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Lower Social Security COLA forecast for 2025Unlike most other sources of retirement income, Social Security benefits are automatically adjusted for inflation each year. As current retirees continue to feel the pinch of higher costs, slowing inflation points to a lower Social Security cost-of-living adjustment next year. The Social Security cost-of-living adjustment may be 3% in 2025, estimates Mary Johnson, an independent Social Security and Medicare analyst. In contrast, beneficiaries saw a 3.2% Social Security cost-of-living adjustment this year — resulting in an average retirement benefit increase of just over $50 per month. That followed record high Social Security cost-of-living adjustments of 8.7% in 2023 and 5.9% in 2022.
Persons: Caroline Feeney, Feeney, they're, Mary Johnson, Johnson Organizations: Istock, Getty, Prudential's, Prudential, Social Security, Security, Urban, Clerical Workers, CPI
Citi analyst Andrew Kaplowitz upgraded his rating for the heating and ventilation company to buy from neutral. The analyst accompanied the move by upping his price target to $74 from $65, implying that shares of Carrier Global could rally 17% going forward. The financial institution raised its price target for Nvidia to $150 from $135. Analyst Erin Wright stood by her overweight rating on the health insurance stock, reiterating her $595 price target. Wright set a price target of $374, which is 23% higher than the insurance company's Friday closing price of $355.48.
Persons: Goldman Sachs, Andrew Kaplowitz, CARR, Kaplowitz, — Lisa Kailai Han, Jefferies, Blayne Curtis, kingmaker, Curtis, Lisa Kailai Han, Morgan Stanley, UnitedHealth, Morgan Stanley's, Erin Wright, Wright, Bernstein, Stephen Reitman, Ferrari, Reitman, Ferrari's, Sanjeet Aujla, Aujla, BUD, Christopher Danely, Danely, James Schneider, Schneider, Fred Imbert Organizations: CNBC, Monday, Citi, Micron Technology, IBM, Carrier Global, Carrier, Nvidia, Humana, Ferrari, UBS, Anheuser, Busch InBev It's, Busch InBev, Micron, Citi Citi, Dow Jones Industrial, Dow Locations: China, UnitedHealth, U.S, Friday's
Former President Donald Trump on Saturday gave a brief glimpse of the ammunition he is loading up against President Joe Biden's handling of the economy ahead of the first presidential debate next week. On inflation specifically, Trump foreshadowed a tactic he said he might use at the upcoming debate against Biden on June 27. Maybe I should save it for the debate," Trump said moments before taking out a miniature box of Tic Tac candies and holding a regular sized box next to it. But I will end the Biden inflation nightmare." But something like Trump's Tic Tac stunt will not be permitted at the Thursday debate where props and pre-written notes are prohibited.
Persons: Donald Trump, Joe Biden's, Trump, Biden, gesturing, Harris, Sarafina Chitika Organizations: U.S, Republican, Saturday, Freedom Coalition, Biden, Federal Reserve, Social, Social Security Locations: Racine , Wisconsin, U.S
Read previewAngela Babin lives in a mobile home in Houma, Louisiana — about 60 miles southwest of New Orleans. She lives on her Social Security income, which she first started receiving in 2008 after she had to retire early for medical reasons. AdvertisementEven with the Social Security check and some SNAP food benefits, Babin said it's difficult to afford groceries. Like the millions of other older Americans living on a fixed Social Security income, Babin said it's difficult to get by. Are you living paycheck to paycheck or on Social Security?
Persons: , Angela Babin, haven't, Ida, she's, Babin, hasn't Organizations: Service, Business, Social, Social Security, Security, Survey, Women, SNAP Locations: Houma , Louisiana, New Orleans, Louisiana
AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. AdvertisementI also think that this culture has allowed me to feel less pressure to go out and I've performed better academically. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.
