e7db5316b8"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Like many complexities at play in the current economy, COVID-19 is a contributing factor. Stimulus money was flowing freely during the pandemic and ","_key":"20301e5a2f420"},{"_type":"span","marks":["strong"],"text":"rock-bottom mortgage rates","_key":"dea1af3f0490"},{"marks":[],"text":" were widely available. Now, many of the people who took advantage of the opportunity to buy are having second thoughts.","_key":"762988280634","_type":"span"}],"_type":"block","style":"normal","_key":"941574dadc6c"},{"children":[{"_type":"span","marks":[],"text":"And data from the Federal Housing Finance Agency has puts the situation in stark focus:","_key":"cff56f663e2a0"}],"_type":"block","style":"normal","_key":"65f943fb7699","markDefs":[]},{"style":"normal","_key":"4848114cee75","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Roughly","_key":"822eb045b8250","_type":"span"},{"_type":"span","marks":["strong"],"text":" 1.3 million fewer homes","_key":"349d4d9a23ad"},{"_key":"5fd8ef997381","_type":"span","marks":[],"text":" were sold nationwide between spring 2022 and the end of 2023."}],"level":1,"_type":"block"},{"_key":"41b366025ea8","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"About","_key":"e66c83dca0bd0"},{"_type":"span","marks":["strong"],"text":" 70% of mortgage holders","_key":"af82ea2dfec9"},{"_type":"span","marks":[],"text":" had a rate more than 3 points lower than the average current market rate.","_key":"5cfeec1bf303"}],"level":1,"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_key":"c40a2e27d4830","_type":"span","marks":[],"text":"At no time between 1998 and 2020 did more than "},{"text":"40% of locked-in rates ","_key":"7639a8ba90d7","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"undercut the market by more than 1 point.","_key":"b89c8e17a085"}],"level":1,"_type":"block","style":"normal","_key":"8cb050a9a505","listItem":"bullet"},{"_type":"block","style":"normal","_key":"5c475da5df18","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Inflation complications","_key":"95fca48960410"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Now that we live in an era of rapidly increasing prices (and rates), those with sub-3% fixed rates are in great shape, at least on paper. 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Comparing current prices to those from just 10 years ago puts the trend in sharp focus.","_key":"01054b83e2d62"}],"_type":"block","style":"normal","_key":"0ebb879593ab"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The most notable culprits","_key":"56f10088b7260"}],"_type":"block","style":"normal","_key":"2d55dfe80dac"},{"markDefs":[],"children":[{"text":"According to recent research from FinanceBuzz, McDonald’s saw the steepest price increases of any major fast food chain, with most items outpacing the average 31% inflation rate of the past decade. 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Burger King issued a statement affirming that it will “continue to be very thoughtful about making sure our guests receive great value for the money they spend with us.”","_key":"0152b15a4852"}],"_type":"block","style":"normal"},{"_key":"282df701408d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Subway and Starbucks increased prices by a relatively low 39% on average since 2014.","_key":"310e752604d60"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"5553bc85e4c9","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Taking issue with the report","_key":"65c639ff9d8e0"}]},{"markDefs":[],"children":[{"text":"While FinanceBuzz was clear about the statistics that it used to arrive at its findings, McDonald’s nonetheless thinks the report is an unfair reflection on the brand as a 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seats, loud passengers, and limited amenities. That’s the price airline passengers have to pay to get the cheapest seats on a jet, right?","_key":"04e061f5dbc70","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"740970c64f9e","markDefs":[]},{"markDefs":[{"_type":"link","href":"https://www.businessinsider.com/tiktokers-want-normalize-flying-economy-after-excessive-luxury-content-2024-3","_key":"d591a77394a5"}],"children":[{"_type":"span","marks":[],"text":"Some TikTok influencers insist there’s no substitute for ","_key":"381082786ea30"},{"_type":"span","marks":["strong"],"text":"upgrading to business class,","_key":"2a7baca8c884"},{"_type":"span","marks":[],"text":" but a new wave of creators are pushing back against that narrative and paying ","_key":"fec235730e0f"},{"_type":"span","marks":["d591a77394a5"],"text":"respect","_key":"381082786ea31"},{"marks":[],"text":" to air travel’s unsung hero.","_key":"381082786ea32","_type":"span"}],"_type":"block","style":"normal","_key":"98e1dc23b567"},{"_type":"block","style":"normal","_key":"f4703be79f38","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"It’s not really that bad","_key":"0160180506b60"}]},{"markDefs":[],"children":[{"marks":[],"text":"That’s the main takeaway from a flood of recent posts from travelers who saved a bunch of cash by opting for coach or economy class tickets instead of springing for an upgrade.","_key":"40519ae108250","_type":"span"}],"_type":"block","style":"normal","_key":"2effbf524ee4"},{"style":"normal","_key":"5e943e05b783","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A lifestyle-focused TikToker with the handle Hybee offered this advice: “","_key":"90816c2b2d3e0"},{"_type":"span","marks":["strong"],"text":"Normalize flying in economy","_key":"36d4132b665d"},{"text":".”","_key":"8386b5d05275","_type":"span","marks":[]}],"_type":"block"},{"_key":"93cb6df6784c","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Of course, as many of you already know, there’s nothing abnormal about buying economy class tickets. In fact, there are far more coach seats on a plane than there are in business class. But many influencers who thrive on presenting a particular image to their audiences wouldn’t dare be caught amongst the common folks.","_key":"848ee40966e80"}],"_type":"block","style":"normal"},{"_key":"4b123df31b2b","markDefs":[],"children":[{"_key":"0c2255d2e0dd0","_type":"span","marks":[],"text":"Hybee bucked that trend during a recent 15-hour flight and provided a fairly complimentary review."}],"_type":"block","style":"normal"},{"children":[{"text":"“Not luxury but still yummy,” she said of her beef-and-veggie meal. The restroom was “","_key":"515deab85f710","_type":"span","marks":[]},{"marks":["strong"],"text":"cramped, but it does the job","_key":"0bb9c7a7a31c","_type":"span"},{"_type":"span","marks":[],"text":",” she added, and determined that the cheap seats are “fine.”","_key":"65ddaa0ccb4b"}],"_type":"block","style":"normal","_key":"0e64d31b12ae","markDefs":[]},{"children":[{"_type":"span","marks":["strong"],"text":"A means to an end","_key":"4c2c736b87970"}],"_type":"block","style":"normal","_key":"cf55f6e8d59a","markDefs":[]},{"_type":"block","style":"normal","_key":"92fb07aa534d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Unless you're flush with expendable income and planning a very long trip, there’s really ","_key":"c363f0974d2e0"},{"_type":"span","marks":["strong"],"text":"not much justification","_key":"3c118ac46b38"},{"_type":"span","marks":[],"text":" for spending so much more for tickets that will get you to the same destination.","_key":"274201fde330"}]},{"_key":"83e72e0b4bf0","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Ordinary travelers already know this, and some TikTokers are getting the message. 