Summary
This document provides some ongoing news about the U.S. economy in 2024. More information will be added as it becomes available.
For employment news, see Work and Jobs Report 2024.
News
Aspen Ideas (26 Jun 2024)
“Families and finance: Discussing the state of the U.S. economy at the Aspen Ideas Festival” — Despite a soaring stock market and record employment, many families are still struggling to make ends meet. Wells Fargo’s Charlie Scharf and Edwards Jones’ Penny Pennington join CNBC’s Sharon Epperson to discuss the real state of the U.S. economy and trends that could shape the country’s economic future. NBCUniversal News Group is the media partner of Aspen Ideas Festival. [Source]
TODAY (17 May 2024)
“How to figure out how much you need to save for retirement” — NBC’s Christine Romans joins TODAY with what to consider when planning for retirement and shares tips for reaching those financial goals — including implementing the 50/30/20 rule and more. [Source]
GMA (13 May 2024)
“What you need to know about the transfer of wealth” — Asset protection attorney Ann-Margaret Carrozza discusses how Baby Boomers are leaving more than $70 trillion to millennial and Gen X heirs. [Source]
CBS (8 May 2024)
“New study reveals majority of Americans turning 65 soon are not financially prepared to retire” — This year, a record number of Americans are expected to retire, but a new study reveals that a majority of Americans turning 65 in the coming years are not financially prepared for retirement. CBS News business analyst Jill Schlesinger explains. [Source]
CNBC (1 May 2024)
“Why Hundreds Of U.S. Banks Are At Risk Of Failing” — Across the U.S., hundreds of small and regional banks are feeling stressed and may be at risk of failure. Of about 4,000 U.S. banks analyzed by the Klaros Group, 282 banks face stress from commercial real estate exposure and potential losses tied to higher interest rates. Most banks facing risks are categorized as small, or community, banks. Though the risk is less systemic compared to the Big Banks, community and regional banks are an important source of credit to local businesses and governments. “There’s no doubt in my mind there’s going to be more bank failures,” former chair of the U.S. Federal Deposit Insurance Corporation Sheila Bair told CNBC. Watch the video to learn more about the risk of commercial real estate, the role of interest rates on bank balance sheets and what it may take to relieve stress on banks — from regulation to mergers and acquisitions. [Source]
CNBC (25 Apr 2024)
“Why U.S. Cities Are Going Broke” — Spending cuts are abound in many U.S. cities as inflation lingers and pandemic-era stimulus dries up. At least 53 major cities have debt obligations that outstrip their assets, according to an estimate from Truth in Accounting. The group estimates higher debt burdens than many public officials report, due to allegedly underreported retiree benefits. The rising public debt may potentially leave future generations on the hook for financial decisions made by today’s leaders. [Source]
CNBC (17 Apr 2024)
“Why A $100,000 Salary Can’t Buy The American Dream” — More than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It’s becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. Watch the video above to learn more about how much it costs to achieve the American Dream. [Source]
PBS (6 Apr 2024)
“Why more Americans are making hardship withdrawals from retirement accounts” — For a growing number of Americans, retirement accounts are doing double duty as savings accounts for the future and emergency funds for the here and now. Vanguard Group says that 2023 saw early withdrawals from a record 3.6 percent of the 5 million accounts it administers, up from 2.8 percent in 2022. Roben Farzad, host of NPR’s “Full Disclosure” podcast, joins John Yang to discuss. [Source]
Vox (21 Mar 2024)
“Why it’s hard for Americans to retire” — There’s a reason so many of us don’t have enough retirement savings. [Source]
CBS (1 Mar 2024)
“Millions of Americans nearing retirement without savings” — About half of all Americans ages 55 to 66 have no retirement savings, according to U.S. Census data. Janet Shamlian examines the financial struggles many face as they near retirement in the CBS News series “Retirement Ready.” [Source]
CBS New York (24 Jan 2024)
“Americans report less money in savings, more credit card debt” — A new survey shows only 48% of adults in the U.S. say they have enough emergency savings to cover at least three months of expenses. [Source]
CNBC (5 Jan 2024)
“Why Americans Can’t Keep Their Paychecks” — More than half of Americans earning more than $100,000 a year say they’re living paycheck to paycheck, according to a report from PYMNTS and LendingClub. This may be a result of a sneaky behavioral phenomenon called lifestyle creep, which is when a person’s spending habits expand as their income rises. The rise in the cost of living complicates matters, as incomes have not kept up with inflation. [Source]
WSJ (6 Oct 2023)
“Why Americans Are Splurging Instead of Saving” — With interest rates up and inflation remaining high, consumer spending should be on the decline. However, economists say household spending remains robust. [Source]