Persons: , Aolin Xu, I've, I, they're, Australia doesn't, Ernst & Young Organizations: Service, Business, University of New, UNSW, Australian, US, Ernst & Locations: Australia, Washington, Canada, America, University of New South Wales, Sydney, Bali, Malaysia, EY
My parents, who still live in the US, always talked about how much we could save if I went to university in Australia. AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.
Persons: , Aolin Xu, I've, I, they're, Australia doesn't, Ernst & Young Organizations: Service, Business, University of New, UNSW, Australian, US, Ernst & Locations: Australia, Washington, Canada, America, University of New South Wales, Sydney, Bali, Malaysia, EY
If you’ve ever had trouble getting a prescription drug, chances are you’ve run into a pharmacy benefit manager. These companies, known as P.B.M.s, play a crucial but often hidden role in deciding which drugs you can get and how much you will personally have to pay. They are middlemen in the maddeningly complex American health care system, working on behalf of your employer or government insurance programs like Medicare, which cover most of the costs of prescription drugs. is to save money on your medications. But The New York Times found that the three biggest P.B.M.s are often making you pay more than you should.
Persons: you’ve Organizations: New York Times
And what everyone sort of expected to happen seems to be roughly what’s happening, which is that the populist right has consolidated a lot of support. So that’s sort of three-dimensional chess of one sort. That gets at the definition of populism, right? michelle cottleYeah, so but that kind of then lends itself to a backlash when you feel like things aren’t going right. carlos lozadaWell, I mean —ross douthatI think that’s all sincere.
Persons: lydia polgreen Ross, carlos lozada, lydia polgreen, michelle cottle, carlos lozada That’s, lydia polgreen That’s, Lydia Polgreen, michelle cottle I’m Michelle Cottle, ross douthat I’m Ross Douthat, carlos lozada I’m Carlos Lozada, We’ve, Ross, michelle cottle Woo, — ross douthat, lydia polgreen —, I’m, ross, — michelle cottle, ross douthat —, ross douthat, Emmanuel Macron, Macron, Silvio Berlusconi, Giorgia, Meloni, Brexit, It’s, populists, , Lozada, it’s, don’t, we’ll, that’s, we’ve, JD Vance, He’s, — carlos lozada, polgreen, Trumpist, who’s, Vance, we’re, Trump, — michelle cottle Woo, carlos lozada —, , decries, — ross, won’t, carlos lozada Well, carlos lozada Don’t, Don’t, it’s — michelle cottle, I’ve, Trumpism, Donald Trump, michelle cottle Huey Long, Carlos, William Jennings Bryan, Michelle, Huey Long, George Wallace, Ross Perot, Pat Buchanan, Bernie Sanders, you’ve, Charles Coughlin, Richard Nixon, Ronald Reagan, Biden, unquote, nobody’s, he’s, JD Vance don’t, Robert Penn, Warren, Long, lydia polgreen Wow, ross douthat — Carlos Lozada, George Packer, lydia polgreen Go, carlos lozada Oh, that’s — carlos lozada —, lydia polgreen We’ll, carlos lozada It’s, lydia polgreen It’s Organizations: “ New York, Trump, Tories, National Health Service, Republican, Social Security, Republican Party, Chamber of Commerce, “ Times, Aspen Ideas, Nebraska Democrat, Tea Party, Occupy, Belt, Star Locations: , Europe, France, United States, Italy, United Kingdom, South, British, Ohio, Middletown , Ohio, America, Sun Valley, Middletown, Louisiana, Alabama, China, Connecticut, Belt America, Florida , Texas, California, American, Texas, Mexico, Arizona
Overpaying for Medicine
  + stars: | 2024-06-21 | by ( Reed Abelson | Rebecca Robbins | ) www.nytimes.com   time to read: +1 min
But there’s another reason: middlemen known as pharmacy benefit managers, or P.B.M.s. But in their quest for higher profits, they are quietly driving up prescription drug costs. Your pharmacy benefit manager is often invisible to you unless you’re having trouble filling a prescription. (You probably rely on one of the big three: CVS Health’s Caremark, Cigna’s Express Scripts or UnitedHealth Group’s Optum Rx.) Today, we published a story about these companies, how they affect drug spending and how they amassed so much control with so little transparency.