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incognito mode has several uses (some of which we don’t need to get into here), there’s one ","_key":"7a55f1d750480","_type":"span","marks":[]},{"_type":"span","marks":["04d85c1cfa65"],"text":"alleged","_key":"7a55f1d750481"},{"_type":"span","marks":[],"text":" benefit of using the more private web browsing option that simply doesn’t hold water.","_key":"7a55f1d750482"}],"_type":"block","style":"normal","_key":"c7cb0f5ffd66"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Despite what you might have heard, you won't find cheaper tickets for your next commercial flight just by switching into incognito mode.","_key":"427cb6909c090"}],"_type":"block","style":"normal","_key":"b6bca9dcb69f"},{"style":"normal","_key":"6d47b357ea41","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Where did the myth come from?","_key":"46130f77a33d0"}],"_type":"block"},{"style":"normal","_key":"51b4aec97f0f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The airline industry isn’t alone in","_key":"d3ae1a2d0f8a0"},{"_type":"span","marks":["strong"],"text":" fueling the misconception","_key":"4166ed9de4f9"},{"_type":"span","marks":[],"text":" that keeping one’s identity a secret will somehow open up a lower price that otherwise wouldn’t be available. ","_key":"4ffc9ba731ec"}],"_type":"block"},{"children":[{"text":"Since we’ve all experienced the concept of searching for a product and then being inundated with","_key":"c6ae01fdae9f","_type":"span","marks":[]},{"text":" ads for that very same product","_key":"239200835326","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":", we’ve become sort of accustomed to assuming that companies are trying to gouge us because they know we’re interested in what they’re selling.","_key":"a42bb10dced1"}],"_type":"block","style":"normal","_key":"0d45e702dba7","markDefs":[]},{"_key":"96faf37bb3af","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But it’s not true for coats or shoes or ukuleles … and it’s also not the case when shopping around for an airline ticket.","_key":"5ea34de51b3e0"}],"_type":"block","style":"normal"},{"children":[{"text":"There’s a major difference, though","_key":"eab4877cbd050","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"0c63e32d8e67","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Although the underlying facts might be the same regarding the irrelevance of incognito mode, there’s probably another reason that so many people wrongly assume that using this supposed hack will result in cheaper airfare.","_key":"942157d9ee260"}],"_type":"block","style":"normal","_key":"2f4a358581e5"},{"markDefs":[],"children":[{"marks":[],"text":"It dates back to the 1970s, ","_key":"02547a286e9f0","_type":"span"},{"_type":"span","marks":["strong"],"text":"when the industry was deregulated ","_key":"7b91cd8619ce"},{"_type":"span","marks":[],"text":"and carriers began a battle to offer the lowest price that continues to rage to this day.","_key":"fc5860261e58"}],"_type":"block","style":"normal","_key":"3e4b02ae8d6d"},{"children":[{"_type":"span","marks":[],"text":"So whenever one seat is booked, the price of other seats on the same flight are adjusted accordingly. 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The overwhelming majority of those shoppers fell into the “low-income” category."}],"_type":"block","style":"normal","_key":"0432ada031a3"},{"_key":"91b88c5ecff2","markDefs":[],"children":[{"_type":"span","marks":[],"text":"If used responsibly, there are some pros. It’s easier to obtain credit through BNPL platforms than most credit cards. And if borrowers pay off their loans according to the established schedule, the added cost of","_key":"225fa4ac42390"},{"text":" interest or fees","_key":"cf2f036c33f7","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" is minimal.","_key":"ea8be7903e78"}],"_type":"block","style":"normal"},{"style":"normal","_key":"7a5aad29a3d8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But that easy credit comes with a huge potential downside. It’s easier than ever for consumers to borrow more than they can afford, and the penalties for late or missed payments can add up quickly.","_key":"7e25ca50d1dc0"}],"_type":"block"},{"markDefs":[],"children":[{"text":"What’s the answer?","_key":"acf4284b3eb60","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"1a95a81070dd"},{"_key":"ca4dc0aaf2cb","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The reality is that, generally speaking, groceries are a whopping 22.3% more expensive than they were in 2020. That means folks are forced to make some tough decisions. ","_key":"ea6508944f3b0"},{"marks":["strong"],"text":"Three-fifths of shoppers","_key":"67e2b547b642","_type":"span"},{"text":" who earn less than $100,000 per year said they’ve had to scale back their grocery lists as a result.","_key":"5fc71f9ecaa2","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"_key":"1427d360c967","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But there are only so many cost-cutting measures available — so if BNPL is the only remaining option, be sure you know what you’re getting into.","_key":"19cc9599dd0a0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_key":"249c01674c860","_type":"span","marks":[],"text":"“If used responsibly, BNPL can be a great resource,” said financial expert Erika Kullberg. “However, it is "},{"_key":"896edc6fd79e","_type":"span","marks":["strong"],"text":"a double-edged sword"},{"_type":"span","marks":[],"text":" that can quickly turn against you if not used properly.”","_key":"b3f439a0ace1"}],"_type":"block","style":"normal","_key":"584cf5e5235e"}],"category":"economy"},{"category":"economy","publishDate":"2024-02-27","image":{"hotspot":{"x":0.5,"y":0.5,"height":1,"_type":"sanity.imageHotspot","width":0.8938356164383561},"_type":"image","attribution":"Giphy","asset":{"extension":"gif","mimeType":"image/gif","_type":"sanity.imageAsset","sha1hash":"4e613ade68ddf4fa3d83f4ec95d7aeb7336c99a9","assetId":"4e613ade68ddf4fa3d83f4ec95d7aeb7336c99a9","_updatedAt":"2024-01-06T00:26:54Z","metadata":{"dimensions":{"_type":"sanity.imageDimensions","width":400,"aspectRatio":1.7937219730941705,"height":223},"isOpaque":true,"blurHash":"M99H9gVr8w=WDiE=x]x:MxI9X7MyR3pL$|","_type":"sanity.imageMetadata","palette":{"_type":"sanity.imagePalette","darkMuted":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.59,"background":"#3b2c5c"},"muted":{"population":0.77,"background":"#a7695d","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"lightVibrant":{"_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff","population":0,"background":"#8db8eb"},"darkVibrant":{"foreground":"#fff","title":"#fff","population":6.69,"background":"#0e478c","_type":"sanity.imagePaletteSwatch"},"lightMuted":{"background":"#cbd4dc","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":7.09},"vibrant":{"population":7.25,"background":"#1f65b8","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"dominant":{"background":"#1f65b8","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":7.25}},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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"},"uploadId":"hm32ndFHgh6yzRNOIrOgQ9q0Or9GwaBg","source":{"name":"jon stewart television GIF","id":"8NmSc99idQsk8","url":"https://giphy.com/gifs/television-politics-jon-stewart-8NmSc99idQsk8"},"url":"https://cdn.sanity.io/images/8mioycse/v3/4e613ade68ddf4fa3d83f4ec95d7aeb7336c99a9-400x223.gif","size":653227,"_createdAt":"2024-01-06T00:26:54Z","originalFilename":"52ac0dc0-1704-43b4-810f-42efe65472c2.gif","_rev":"IucNCpenvuaX8mLNfLH78k","path":"images/8mioycse/v3/4e613ade68ddf4fa3d83f4ec95d7aeb7336c99a9-400x223.gif","_id":"image-4e613ade68ddf4fa3d83f4ec95d7aeb7336c99a9-400x223-gif"},"crop":{"right":0,"top":0,"left":0,"bottom":0,"_type":"sanity.imageCrop"}},"_rev":"ADz8RFrWctO7ioaeTs4CdI","_id":"778c783f-e192-44c5-b2f2-2e90e3c0f88e","visibility":"true","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"U.S. taxpayers have been complaining for generations about how onerous the tax-filing process has become. 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The IRS announced a new (free!) tax-filing software called Direct File … but this year it’s only available to a fraction of Americans.","_key":"4163a1b0c81f2"}],"_type":"block","style":"normal","_key":"de3b5cd0ddf2"},{"children":[{"_type":"span","marks":["strong"],"text":"What it’s all about","_key":"92b4db3b9ebe0"}],"_type":"block","style":"normal","_key":"f5f94d047140","markDefs":[]},{"style":"normal","_key":"c344f34428bc","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The Direct File software debuted last week, but only a small percentage of the taxpayers in the dozen states where the pilot program will be offered this year. According to the IRS, it will “continue to open for new taxpayers in pilot states for","_key":"58c4eee9adfd0"},{"text":" short availability windows","_key":"4e703c509130","_type":"span","marks":["strong"]},{"_key":"ca8f8419dd58","_type":"span","marks":[],"text":"” over the course of the next several weeks."}],"_type":"block"},{"children":[{"_type":"span","marks":[],"text":"Not only will millions of Americans not even have the opportunity to try out the software this year, its capabilities are limited to those with relatively simple tax situations. Freelancers, business owners, and others in special situations won’t be able to use it.","_key":"eb375fbb54440"}],"_type":"block","style":"normal","_key":"e38ca9878d6d","markDefs":[]},{"children":[{"_key":"89f1db3e5bf80","_type":"span","marks":[],"text":"A Treasury Department estimate suggests just 1 in 3 taxpayers in the states where the pilot program is being offered will be eligible to participate."