Morning Business Report: Calls to the Social Security Administration are still frustrating
In recent years, people seeking help from the Social Security Administration have reported long wait times, dropped calls, and an inability to access the agency’s services. On some days, the rate of unanswered phone calls reaches 80%. The disruptions began during the pandemic, when the agency limited its in-person services. The government says that it is upgrading the system to reduce dropped calls.
As of last night, the severe storms slamming the East Coast have disrupted over 4,000 flights. This includes flights into, out of, or within the United States. United Airlines was hit the hardest. Now, airlines and regulators are arguing over who is to blame. The problems are expected to get worse over the next few days.
It was a mixed day for stocks. The DOW was down, but the NASDAQ was up.
According to Federal Reserve Chair Jerome Powell, things could get worse. He said in a speech that a significant downturn in the economy is likely.
A survey found that 4 in 10 Americans don’t believe they’ll achieve financial independence within the next five years. A significant number of respondents, 42%, have experienced significant financial setbacks in the past three years. The survey also found that the most effective path to financial recovery is simple, sticking to a budget. It was conducted by OnePoll on behalf of Prosper Marketplace.
Many Gen-Zers are dreaming of a career in finance. It’s considered to be the most desirable, stable sector to work in among people aged 18 to 25. According to a new report from the CFA institute, a non-profit focused on financial education, young people are more interested in finance than the tech, health care, and education industries.