Persons: you’re Organizations: Cigna’s
And they are driving up drug costs for millions of people, employers and the government. The three largest pharmacy benefit managers, or P.B.M.s, act as middlemen overseeing prescriptions for more than 200 million Americans. They are owned by huge health care conglomerates — CVS Health, Cigna and UnitedHealth Group — and are hired by employers and governments. The job of the P.B.M.s is to reduce drug costs. Most Americans get their health insurance through a government program like Medicare or through an employer, which pay for two different types of insurance for each person.
Organizations: CVS, New York Times
The United States is on a pace to add trillions of dollars to its national debt over the next decade, borrowing money more quickly than previously expected, at a time when big legislative fights loom over taxes and spending. The Congressional Budget Office said on Tuesday that the U.S. national debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenues. The budget deficit in 2024 is projected to be $1.9 trillion, up from a forecast earlier this year of $1.6 trillion. The United States will also again have to deal with a statutory cap on how much it can borrow. Congress agreed last year to suspend the debt limit and allow the federal government to keep borrowing until next January.
Organizations: Congressional, U.S, Social Security, America Locations: States, United States
CNN —A truism of American politics is that older voters prefer the Republican and younger voters prefer the Democrat. In 2012, Republican Mitt Romney lost the election, but he did better than Democrat Barack Obama among voters 45 and older. Older voters are gravitating to Biden, and younger voters are taking a look at Trump. But older voters have gone in the opposite direction, and instead of favoring Trump, are nearly split in the Marist poll. Despite the shift of older voters in the direction of Biden (and younger voters away from him), I was surprised to see older voters still have reservations about Biden’s age.
Persons: Democrat Joe Biden, Republican Donald Trump, , Trump, Hillary Clinton, Clinton, Republican Mitt Romney, Barack Obama, haven’t, George H.W, Bush, Michael Dukakis, Al Gore, Republican George W, gravitating, Biden, “ Joe isn’t, , Jill Biden, CNN’s Jeff Zeleny, Eric Bradner, Bradner, Linda Van, , I’d, Ronald Brownstein Organizations: CNN, Democrat, Republican, Electoral, Voters, Trump, Marist, Quinnipiac University, New York Times, Siena College Locations: Pennsylvania, Wisconsin, Michigan,
Many forms of help are tied to the federal poverty line, which is calculated using a formula that has largely not been updated since the 1960s. The poverty line is calculated in an outdated wayThe current federal poverty line for the 48 contiguous states and Washington, DC, is $15,060 a year for one person, $20,440 for a family of two, and $31,200 for a family of four. Courtesy of Melissa HeddenMuch of the resistance to changing the federal poverty line could stem from the government's desire not to inflate the number of people in poverty overnight. AdvertisementRep. Kevin Mullin, a Democrat from California, has introduced legislation — called the Poverty Line Act— that would modernize the federal poverty line, taking into account actual costs of goods and how prices differ across regions. Do you make above the poverty line but not enough to meet your daily needs?
Persons: , Jason Hopkins, Hopkins, he's, He's, doesn't, ALICE —, Nyx, Beth Jarosz, Kyle Ross, ALICE, Mollie Orshansky, Jarosz, Stephanie Hoopes, United For ALICE, they've, Melinda Binkley, Ryan Arbuckle, Louis, Oleg Parubin, Parubin, Melissa Hedden, Melissa, Ross, Biden, Kevin Mullin, Mullin, Michael Tubbs, Tubbs Organizations: Service, Business, America, Center for American Progress, Bureau of Labor Statistics, of Health, Human Services, Assistance, Women, Children, United For, SNAP, Bills, Senate Locations: Illinois, Washington, DC, Stillwater , Minnesota, St, Manhattan, Airbnbs, North Carolina, California, Stockon , California, Illinois —
They both live off her $1,625 monthly Social Security income, according to documents reviewed by BI. He's also 57 and not old enough to receive Social Security, which typically kicks in at 62. And, while over half of older adult households rely on Social Security, the fund could run out by 2030. Hambrick "doesn't care" what she does next because it's difficult to get hired as an older adult. AdvertisementAre you an older adult living paycheck to paycheck or on Social Security?