}],"_type":"block","style":"normal","_key":"4f3fde5f064c","markDefs":[]},{"_key":"6d33caba25b4","markDefs":[],"children":[{"_key":"695e9e28f2c40","_type":"span","marks":["strong"],"text":"A (painfully) slow start"}],"_type":"block","style":"normal"},{"children":[{"text":"Vox writer Dylan Matthews was able to check out the program first-hand even though his tax situation would preclude him from using it. And his takeaway was that Direct File has some limitations compared to what the private sector can offer, although there are signs that the program might have a bright future.","_key":"f0ca702692200","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"134b432d8879","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"In light of the glitchy rollout of HealthCare.gov more than a decade ago, Matthews concluded: “The idea this time was to ","_key":"42e541997a810"},{"_type":"span","marks":["strong"],"text":"build it gradually","_key":"62a372a06f68"},{"text":" so that each limited form of the software works before moving forward.”","_key":"08e84db41533","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"1ab6d4a2e1ba","markDefs":[]}],"_updatedAt":"2024-02-26T23:36:35Z","summary":"Only a small percentage of U.S. taxpayers will be able to try it this year.","_type":"story","id":"778e5X5L","title":"Direct File: Is The New IRS Software Worth The Hype?","author":{"_ref":"phCNL32Gn","_type":"reference"},"slug":"/story/2024/02/direct-file-is-the-new-irs-software-worth-the-hype","_createdAt":"2024-02-26T23:36:35Z"},{"visibility":"true","_type":"story","_updatedAt":"2024-02-22T00:02:35Z","_rev":"3xOQU4pbLPGd3f4kcV2Qqd","publishDate":"2024-02-22","title":"Understanding Why Auto Insurance Rates Have Spiked In Recent Years","_id":"9948cd18-2c39-43c0-835a-421038ed8e72","summary":"The companies aren't fessing up, but there are some telltale clues.","image":{"asset":{"_rev":"3xOQU4pbLPGd3f4kcV2I3b","url":"https://cdn.sanity.io/images/8mioycse/v3/5458f596fba58b517dcf81a458acef3cd62609ec-480x270.gif","size":1629614,"_id":"image-5458f596fba58b517dcf81a458acef3cd62609ec-480x270-gif","_updatedAt":"2024-02-22T00:01:33Z","uploadId":"2V5EvR6Obt3DRHk5OMZMT1l2QMaS59Kj","_createdAt":"2024-02-22T00:01:33Z","metadata":{"blurHash":"M8Av^1t7X9nORQ?wRjx@jFW.?YaKMyM|sA","_type":"sanity.imageMetadata","palette":{"muted":{"title":"#fff","population":0.23,"background":"#a6a857","_type":"sanity.imagePaletteSwatch","foreground":"#000"},"lightVibrant":{"_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":2.28,"background":"#e3e08d"},"darkVibrant":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.01,"background":"#682c04"},"lightMuted":{"foreground":"#fff","title":"#fff","population":0,"background":"#7a771e","_type":"sanity.imagePaletteSwatch"},"vibrant":{"title":"#fff","population":0.07,"background":"#767920","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"dominant":{"background":"#4c3b2a","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":8.24},"_type":"sanity.imagePalette","darkMuted":{"background":"#4c3b2a","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":8.24}},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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","dimensions":{"_type":"sanity.imageDimensions","width":480,"aspectRatio":1.7777777777777777,"height":270},"isOpaque":true},"source":{"url":"https://giphy.com/gifs/cbs-young-sheldon-youngsheldon-annie-potts-1MtFbLhmYobUghBius","name":"Driving Emily Osment GIF by CBS","id":"1MtFbLhmYobUghBius"},"assetId":"5458f596fba58b517dcf81a458acef3cd62609ec","originalFilename":"6f392b28-c09a-4a8f-8f15-4236aa39c400.gif","extension":"gif","mimeType":"image/gif","sha1hash":"5458f596fba58b517dcf81a458acef3cd62609ec","path":"images/8mioycse/v3/5458f596fba58b517dcf81a458acef3cd62609ec-480x270.gif","_type":"sanity.imageAsset"},"crop":{"bottom":0,"_type":"sanity.imageCrop","right":0,"top":0,"left":0},"hotspot":{"height":1,"_type":"sanity.imageHotspot","width":0.9006849315068489,"x":0.5,"y":0.5},"_type":"image","attribution":"Giphy"},"author":{"_ref":"phCNL32Gn","_type":"reference"},"body":[{"style":"normal","_key":"7258d5a45c34","markDefs":[{"_type":"link","href":"https://www.vox.com/2024/2/21/24078362/inflation-car-insurance-distracted-driving-costs","_key":"95084333fc02"}],"children":[{"_type":"span","marks":[],"text":"The cost of just about everything is significantly higher in 2024 than it was in 2020. But some things have become especially expensive over the past few years … and as many motorists will ","_key":"b73524cded490"},{"_key":"b73524cded491","_type":"span","marks":["95084333fc02"],"text":"confirm"},{"_type":"span","marks":[],"text":", car insurance belongs on that list.","_key":"b73524cded492"}],"_type":"block"},{"style":"normal","_key":"bdcb36027ba2","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Breaking down the data","_key":"858d6fc6a46b0"}],"_type":"block"},{"children":[{"_type":"span","marks":[],"text":"Recent economic reports have shown that inflation remains hotter than expected — and according to the latest consumer price index, auto insurance rates have been at the forefront of the trend. 2023 was a year of especially rapid rate increases, with the cost of a typical policy last month tipping the scales at","_key":"d5ee8d2a7fd40"},{"_key":"526feb5f0df0","_type":"span","marks":["strong"],"text":" 20% higher"},{"_type":"span","marks":[],"text":" than just one year earlier.","_key":"24b544745102"}],"_type":"block","style":"normal","_key":"a0c7c9ed4a95","markDefs":[]},{"_key":"e61b74d3aee6","markDefs":[],"children":[{"text":"Compared to January 2020, current rates are a whopping ","_key":"87b2bbc88e670","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"38% higher","_key":"4eadf19cbc39"},{"_type":"span","marks":[],"text":", far outpacing the average inflation rate over the same period.","_key":"58b3664aaa44"}],"_type":"block","style":"normal"},{"style":"normal","_key":"ae777a963884","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Cause and effect","_key":"71d018dfed4f0"}],"_type":"block"},{"style":"normal","_key":"a79922febd8b","markDefs":[],"children":[{"_key":"1703c9582d250","_type":"span","marks":[],"text":"While there’s no denying the fact that insuring a car has gotten much more expensive, the insurance companies aren’t offering many details to explain the cost increase."}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Nevertheless, industry insiders have pointed to a couple of factors that seem to justify those price hikes … at least partially.","_key":"9905dfe302590"}],"_type":"block","style":"normal","_key":"686d04f06d67"},{"level":1,"_type":"block","style":"normal","_key":"12e63f441fe9","listItem":"bullet","markDefs":[],"children":[{"marks":["strong"],"text":"Bigger risks","_key":"66aaa4569f730","_type":"span"},{"_type":"span","marks":[],"text":": Studies indicate that drivers have been more distracted and aggressive in general since the pandemic, which correlates with more crashes (and increased liability for insurers). Cambridge Mobile Telematics executive Ryan McMahon explained: “Since COVID, we saw this incredible increase in distracted driving. You could almost track it by the day schools started to shut down.”","_key":"17a9dcfe6410"}]},{"listItem":"bullet","markDefs":[],"children":[{"_key":"4708ef92bad50","_type":"span","marks":["strong"],"text":"More complexity"},{"_type":"span","marks":[],"text":": A generation ago, cars were largely utilitarian modes of transportation unlike the rolling high-tech computers they are today. 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On the other, the same sector has also been the source of a huge number of ","_key":"cd6659ea4cd80","_type":"span"},{"_type":"span","marks":["afeb4f69c446"],"text":"layoffs","_key":"cd6659ea4cd81"},{"_type":"span","marks":[],"text":" over the same period, suggesting that the economy","_key":"cd6659ea4cd82"},{"text":" might be on shaky ground","_key":"1dc0be759fed","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":".","_key":"563e129d6a7c"}]},{"style":"normal","_key":"6d646ec4ea69","markDefs":[],"children":[{"marks":[],"text":"So what’s really going on? That's not such an easy question to answer.","_key":"0af23dcce3220","_type":"span"}],"_type":"block"},{"_type":"block","style":"normal","_key":"177eb48e55e8","markDefs":[],"children":[{"marks":["strong"],"text":"Competing statistics","_key":"8750e68ae6130","_type":"span"}]},{"_key":"b67a9ec11bbb","markDefs":[],"children":[{"_type":"span","marks":[],"text":"In 2023 alone, more than a quarter-million jobs were slashed in the sector. Some say it was a correction to post-pandemic over hiring, but that doesn’t make it any easier for workers who received a pink slip.","_key":"d93d3b9f40270"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"And January’s stats reveal that the trend isn’t reversing in 2024. A bevy of firms, including ","_key":"7db7b2d5abe00"},{"_type":"span","marks":["strong"],"text":"Amazon, Google, Microsoft, and PayPal ","_key":"929d1ba85b9c"},{"_type":"span","marks":[],"text":"announced layoffs last month.","_key":"63de2f72cc63"}],"_type":"block","style":"normal","_key":"1eff097a4fe2"},{"children":[{"_key":"f5246b6e59430","_type":"span","marks":[],"text":"Taking a step back to view the broader employment market, however, provides a much different perspective. A whopping 353,000 jobs were added in January, which eclipsed expectations."