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☆ Here's why public transit keeps running out of money
▼ + stars: | 2023-07-25 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Public transit is a vital force for the American economy. The American Public Transportation Association estimates that 87% of trips directly benefit the local economy, with $1 invested in public transit believed to generate $5 in economic returns. But the state of public transit in the U.S. is declining rapidly as transit across the nation faces a fiscal crisis. "If a transit system doesn't have enough money, we can limit the hour of services and the frequency of service," said Norton. Watch the video to learn more about public transit in the U.S. and why it is in decline despite its economic benefits.

Persons: Peter Norton, Nicholas Dagen Bloom, Norton, it's Organizations: American Public Transportation Association, SEPTA, Chicago's, LA Metro, University of Virginia, Hunter College, University of Minnesota Locations: U.S, Los Angeles

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the U.S. can't solve hungerDespite being one of the wealthiest nations in the world, 33.8 million Americans didn't have adequate access to food. So why are so many Americans going hungry and what can be done to solve it?

Locations: U.S

☆ Food deserts aren't what's causing hunger in the U.S. — It's wages, inequality and inflation
▼ + stars: | 2023-07-16 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

About 33.8 million Americans didn't have adequate access to food, according to the latest report from the U.S. Department of Agriculture. "Food inflation, as we've seen during the pandemic, has gone up, driven in large part by supply chain disruptions and shortages of food supply during the pandemic," according to Erika Thiem, chief supply chain officer at the nonprofit Feeding America. Food deserts, where access to affordable and healthy foods is limited, have also been widely blamed as a major cause of hunger in the U.S. He continued, "it's food prices that matter, not food access." "I think part of this is how problems compound problems," according to Stacy Dean, deputy under secretary at the USDA.

Persons: we've, Erika Thiem, Catherine D'Amato, Craig Gundersen, Stacy Dean Organizations: U.S . Department of Agriculture, That's, America, Greater Boston Food Bank, U.S, Baylor University, National Bureau of Economic Research Locations: United States, Greater, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Citigroup is planning its comebackSince the company's collapse during the 2008 recession, Citigroup's stock has continuously struggled, with shares falling more than 30% over the past five years. In response, Jane Fraser, the CEO of Citigroup, announced a bold shift in company strategy, doubling down on wealth management while exiting 14 consumer markets outside of the United States since April 2021. So has Citi's bet paid off and can the onetime financial colossus return to its former glory?

Persons: Jane Fraser Organizations: Citigroup Locations: United States

☆ Why Citigroup's shift to wealth management is a risky bet
▼ + stars: | 2023-07-14 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Citigroup instead announced its plans to divert resources and double down on wealth management. Despite the shift in strategy, though, Citigroup's investment in wealth management hasn't started to pay off. In 2022, the firm expected global wealth management to generate a compound annual revenue growth in the high single digits to low teens. But, instead, Citigroup's wealth management revenue fell 5% year over year in the second quarter of 2023. I think it's to be determined how this wealth management strategy plays out."

Persons: Jane Fraser, Hugh Son, Wells Fargo, Mike Mayo, hasn't, Mayo Organizations: Citigroup, Citi, CNBC, Bank of America, Wells, Wells Fargo Securities Locations: United States, Wells, Asia, Wells Fargo

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Alstom and Siemens are ramping up passenger train productionA big boost to the rail industry has come from the Infrastructure Investment and Jobs Act (IIJA), which was passed in 2021 and designates $66 billion to improve the nation's rail system. CNBC visited two of the biggest passenger railcar manufacturers operating in the country: Siemens and Alstom to see how they are ramping up passenger train production and to learn what they see as the future of passenger rail in the U.S.

Organizations: Alstom, Siemens, Infrastructure Investment, Jobs, CNBC Locations: U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy inflation is so stickyEverything is more expensive. Overall consumer prices are about 13% higher than they were in April 2021 and Americans are feeling the pain. Inflation, or the rate prices are increasing in the general economy, has been a persistent problem the past two years. The Federal Reserve had hoped inflation would normalize as the pandemic's volatility subsided, but prices have stubbornly stayed well above its 2% goal. Watch the video above to learn why inflation sticks around and what we can do about it.

