Thursday, 5:26 AM

August 29, 2024

Good morning news friend! Stay current with the latest updates, following the fast-changing landscape of events. 📰🌟

Nvidia Shatters Records, But Not Enough?

Nvidia reported $30 billion in revenue, a 122% increase from last year. Its net income reached $16.6 billion, up from $6.1 billion a year ago.

In the data center sector, Nvidia reported $26.3 billion in revenue, marking a 154% year-over-year increase. The company predicts a revenue estimate of $32.5 billion for the upcoming quarter, up from $18.1 billion last year.

Nvidia’s stock fell 7% in after-hours trading because investor expectations were set too high. Production issues with Nvidia's Blackwell chips also raised concerns.

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Rising Unemployment and Falling Wages

In July, unemployment rose in 350 out of 389 US metropolitan areas compared to the previous year.

Among large cities, Milwaukee, Minneapolis-St. Paul, and San Francisco saw fewer employed individuals than in July 2019. Las Vegas, however, led job gains with a 3.7% increase.

Additionally, 43% of metropolitan areas reported lower average weekly earnings than a year ago. In fact, five out of eight high-paying regions, including San Francisco and Washington, saw declines in pay.

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Supreme Court Halts Biden’s Student Loan Relief Plan

The Supreme Court blocked President Biden's student loan forgiveness plan, known as SAVE.

The plan (with 8 million borrowers) aimed to lower monthly payments to 5% of discretionary income and shorten loan forgiveness to as little as 10 years for debts under $12,000. 

It also raised the eligibility threshold for $0 payments to 225% of the federal poverty line, equating to $32,800 annually for individuals.

Republican-led states argue the SAVE plan could cost taxpayers between $276 billion to $475 billion over the next decade without congressional approval. 

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Family Tax-Credits in this Election

Kamala Harris seeks to raise the child tax credit to $3,600 for older children and $6,000 for newborns in their first year.

She aims to make prekindergarten universal and establish paid family leave, backed by $60 billion in funding from the American Rescue Plan.

In his first term, Donald Trump doubled the child tax credit to $2,000. JD Vance, suggests increasing it to $5,000 but opposes public spending on childcare, promoting the idea that having one parent at home is better for children.

Women perform 2/3 of unpaid caregiving in the US, making affordable care essential.

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“It is not possible to have fun when you try”

Baked with love,

Anna Eisenberg ❤️