}],"_type":"block","style":"normal","_key":"d464f3ffce44","markDefs":[]},{"_key":"02d79a320e25","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And that brings us to a discussion about why the tech industry is different.","_key":"ea9ddd6019820"}],"_type":"block","style":"normal"},{"style":"normal","_key":"e80f8c620fb6","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"It’s more than COVID","_key":"4e99a1bbeec30"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Sure, the pandemic was a big factor. Consumers who socked away money during the lockdowns spent a lot of that cash on tech products, but that spending has cooled off significantly. As a result,","_key":"0a30d2f184bb0"},{"_key":"3e615a69ea61","_type":"span","marks":["strong"],"text":" these companies have had to tighten their belts"},{"marks":[],"text":" to remain profitable — and that naturally involves layoffs.","_key":"314693014600","_type":"span"}],"_type":"block","style":"normal","_key":"5e9a895dc8b3"},{"_type":"block","style":"normal","_key":"16b35b0da9e2","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But then there’s AI, which has allowed companies to do more with less. And it doesn’t look like that’s going to be changing anytime soon.","_key":"6b5a25739c330"}]},{"_type":"block","style":"normal","_key":"d77845982194","markDefs":[],"children":[{"marks":[],"text":"These changes might not be great for workers, but they’ve been a boon for the companies. After the tech-heavy Nasdaq Composite","_key":"d128d94165b80","_type":"span"},{"_type":"span","marks":["strong"],"text":" dropped by about 33%","_key":"b9ce2274dca7"},{"_type":"span","marks":[],"text":" in 2022, it rebounded last year","_key":"7729513fe3e9"},{"_type":"span","marks":["strong"],"text":" to add a massive 43%","_key":"14da845a1629"},{"_type":"span","marks":[],"text":" to its value.","_key":"9b6d65d30e7d"}]}],"author":{"_ref":"phCNL32Gn","_type":"reference"}},{"body":[{"markDefs":[],"children":[{"_key":"bc4ba666b7d40","_type":"span","marks":[],"text":"The U.S. economy has faced"},{"_type":"span","marks":["strong"],"text":" a number of problems","_key":"84a5bc8c3289"},{"_type":"span","marks":[],"text":" over the past several years — a pandemic shutdown, widespread supply-chain interruptions, and rampant inflation, to name a few. But one thing we haven’t seen (despite widespread forecasts by economists) is a recession … at least not yet.","_key":"20390759be64"}],"_type":"block","style":"normal","_key":"706148d33d1e"},{"markDefs":[{"_key":"d79100a92f8d","_type":"link","href":"https://www.nytimes.com/2024/01/26/business/economy/economy-recession-soft-landing.html"}],"children":[{"marks":[],"text":"Let’s ","_key":"e4778c07da6e0","_type":"span"},{"_type":"span","marks":["d79100a92f8d"],"text":"explore","_key":"e4778c07da6e1"},{"_key":"e4778c07da6e2","_type":"span","marks":[],"text":" why so many forecasters got it so wrong."}],"_type":"block","style":"normal","_key":"38c1fa1607a9"},{"_key":"3fddb6d729b2","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"An unprecedented situation","_key":"8fd013d9c4bd0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":[],"text":"As anyone who lived through 2020 will attest, it was a pretty bizarre time. People were afraid, lives were being disrupted, and many forms of commerce were brought to a standstill.","_key":"0498776985690","_type":"span"}],"_type":"block","style":"normal","_key":"7e596a06880c"},{"children":[{"_type":"span","marks":[],"text":"And in retrospect, chief economist Matthew Luzzetti of Deutsche Bank, which predicted a recession last year, admitted such forecasts were based on an understanding of the economy","_key":"d5dc3fd3871e0"},{"_type":"span","marks":["strong"],"text":" that might not be accurate","_key":"8709046f67c4"},{"_type":"span","marks":[],"text":" today.","_key":"c2ba99ed14f8"}],"_type":"block","style":"normal","_key":"cdd30319c777","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"“It was always going to be difficult to forecast what an economy was going to look like emerging from a mostly unprecedented pandemic,” he said.","_key":"558b2b5b6bb80"}],"_type":"block","style":"normal","_key":"bffcabdb7db4"},{"children":[{"_type":"span","marks":["strong"],"text":"Defying the expectation","_key":"a4e64baf0bf60"}],"_type":"block","style":"normal","_key":"dbc168ca4889","markDefs":[]},{"style":"normal","_key":"1855cc1311c9","markDefs":[],"children":[{"_type":"span","marks":[],"text":"When the pandemic was over and consumer demands spike, inflation took a foothold. Then the central bank raised interest rates, which has historically signaled a looming recession.","_key":"3b1bc1e978150"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Instead, we got:","_key":"4f529d89842a0"}],"_type":"block","style":"normal","_key":"684a83afa0c3"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"An ","_key":"489c954ff7140"},{"_key":"f86cb504bbde","_type":"span","marks":["strong"],"text":"economy that grew"},{"marks":[],"text":" more than 3% in 2023","_key":"86c8c99b47ff","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"364e0e3b743b"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"An","_key":"e713af26daaf0"},{"_type":"span","marks":["strong"],"text":" unemployment rate","_key":"fc4b9f2734a1"},{"_key":"c0d22d453ff3","_type":"span","marks":[],"text":" that is still at historic lows"}],"level":1,"_type":"block","style":"normal","_key":"b0e44b21eeb1","listItem":"bullet"},{"children":[{"_key":"cefa83d330a50","_type":"span","marks":[],"text":"An"},{"_type":"span","marks":["strong"],"text":" inflation rate","_key":"dd99e68b0656"},{"_key":"c17493de9406","_type":"span","marks":[],"text":" that is nearly down to the Fed’s goal"}],"level":1,"_type":"block","style":"normal","_key":"bcf5fc5d39af","listItem":"bullet","markDefs":[]},{"children":[{"marks":[],"text":"All of that happened when interest rates were at levels we haven’t seen in a generation.","_key":"a09c93b9b74e0","_type":"span"}],"_type":"block","style":"normal","_key":"e08eaeeb7dfd","markDefs":[]},{"style":"normal","_key":"aaf61d787638","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"What happens next","_key":"13e41eb1aaec0"}],"_type":"block"},{"style":"normal","_key":"8237ac73dec1","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The big question remains: Is there still a recession coming? Obviously, it’s impossible to predict the future — but former Treasury Secretary Lawrence Summers is revising his take on a “soft landing” by which inflation returns to normal without triggering a recession.","_key":"eaa0a6662ef30"}],"_type":"block"},{"style":"normal","_key":"b2abd9d1f8df","markDefs":[],"children":[{"_type":"span","marks":[],"text":"He previously described such a scenario as “","_key":"71fcb05e62da0"},{"_key":"f8169ffe03d0","_type":"span","marks":["strong"],"text":"the triumph of hope over experience"},{"_type":"span","marks":[],"text":"” but now admits: “This is looking like a case where hope has triumphed over experience.”","_key":"465836283699"}],"_type":"block"}],"summary":"It all adds up to more evidence that we're in a strange economic situation.","title":"Whatever Happened To That Recession Economists Have Been Predicting?","_updatedAt":"2024-01-26T20:55:10Z","_id":"ad9012c9-e19d-422b-b846-5737d92a7519","_createdAt":"2024-01-26T20:55:10Z","image":{"crop":{"_type":"sanity.imageCrop","right":0,"top":0,"left":0,"bottom":0},"hotspot":{"y":0.5,"height":1,"_type":"sanity.imageHotspot","width":0.9315068493150683,"x":0.5},"_type":"image","attribution":"Giphy","asset":{"uploadId":"Iw06PZBs38ziL0rXKIp6rAgn3JMh5tgA","source":{"name":"Cary Elwes Disney Plus GIF by