Economics in the News – Dec. 30-Jan. 5
Economics impacts our lives every day. Below are some of the top storylines from this past week in economic news.
- Former NBA Commissioner David Stern passed away on New Year’s Day at the age of 77. The New York Times writes on Stern’s legacy in the NBA. The former commissioner played a key role in his 30-year tenure in the league’s international growth to help it become the multibillion-dollar industry that it is today.
- A new law in California went into effect at the start of the New Year, making it more difficult for companies to hire workers as contractors. However, NPR reports that companies such as Uber and Lyft are pushing back, refusing to reclassify their fleet of drivers.
- With the start of a new decade, what are the largest companies that didn’t exist 10 years ago? USA Today identifies the 12 largest based on revenue.
- Student debt is one of the greatest issues that young Americans are facing. That’s why NYU Medical School has decided to go tuition-free, as featured on 60 Minutes. That solution may eventually lead to more medical schools offering free tuition for their programs.
- While the short term implications on the US economy appear to be minimal after last week’s military attack that killed Iranian Major General Qasem Soleimani, the long-term effect could be seen in rising oil prices. The Washington Post speculates that with oil prices already on the rise, that the attack will lead to a further increase in the price for oil.
- New vehicle sales in the United States fell 1.3% in 2019, as Automakers sold more than 17 million cars, trucks and SUVs. The Associated Press reports that sales of electric vehicles rose 37% in 2019, while more than half of vehicles sold were SUVs.