Silicon Valley Bank contributed over $73 million to organizations associated with Black Lives Matter and social justice initiatives prior to its collapse, and Signature Bank donated $850,000 before its own downfall, according to newly disclosed information.
Retirement Savers Face Challenges as Average 401(k) and IRA Balances Drop 20%+ in 2022
Retirement savers in the U.S. faced a difficult year in 2022, as the economy encountered stiff headwinds due to natural disasters, geopolitical events, and inflationary pressures. Fidelity Investments, the largest provider of 401(k) plans in the country, reported that while the average 401(k) balance rose in the fourth quarter of the year, it still ended 2022 down 23% from the previous year at $103,900.
Total U.S. Debt Set to Reach $50 Trillion with $19 Trillion Increase Projected in Next Decade
According to the latest report by the Congressional Budget Office, the United States is expected to add approximately $19 trillion to its national debt in the next ten years, which is $3 trillion more than previously forecast. This increase is due to the rising costs of interest payments, healthcare for veterans, retiree benefits, and military expenditures.
Consumer Price Index Report Reveals Inflation Grew 6.4% Annual Rate, Exceeding Expectations
On Tuesday, US stocks fluctuated and ultimately closed lower after the January consumer price index (CPI) report showed that inflation rose at a 6.4% annual rate, slightly higher than expected.
Fire at New Zealand Farm Kills 50,000 Chickens
A catastrophic fire broke out at Zeagold Nutrition’s egg-laying farm located in Orini, Waikato, resulting in the death of 50,000 hens. John McKay, CEO of Zeagold Nutrition, confirmed that the fire department…
Covid Pandemic Boosts Pfizer’s 2022 Revenue to All-Time High of $100 Billion
Pharmaceutical giant Pfizer’s earnings reached an unprecedented $100 billion in the midst of the ongoing Covid-19 pandemic, according to the company’s latest report. The majority of these profits, approximately $57 billion, came from sales of their vaccine and antiviral pill Paxlovid.
16 million individuals cleared for student loan forgiveness by White House, fate of relief ultimately in hands of Supreme Court
The Biden administration announced on Friday that the U.S. Department of Education has completed the approval process for over 16 million individuals seeking federal student loan forgiveness. The approved applications have been forwarded to loan servicers, however, the implementation of this debt relief program is currently on hold pending a decision by the U.S. Supreme Court.
Real disposable income experiences worst decline since 1932, according to GDP report
The latest economic report from the Bureau of Economic Analysis reveals that the U.S. economy has been experiencing a slowdown in growth. Despite the White House’s claims of prosperity, the GDP growth of 2.9% in Q4 of 2022 and 2.1% for the whole year, is not necessarily a sign of a thriving economy.
Egg Prices Are So High People Are Now Smuggling Them Across the Border
Customs and Border Protection (CBP) have reported an increase in egg seizures across the country and the director of field operations for CBP has alerted the public of this trend via social media. The tweet reminded people crossing the border of the hefty fines associated with smuggling eggs and the risks of bringing in undeclared food items.
Cryptocurrency firm Genesis enters bankruptcy with over 100,000 creditors following devastating losses in the aftermath of FTX collapse
ryptocurrency lender, Genesis, has filed for Chapter 11 bankruptcy protection in Manhattan federal court due to the ripple effect caused by the collapse of FTX. The company listed over 100,000 creditors in the “mega” bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.