Daily Digest: March 03, 2015
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Today’s Featured Story…
The Mumbo-Jumbo of ‘Middle-Class Economics’
From the Wall Street Journal: In the “Economic Report of the President” released on Feb. 19, the White House’s Council of Economic Advisers defines “middle class economics” primarily by the average income of the bottom 90%. “Average income for the bottom 90 percent of households,” according to the ERP, “functions as a decent proxy for the median household’s income growth.”
$2 gas is gone — for now
From CNN Money: Gone are the days of $2 gas — at least for now. Prices at the pump have climbed steadily for five weeks in a row. The national average for a gallon of regular gas jumped nearly 40 cents a gallon in that period, to $2.43 a gallon, according to AAA. That's the longest streak of increases in about two years, pushing average price back above $2 a gallon in all 50 states. In January, more than half of U.S. gas stations were selling gas for less than $2, and the national average stood at $2.03 a gallon.
Could the Fed hike the interest rate as early as June?
From the National Monitor: With the economy appearing to rebound since the 2008 crash and wages and job growth looking steady, a growing number of Fed members are in favor of moving up the expected rate increase to June, and Yellen typically favors seeking a consensus from members before taking a Fed action, according to a Reuters report.
The Suddenly Hot Job Market for Workers Over 50
From TIME: The latest data show the unemployment rate for those over age 55 stands at just 4.1%, compared with 5.7% for the total population and a steep 18.8% for teens. The ranks of the long-term unemployed, which ballooned during the recession as mature workers lost their jobs, are coming down. Age-discrimination charges have fallen for six consecutive years. And now, as the job market lurches back to life, more companies are wooing the silver set with formal retraining programs.
Here Are The Top 10 Part-Time Jobs For 2015
From the Huffington Post: As the country has slowly recovered from the Great Recession in recent years, many workers have been forced to take on part-time or temporary work, as full-time options are often more limited. But choosing a part-time job should not mean that workers have to sacrifice their happiness or well-being.
Lawmakers face another risk of shutting down Homeland Security
From the Chicago Tribune: With no political solution in sight, Congress faces another deadline to fund the Homeland Security Department by midnight Friday – a do-over of last week's bitter battle as Republicans try to stop President Obama's immigration plans. The Republican-led House and Senate narrowly avoided a crisis late last week by compromising with Democrats to temporarily fund the department, which oversees the nation's vast domestic security and anti-terrorism apparatus, for seven more days.
Senate rejects proposal to negotiate with House on DHS funding, handing issue back to Boehner
From FOX News: The Senate on Monday rejected a House measure for the chambers to meet and negotiate on a funding bill for the Homeland Security Department that included immigration provisions — sending the long-lasting crisis back to the GOP-led lower chamber. The vote to close debate on the issue in the GOP-led Senate was 47-43, with the chamber's Republican leaders failing to get all 54 members and at least six Democrats to vote with them to cross the 60-vote threshold for passage.
Outside the Box…
Supercomputing: The key to America's innovation edge
The Hill says: America has a proud heritage of breakthroughs that have led the world in supercomputing innovation. These advancements have positioned our great nation at the forefront of landmark scientific discoveries – from designing fuel-efficient cars to predicting the evolution of diseases – while meeting our national security needs. Today, America's leadership in supercomputing technology is being challenged by several sovereign nations.