Disney+","id":"J1vUzqdZJlh5AqBWxt","url":"https://giphy.com/gifs/disneyplus-the-princess-bride-theprincessbride-J1vUzqdZJlh5AqBWxt"},"_rev":"x85C0o6nGPFIdPQ9kOkbVd","sha1hash":"fca35dafe94f3f6f7cd101c4c655717d9c760e78","path":"images/8mioycse/v3/fca35dafe94f3f6f7cd101c4c655717d9c760e78-480x270.gif","assetId":"fca35dafe94f3f6f7cd101c4c655717d9c760e78","originalFilename":"7060b2ab-8fba-4529-b44c-3c248236c390.gif","_type":"sanity.imageAsset","mimeType":"image/gif","url":"https://cdn.sanity.io/images/8mioycse/v3/fca35dafe94f3f6f7cd101c4c655717d9c760e78-480x270.gif","_id":"image-fca35dafe94f3f6f7cd101c4c655717d9c760e78-480x270-gif","_updatedAt":"2024-01-26T20:53:57Z","extension":"gif","metadata":{"_type":"sanity.imageMetadata","palette":{"muted":{"title":"#fff","population":7.97,"background":"#82817c","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightVibrant":{"foreground":"#000","title":"#fff","population":0,"background":"#e0b098","_type":"sanity.imagePaletteSwatch"},"darkVibrant":{"background":"#442414","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0.08},"lightMuted":{"population":1.7,"background":"#9da6aa","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff"},"vibrant":{"background":"#c56839","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":0},"dominant":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":7.97,"background":"#82817c"},"_type":"sanity.imagePalette","darkMuted":{"foreground":"#fff","title":"#fff","population":7.57,"background":"#483f32","_type":"sanity.imagePaletteSwatch"}},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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","dimensions":{"width":480,"aspectRatio":1.7777777777777777,"height":270,"_type":"sanity.imageDimensions"},"isOpaque":true,"blurHash":"MDA,wakYD*ad-;_4kYt7aeoztSbcWDoeR*"},"size":4698519,"_createdAt":"2024-01-26T20:53:57Z"}},"author":{"_ref":"phCNL32Gn","_type":"reference"},"category":"economy","visibility":"true","publishDate":"2024-01-27","_type":"story","id":"Eyg92rgN","slug":"/story/2024/01/whatever-happened-to-that-recession-economists-have-been-predicting","_rev":"x85C0o6nGPFIdPQ9kOkfC9"},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"publishDate":"2024-01-16","body":[{"_key":"4fa7aa558bb8","markDefs":[{"href":"https://www.nytimes.com/2024/01/15/us/politics/iowa-caucus-2024.html","_key":"c119e3b5bca9","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"The economy is still on uncertain ground and tax season is rapidly approaching, so it’s not surprising that many Americans are worried about their personal finances. For their part, lawmakers across the political spectrum seem to be aware of this public sentiment and there’s some ","_key":"78f424fabbd80"},{"marks":["c119e3b5bca9"],"text":"discussion","_key":"78f424fabbd81","_type":"span"},{"_type":"span","marks":[],"text":" about whether a new budget deal should include","_key":"78f424fabbd82"},{"text":" roughly $70 billion in incentives","_key":"b67629836247","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" like tax breaks for households and businesses.","_key":"0174612b9ca4"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"text":"What would it mean?","_key":"f6961ef34d9c0","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"a9c5c69703db"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Giving struggling families and entrepreneurs a boost would certainly address some short-term problems, but critics say it could also prolong the broader economy’s rough patch. Specifically,","_key":"bfd532d769530"},{"_type":"span","marks":["strong"],"text":" more spending would likely fuel inflation","_key":"e2934271359f"},{"marks":[],"text":", which ticked higher than expected last month.","_key":"c983aee0c6b0","_type":"span"}],"_type":"block","style":"normal","_key":"c95771787cee"},{"children":[{"text":"The debate is on … and time is starting to run out. A pair of upcoming deadlines (Jan. 19 and Feb. 2) will determine whether there’s a government shutdown. And if the stimulus is approved, it would likely address a couple of key groups:","_key":"bcafa0718f9e0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"11b596682454","markDefs":[]},{"listItem":"bullet","markDefs":[],"children":[{"text":"Tax breaks for businesses","_key":"e5f61c617dd50","_type":"span","marks":["strong"]},{"marks":[],"text":": One aspect of the proposed deal would reintroduce incentives meant to spark investment in domestic companies, though naysayers wonder whether the payoff would be worth the cost.","_key":"3e3295cac4f3","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"c8f4c34db761"},{"_key":"3319410f67d3","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Expanded child tax credit","_key":"5f1c7c8237d00"},{"_type":"span","marks":[],"text":": Although the current proposal falls short of a tax credit for parents that was implemented during the pandemic, if approved it would still constitute an increase from the maximum available right now.","_key":"92e2a14bf380"}],"level":1,"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"7cf899c6b6f1","markDefs":[],"children":[{"_key":"305b2c7ab3540","_type":"span","marks":["strong"],"text":"What does the White House think?"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Although the debate is playing out on Capitol Hill, any legislative deal would have to be signed by President Joe Biden. And his National Economic Council director is pushing for a “balanced package.”","_key":"d93b4a5a9ca60"}],"_type":"block","style":"normal","_key":"9f3951fd939c"},{"_type":"block","style":"normal","_key":"9ab387b591a7","markDefs":[],"children":[{"_key":"d9ac8d2c87d70","_type":"span","marks":[],"text":"According to a recent statement from Lael Brainard, the “critical” element for Biden “is that the child tax credit be extended and particularly be made available"},{"_type":"span","marks":["strong"],"text":" for low and moderate income families","_key":"343c03df3d10"},{"_type":"span","marks":[],"text":", because it is so powerful in reducing child poverty.”","_key":"9aa687b8ee0d"}]}],"summary":"Some say it could cause more long-term harm than short-term good.","_rev":"A4Z2YE3kto6obuRr7OqLmR","title":"Congress Is Debating A New Stimulus Package, But Is It A Good Idea?","image":{"asset":{"uploadId":"lfx500kE6qVnANXqfoXgl9U4IcsZwvey","_type":"sanity.imageAsset","description":"Representative Deborah Ross (D-NC) speaks at a press conference outside of the U.S. Capitol in Washington, D.C. on January 11, 2024 about government funding and the House GOP's proposed spending cuts.","mimeType":"image/jpeg","sha1hash":"ae160c8923f856aaa1a111e6daaf81e6cf7e6b3c","_updatedAt":"2024-01-16T01:22:26Z","originalFilename":"sstk-14296352ac.jpg","extension":"jpg","_rev":"A4Z2YE3kto6obuRr7OqGsR","url":"https://cdn.sanity.io/images/8mioycse/v3/ae160c8923f856aaa1a111e6daaf81e6cf7e6b3c-3500x2334.jpg","_id":"image-ae160c8923f856aaa1a111e6daaf81e6cf7e6b3c-3500x2334-jpg","metadata":{"isOpaque":true,"blurHash":"Vo9b3CVqWUWYe=TOnze-WYWXXBkDoLafW;V@o#bcaejY","_type":"sanity.imageMetadata","palette":{"_type":"sanity.imagePalette","darkMuted":{"background":"#3b4d61","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":6.07},"muted":{"foreground":"#fff","title":"#fff","population":6.05,"background":"#788593","_type":"sanity.imagePaletteSwatch"},"lightVibrant":{"population":5.98,"background":"#4e9de6","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"darkVibrant":{"title":"#fff","population":1.12,"background":"#0a3061","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"lightMuted":{"title":"#fff","population":5.78,"background":"#c2a4a5","_type":"sanity.imagePaletteSwatch","foreground":"#000"},"vibrant":{"title":"#fff","population":4.81,"background":"#1071d2","_type":"sanity.imagePaletteSwatch","foreground":"#fff"},"dominant":{"population":6.07,"background":"#3b4d61","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"}},"hasAlpha":false,"lqip":"data:image/jpeg;base64,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","dimensions":{"_type":"sanity.imageDimensions","width":3500,"aspectRatio":1.4995715509854328,"height":2334}},"creditLine":"Bryan Olin Dozier/NurPhoto/Shutterstock","size":895519,"assetId":"ae160c8923f856aaa1a111e6daaf81e6cf7e6b3c","path":"images/8mioycse/v3/ae160c8923f856aaa1a111e6daaf81e6cf7e6b3c-3500x2334.jpg","_createdAt":"2024-01-16T01:22:26Z"},"crop":{"bottom":0,"_type":"sanity.imageCrop","right":0,"top":0,"left":0},"hotspot":{"width":0.9315068493150682,"x":0.4657534246575341,"y":0.45629190834670286,"height":0.9125838166934057,"_type":"sanity.imageHotspot"},"_type":"image","attribution":"Shutterstock"},"id":"40VGCudM","_id":"1b530f8b-806c-48f6-95af-6e756703571b","_createdAt":"2024-01-16T01:23:44Z","category":"economy","_type":"story","visibility":"true","slug":"/story/2024/01/congress-is-debating-a-new-stimulus-package-but-is-it-a-good-idea","_updatedAt":"2024-01-16T01:23:44Z"},{"title":"Renters Vs. Homeowners: Why One Group Is Feeling A Bigger Economic Pinch","_rev":"EjU9fE3cAMHW1YyVOkmMsb","body":[{"children":[{"_key":"15c699f460d20","_type":"span","marks":[],"text":"The real estate market has been kind of crazy in recent years with both "},{"_type":"span","marks":["strong"],"text":"home prices and interest rates ","_key":"f21e30b0727a"},{"text":"hitting uncomfortable levels. As those figures start to moderate, researchers are gaining new ","_key":"3649ed7d0331","_type":"span","marks":[]},{"_type":"span","marks":["7485cfc6e4ad"],"text":"insight","_key":"15c699f460d21"},{"_type":"span","marks":[],"text":" on how homeowners feel about their finances compared to those who rent.","_key":"15c699f460d22"}],"_type":"block","style":"normal","_key":"164d06744358","markDefs":[{"_key":"7485cfc6e4ad","_type":"link","href":"https://www.axios.com/2024/01/11/us-economy-renters-homeowners-axios-vibes"}]},{"style":"normal","_key":"d709f5c6af57","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"And the survey says…","_key":"605fe11a53960"}],"_type":"block"},{"_type":"block","style":"normal","_key":"93e5e70d53e1","markDefs":[],"children":[{"text":"A new Harris Poll survey found that renters were","_key":"754a90f9ef030","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" nearly twice as likely ","_key":"5f61396203fb"},{"_key":"92be1818b5c8","_type":"span","marks":[],"text":"(57% to 29%) to describe their personal financial situation as “poor.”"