CBO PROJECTS HIGHER UNEMPLOYMENT, SLOW EXIT FROM INFLATION
Techlife News|February 18, 2023
The Congressional Budget Office said this week that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S. debt would nearly double to $46.4 trillion in 2033.
CBO PROJECTS HIGHER UNEMPLOYMENT, SLOW EXIT FROM INFLATION

The office’s updated 10-year Budget and Economic Outlook outlined stark expectations for the decade ahead, where Social Security would be unable to pay full benefits to recipients in 2032 with a roughly 20 percent reduction in benefits across the board — and the net interest costs on U.S. debt would eclipse what the nation spends on defense.

“The debt trajectory is unsustainable,” CBO director Phillip Swagel told journalists at a press conference after the report’s afternoon release. The CBO can’t tell Congress what to do, he said, “but at some point, something has to give — whether it’s on spending or revenue.”

The latest figures seemed to affirm the worst fears of many U.S. consumers and businesses. But in a reminder that the U.S. economy has seldom behaved as anticipated through the pandemic and its aftermath, the employment forecast looks very different from the pace of hiring so far this year.

The CBO estimated that just 108,000 jobs will be added in 2023, but employers added 517,000 jobs in January alone. It also assumes that inflation will ease from 6.4% to 4.8% this year, far more pessimistic than Federal Reserve officials who in December said inflation would fall to 3.5%.

The CBO separately pointed to the risks of not increasing the government’s legal borrowing authority, noting that the Treasury Department could exhaust its current “extraordinary measures” to keep the government running while President Joe Biden and House Speaker Kevin McCarthy jostle over a deal.

Esta historia es de la edición February 18, 2023 de Techlife News.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición February 18, 2023 de Techlife News.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE TECHLIFE NEWSVer todo
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
Techlife News

AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS

An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.

time-read
2 minutos  |
Techlife News #683
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Techlife News

APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE

Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.

time-read
1 min  |
Techlife News #683
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT
Techlife News

DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT

DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.

time-read
1 min  |
Techlife News #683
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
Techlife News

THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING

The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.

time-read
2 minutos  |
Techlife News #683
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
Techlife News

'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK

More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.

time-read
2 minutos  |
Techlife News #683
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
Techlife News

IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS

“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.

time-read
4 minutos  |
Techlife News #683
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
Techlife News

ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS

While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.

time-read
4 minutos  |
Techlife News #683
FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Techlife News

FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY

Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system.

time-read
1 min  |
Techlife News #683
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
Techlife News

BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED

President Joe Biden's administration announced this week that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.

time-read
3 minutos  |
Techlife News #683
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
Techlife News

RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS

A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.

time-read
1 min  |
Techlife News #683