Economy

Atlanta rolls out pilot basic income program inspired by MLK Jr.

5:16pm February 23, 2022

by Sam Gringlas

A pilot program to give cash directly to people in poverty is launching in the Atlanta neighborhood where Dr. Martin Luther King Jr. lived. King was an early promoter of guaranteed basic income.

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News brief: Sanctions on Russia, economic fallout, opioid settlement negotiations

6:00am February 23, 2022

The U.S. imposes sanctions on Russia after it moves troops into regions of Ukraine. The economic fallout from Ukraine may be felt at gas pumps. Final deals in the opioid crisis are expected soon.

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The IRS says taxpayers will be able to access their accounts by undergoing a virtual interview rather than have to submit a selfie.

The IRS is allowing taxpayers to opt out of facial recognition to verify accounts

5:15pm February 22, 2022

by Brian Naylor

The tax collecting agency has backed away from requiring all users with individual accounts to submit selfies to a private company.

Why America Has Been So Stingy In Fighting Child Poverty

1:39pm February 22, 2022

by Greg Rosalsky

The U.S. has a long tradition of favoring old people over kids. A new paper investigates why.

People walk by an electronic stock board of a securities firm in Tokyo on Tuesday. Shares fell sharply in Asia after Russian President Vladimir Putin ordered troops into separatist regions of eastern Ukraine.

Oil prices jump and shares sink as Russian troops enter Ukraine

5:42am February 22, 2022

by The Associated Press

Tensions in Eastern Europe are adding uncertainty at a time when markets have been preoccupied over how the world's central banks will act to counter surging inflation.

Putin invading Ukraine would cost Russia billions. Here's a breakdown of the costs

4:04pm February 21, 2022

by Greg Myre

A Russian invasion and occupation of Ukraine would cost billions. Russia's weak economy would face tough sanctions. And there are the political costs of alienating Europe and revitalizing NATO.

Economy

How China dominates the electric vehicle supply chain

4:04pm February 21, 2022

by Camila Domonoske

The entire auto industry is making a massive pivot to electric vehicles. The world is going to need a lot more batteries. And China dominates the supply chain.

Erin Collins, national taxpayer advocate, says paper returns are the IRS' kryptonite: "The IRS still transcribes paper line by line, number by number."

The IRS is assigning more workers to deal with a huge backlog of tax returns

5:00am February 21, 2022

by Brian Naylor

Smaller budgets, fewer employees and increased duties have added up to taxpayer frustration this filing season. The IRS is establishing a "surge team" to put resources on the processing challenges.

Susan DeFrance retired two years ago and moved to a mobile home park on the ocean to cut expenses. Now with inflation, she's worried about outliving her savings.

Inflation has many retirees worried about outliving their savings

8:13am February 19, 2022

by Chris Arnold

The highest inflation since the 1980s has many retirees scared. Their retirement nest eggs will be in peril if it persists over the long term.

A "for sale" sign is posted on a home last month in Philadelphia.

First-time homebuyers are getting squeezed out by investors

7:39pm February 18, 2022

With a historic shortage of homes for sale, investors making cash offers are pushing first-time homebuyers out of the market.