Organizations: Federal Reserve

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Mastercard's stock has outperformed Visa's over the past 5 yearsMastercard is one of the world's most recognizable brands. It's the second largest card network in the U.S., accounting for more than a quarter of all purchase volume using a payment card. As the world transitions to a more cashless society, Mastercard's value has continued to soar. Shares have seen nearly a 100% gain over the past five years, even outperforming No. So exactly how is Mastercard setting itself apart from its competitors?

Organizations: Mastercard Locations: U.S

☆ Mastercard's stock has outperformed Visa's over the past 5 years. Here's why
▼ + stars: | 2023-05-27 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

As the world transitions to a more cashless society, Mastercard's value has continued to soar. While Visa outpaces Mastercard in terms of cards in circulation, net revenue and market share based on purchase transactions, Mastercard's stock has outperformed Visa's over the past 5 years. "Visa did not use to own Visa Europe. "Back in 2016, 2017, Visa was able to buy Visa Europe, and they have gone through a huge effort to modernize Visa's operations in Europe. "So, it's kind of a double benefit to revenue when you have more market share in Europe in particular."

☆ After hitting new heights during the pandemic, PayPal has struggled in the market. Here's what's killing the company's stock growth
▼ + stars: | 2023-05-08 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

While most companies struggled during the pandemic, digital-payment companies including PayPal thrived as consumers were forced to depend more on online transactions. But as pandemic restrictions began to ease, PayPal's stock growth started to fall off. And while PayPal's total payment volume has seen continuous gains, its stock growth has slowed, with rising competition in the digital-payment space being a major contributing factor. "There's a positive and a negative to the fact that PayPal is so focused on e-commerce," said Brett Horn, an analyst at Morningstar. Watch the video to find out more about how Paypal makes its money and why it has been struggling in recent years.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what's killing PayPal's growthPayPal is a powerhouse in the digital-payment industry with a market valuation of over $85 billion. The company's annual revenue has also seen impressive gains, reaching $27.5 billion in 2022. But the PayPal's performance in the stock market paints a different picture. After reaching new heights during the pandemic, shares have since seen significant losses. So, what has been causing PayPal's recent struggles?

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow tax money is wasted in the U.S. The U.S. government wasted almost $2.4 trillion on just payment errors over the last two decades, according to the Government Accountability Office. Oversight reports from nonprofits and lawmakers like Rand Paul, R-Ky., claim that billions more are being wasted every year on duplicative and needless programs. So just how much of our taxpayer dollar is wasted every year and what can be done about it?

☆ The federal government wastes at least $247 billion in taxpayer money each year. Here's how
▼ + stars: | 2023-04-18 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Improper payments, which refer to payments that are made incorrectly by the government, cost the U.S. $247 billion in 2022, according to the Government Accountability Office. "In the federal government, everything is 'Go spend more money' and if that doesn't work, it's 'Go spend more money.'" It's the job of the GAO to audit and report any wasteful spending by the federal government. Nevertheless, wasteful spending by the government can have painful consequences to the health of the economy, according to watchdog groups. Watch the video to find out more about why taxes feel so high in the U.S. and why so much taxpayer money gets wasted.

☆ Here's how banks fail
▼ + stars: | 2023-04-03 | by ( Juhohn Lee | Lindsey Jacobson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's how banks failThe recent collapse of Silicon Valley Bank, Signature Bank and Credit Suisse is a harsh reminder of how quickly a trusted institution could fail, putting billions of dollars at risk. Over 550 banks have failed since 2001, according to the Federal Deposit Insurance Corp. So what exactly causes a bank to fail? And what are the broader implications on the U.S. economy?

