News and Issues: Jerome Powell's Semiannual Monetary Policy Report; Strong Wage Growth; Inflation, Labor Market, Unemployment, Job Gains, 2 Percent Inflation
"...There is little sign of disinflation thus far in the category of core services excluding housing, which accounts for more than half of core consumer expenditures. To restore price stability, we will need to see lower inflation in this sector, and there will very likely be some softening in labor market conditions. Although nominal wage gains have slowed somewhat in recent months, they remain above what is consistent with 2 percent inflation and current trends in productivity. Strong wage growth is good for workers but only if it is not eroded by inflation...Despite the slowdown in growth, the labor market remains extremely tight. The unemployment rate was 3.4 percent in January, its lowest level since 1969. Job gains remained very strong in January, while the supply of labor has continued to lag."
Money and Computing: Justice Department Advice About Frauds Targeting Seniors: Identity Theft, Medicare/Medicaid, Lottery/Sweepstakes Fraud, and More
From the US Justice Department: "Elder Justice; We are committed to combating abuse, neglect, and financial fraud and scams that target our nation’s older adults and fighting for justice through a robust and holistic response. Environmental Justice: Everyone deserves to live, work, play, worship, or learn in a place free from pollution. Through interagency collaboration, we work to make environmental justice a reality for all communities. Find links to agency-specific databases of funded research, open elder abuse-related solicitations, and selected government reports. A selected reading list of forensic elder abuse research.
A reading list of 14 research papers which provide a broad understanding of elder abuse for attorneys."
Money and Computing: February’s Hot Data Releases: Governor Christopher J. Waller, Federal Reserve Board Frames a Few of the Issues Around Inflation and the Economic Outlook
"Retail sales for January also came in much stronger than expected, suggesting the economy was slowing less than it had appeared just a month earlier, a picture that was confirmed by data on personal spending, which represents almost 70 percent of gross domestic product. Continuing progress on inflation depends on lowering demand and moderating economic activity, and the retail sales and spending data suggest that progress on reducing aggregate demand may have stalled. Whether or not subsequent data confirm the setback in progress last month, the FOMC will do what is needed to reduce inflation to the Committee's 2 percent objective over time. It is possible there may be some bumps on that path, but I assure you, the FOMC's dual mandate objectives will be achieved."
News and Issues: Welcome to TDI-11861: NIH-funded Team Contraceptive Disables Sperm; More Work is Still Needed Before Human Clinical Trials Could Begin
"An NIH-funded team of researchers, led by Drs .Jochen Buck and Lonny Levin at Weill Cornell Medicine, pn and fertility. Their findings appeared in Nature Communications on February 14, 2023. A variety of tests in mice didn’t identify any potential safety issues with TDI-11861. The team then treated male mice with a single dose of TDI-11861 before allowing them to mate with females. The treated mice showed no differences in mating behavior from untreated mice. But the sperm from treated mice lost the ability to move on their own. Sperm remained immobile after being deposited in the female reproductive tract..." "Men produce several million sperm per day — about 1,000 per second. To prevent pregnancy, all of these need to be stopped from reaching an egg."
Health, Fitness and Style: Kaiser Health News and NPR, Surprise-Billing Law Loophole: When ‘Out of Network’ Doesn’t Quite Mean Out of Network
The Takeaway: More than a year after the federal surprise-billing law took effect, patients can still get hammered by surprise bills resulting from health plans’ limited provider networks and ambiguities about what is considered emergency medical care. The loopholes are out there, and patients ... are just discovering them. Washington state Rep. Marcus Riccelli, chair of the House Health Care and Wellness Committee, said he will ask the state’s public and private insurers what steps they could take to avoid provider network gaps and out-of-network billing surprises like this. He said he will also review whether there is a loophole in state law that needs to be closed by the legislature. Fiedler said policymakers need to consider addressing what looks like a major gap in the new laws protecting consumers from surprise bills, since it’s possible that other insurers across the country have similar contracts with hospitals. “Potentially this is a significant loophole, and it’s not what lawmakers were aiming for,” he said. Congress might have to fix the problem, since the federal agencies that administer the No Surprises Act may not have authority to do anything about it.
Book Reviews: Jo Freeman Reviews: The Moment: Changemakers on Why and How They Joined the Fight for Social Justice
Jo Freeman Reviews: After publishing his last book in 1921, based on memories and interviews with civil rights icon C.T. Vivian, Steve Fiffer wanted to do more like it. He felt that many lesser-known people had stories that needed to be told. His publisher concurred. It does help to start with an interested publisher. At that time it was NewSouth books. By the time the book came out in November 2022, NewSouth had become an imprint of the University of Georgia Press.
Health, Fitness and Style: Kaiser Health News*: May 11th Era of ‘Free’ Covid Vaccines, Test Kits, and Treatments Is Ending. Who Will Pay the Tab Now?
"Medicare beneficiaries, those enrolled in Medicaid — the state-federal health insurance program for people with low incomes — and people with" Affordable Care Act coverage will continue to get Covid vaccines without cost sharing, even when the public health emergency ends and the government-purchased vaccines run out. Many people with job-based insurance will also likely not face copayments for vaccines, unless they go out of network for their vaccinations. People with limited-benefit or short-term insurance policies might have to pay for all or part of their vaccinations. And people who don’t have insurance will need to either pay the full cost out-of-pocket or seek no- or low-cost vaccinations from community clinics or other providers. If they cannot find a free or low-cost option, some uninsured patients may be forced to skip vaccinations or testing."
Money and Computing: Congressional Budget Office: Federal Budget Deficit Totals $1.4 Trillion in 2023; Annual Deficits Average $2.0 Trillion Over the 2024–2033 Period
"The cumulative deficit over the 2023–2032 period that we now project is $3 trillion larger than we projected last May, mainly because of newly enacted legislation and changes to the economic forecast that boost interest costs and spending on mandatory programs. Federal debt held by the public is projected to rise from 98 percent of GDP in 2023 to 118 percent in 2033 — an average increase of 2 percentage points per year. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2033, pushing federal debt higher still, to 195 percent of GDP in 2053. The increase in mandatory spending is driven by rising costs for Social Security and Medicare. Total discretionary spending falls in relation to GDP. As the cost of financing the nation’s debt grows, net outlays for interest increase substantially."