}]},{"_type":"block","style":"normal","_key":"f147ad102985","markDefs":[],"children":[{"text":"So what’s going on? Experts say that renters feel as if properties are becoming less affordable while those who own their homes are basking in the knowledge that their investments are generally gaining value.","_key":"866d307391980","_type":"span","marks":[]}]},{"_type":"block","style":"normal","_key":"bac2d82afd64","markDefs":[],"children":[{"_key":"58cca249e3690","_type":"span","marks":[],"text":"Of course, this isn’t true in every case, but by and large this seems to be a pretty good time to be a homeowner. 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As 2023 began, analysts far and wide said it was"},{"_type":"span","marks":["strong"],"text":" only a matter of time ","_key":"eecdd1479f96"},{"_type":"span","marks":[],"text":"before the unemployment rate started to spike and the U.S. would be mired in a recession.","_key":"9e6abf9b1451"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"But those forecasts haven’t come true. Instead, the jobless rate has remained at historic lows","_key":"cff39c2809f20"},{"_type":"span","marks":["strong"],"text":" not seen in nearly 60 years","_key":"b97206ad6b65"},{"_key":"ad4cee827166","_type":"span","marks":[],"text":" and the broad middle class has largely reaped the rewards."}],"_type":"block","style":"normal","_key":"4b36c70643dd"},{"_type":"block","style":"normal","_key":"2e7820edc1d0","markDefs":[],"children":[{"_type":"span","marks":[],"text":"None of this should suggest that the rich aren’t still getting richer off the work of blue-collar Americans. Nevertheless, 2023 offered some hope that a rising economic tide will lift all boats.","_key":"1e87abd67b1a0"}]}],"id":"HoeaKyMZ"},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"When this year started, we were all mired in stifling inflation and the central bank was hiking up interest rates in a mad dash to reverse the rise of consumer prices. So it was only natural that","_key":"bfffad4f22e70"},{"text":" most analysts predicted a recession ","_key":"195782d9fd98","_type":"span","marks":["strong"]},{"marks":[],"text":"would likely be in our near future.","_key":"bd92b8cc34c7","_type":"span"}],"_type":"block","style":"normal","_key":"1bcdef00c22b"},{"children":[{"_type":"span","marks":[],"text":"But here we are just days away from a new year, and the economy (knock on wood) is ","_key":"3111d22a120e0"},{"marks":["6db31ccbdb62"],"text":"barreling","_key":"3111d22a120e1","_type":"span"},{"_key":"3111d22a120e2","_type":"span","marks":[],"text":" along at a pretty healthy clip. So should we be optimistic about 2024 or is the other shoe just waiting for the right time to drop?"}],"_type":"block","style":"normal","_key":"983d8e388f47","markDefs":[{"href":"https://www.vox.com/24008366/economy-predictions-2024-recession-inflation-growth-jobs","_key":"6db31ccbdb62","_type":"link"}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"It’s just too early to tell","_key":"1720ac0593be0"}],"_type":"block","style":"normal","_key":"58eab799a6ec"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Sure, there’s very little satisfaction in an answer like “maybe, maybe not,” but it’s worth noting that the general outlook for the future is modestly rosier than it was this time last year. Many experts believe the Federal Reserve has been able to negotiate a “soft landing” whereby inflation decreased to an acceptable rate","_key":"a2dbf5cfdcec0"},{"_type":"span","marks":["strong"],"text":" without the widespread job losses","_key":"c5fc001916a9"},{"_type":"span","marks":[],"text":" and other pains associated with a recession.","_key":"870763acf638"}],"_type":"block","style":"normal","_key":"ac6c3142d97f"},{"_type":"block","style":"normal","_key":"3c6f66eef6cb","markDefs":[],"children":[{"text":"Here are the facts as they appear today:","_key":"f7301505d42a0","_type":"span","marks":[]}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Wall Street has seen ","_key":"0f62076028b50"},{"_key":"291bdb7f20fa","_type":"span","marks":["strong"],"text":"some impressive gains"},{"_type":"span","marks":[],"text":" throughout the year","_key":"9a82c6828a1b"}],"level":1,"_type":"block","style":"normal","_key":"6cc0d1c34fd6","listItem":"bullet"},{"_key":"a4d7ca68e9b4","listItem":"bullet","markDefs":[],"children":[{"_key":"21b90433c4950","_type":"span","marks":[],"text":"The unemployment rate remains "},{"_type":"span","marks":["strong"],"text":"well below 4%","_key":"0276bdd1c7ab"}],"level":1,"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"34e54019555c","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Inflation is nearly down to the","_key":"a8945ec9334e0","_type":"span"},{"text":" 2% annual rate","_key":"be8d49a4266b","_type":"span","marks":["strong"]},{"marks":[],"text":" the Fed has been aiming for","_key":"fa58d73494fd","_type":"span"}],"level":1},{"_key":"3a4145d4b61a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"So it appears that there’s some reason for cautious optimism.","_key":"27f5bbc4518f0"}],"_type":"block","style":"normal"},{"_key":"9399da453858","markDefs":[],"children":[{"text":"Time to hedge your bets","_key":"bf1f6d9202ae0","_type":"span","marks":["strong"]}],"_type":"block","style":"normal"},{"_key":"da852511a0eb","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Of course, just as negative forecasts a year ago didn’t pan out, there’s no guarantee that the positive outlook being shared these days will prove anyone’s clairvoyance. Instead, it’s important to take ","_key":"359049afa4340"},{"_type":"span","marks":["strong"],"text":"a wait-and-see approach ","_key":"545e12b337b6"},{"marks":[],"text":"to the economy since there are so many variables in place.","_key":"3a63e47f8a0a","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Economist Mark Zandi, who was one of the few who wasn’t predicting a recession this year, said of 2024: “","_key":"b7c8a7cae2d70"},{"_type":"span","marks":["strong"],"text":"It should be a good year","_key":"376f95202363"},{"text":". Probably not as good as 2023.”","_key":"aa8149fb65e1","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"0abdf5898d4f"}],"id":"2jERX00C","publishDate":"2023-12-28","_updatedAt":"2023-12-28T03:50:49Z","title":"We Made It Through 2023 Without A Recession. 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During the heyday of reality TV, shows like “Survivor” and “Fear Factor”","_key":"4e4ca350afb00"},{"_type":"span","marks":["strong"],"text":" promised big cash rewards","_key":"157d25fd7ded"},{"text":" to people who were willing to suffer in the short term.","_key":"b77e9761b656","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"594d09241b4f","markDefs":[]},{"_key":"dde4aebc8a94","markDefs":[],"children":[{"marks":[],"text":"But we haven’t seen anything quite like Mr. Beast. Take Suzie Taylor and Bailey Stanfield, for example. They were total strangers who signed up to spend 100 days in the same room with nothing but canned food to eat and handmade playing cards to keep themselves entertained.","_key":"14369529e0e00","_type":"span"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"2db3adc453a9","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Spoiler alert: They made it to the end and","_key":"4767915452c10"},{"marks":["strong"],"text":" took home $185,000 each","_key":"6f3846ae1699","_type":"span"},{"_type":"span","marks":[],"text":". 