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☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Debt — and delinquencies — are on the rise for Americans
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012. The transitions into delinquency — especially serious delinquency — increased across all debt types, according to the report. Overall household debt grew by 1.1% during the first quarter to $17.69 trillion, according to data that is not adjusted for inflation. Credit card balances dipped (as they typically do post-holidays) by $14 billion to $1.12 trillion.

Persons: delinquencies, Joelle, Delinquencies Organizations: CNN, Federal Reserve Bank of New, “, Public Policy Research, New York Fed, Credit Locations: Federal Reserve Bank of New York, York, New

☆ OpenAI and Meta are on the verge of releasing AI models capable of reasoning like humans, report says
▼ + stars: | 2024-04-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

OpenAI and Meta are close to unveiling AI models that can reason and plan, the FT reported. AdvertisementOpenAI and Meta are reportedly preparing to release more advanced AI models that would be able to help problem-solve and take on more complex tasks. Representatives for Meta and OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours. Getting AI models to reason and plan is an important step toward achieving artificial general intelligence (AGI), which both Meta and OpenAI have claimed to be aiming for. Elon Musk, a longtime AI skeptic, recently estimated that AI would outsmart humans within two years.

Persons: —, Brad Lightcap, Joelle Pineau, OpenAI, John Carmack, Bengio, Geoffrey Hinton, Elon Musk, Musk Organizations: Meta, Service, Financial Times, Business

☆ EU Parliament approves major reforms to migration policy
▼ + stars: | 2024-04-10 | by ( Luke Mcgee | ) edition.cnn.com time to read: +6 min

The wide-ranging reforms are designed to ease the burden on countries that have historically taken the most asylum-seekers among the EU’s 27 member states. Roberta Metsola, President of the European Parliament, said: “We have delivered a robust legislative framework on how to deal with migration and asylum in the EU. In theory, the EU will now spread the burden across the 27 member states, either through relocation of people to other member states or through financial and practical assistance in processing refugee claims. In a number of EU countries – notably Italy, Hungary, Slovakia and Sweden – anti-immigrant Euroskeptic politicians are in power, either outright or through coalition. “And it will ultimately be up to the member states themselves to decide how these new measures are practically managed.

Persons: Roberta Metsola, Joelle Grogan, Grogan, ”, Alberto Neidhardt, Neidhardt Organizations: CNN, European, EU, European Policy, Ukraine Locations: Greece, Italy, Malta, East, North Africa, Dublin, Brussels, “, Hungary, Slovakia, Sweden, France, Germany, Ukraine, United States

☆ Opinion: The secret of being the world’s second happiest country
▼ + stars: | 2024-03-27 | by ( Opinion Emma Firth | ) edition.cnn.com time to read: +7 min

CNN —The UN World Happiness Report released last week ranked Denmark the world’s second happiest country for a sixth consecutive year. But that would mean you probably don’t understand the Danish way of thinking. The Happiness Report then takes an average of the numbers given by those surveyed in each nation across the last three years. An 80-year old Danish relative of mine thinks it’s why the older generation came out on top in this year’s happiness report. Join us on Twitter and FacebookWhich brings me back to the World Happiness Report and consistently being runner up to Finland.

Persons: Emma Firth, Emma Firth Galyna Baz, Jessica Joelle Alexander, Iben Dissing Sandahl, “, Danes, ”, Denmark, Finland’s, Catarina Lachmund, Santa Claus, Lachmund, “ I’m, lexicographers, they’ll Organizations: CNN, Gallup, Happiness Research, Twitter, Facebook Locations: Denmark, Finland, United States, ” Finland, Lapland, “ Denmark, Danish, Scandinavia

☆ AI experts are roasting the NYT list of 'who's who' in AI for having zero women
▼ + stars: | 2023-12-04 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +4 min

The New York Times list of "who's who" in AI has been slammed for featuring zero women. "Godmother of AI" Fei-Fei Li criticized the list, writing, "It's not about me, but all of us in AI." AdvertisementThe New York Times' profile of "who's who" in AI, published Sunday, has drawn criticism for featuring zero women. "You literally erased all the heavy hitting women of AI and but included people who are more 'influencers,'" wrote Daneshjou. AdvertisementThe New York Times did not immediately respond to a request for comment from Business Insider, sent outside regular business hours.

