Business
Here we bring you business news affected both our economy and our daily lives.
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US economy at risk of becoming ‘banana republic’ if Trump goes to jail: Ex-White House economist
Kristen Altus – FOXBusiness
As America’s macroeconomic story has slowed quite considerably over the past year, one former White House adviser warned about “the big risk” to financial stability.
“I really think if you look at the case in New York, that the judge is being so undemocratic, unconstitutional in his rulings against President Trump, it really looks like there’s a conspiracy to put him in jail, to put him behind bars,” former White House Council of Economic Advisers Chairman Kevin Hassett said Tuesday on “Mornings with Maria.“
“And if President Trump is in chains, going to Rikers Island, then would you want to buy a U.S. Treasury the next day?” he posited.
U.S. gross domestic product (GDP), the broadest measure of goods and services produced across the economy, grew by 1.6% on an annualized basis in the three-month period from January through March, the Commerce Department reported in its first reading of the data this year. Read more here.
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Highest-paying jobs right out of school
Daniella Genovese / FOXBusiness
There is immense pressure to secure a good-paying job right out of school.
As college graduation nears for students across the nation, FOX Business took a look at what entry-level jobs will pay the most.
It comes just as U.S. job growth slowed notably in April.
It might not be surprising that a primary care physician topped the list with a median salary of $130,000. But the following top positions included a pharmacist, software architect, product manager and software engineer — all of which have a median salary between $100,000 and $120,000.
A variety of consultants and engineering roles also occupied the top 15 spots, according to Glassdoor’s analysis.
To determine which positions will be the most lucrative, Glassdoor analyzed U.S. median salaries provided by employees with three or fewer years of relevant job experience. Each job…Read more and see video here.
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Social Security funds barreling toward insolvency without a fix
Breck Dumas – FOXBusiness
Social Security’s trust funds are headed toward depletion, and without a fix from Congress, retirees will see steep payment cuts in less than a decade.
The annual Social Security trustees’ report this week said the Old-Age and Survivors Insurance (OASI) trust fund is on track to reach insolvency in 2033, at which point benefits would be cut by 21%.
If Social Security’s Disability Insurance trust fund were combined with the OASI fund, which would require a change in the law, the funds would be able to pay the total scheduled benefits until 2035. But if reforms are not implemented by that time, payees can expect a 17% reduction in their checks.
Following the release of the report, President Biden issued a statement saying he “will keep strengthening Social Security” and that he is “committed to extending Social Security solvency by asking the highest-income Americans to pay their fair share without cutting benefits or privatizing…Read more here.
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The IRS has $1B in unclaimed federal tax refunds. Time is running out to collect it
Megan Henney / FOXBusines
The IRS is reminding Americans that the clock is ticking to collect $1 billion left on the table in 2020 – or risk missing out on the cash.
The tax collection agency, on Monday, announced that 1 million people nationwide face a May 17 deadline to submit their tax returns for unclaimed refunds for the 2020 tax year. Collectively, the refunds are worth more than $1 billion.
“There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” said IRS Commissioner Danny Werfel. “We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds.”
The IRS provided a state-by-state breakdown of who may be eligible for refunds.
The median refund for 2020 is $932. Texas, California, Florida and New York have the largest number of taxpayers eligible for the money. Read more and see video here.
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