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Large-Scale Test Of Basic Income Led To This Surprising Conclusion","body":[{"style":"normal","_key":"50014a1008e1","markDefs":[],"children":[{"_type":"span","marks":[],"text":"While local governments across the U.S. and around the world have been flirting with the notion of “universal basic income” for years, there’s no real consensus regarding","_key":"c985cd63f0540"},{"_type":"span","marks":["strong"],"text":" the most effective way to distribute money","_key":"47514b74537b"},{"_type":"span","marks":[],"text":" to large populations.","_key":"23660396d922"}],"_type":"block"},{"children":[{"marks":[],"text":"Nevertheless, the emerging ","_key":"b7a7872fadba0","_type":"span"},{"_type":"span","marks":["656e3e414685"],"text":"evidence","_key":"b7a7872fadba1"},{"_key":"b7a7872fadba2","_type":"span","marks":[],"text":" suggests that people can and do benefit from such payments — and they don’t turn into leeches who refuse to work, as some UBI critics might have 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Should you "},{"_type":"span","marks":["strong"],"text":"go for the lump sum payment ","_key":"7a45675a8fab"},{"marks":[],"text":"or receive your winnings spaced out in payments over a period of years?","_key":"3bb15c2b18c7","_type":"span"}],"_type":"block","style":"normal","_key":"2bf97915052f"},{"_type":"block","style":"normal","_key":"8cc79f68a850","markDefs":[],"children":[{"marks":[],"text":"While you’ll probably never have an opportunity to answer that question, thousands of people living in rural Kenya have been engaged in a significantly more modest version since 2016.","_key":"ea1caef603c80","_type":"span"}]},{"_key":"3dd4ec9afed8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A charity known as GiveDirectly has been handing out ","_key":"06b28812edc80"},{"_type":"span","marks":["strong"],"text":"$20 monthly payments to thousands of individuals","_key":"a2b10d7f9985"},{"_type":"span","marks":[],"text":", but other folks have received an upfront sum equal to about two years worth of monthly handouts. And now the first wave of evidence is starting to emerge.","_key":"2bea58172b65"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"text":"Identifying the pros and cons","_key":"307369589e190","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"8b57a388b2a8"},{"children":[{"_type":"span","marks":[],"text":"There are significant advantages and disadvantages related to each approach, but one strategy — the lump sum payment — came out as the clear winner. ","_key":"e0abc92b88400"},{"_type":"span","marks":["strong"],"text":"An informal paper published by researchers","_key":"be9aeafe174d"},{"text":" found that those in this group:","_key":"aed1082ff8a0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"24d492dec61c","markDefs":[]},{"_type":"block","style":"normal","_key":"9c60f35ca7c6","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Earned more money","_key":"994ec9ca77180"}],"level":1},{"level":1,"_type":"block","style":"normal","_key":"778fd9603652","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Received more education","_key":"59525e5cab190","_type":"span"}]},{"_key":"e87a605665fd","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Launched more businesses","_key":"6959701a65c20"}],"level":1,"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":[],"text":"But that doesn’t mean there aren’t advantages to the monthly payments, which can help recipients ","_key":"5b0127dd01540","_type":"span"},{"_type":"span","marks":["strong"],"text":"create a budget and pay for recurring expenses","_key":"a357af4fb402"},{"_type":"span","marks":[],"text":". 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How Long Until Fans Start To Revolt?","visibility":"true","category":"economy","id":"4AfKuhhc","publishDate":"2023-11-29","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"The jury’s still out regarding how healthy — or unhealthy — frequent consumption of diet soda is, but there’s no denying the fact that it remains ","_key":"39bd076f1e0c0"},{"_type":"span","marks":["strong"],"text":"a very popular beverage","_key":"4d0b0a6cded8"},{"_type":"span","marks":[],"text":" for a wide range of consumers who want those sweet, caffeinated bubbles without all the extra sugar.","_key":"24fec5049e5a"}],"_type":"block","style":"normal","_key":"b0dee81e7252"},{"style":"normal","_key":"20f1cb70e3a9","markDefs":[{"href":"https://www.vox.com/money/23979340/diet-coke-price-coca-cola-pepsi-inflation-walmart-costco","_key":"035ecf8f835d","_type":"link"}],"children":[{"text":"And year after year, Diet Coke comes out on top among fans, which makes ","_key":"0227004a45800","_type":"span","marks":[]},{"marks":["035ecf8f835d"],"text":"rising costs","_key":"0227004a45801","_type":"span"},{"_type":"span","marks":[],"text":" all the more frustrating.","_key":"0227004a45802"}],"_type":"block"},{"style":"normal","_key":"d9f6ca111344","markDefs":[],"children":[{"_key":"bb385053fc1a0","_type":"span","marks":["strong"],"text":"It’s not just inflation"}],"_type":"block"},{"_key":"f13cfa5e9388","markDefs":[],"children":[{"_type":"span","marks":[],"text":"We’ve all gotten used to the sticker shock that comes with shopping for groceries in recent years, but Diet Coke drinkers might be quick to tell you that there’s something going on with the prices of these cans and bottles that can’t be explained by the overall inflation rate.","_key":"9fba01ef020c0"}],"_type":"block","style":"normal"},{"_key":"83b301407205","markDefs":[],"children":[{"_key":"d0289ec1a2ff0","_type":"span","marks":[],"text":"Graham Starfelt has been drinking up to six cans per day for years. Five years ago or so, that daily habit might have cost him two bucks at the most, but now he says a 12-pack sets him back"},{"_type":"span","marks":["strong"],"text":" about $10 on average.","_key":"249259106e34"}],"_type":"block","style":"normal"},{"_key":"c5ce6ee98a2e","markDefs":[],"children":[{"marks":[],"text":"So what’s going on? Analysts say the root cause is brand loyalty. Since so many Diet Coke drinkers have no interest in buying anything else, they’re more likely to just absorb any price increases they have to in order to keep buying that carbonated elixir they crave.","_key":"277d45c7abac0","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":["strong"],"text":"An industry-wide trend","_key":"3b01b6a33ebd0","_type":"span"}],"_type":"block","style":"normal","_key":"cead325ebb4d"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Diet Coke appears to be even more insulated from the negative effects of rising costs than some of its competitors, but the soda market in general has been heading in the same direction.","_key":"694b3a67f9b30"}],"_type":"block","style":"normal","_key":"5c2ec80a9435"},{"markDefs":[],"children":[{"_key":"b9946b21a7ae0","_type":"span","marks":[],"text":"The St. Louis Fed has been tracking costs in recent years and 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","_key":"7fab76bc172d0"},{"marks":["strong"],"text":"from $2.05 to $2.77","_key":"07190bd2b524","_type":"span"},{"text":".","_key":"496002289666","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal"}],"summary":"The simple reason for the cost increase might not be what you're thinking.","_createdAt":"2023-11-28T21:31:45Z"},{"summary":"The COVID-19 era of consumer savings is officially 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On an individual level, high interest rates are making it even more difficult for folks to pay off their balances … but there are also much wider ","_key":"0573e0cc1a490","_type":"span","marks":[]},{"_type":"span","marks":["8e1da2cbf612"],"text":"ramifications","_key":"0573e0cc1a491"},{"_key":"0573e0cc1a492","_type":"span","marks":[],"text":"."}],"_type":"block","style":"normal","_key":"9f6f579d0de2"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The Federal Reserve weighs in","_key":"c1673ca1419a0"}],"_type":"block","style":"normal","_key":"9d548182b0ab"},{"children":[{"_type":"span","marks":[],"text":"America’s central bank has been hiking interest rates in an effort to reverse rising costs that have plagued low-income households in recent years. But that strategy is taking its own toll on cash-strapped consumers.","_key":"3306989a13910"}],"_type":"block","style":"normal","_key":"e1dcb6b93ee5","markDefs":[]},{"_type":"block","style":"normal","_key":"aa4238ec2a5f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s what the Federal Reserve has reported:","_key":"dc49a4d3d99d0"}]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Credit card debt ","_key":"a97cd87cf0340"},{"_key":"73ea44122354","_type":"span","marks":["strong"],"text":"rose 5% in the third quarter"},{"_key":"daa43143caa5","_type":"span","marks":[],"text":" of the year compared to the prior three-month period."}],"level":1,"_type":"block","style":"normal","_key":"f425986ef9f2"},{"children":[{"_key":"1acc301ce5d70","_type":"span","marks":[],"text":"The average rate of savings among Americans has been on "},{"_type":"span","marks":["strong"],"text":"a downward trajectory","_key":"1fec34b5b6d4"},{"_type":"span","marks":[],"text":" since last year.","_key":"9cc0f2c7cc58"}],"level":1,"_type":"block","style":"normal","_key":"b49b9bd1ee2f","listItem":"bullet","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"A higher rate of credit card and other accounts (","_key":"eed165b7a8930"},{"marks":["strong"],"text":"about 3% overall","_key":"e958c9fe0dcd","_type":"span"},{"_key":"9ee2d3469f6b","_type":"span","marks":[],"text":") were delinquent between July and September."