☆ 'SVB's failure could and should have been prevented': Experts argue for better regulation and supervision by the Fed
▼ + stars: | 2023-04-03 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

Like any other trusted institutions, banks are capable of failing. "Silicon Valley Bank's failure could and should have been prevented by better regulation and supervision by the Federal Reserve," said Aaron Klein, a senior fellow of economic studies at the Brookings Institution. "What happened in Dodd-Frank was they said that all banks over $50 billion would be subject to enhanced prudential standards," explained Klein. "The rollback said nobody's subject to that between $50 billion and $100 billion, and between $100 billion and $250 billion, it is optional." "SVB happened to fall in that category of between $50 billion and $250 billion so when they raised that, they weren't subject to this great scrutiny," said Chittenden.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow rent control policies affect housing affordabilityRent affordability is still a major issue in the United States. More than 19 million renters in America are considered rent-burdened, spending more than 30% of their income on housing costs. In response, support for rent control policies has gained traction. But can such policies really make rent more affordable in the U.S.? And if so, what would it look like?

☆ Rent control policies are gaining support nationwide. Here's why economists still think it's a bad idea.
▼ + stars: | 2023-03-15 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

In response, support for rent control policies has gained traction. But this isn't the first time such policies have had widespread support. After the massive economic disruption caused by World War II, the federal government imposed rent control on roughly 80% of rental housing between 1941 and 1964. Economists argue that rent control would deter developers from building more homes, which would only worsen the housing supply crisis in the United States. Watch the video to find out why so many economists are against the idea of widespread rent control.

☆ Why the U.S. hasn't solved poverty
▼ + stars: | 2023-03-07 | by ( Juhohn Lee | Lindsey Jacobson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the U.S. hasn't solved povertyDespite being the richest nation in the world in terms of GDP, 37.9 Americans are currently estimated to live in poverty, according to the U.S. Census. So how did poverty become such a big issue in the U.S. and why is it so difficult to end?

☆ 37.9 million Americans are living in poverty, according to the U.S. Census. But the problem could be far worse.
▼ + stars: | 2023-03-07 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

As of January 2021, 37.9 million Americans lived in poverty, accounting for 11.6% of the total population, according to the latest report from the United States Census Bureau. But the number reported by the Census Bureau is based on the official poverty measure, which has remained virtually unchanged since the mid-1960s. Grace Bonilla, president of United Way of New York City, said the official poverty measure doesn't take very obvious indicators into consideration. As a response, the Census Bureau developed the Supplemental Poverty Measure in 2011 as an improvement over the existing measure. The SPM rate for 2021 sat at 7.8%, compared with the official poverty measure rate of 11.6%, mainly due to government relief during the Covid-19 pandemic.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe $52.6 billion plan to save the NYC region from climate changeThe New York and New Jersey Harbor and Tributaries Study, also known as the HATS study, looks at how to protect the NYC area from another Hurricane Sandy. The Army Corps of Engineers is recommending a $52.6 billion plan to protect the region from climate change including seawalls, levees and elevated promenades. Watch the video to find out more about what the plan entails and why the price tag is so high.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy wealthy Americans love American ExpressArmed with impressive rewards and a loyal customer base, AmEx has achieved impressive growth. The company's revenue has increased over 32% since 2017 and its shares have shown resilience and growth in a tumultuous market. So what is the secret to AmEx's success and where is it headed next?

☆ Here's the real reason why American Express gives out such big rewards
▼ + stars: | 2023-01-27 | by ( Juhohn Lee | ) www.cnbc.com time to read: +1 min

Armed with impressive rewards and a loyal customer base, AmEx is a giant in the credit card industry. The company's revenue has increased by over 32% since 2017 when adjusted for inflation and the company's shares have shown resilience and growth in a tumultuous market. "Discount revenue," or fees charged to merchants that accept its cards, is the company's main source of revenue. "And merchants are willing to pay that premium because American Express is bringing them the most affluent, biggest spenders." Recent company reports claim that Amex card members spend, on average, three times as much annually as those who aren't members.

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