Persons: , she's, Hambrick, hasn't, He's, ALICEs, — Hambrick, She's, There's Organizations: Service, Business, Social Security, BI, Income, Alliance for Lifetime, Survey, Social, Boeing, Medicaid Locations: Tulsa , Oklahoma
“They’re both promising not to tackle the debt,” Ryan said, coming back to the issue that has animated his political career. Trump wants to extend all of the tax cuts, which could further explode the debt without corresponding spending cuts. When Trump and Republicans enacted the current tax structure, they made individual tax cuts temporary and most of the corporate tax cuts permanent. Biden has proposed additional taxes on those making more than $400,000 to address Medicare’s solvency, among other ideas, but does not have a detailed Social Security plan. The dirty little secret in all of this is, Medicare and Social Security are going insolvent on their own.
Persons: Donald Trump, Paul Ryan, he’ll, Trump, , Ryan, Republican –, , ” Ryan, Sen, Mitt Romney, “ They’re, Joe Biden, Biden, Barack Obama, CNN’s Tami Luhby, What’s, won’t, Alan Greenspan, Obama, Republican Sen, Alan Simpson, Erskine Bowles Organizations: CNN, Trump, Republican, Fox News, Social Security, Democrats, Affordable, Biden, Republicans, Democratic, American, Treasury, Medicare, Fox, Federal, White House, National Commission Locations: Wisconsin, Trump, Luhby
As those bans helped propel the demand for medication abortion, mifepristone became a logical target for the anti-abortion movement. None of those lower court rulings went into effect because the Supreme Court intervened last year and ordered that the status quo around mifepristone remain in place until the justices reviewed the case. The Supreme Court heard arguments in March. Both the FDA and several medical groups, including the American Medical Association, told the Supreme Court that mifepristone is safe. The mifepristone appeal was one of two abortion cases the high court was considering this month.
Persons: Roe, Wade, Brett Kavanaugh, , ” Kavanaugh, Kavanaugh, , Clarence Thomas, mifepristone, Donald Trump, Matthew Kacsmaryk, , , Kacsmaryk, Biden, Steve Vladeck, Joe Biden Organizations: CNN, Food, Legislative, Trump, FDA, US, American Medical Association, Alliance for Hippocratic, University of Texas School of Law, Jackson, Health Organization, Biden Locations: Texas, mifepristone, Amarillo , Texas, Dobbs v, Idaho
By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDuring a rally in Nevada on Sunday, former President Donald Trump proposed eliminating taxes on income earned from tips. It could also mean consumers — many already experiencing tipping fatigue as tipping culture pervades more industries — would be asked to tip in additional situations so workers could receive untaxed income. AdvertisementA spokesperson for the Trump campaign told BI that, if elected, Trump planned to ask Congress to eliminate taxes on tips.
Persons: , Donald Trump, Trump, it's, Joe Biden, Martha Gimbel, Gimbel, Steven, David Kamin, Obama, Kamin, Bank Organizations: Service, Wall Street, Business, Social Security, Medicare, IRS, Biden, Yale, Steven Bank, UCLA School of Law, New York University, Bank Locations: Nevada
John Della Volpe, who has been doing intensive research on young voters, said older voters have embraced Biden's policies, such as lowering the cost of prescription drugs, whereas younger voters don't feel similar benefits from them. Rep. Ann McLane Kuster, D-N.H., said older voters in her state and elsewhere are attracted to Biden's "steady hand." At the same time, Biden had a narrow lead among voters 65 and older, according to the poll. While Trump won voters 65 and older in the 2016 election by 7 percentage points, Biden narrowed that gap to 5 points in 2020. The Biden campaign hopes to maintain his apparent momentum among older voters in part by contrasting Biden's proposals for seniors with Trump's policies.