}],"level":1,"_type":"block","style":"normal","_key":"c36a9cb48444","listItem":"bullet","markDefs":[]},{"_key":"6b7781d6b3b3","markDefs":[],"children":[{"_key":"dc057ffffc630","_type":"span","marks":["strong"],"text":"Who is bearing the burden?"}],"_type":"block","style":"normal"},{"children":[{"_key":"02d7d1ff9f990","_type":"span","marks":[],"text":"As you might imagine, the wealthiest Americans are generally doing just fine despite the economic headwinds. But as lower- and middle-income households turn to high-interest credit cards "},{"marks":["strong"],"text":"to pay for their necessities","_key":"18b684367b8f","_type":"span"},{"_type":"span","marks":[],"text":", their plight is only getting worse.","_key":"f24800e9b182"}],"_type":"block","style":"normal","_key":"9a8cf541ed46","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"And the overall economy is suffering as a result.","_key":"07cc658749780"}],"_type":"block","style":"normal","_key":"bd08b85afd21"},{"children":[{"_type":"span","marks":[],"text":"As American University economics professor Mary Hansen explained: “Consumer spending, which we all know is the base of [gross domestic product], is really being held up by credit card debt, and maybe it’s not sustainable.”","_key":"dc2856d8acf50"}],"_type":"block","style":"normal","_key":"d9eebc2f701f","markDefs":[]},{"children":[{"marks":[],"text":"University of Massachusetts at Boston public policy professor Christian Weller, on the other hand, suggested that high-income consumers will continue to prop up the broader economy — ","_key":"a4348ebec8e80","_type":"span"},{"_key":"7ed26956adc3","_type":"span","marks":["strong"],"text":"at least for now"},{"_type":"span","marks":[],"text":".","_key":"551e2578db3b"}],"_type":"block","style":"normal","_key":"506bdadd213b","markDefs":[]},{"children":[{"_key":"505d2307797a0","_type":"span","marks":[],"text":"“Those people still have more cash on hand,” he 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Monday is set to cap off a long weekend of big retail spending.","_rev":"gAzu8Y5tTZmfii9VpG87dN","body":[{"markDefs":[{"_key":"7e4fb7d3a2d8","_type":"link","href":"https://techcrunch.com/2023/11/25/black-friday-2033-e-commerce/"}],"children":[{"_type":"span","marks":[],"text":"Today is Cyber Monday, capping off a long weekend of holiday shopping deals that began in earnest on Thanksgiving. Even though plenty of folks across the U.S. and around the world will be hunting for bargains today, early ","_key":"c7b60b1945660"},{"_type":"span","marks":["7e4fb7d3a2d8"],"text":"numbers","_key":"c7b60b1945661"},{"_type":"span","marks":[],"text":" are already in regarding retail sales.","_key":"c7b60b1945662"}],"_type":"block","style":"normal","_key":"434386e593ee"},{"children":[{"_key":"79dfc9d2ce2a0","_type":"span","marks":["strong"],"text":"A digital departure"}],"_type":"block","style":"normal","_key":"7b2214f615d2","markDefs":[]},{"_key":"e5e6cc93e460","markDefs":[],"children":[{"_type":"span","marks":[],"text":"If you actually went to a brick-and-mortar store on Black Friday, you probably noticed something was missing: the crowds. The post-Thanksgiving shopping rush once translated to mobs of consumers rushing into Walmart, Best Buy, and a host of other stores before sunup to nab the advertised doorbuster deals.","_key":"6f1692b55bcb0"}],"_type":"block","style":"normal"},{"style":"normal","_key":"19557b5a672e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But just because the foot traffic is down doesn’t mean cost-conscious shoppers aren’t spending big bucks on Black Friday. In fact, estimates from Adobe Analytics determined that U.S. consumers spent just a hair under $10 billion on Friday — an all-time record that represented ","_key":"ebe261843aef0"},{"_type":"span","marks":["strong"],"text":"a 7.5% increase ","_key":"54ad0a0f691d"},{"_type":"span","marks":[],"text":"over last year and was roughly $200 million higher than predictions.","_key":"f919d2e58486"}],"_type":"block"},{"style":"normal","_key":"f66ad5b53b78","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Salesforce used a different set of data and determined that Black Friday sales actually ","_key":"4e00bc9719d10"},{"_key":"c94c1cd83a01","_type":"span","marks":["strong"],"text":"topped $16 billion"},{"_type":"span","marks":[],"text":".","_key":"49daf5f878cc"}],"_type":"block"},{"_type":"block","style":"normal","_key":"925c5bfbb00f","markDefs":[],"children":[{"text":"Black Friday spending added to the approximately ","_key":"0965f06df0ec0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"$5.6 billion spent on Thanksgiving","_key":"c1b30719fcc8"},{"_type":"span","marks":[],"text":", which itself was about 5.5% higher than 2022 totals.","_key":"72fc121dc83b"}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Belt-tightening trends","_key":"50ee57b610180"}],"_type":"block","style":"normal","_key":"6489ffb4b5fd"},{"markDefs":[],"children":[{"text":"With the continued impact of inflation translating to budgets that are stretched to their limit, it’s no surprise that many shoppers have spent the weekend cashing in on discounts wherever they could find them.","_key":"b262c45752c00","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"94164be02f27"},{"_type":"block","style":"normal","_key":"5e6436358ea9","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s what analysts found:","_key":"b16b3e60ebe10"}]},{"style":"normal","_key":"71b1f5c61113","listItem":"bullet","markDefs":[],"children":[{"_key":"e76afdc538540","_type":"span","marks":[],"text":"Nearly four-fifths of all "},{"_key":"bb8c991578c9","_type":"span","marks":["strong"],"text":"browsing and buying"},{"_type":"span","marks":[],"text":" originated on smartphones.","_key":"9bb26bd672ea"}],"level":1,"_type":"block"},{"listItem":"bullet","markDefs":[],"children":[{"text":"More than","_key":"0d6e908ff0220","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" 80% of orders","_key":"0fdbfece3541"},{"_type":"span","marks":[],"text":" included standard shipping instead of more expensive expedited options.","_key":"310a828bbf88"}],"level":1,"_type":"block","style":"normal","_key":"58eb4e77e3d1"},{"markDefs":[],"children":[{"marks":[],"text":"Use of “buy now, pay later” options ","_key":"7c1def97c8d00","_type":"span"},{"_key":"d54fe9a5c919","_type":"span","marks":["strong"],"text":"increased 72% "},{"marks":[],"text":"over last year.","_key":"2433a0faba97","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"204f0dbe63f6","listItem":"bullet"},{"markDefs":[],"children":[{"marks":[],"text":"After all is said and done, Salesforce’s estimates suggest global sales between Thanksgiving and Cyber Monday could top $53 billion.","_key":"f5be37c11bff0","_type":"span"}],"_type":"block","style":"normal","_key":"148497eee120"}],"title":"The Numbers Are In: Black Friday Sales Broke An All-Time Record This Year","_createdAt":"2023-11-27T01:13:59Z","_updatedAt":"2023-11-27T01:13:59Z","_type":"story","visibility":"true","publishDate":"2023-11-27","category":"economy","author":{"_ref":"phCNL32Gn","_type":"reference"}},{"id":"p3jZ615h","_rev":"ssAM18Y73h4ADYSDJbxPY8","title":"When Porch Pirates Attack: What Theft Means For Our Online Shopping Obsession","_createdAt":"2023-11-24T21:23:48Z","body":[{"markDefs":[{"_type":"link","href":"https://www.vox.com/money/23969761/stolen-package-theft-retail-shipping-black-friday-holiday-shopping","_key":"990c17111a4b"}],"children":[{"marks":[],"text":"The holidays are coming up, and that means even more boxes will be arriving on the porches of homes across the U.S. and around the world. Of course, it also means more ","_key":"98e4826b19030","_type":"span"},{"marks":["990c17111a4b"],"text":"temptation","_key":"98e4826b19031","_type":"span"},{"marks":[],"text":" for those who are inclined to steal them … aka “porch pirates.”","_key":"98e4826b19032","_type":"span"}],"_type":"block","style":"normal","_key":"43efca78ae07"},{"children":[{"_type":"span","marks":["strong"],"text":"More than a nuisance","_key":"42bcde5406460"}],"_type":"block","style":"normal","_key":"f99a8bdf237f","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"If you’ve ever been the victim of delivery theft, you probably felt a mixture of anger and helplessness as you arranged for a replacement. 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But it does suggest that everyone — from retailers to shipping companies to individual consumers — will end up paying for the actions of porch pirates.","_key":"3d9f72ec928d0","_type":"span"}]},{"children":[{"marks":["strong"],"text":"Changing the subject","_key":"9e8a4a5609ed0","_type":"span"}],"_type":"block","style":"normal","_key":"2f69c6e07e93","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Although the numbers outlined above give a pretty good idea of how widespread the problem is, it’s impossible to accurately gauge the true toll of package theft. 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