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Mohamed El-Erian warned of slower global growth, stubborn inflation, and higher unemployment. The top economist pointed to signs of weaker demand and the likelihood of further Fed rate hikes. "Stagflation" describes a toxic combination of stagnant economic growth, elevated inflation, and rising joblessness. In El-Erian's view, the Fed's aggressive interest-rate hikes risk choking growth and driving up unemployment, while failing to temper price increases. Earlier in September, El-Erian warned that global growth has become more fragile thanks to Europe's energy crisis, China's continued lockdowns, and the US's high inflation and waning demand.
In that environment, crooks were easily able to impersonate jobless Americans using stolen identity information for sale in bulk in the dark corners of the internet. When Yvonne Matlock lost her job last year and applied for unemployment benefits online, she was told she was already getting relief money. Through a public records request, NBC News obtained data from the Labor Department, which funds Covid relief unemployment benefits programs, that are riddled with blank values and underestimates. ID.meMore than two-thirds of states, 34, reported no cases of identity theft overpayments in the most vulnerable unemployment benefits program. Cash App, which describes itself as "the easiest way to send money, spend money, save money, and buy cryptocurrency," has been frequently used by fraudsters to move money, law enforcement officials and private consultants said.
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