Persons: Biden, Joe Biden, Al Gore, Harris, Douglas Emhoff, Jill Biden, Ronald Reagan's, John Della Volpe, Della Volpe, Lisa Clark, Clark's, Ann McLane Kuster, Kuster, Roe, Wade, Donald Trump, — Biden, Trump, it's Biden, Kamala Harris, Mia Ehrenberg, Richard Fiesta Organizations: Biden, Democrat, Democratic, NBC, Republican, an Air Force, Trump, Social Security, Alliance, Retired, Medicare, Fiesta Locations: New Hampshire, France, Vietnam, Wisconsin
Trump to meet with Republican senators
  + stars: | 2024-06-10 | by ( Olympia Sonnier | Frank Thorp V | ) www.cnbc.com   time to read: +1 min
Former U.S. President Donald Trump speaks at a dinner at Mar-a-Lago on June 5, 2024 in West Palm Beach, Florida. (Photo by Eva Marie Uzcategui/Getty Images)Former President Donald Trump will meet with a group of Republican senators in Washington, D.C., this week, four sources with knowledge of the meeting told NBC News. Trump will meet with the senators on Thursday after addressing the Business Roundtable, a lobbying group. Sen. John Barrasso, R-Wyo., told fellow GOP senators in an e-mail obtained by NBC News that he invited Trump to meet with Republican senators. "I believe it will be helpful to hear directly from President Trump about his plans for the summer and to also share our ideas for a strategic governing agenda in 2025," wrote Barrasso, who is the No.
Persons: Donald Trump, Eva Marie Uzcategui, Sen, John Barrasso, Trump Organizations: U.S, Mar, Washington , D.C, NBC News, Trump, Business, Republican, Social Security, America Locations: Lago, West Palm Beach , Florida, New York, Washington ,
Trump claims credit for Biden’s insulin price cap
  + stars: | 2024-06-08 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +3 min
Former President Donald Trump on Saturday recognized that the price of insulin is lower under President Joe Biden, but he still wants voters to credit his own administration. "Low INSULIN PRICING was gotten for millions of Americans by me, and the Trump Administration, not by Crooked Joe Biden. Insulin price caps have become a central piece of evidence for Biden's broader economic argument on the campaign trail against Trump. "And now I want to cap the cost of insulin at $35 a month for every American who needs it!" For Trump's part, the former president signed an executive order in the last year of his administration to issue his own $35 price cap on insulin.
Persons: Donald Trump, Joe Biden, Crooked Joe Biden, Trump, Biden Organizations: Trump Administration, Trump, Democratic, U.S, CNBC, Obama, ACA, Crooked Locations: KFF
Dacus receives $854 a month, and her husband receives $1,286 a month, according to documents reviewed by Business Insider. Additionally, her household qualifies for $23 a month in SNAP benefits to buy food. "If we worked a 40-hour week from Monday through Friday with my income, it would come out to like $2 an hour," she said, comparing her Social Security income to a full-time work salary. And, if lawmakers don't intervene, the US Social Security fund is expected to dry out by the late 2030s. Sometimes, Dacus has to request an advance on her Social Security check to buy food because her SNAP benefits aren't enough.
