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☆ Here's why economists are so worried about soaring US debt levels
▼ + stars: | 2024-04-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Those include higher inflation, greater market volatility, and a lower quality of life for Americans. AdvertisementThe US is sitting on the biggest pile of public debt in its history, and economists are getting nervous about it. AdvertisementIt's critical for the US to sell its debt to investors, which range from institutions, individuals, and other countries. It won't be on housing, it'll be on interest," Zagorsky said. There's little the government can do to stop those problems from brewing, other than to stop taking on so much new debt, Zagorsky and Rubin say.

Persons: —, Les Rubin, Rubin, Jay Zagorsky, Zagorsky, it'll, There's Organizations: Service, Bank of America, US Treasury, Boston University, Inflation, Social Security

The percentage kept, called the hold rate, has been steadily climbing over time, with 2023’s national average at 9.1% of the money bet. If gamblers bet around $3 billion on March Madness, then states will pocket over $50 million dollars in extra revenue just from a three-week basketball tournament. Meanwhile, the number of calls to the National Problem Gambling Helpline lasting more than a minute has increased sharply in recent years. While not every state and bank allows credit cards to fund a sports betting account, many do. Anyone with an online gambling account would need to prefund their account with cash.

Persons: Jay L, Zagorsky Organizations: Statehouse, Sports Betting, Boston University Locations: Massachusetts

The extension of Black Friday sales and growing strength of other shopping events (hello Cyber Monday ) is also changing what holiday spending looks like today. The term “Black Friday” is several generations old, but it wasn't always associated with the holiday retail frenzy that we know today. In 2003, e-commerce accounted for just 1.7% of total retail sales in the fourth quarter, per the U.S. Commerce Department. BLACK FRIDAY 'MONTH’ AND THE RISE OF CYBER MONDAYIt's no secret that Black Friday sales don't last 24 hours anymore. Offering early deals for holiday sales helps extend that window.

Persons: wasn't, Jie Zhang, Harvey Sanders, University of Maryland’s Robert H, Jay Zagorsky, Zagorsky, I’m, Zhang, it’s, ” Organizations: National Retail Federation, Army, Navy, Associated Press, Retail Management, University of Maryland’s, Smith School of Business, COVID, Boston University’s Questrom School of Business, U.S . Commerce Department, Commerce Department, Small, National Retail, Adobe Analytics Locations: Philadelphia, York

History of Labor DayThe first Labor Day occurred in 1882 in New York City under the direction of that city’s Central Labor Union. The New York Tribune’s reporter covering the event felt the entire day was like one long political barbecue, with “rather dull speeches.”Why was Labor Day invented? Common misconceptionsThe common misconception is that since Labor Day is a national holiday, everyone gets the day off. It became a national holiday in June 1894 when President Grover Cleveland signed the Labor Day bill into law. Because not everyone is given time off on Labor Day, union workers as recently as the 1930s were being urged to stage one-day strikes if their employer refused to give them the day off.

Persons: Jay L, Zagorsky, Grover Cleveland, Obama, “, ”, Peter J, McGuire, Matthew Maguire, Peter McGuire, Don’t Organizations: Zagorsky Labor, Labor, city’s Central Labor Union, Central Labor Union, AFL, Communist, Marxist, New York, Brotherhood of Carpenters, Machinists Union Locations: U.S, New York City, York, Oregon, Colorado , Massachusetts, New York, New Jersey

☆ The story of inflation, as told through your child's backpack
▼ + stars: | 2023-08-04 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Back-to-school shopping hasn't been easy this year for Lauren Cyr. Total spending on school-related items for students in these grades is expected to climb to a new high of $41.5 billion. Instead, consumers have reported that purchases of more supplies and bigger-ticket items have contributed to higher spending this year. While inflation has broadly slowed, consumers may not feel any respite as prices of school supplies are still rising. "By being flexible in what you're purchasing, you can actually come away with both a happy child and a happy wallet."

Persons: Lauren Cyr, ", Cyr, Cyr isn't, Jay Zagorsky Organizations: National Retail Federation, Prosper, Boston University's Questrom School of Business Locations: Ruskin , Florida

☆ Russia's economy is at China's mercy. Here's why that won't be changing anytime soon.
▼ + stars: | 2023-05-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Russia's economy is becoming dependent on China and it could soon be a vassal state of Beijing, experts say. But it isn't an equal partnership, and Russia may be on its way to becoming a vassal state of China. Richard Connolly, an associate fellow at the Royal United Services Institute and an expert on the Russian economy, disagreed with the term "vassal state." "Was Russia a vassal state to Europe over the last 30 years? The difficulties it is facing make it only more likely that Russia will deepen its dependence on China, Zagorsky said.

☆ Dollar dominance isn't going anywhere. Here are 5 myths about de-dollarization.
▼ + stars: | 2023-05-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

The dollar's dominance isn't at risk, three currency experts told Insider. Vocal observers, like Tesla CEO Elon Musk, have warned that the threat of de-dollarization is real, as countries like China take measures to supplant the dollar. They debunked five myths and misconceptions that are commonly touted by dollar doomsayers:1. The dollar is losing its stance as the top currency in global tradeThis claim also isn't supported by data. Though the percentage of dollar reserves has slipped, he estimates it would take around 24 years for global dollar reserves to drop another 12%.

☆ Parental leave is the greatest benefit workers don't take
▼ + stars: | 2022-12-14 | by ( Rebecca Knight | Shana Lebowitz | ) www.businessinsider.com time to read: +8 min

The share of US workers who have access to family leave, including parental leave, is increasing. Like many women, Amanda Krupa took less parental leave than she was allowed in order to protect her career and income. The rate of women taking maternity leave hasn't changed since the '90sThe US is the only industrialized country that doesn't guarantee paid parental leave. Some employers offer short-term-disability insurance to help cover workers' parental leave, but it doesn't always replace all wages. Today, all employees there are eligible for 16 weeks of paid parental leave.

One way to ease the blow to your wallet or purse is by using frequent-flyer miles. So we calculated how much a frequent-flyer mile is worth by dividing the number of frequent-flyer miles needed by the ticket price. We found the best time to spend your frequent-flyer miles for Thanksgiving travel was to book during the first week of October, which was about eight weeks out. The best day to flyAs for what's the best day on which to travel to get the most from your miles, there are two answers. If you haven't booked flights yet, you may be too late to find the best value in frequent-flyer miles.

☆ Russia's early resilience to sanctions is fading - its economy is on the back foot and Moscow could soon lose its place among the world's energy superpowers.
▼ + stars: | 2022-09-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Today, though, I'm homing in on another front in the global markets story — specifically, Russia. Official customs data showed China spent a record-breaking $8.3 billion importing Russian oil products, gas, and coal in August. "What happens is that [isolationism] reduces the number of products that [Russia] can buy," Jay Zagorsky, a markets professor at Boston University, told Insider. They told Insider the exact books that got them started on the path to building wealth — see their list of four reads here. That's according to Bank of America analysts, who wrote Monday that global markets will remain strained heading into next year thanks to a variety of factors.

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