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+14 +1
Capitalism and Convenience are Making Us Lonely
As companies keep reducing the friction in our lives, are we happy trading convenience for human connection?
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+12 +1
Medicare negotiating drug prices will likely save the U.S. billions, study says
A provision in the Inflation Reduction Act that allows Medicare to negotiate prices on the costliest prescription drugs each year will likely save the U.S. billions of dollars — as long as the drug industry doesn't interfere, according to a study published Friday in JAMA Health Forum. Beginning in 2026, Medicare will begin negotiating the price of 10 drugs that cost the federal government the most money, followed by 15 more drugs in 2027, another 15 drugs in 2028, and another 20 drugs in each subsequent year.
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+15 +1
How the U.S. Government Amassed $31 Trillion in Debt
Two decades of tax cuts, recession responses and bipartisan spending fueled more borrowing — contributing $25 trillion to the total and setting the stage for another federal showdown.
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+9 +1
The US should break up monopolies – not punish working Americans for rising prices | Robert Reich
The Fed is putting people out of work to reduce workers’ bargaining power and reduce inflation. They’ve got it all wrong
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+4 +1
Why Bitcoin Is The Ultimate Wealth Preservation Technology
Evolutionary psychologists believe that the ability to "preserve wealth" gave modern humans the decisive edge in evolutionary competition with other humans. Nick Szabo wrote an interesting anecdote about how in his essay “Shelling Out: The Origins of Money.” When homosapiens displaced homo neanderthalensis in Europe circa 40,000 to 35,000 B.C., population explosions followed.
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+10 +1
Netflix, Disney, WBD Shares Dive With Broader Market As Slow Retail Sales, High Interest Rates Fuel Recession Fears
Media and entertainment stocks led by Netflix were among big losers Thursday as economic data and the latest Fed move has investors panicking about an imminent recession. Netflix in particular — off nearly 10% — was knocked by a report that its ad-supported tier is having a tough debut. The DJIA is currently down 910 points, or 2.68%. The Nasdaq is off by 3.4% and the S&P 500 by 2.8%.
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+3 +1
Millennials Are in Worse Financial Health Than Previous Generations
Fewer Millennials in their 20s were “Middle Class” than Boomer and GenX in the same period of their lives.
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+16 +1
Walmart-backed fintech startup plans to launch its own buy now, pay later loans
A Walmart-backed startup is looking to compete with buy now, pay later companies. The venture, called One, is gearing up to launch its own version of the payment service as soon as next year, according to a source familiar with the matter. One, which is majority-owned by Walmart, wants to launch a service that shoppers could use at Walmart’s website and stores, as well as at other retailers, the source said. The effort was motivated in part by a more challenging economic backdrop and consumers feeling pinched by inflation.
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+19 +1
BlackRock says get ready for a recession unlike any other and 'what worked in the past won't work now'
A worldwide recession is just around the corner as central banks boost borrowing costs aggressively to tame inflation — and this time, it will ignite more market turbulence than ever before, according to BlackRock.
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+23 +1
The world's baby shortfall is so bad that the labor shortage will last for years, major employment firms predict
“Demographic shifts” can mean many things. The composition of a body of people—median age, ethnic makeup, and more—all fall into the category. But in the context of the labor shortage that has gripped the world economy since the pandemic began, it has coincided with one of Elon Musk’s big worries: The world isn’t having enough babies.
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+23 +1
'We've definitely got a profit crisis': Is corporate gouging the biggest cause of inflation?
Soaring corporate profits are being blamed for fuelling inflation, as figures show companies in Australia are enjoying sky-rocketing profits despite the pandemic.
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+22 +1
Chokepoint Capitalism: why we'll all lose unless we stop Amazon, Spotify and other platforms squeezing cash from creators
Rebecca Giblin and Cory Doctorow’s new book reveals the tricks behind ‘Chokepoint Capitalism’ – how big corporations use low prices to lock in users and creators, while locking out real competition.
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+12 +1
US economy grew significantly in 3rd quarter, ending 6 months of shrinking
The U.S. economy expanded significantly to kick off the second half of the year, marking a dramatic reversal from the contraction experienced over the first six months, government data showed. U.S. gross domestic product grew 2.6% over the three months ending in September, according to data released Thursday. By contrast, economic activity shrank a combined 2.2% over the first six months of the year.
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+14 +1
Chart-armed Katie Porter proves that corporate greed is behind inflation
During a House of Representatives hearing on Wednesday, United States Congresswoman Katie Porter (D-California) grilled Mike Konczal, the director of Macroeconomic Analysis at the Roosevelt Institute, over the primary cause of inflation in the post-COVID-19 economy.
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+18 +1
Why There's No Such Thing as a Good Billionaire
In which Adam Conover breaks down why billionaire "charity" is terrible for the planet, and why we should stop swallowing their myths.
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+19 +1
Chevron Ad
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+15 +1
CEOs are enjoying huge paydays while their workers struggle to pay bills
Despite all the buzz about the “Great Resignation” and a renaissance for the working classes in America, a new report finds the gap between executive and worker pay is only widening. The typical low-wage worker’s pay didn’t keep pace with inflation last year at more than a third of the companies reviewed by the Institute for Policy Studies, a progressive think tank. IPS’ survey included the 300 publicly traded companies with the lowest median pay for workers.
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+18 +1
It’s clear capitalism isn’t working when US politicians try to bring back child labor
There is something very, very wrong with a system that would rather recruit more kids instead of paying better wages and providing more benefits to adults
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+4 +1
Analysis: Large pharma companies do little new drug innovation
Among their top-selling drugs, 76% of Pfizer's and 89% of J&J's were developed by other companies and account for nearly 90% of revenues.
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+12 +1
The Great Supply-Chain Massacre | by Diane Coyle
It is unclear whether current widespread product shortages are merely a temporary disruption or evidence of a global production meltdown. But today’s supply shocks offer striking parallels with the 2008 global financial crisis, and may require a similarly bold policy response.
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