Persons: , Mary Dacus, Stephen, Dacus, ALICEs, — Dacus, we'll, Robinson Organizations: Service, Business, Income, Alliance for Lifetime, Survey, US Social Security, Medicare, SNAP, Social Security Locations: Robinson , Illinois, McDonald's, Blytheville , Arkansas, Dacus, Florida
Long before people develop dementia, they often begin falling behind on mortgage payments, credit card bills and other financial obligations, new research shows. What they found was striking: Credit scores among people who later develop dementia begin falling sharply long before their disease is formally identified. The issues start even earlier: The study finds evidence of people falling behind on their debts five years before diagnosis. “The results are striking in both their clarity and their consistency,” said Carole Roan Gresenz, a Georgetown University economist who was one of the study’s authors. Credit scores and delinquencies, she said, “consistently worsen over time as diagnosis approaches, and so it literally mirrors the changes in cognitive decline that we’re observing.”
Persons: Long, , Carole Roan Gresenz, Organizations: Federal Reserve Bank of New, Georgetown University Locations: Federal Reserve Bank of New York, Equifax
To many Americans, the 2024 election is an unwelcome contest between the felonious and the frail. Voters hear democracy is at risk, which is true but is also another potential reason for disillusionment. Yet the stakes of their choice for the basic public policies that shape their lives are huge, if less discussed. And should the permanent corporate tax cuts in that bill be kept in place even as it has become clear how little these business goodies have done for the economy? Worse, the Trump tax package will exacerbate a fiscal crisis for programs like Social Security and Medicare that are highly popular, including among Republicans.
Persons: Donald Trump, Trump, Steve Scalise Organizations: Republican House, Trump, Social Security Locations: United States
watch nowArtificial intelligence for cancer screening has taken off. So, it is quite a challenge," said Brittany Berry-Pusey, CEO of AI screening startup Avenda Health. Nearly 600 of them have been radiology AI applications approved in the last five years. Thorwarth wrote that AI reimbursement is complex and establishing billing codes for every approved AI tool is "problematic." RadNet's executives compare the process with AI screening to the radiology industry's experience with digital breast Tomosynthesis, known as 3D mammography.
Persons: Brittany Berry, Pusey, Porte, Julien De Rosa, Berry, William Thorwarth, Thorwarth, mammography, Rodrigo Cerda, Cerda, RadNet, Greg Sorensen, RadNet's, Sorensen Organizations: FDA, Food and Drug Administration, Porte de, Afp, Getty, American Medical Association, American College of Radiology, Centers, Medicare, Medicaid Services, CNBC, Artificial Intelligence, Blue Cross Locations: Paris, New Jersey
CNN —CNN Opinion asked our contributors to weigh in on Trump’s conviction on 34 counts of falsifying business records. Are there really that many voters whose view of Trump as a man, or politician, could be altered by bookkeeping irregularities? How many would-be Trump voters will be swayed against him because of miscategorized business expenses? Instead of validating Trump’s narcissism, Democrats should turn the camera away from Trump and toward the American people. Democrats should make the case that Trump’s policies would decimate the middle class and that ought to be a (metaphorical) crime.
Persons: Patrick Brown, Patrick T, Brown, , Trump, Attorney Alvin Bragg, , Biden, Robert De Niro, Stacy Schneider, Rikers Stacy Schneider, Juan Merchan, Donald Trump, I’ve, Trump’s, There’s, ” Timothy C, Tim Parlatore Tim Parlatore, Michael Cohen’s, Karen McDougal, Daniels, today’s, Timothy C, Paul Begala, , Roe, Wade, kowtowing, Vladimir Putin, Bill Clinton’s, Clinton, Jennifer Rodgers, Judge Juan Merchan, Prosecutors, Donald Trump’s, Merchan, Will, it’s, they’d, he’d, , Joey Jackson, Donald, Michael Cohen, Cohen, Cohen’s Organizations: CNN, Progressives, Trump, haven’t, Attorney, Republicans, Public Policy Center, Economic, Parlatore Law, LLP, Navy, Paul Begala CNN, Social Security, Democratic, Manhattan, NYU School of Law, Columbia Law School, Republican Party, GOP, Team Trump Locations: Manhattan, Washington , DC, New York, Trump, Russian
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