Persons: Fei, Fei Li, —, Kara Swisher, Li, It’s, recup, asha, Dane, Wale, ari, Hass, Hoff, lon Musk Organizations: New York Times, Service, ust, ctu, rit, emi Locations: usk

☆ The Biden administration wants to make supply chains so strong that you don't have to think about them
▼ + stars: | 2023-11-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The Biden administration is taking action to keep supply chains strong after their pandemic woes. That includes forming a council on supply chain resilience, and pouring money into domestic drug production. To help keep supply chains strong, the White House is forming a new Council on Supply Chain Resilience and pouring money into alleviating drug shortages. Other new supply chain actions include creating a new data-driven Supply Chain Center with the Department of Commerce, which will analyze potential supply chain risks, and $275 million from the Department of Energy in grants towards clean energy supply chains. "Honestly, I think if we're successful, Americans won't have to think about supply chains," Gamble said, "because that means that they're more resilient, they're more stable."

Persons: Biden, —, frustratingly —, Joelle Gamble, Gamble Organizations: Service, White, National Economic Council, Department of Commerce, Department of Energy, Federal Reserve Bank of New Locations: United States

☆ Does the Boss Need to Weigh In on the War in the Middle East?
▼ + stars: | 2023-11-08 | by ( Emma Goldberg | More About Emma Goldberg | ) www.nytimes.com time to read: +5 min

But as an American business leader condemning Hamas’s attacks, he said, he felt surprisingly lonely. “I was disappointed that fewer leaders than I anticipated spoke out emphatically, clearly and with moral clarity on this issue,” Mr. Karp said. Some business leaders made donations to humanitarian organizations and pointed their employees to company-sponsored mental health resources. “No company does business in Gaza — as opposed to, say, in Russia, where there are 1,500 major companies doing business,” he said, comparing this war with the Russian invasion of Ukraine. “The dynamics in the Middle East have always been difficult and complex,” he wrote.

Persons: Brad Karp, Paul, Weiss, Roe, Wade, George Floyd, ” Mr, Karp, ’ ”, Iliya Rybchin, Jeffrey Sonnenfeld, Sonnenfeld, “, ”, Joelle Emerson, Andrew Ward, Gabe Zichermann, Bud Light, David Solomon, Goldman Sachs, David Zaslav, ” David Barrett, We’re, Barrett Organizations: ” Company, Hamas, Fortune, Yale School of Management, Lehigh University’s College of Business, Warner Bros, ” JPMorgan Locations: Israel, American, Gaza, Russia, Ukraine, Tel Aviv

☆ The Fed probably won't cut interest rates just yet — but its next move is expected to be good for Americans
▼ + stars: | 2023-10-31 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's expected to pause interest rate hikes. On Wednesday, the Federal Open Market Committee is expected to announce its next interest rate decision, and a hike probably isn't in the cards. In September, the Fed paused interest rate hikes as it continued to receive promising data on the country's economic recovery. Powell has not indicated whether a interest rate cut will come this year to get consumers further relief. AdvertisementAdvertisementEven if interest rate cuts are not on the horizon anytime soon, administration officials are confident Americans will not face a recession as they enter 2024.

Persons: It's, —, Nick Bunker, Bunker, Jerome Powell, Powell, we've, Greg McBride, we're, McBride, Janet Yellen, Joelle Gamble, Gamble Organizations: Federal, Service, Fed, North America, New York Federal, Bloomberg, White, National Economic Council Locations: Israel, Ukraine

☆ How to Get a 401(k) Match for Your Student Loan Payments
▼ + stars: | 2023-10-16 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

By Aly J. YaleAfter a three-year reprieve, federal student loan payments resumed in October for more than 40 million Americans. In fact, in a recent survey 22% of student loan borrowers said they would need to reduce their retirement savings to make room for their renewed payments. Thanks to a provision in the Secure 2.0 Act, legislation aimed at improving retirement benefits nationwide, in 2024 employers will be able to start counting student loan payments as qualifying contributions toward retirement matching programs. That means if your employer offers to match your 401(k) contributions, you could get that matched money without ever depositing funds in your retirement account. However, if staying on top of your student loan payments has stopped you from leveraging your employer’s matching program—or contributing to your retirement account entirely—a student loan matching benefit can help you start saving.

Persons: Aly J, ”, Joelle, Jesse Moore, Sara Vipond, Mercer, ” Vipond, —, You’ll Organizations: Yale, Financial, Fidelity Investments, “, Treasury Department, Secure Locations: Framingham, Mass

☆ Consumer credit card debt tops $1 trillion for the first time ever
▼ + stars: | 2023-08-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Consumer credit card debt just topped $1 trillion for the first time ever, according to the Federal Reserve. A recent survey from BankRate found 47% of consumers are carrying credit card debt from month to month. Consumer credit card debt increased 4.6% in the second-quarter to a record $1.03 trillion, compared to $986 billion in the first quarter. Lower-income households were more likely to carry credit card debt from month to month, according to the survey, with 53% of cardholders with annual incomes below $50,000 carrying debt. "Yes, that's a lot of credit card debt, but most people are worth a lot more."

