US default would wipe out nearly 6 million jobs, Moody's says
CNN
A US default would be a "catastrophic blow" to America's economic recovery from Covid-19, setting off a downturn that would rival the Great Recession, Moody's Analytics warned in a new report.
If the US defaults on its debt payments and the impasse drags on, the ensuing recession would wipe out nearly 6 million jobs and lift the nation's unemployment rate to nearly 9%, Moody's projected in a report published Tuesday.
The market meltdown would slash stock prices by one-third, erasing about $15 trillion in household wealth, the report found.
Onetime cryptocurrency mogul Do Kwon was sentenced Thursday to 15 years in prison after a $40 billion crash revealed his crypto ecosystem to be a fraud.
President Donald Trump on Thursday signed an executive order that blocks states from enforcing their own regulations around artificial intelligence and instead aims to create a “single national framework” for AI.
Lululemon Athletica said on Thursday that its CEO, Calvin McDonald, will step down in January, after about seven years at the helm as the yogawear maker navigates a challenging consumer environment in the United States as well as growing competition from newer brands.
Wall Street got the rate cut it wanted. But with the Federal Reserve set to take a more cautious approach to trimming interest rates in 2026, investors are now left to wrestle with other concerns that had been put on the back burner while Fed rate cuts were top of mind.
Time has announced that the “architects of AI” are its Person of the Year. Certainly, AI is wrapping up an extraordinary year, and many AI business executives have become household names.
Disney is taking a $1 billion equity stake in OpenAI, while also striking a deal that would allow its famous characters be used on Sora, the AI company’s video generation platform.
The main reason Americans are upset about the economy: They are still adjusting to high prices that surged during years of runaway inflation that took place during former President Joe Biden’s term.
AI-generated videos showing what appear to be underage girls in sexualized clothing or positions have together racked up millions of likes on TikTok, even though the platform’s rules prohibit such content, according to new research from an online safety non-profit.
President Donald Trump is blaming his predecessor Joe Biden for the affordability crisis that is roiling the US economy – and politics.
There are signs steeper US tariffs, introduced by US President Donald Trump, are feeding through to higher prices for Americans. But they are also inflicting pain beyond US borders. We look at examples from around the world.
Just a year ago, Chinese manufacturers, fearing a new trade war, rushed to push out exports following the election victory of President Donald Trump, who had pledged to slap punishing tariffs on imports from China over America’s widening trade deficit with the country.
President Donald Trump has a few tried-and-true rhetorical strategies. He invokes what “many people are saying” when he needs to make an unsubstantiated claim. He riffs on nicknames for his political enemies. And he repeats a talking point relentlessly, hoping it’ll stick in people’s minds.
Paramount and Netflix are in a vicious tug-of-war over Warner Bros. Discovery.