Retirement savings are crucial for individuals who want to live a comfortable life during their golden years. However, not all Americans have equal opportunities to save for retirement, and there is a significant racial retirement savings gap that affects many communities of color. In this blog, we will explore the causes and consequences of the racial retirement savings gap and discuss a possible solution with state IRA programs.
globalEDGE Blog - By Author: Sophie Yang
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The debate over raising the minimum wage is a contentious one, with proponents arguing that it will lift workers out of poverty and stimulate economic growth, while opponents argue that it will lead to job loss and higher prices for goods and services. As we look ahead to 2023, it is worth considering how an increase in the minimum wage might affect the labor market.
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In China, many business owners are excited for a new year with no restrictions as China has lifted the Zero COVID-19 Policy. On December 7th, 2022, China put an end to this policy. The critical question is what this means for China’s economy for the coming years and the effect on the supply chain. The world is connected through China-centric supply chains, and any ‘delay’ in those chains causes global production and the world economy trouble. The abrupt move away from the Zero COVID policy could mean that China may begin focusing once again on economic growth. However, China is now facing new supply chain issues and a wave of COVID-19 sweeping through the country, impacting the growth of these newly opened supply chains.
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FTX was founded in 2019 by Sam Bankman-Fried. Based in the Bahamas, the crypto exchange allowed users to trade cryptocurrency. With a surge in interest in crypto, the company rapidly grew to earn more than $388 million in net income in 2021. Before FTX’s downfall, many referred to Bankman-Fried as the J.P. Morgan of the crypto world. The founder would cut deals and buy out rivals, growing his personal net worth to billions of dollars. This all changed on November 11th when the FTX Group once worth 32 billion dollars filed for bankruptcy, forcing him to step down as CEO.
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Hurricane Ian, a Category 4 storm, has caused many American citizens to be forced out of their homes or has left no infrastructure for them to return to. The storm first struck the coast of Fort Myers before migrating toward the Carolinas, leaving communities demolished by wind and flooding, ultimately forcing businesses to shut down and leaving Florida with billions of dollars in reconstruction. The damage caused so far has been introductory, but it is evident that the hurricane will be highly disruptive to Florida’s economy over the next ten days with power shortages, suspension of energy production, impact on agricultural crops such as oranges, and flight cancellations.
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As the Ukraine and Russia conflict continues, the surrounding nations are feeling the full effect of the consequences. In retaliation for the European Union's support for Ukraine, Russia is reducing the natural gas supply to most EU countries. As of today, gas is trading at 10 times what it was at this time last year, and as a result, a sense of urgency is arising from many prime ministers that are demanding to address these problems right away.
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Prior to the invasion of Ukraine, Vladimir Putin had established Russia to be one of the greatest dominant power’s in the world, yet even at that point, Russia’s economic capabilities were hardly capable of sustaining its’ ‘empire’. In fact, when measured by today's standard exchange rates, Russia’s economy would place as the 22nd largest economy in the world. This is a noticeably sizeable leap from the powerhouse of an economy they were once revered as on the world stage, second only to the USA at one point.
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In March 2020, a COVID-19 outbreak in China forced the rest of the world to shut down for the first time in a century. The COVID-19 pandemic swept the earth leaving detrimental effects on the world, with supply chain bottlenecks occurring in every industry. Two years later, China is ordering another lockdown on its country, implementing its Zero-Covid policy with large effects on the global market.
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The rise of the East and the decline of the West have become a common theme among Chinese government officials. Chinese President Xi Jinping and Russian President Vladimir Putin are plotting the next Cold War. China and Russia’s relationship grew closer over the mutual interest to dismount the United States' dominance. With the United States occupied with COVID-19 and pulling troops out of Afghanistan in disarray, Russia and China see an opportunity to invade the nearby countries Ukraine and Taiwan. Both countries have been targets for China and Russia for decades. As Ukraine struggles to join NATO it will be a tough battle for them to compete with Russia. Also, China is being projected to become the world’s largest economy and building the world’s largest army they will be a force to be reckoned with.
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On January 15th, 2022, the country of Tonga was shaken up by the Hunga Tonga, an underwater volcano erupted and disrupted the entire country. A volcano, with a force equal to 500 Hiroshima nuclear bombs, has filled the sky with a sulfuric cloud compromising the natural resources in Tonga. With a population of 100,000 citizens, a small oceanic country is facing the dreadful repercussion of this natural disaster.