Persons: Joelle Scally, BankRate, Bankrate, they're, Scally, Carson, Ryan Detrick Organizations: Federal Reserve, Federal Reserve Bank of New, New York Fed, Fed Locations: York, Federal Reserve Bank of New York, CreditCards.com

☆ Credit card balances jumped in the second quarter and are above $1 trillion for the first time
▼ + stars: | 2023-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. The Fed's measure of credit card debt 30 or more days late rose to 7.2% in the second quarter, up from 6.5% in Q1 and the highest rate since the first quarter of 2012 though close to the long-run normal, central bank officials said. Total debt delinquency edged higher to 3.18% from 3%. "Credit card balances saw brisk growth in the second quarter," said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. Newly originated mortgages rose by $393 billion though total mortgage debt nudged lower to just over $12 trillion.

Persons: Joelle Organizations: New York Federal Reserve, Public Policy Research, New York Fed, Auto

☆ As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming
▼ + stars: | 2023-08-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowCollectively, Americans now owe more than $1 trillion on credit cards. Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York. "One trillion dollars in credit card debt is staggering," Schulz added. "Credit card balances saw brisk growth in the second quarter," Joelle Scally, regional economic principal in the New York Fed's research and statistics group, said in a statement. On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is also more than 20% on average, another all-time high.

Persons: Matt Schulz, LendingTree's, Schulz Organizations: Federal Reserve Bank of New, New York Fed, Federal Reserve Locations: Federal Reserve Bank of New York, York

☆ Silicon Valley presented AI as a noble research tool. Now it's all about cold, hard cash.
▼ + stars: | 2023-08-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Tech firms once had the luxury of pursuing expensive AI research. It's a sign that companies hope AI will play a greater role in boosting revenue. The Financial Times reported that the company axed a team involved in protein folding research as part of its massive restructuring program, which Mark Zuckerberg has called the "Year of Efficiency." The company's vice-president of AI, Joelle Pineau, also said Meta "remains committed" to its Fundamental AI Research (FAIR) Team, which conducts "exploratory research based on open science." The race to make money from AI then is heating up.

Persons: that's, Mark Zuckerberg, Zuckerberg, Meta, Joelle Pineau Organizations: Morning, Google, Meta, Financial Times, Facebook, DeepMind, AI Research, FAIR Locations: DeepMind

☆ Deadly extreme heat is on the rise in national parks – a growing risk for America’s great outdoors
▼ + stars: | 2023-07-23 | by ( Eric Zerkel | ) edition.cnn.com time to read: +13 min

More people are suspected to have died since June 1 from heat-related causes in national parks than an average entire year, according to park service press releases and preliminary National Park Service data provided to CNN. Ground zero for extreme heat deathsAll of this year’s suspected heat-related deaths took place in just three national parks: Grand Canyon, Death Valley and Big Bend. Heat risk and damage to national parks will only increase if unabated carbon pollution continues, Gonzalez said. That’s changing the personal risk calculus for summer recreation now and in the future in increasingly hotter national parks. Ronda Churchill/AFP/Getty ImagesPersonal responsibility weighs heavily in the policy direction the individual national parks take when dealing with the heat.

Persons: –, spokespeople, That’s, Patrick Gonzalez, ” Gonzalez, Gonzalez, Nicolo Sertorio, Abby Wines, Joelle Baird, Baird, Matthew Levy, Maggie Peikon, ”, I’ve, Peikon, that’s, ” Peikon, Ronda Churchill, “, ” Wines, ” Baird, James Thompson, It’s, ” Andrea Walton Organizations: CNN, Service, National Park Service, Climate Central, University of California, Death, Johns Hopkins University School of Medicine, American Hiking Society, Tourists, Visitor, Getty, Emergency, Region Public Affairs, “ Locations: Big Bend, Mississippi, Alaska, Berkeley, America, Indonesia, Ronda, AFP, Death Valley, Lake Mead, Arizona, Nevada

It was inspired by the original wind phone set up in Otsuchi, Iwate Prefecture, Japan, ten years earlier. The plaque reads: "This phone is for everyone who has ever lost a loved one. The phone is an outlet for those who have messages they wish to share with their friends and family. 'I NEED AN OUTLET'During a recent afternoon, Joelle's family paid a visit to the phone to celebrate her life. Erin Sylvester, Joelle's mother, said they sometimes have pizza parties and invite friends to join them.

