The fallout from the COVID-19 pandemic has been so wide-reaching that 50 percent of Americans say they are now worse off than a year ago, the most since the Great Recession of 2008 and 2009.
A study by Gallup found that only 35 percent of Americans reported that they are better financial positions than they were just a year ago. The analytics firm has been surveying Americans on the state of their finances since 1976 and said it is rare that half or more of the country report they are doing worse financially than the year before.
Last year, the survey was even with 41 percent saying they were in better positions and 41 percent reporting that they were worse off.
The dropoff in financial security is linked to historically high inflation rates and a drop in a stock market value despite personal wages spiking. When it comes to low-income earners, 61 percent say their finances have diminished over the last year. Just 26 percent reported improvements.
While the current inflation rate sits at 6.5 percent, Americans say they are hopeful about the future. Sixty percent of respondents said they expect their finances to improve in the next year.
Gallup concluded that there could be chance to avoid an economic recession if financial optimism remains high and Americans continue to spend, ultimately boosting the economy.
In a daring daylight robbery on Sunday, thieves used a basket lift to scale the Louvre’s facade, smash display cases, and steal eight priceless jewels.
The Trump administration has agreed to resume processing student debt cancellations under two key income-driven repayment plans it had previously limited.
Millions of protesters flooded cities nationwide on Saturday for “No Kings” demonstrations denouncing what they call President Donald Trump’s authoritarian turn
Cynthia Chen, CEO of Kikoff, shares how their membership app helps users build credit with zero fees, no interest, and smart tools that make every point count.
OpenAI has announced that ChatGPT will soon engage in "erotica for verified adults." CEO Sam Altman says the company aims to allow more user freedom for adults while setting limits for teens. OpenAI isn't the first to explore sexualized AI, but previous attempts have faced legal and societal challenges. Altman believes OpenAI isn't the "moral police" and wants to differentiate content similar to how Hollywood differentiates R-rated movies. This move could help OpenAI, which is losing money, turn a profit. However, experts express concerns about the impact on real-world relationships and the potential for misuse.
CNN is launching a new “All Access” streaming subscription in the U.S. on October 28th, priced at $6.99 a month, or just $69.99 if you sign up for a full year.
