Brief Updates: Morning Edition

BUSINESS AND MARKETS

How inflation could bring about the largest Social Security adjustment in decades

The Social Security cost-of-living adjustment was estimated last month to be 5.3%. 

 

Now, a non-partisan advocacy group says seniors could be seeing a bigger bump. They are eyeing estimates to be just above 6% currently. 

 

The new estimate comes as the Consumer Price Index in June increased 5.4% from a year earlier, the largest gain since August 2008. Higher food and energy prices were among the culprits that helped push the inflation measure higher.


There are still three more months of data to report before the Social Security Administration determines the official number for next year, but this is what could affect it. 

More Business and Markets Headlines

 

Cashback app Ibotta is offering free school supplies and food

TIRED OF OFFICE POLITICS?

A koozie and t-shirt with the saying “Don’t Fauci my Florida”

Image Source: NBC Miami

No, it’s not Republicans opposing Biden’s new infrastructure plan, or the GOP-led voting restriction laws, or even Donald Trump that has set so many Democrats off this week. Instead, the source of much anger for several liberals is a koozie. 

 

Yes, you read that right. A koozie is causing a political divide like no other this week. In a fundraising bid for his reelection campaign, Florida Governor Ron Desantis is selling merchandise online, one of which is a koozie that reads “Don’t Fauci my Florida.” That is an obvious jab at Dr. Anthony Fauci, whom DeSantis has been an outspoken critic of since the pandemic unfolded. 

 

But several Democrats aren’t buying what DeSantis is selling, and are fuming over the merchandise. “DeSantis is a well-educated crackpot with no allegiance to our country, his constituency or the truth," former Vermont Governor Howard Dean said on Twitter. 

 

And while Dean’s words were scathing, MSNBC host Joy Reid and The View’s Ana Violeta Navarro-Cárdenas had worse things to say about DeSantis.

AROUND THE GLOBE

The South African rand has depreciated rapidly as the government prepares to deploy more troops, amid widespread violence following the arrest of former President Jacob Zuma.

 

Zuma has spoken about his alleged mistreatment by the court system and has denied any wrongdoing. He has been imprisoned for contempt of court.


After seven days of rioting, 72 people have died and more than 1,200 have been arrested. Can the South African economy hope to recover?

WEATHER UPDATE

Hurricane Laura in August 2020

Image Source: CNN

During the record 2020 Atlantic hurricane season, something happened that many people overlooked — hurricane forecasts improved. And that saved lives. With another active hurricane season expected, that's great news.

 

The National Hurricane Center (NHC) believes it can build upon last year's success thanks to a targeted initiative, new strategies and updates to long-standing computer models. It's essential to get the forecast right because evacuation costs can soar into the tens of millions.

 

Most atmospheric systems that steer storms are large, easy to measure, and are easily understood, so most models forecast the track well. When a hurricane forms, NHC aims an arsenal of computer models to predict where the storm will go and how strong it will be.

 

Some of those models are no more sophisticated than the GPS in your car. If you're driving north at 60 mph, you should travel 120 miles in two hours. Other models determine the track based on knowing the behavior of past storms forming in similar locations.


The 2021 season should be another above average one. Hopefully, these forecast improvements will increase confidence when coastal residents and emergency managers need to make difficult evacuation and other safety decisions.

Stay Informed, 

Image

Rex Jackson

 

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