Persons: Corey Dembeck, Matt Mills McKnight, Joelle, Sylvester, Joelle Rose, Dembeck, Joelle's, Erin Sylvester, it's, welling, Jonah, Erin, It's, that's, Andre Sylvester, Matt McKnight, Diane Craft Organizations: REUTERS, Washington state's, U.S . Army, Thomson Locations: Olympia , Washington , U.S, Wash, Washington, Olympia, Otsuchi, Iwate Prefecture, Japan, United States

☆ Watch Live: Spotlighting female founders closing the gap for women in the workforce
▼ + stars: | 2023-03-30 | by ( Harriet Taylor | ) www.cnbc.com time to read: +3 min

First, Boorstin will speak with tech venture capitalists Freada Kapor Klein and Mitch Kapor, founding partners of Kapor Capital Partners and the authors of "Closing the Equity Gap," published by Harper Business. Through Kapor Capital, they invest in entrepreneurs whose products and services aim to close social and economic equity gaps while building successful businesses. Boorstin will also speak with them about the current economic environment and what can be done to mitigate the impact on fundraising for minority founders. Allison Whalen is the co-founder and CEO of Parentaly, which works with companies to administer parental leave programs. Hear from these change-makers who are delivering social and economic returns, building successful companies, and sharing key insights they've learned along the way.

☆ Biden aims billions in taxpayer money at companies' labor, supply practices
▼ + stars: | 2023-03-01 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

"What Biden and his advisers are doing is solving problems that exist in the economy. They are pushing forward an agenda aimed at building things in America again ... and taking on corporate power," he said. A Department of Energy provision in the act requires companies to focus on workforce training, ensure diversity and engage "environmental justice" communities in planning. Key provisions on universal child care and better working conditions for child care workers were stripped out of bills last year. Julie Su, just tapped to be labor secretary, launched a campaign against "wage theft" by employers as a labor activist.

☆ Biden takes aim at Republican spending cuts plan
▼ + stars: | 2023-02-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

At issue is Republicans' refusal to raise the statutory $31.4 trillion U.S. debt limit unless Biden agrees to spending cuts. The White House has said such measures will only be discussed after the debt ceiling is lifted. In a speech at a union hall in suburban Maryland, Biden accused Republicans, who now control the House of Representatives, of pushing him to agree to spending cuts, while their own plans would add $3 trillion to the debt. Republicans argue that federal spending is too high and will fuel inflation while raising the U.S. debt level. They also plan a separate news conference on Wednesday aimed at highlighting House Republicans' planned budget cuts.

The decision, announced after financial markets closed, gives Biden a pair of trusted Washington insiders to steer economic policy as the risk of recession fades but inflation lingers. Big fights also loom with the Republican-controlled House of Representatives over raising the debt ceiling. The shakeup comes as the White House tries to tackle what officials view as a frustrating disconnect between relatively strong economic data and weak public sentiment. The White House has refused to discuss spending cuts without a debt ceiling vote first. Bernstein last week conceded that the White House's early description of inflation as "transitory" had missed the mark.

☆ Biden to blast Republican agenda as 'massive giveaway' to big companies
▼ + stars: | 2023-02-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

At issue is Republicans' refusal to raise the statutory $31.4 trillion U.S. debt limit unless Biden agrees to spending cuts, while the White House has said such measures will only be discussed after the debt ceiling is lifted. With his own approval ratings now at 36%, despite 53-year low unemployment and rising consumer sentiment, Biden will seek to flip the script and point the finger at a Republican agenda that he says will amount to "a massive giveaway to the super-rich, big corporations and Big Pharma," the White House said. By contrast, Biden says his administration's plans will cut U.S. debt by another $2 trillion on top of $1.7 trillion in reductions already made. Republicans argue that U.S. federal spending is too high and will fuel inflation while raising the U.S. debt level. Republican have discussed repealing the stock buyback tax entirely, which the White House says would add $74 billion to the federal debt.

☆ My wife and I are raising 2 daughters with type 1 diabetes. It can be overwhelming at times.
▼ + stars: | 2023-01-28 | by ( Joelle Speranza | ) www.businessinsider.com time to read: +5 min

Val Emmich felt powerless when his elder daughter was diagnosed with type 1 diabetes. My daughters, 11-year-old Harper and 7-year-old Lennon, have Ttype 1 diabetes, a chronic condition in which the pancreas makes little or no insulin. That next day, Jill took Harper straight to the doctor. After examining Harper and running tests, the pediatrician took Jill aside and told her to bring Harper to the ER immediately. Raising two young children with type 1 diabetes is overwhelming.

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