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Trump risks backlash with wish for economic crash in ‘next 12 months’  on January 11, 2024 at 10:00 am Business News | The Hill

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Former President Trump’s statement this week that if there’s an economic crash, he hopes it will be within the “next 12 months” is a risky move that has opened him to Democratic criticism.

The former president said in an interview this week that he expects the U.S. economy to crash and hopes it does before he would take office in January 2025, if reelected. Above all, Trump said he would not want to be known as another Herbert Hoover.

While Democrats have ripped Trump’s comments as scornful of the millions of Americans who would lose their jobs in a recession, the remarks may have little bearing on his campaign as he continues to defy political gravity.

“The reason candidates don’t say that historically is because a recession is horrible for people,” said Gordon Gray, vice president for economic policy at the American Action Forum (AAF), a right-leaning research nonprofit.

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“People lose their jobs, their houses, it takes them years — if ever they recover,” Gray added. “Normal candidates value that. Donald Trump is not a normal candidate, and that’s why he can get away with this kind of thing. He’s untethered to norms and usual political forces.”

The state of the economy — and how Americans feel about it — could play a central role in President Biden and Trump’s likely rematch.

The economy is an issue Trump sees as a success under his administration, when inflation and gas prices were low before the COVID-19 pandemic hit. Biden came into office with predictions of a looming recession, but the economy instead appears to have achieved a soft landing, a success his White House often touts.

While the Biden campaign is hopeful voters will eventually give the president credit for his economic agenda, Trump is hoping for a crash to hurt Biden politically, an unprecedented strategy for a presidential candidate considering the implications of a bad economy on voters.

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“Donald Trump’s greatest worry right now is that the economy is actually in very good condition,” said Daniel Alpert, managing partner of investment firm Westwood Capital.

“He understands that his free ride with the public right now is dependent on their bad memories of inflation. [As] that fades over time, in November he could be up against a candidate who stewarded a very strong economy and the memories of inflation will have long passed,” Alpert said.

In an interview with former Fox Business Network host Lou Dobbs on a network launched by MyPillow founder Mike Lindell, Trump called the economy “fragile” and said he is hoping for a crash within the year. 

“And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover,” Trump said in the interview that aired Monday night. “The one president I just don’t want to be, Herbert Hoover.”

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Then-President Hoover had been in office for just a few months when the stock market crashed in 1929, triggering the Great Depression. Biden, meanwhile, has brought up in numerous speeches that Trump is one of two presidents — along with Hoover — who left office with fewer jobs than when he entered.

“One was President Hoover and the other was Donald Hoover Trump,” Biden said in September. “My predecessor promised to be the greatest job president in history. Well, it didn’t really work out that way. He lost 2 million jobs in the course of his presidency.”

Biden has struggled to turn a rapid rebound from the COVID-19 recession into a political edge against Trump, who left office as the economy kicked into another gear.

he November unemployment rate of 3.7 percent was just 0.2 percentage points above its pre-pandemic level, which was then a five-decade low. The annual inflation rate also dropped to 3.1 percent in November from a peak of 9.1 percent in June 2022.

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Financial markets also closed out 2023 with a record-breaking rally after a brutal year of losses in 2022, when the Federal Reserve began ramping up interest rates.

The Fed is now projecting a series of rate cuts in 2024, which could further stimulate the economy as Biden attempts to channel its strength into another White House term.

But while the president has tried to tie the roaring recovery to his enactment of trillions of dollars in economic relief and infrastructure investments, polling suggests voters aren’t resonating with his economic message.

Biden’s aides were quick to bash Trump’s rhetoric on the economy, and the president is slated to give remarks on his economic agenda Friday, during which he will likely bring up the comments.

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Biden campaign manager Julie Chávez Rodríguez said Trump’s comments show he “doesn’t give a damn about people.”

“In his relentless pursuit of power and retribution, Donald Trump is rooting for a reality where millions of Americans lose their jobs and live with the crushing anxiety of figuring out how to afford basic needs,” she said.

Other Biden aides said the comments were vile and that those who were hoping the economy failed were “revealing twisted true colors.”

Josh Bivens, chief economist at the left-leaning Economic Policy Institute, said although Trump’s comments are “bad,” he thinks a 2024 crash would be “very surprising.”

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“For now, the economy is strong and there’s no glaring vulnerability like a huge asset market bubble someplace — spending is mostly being financed out of earnings from a strong labor market,” he said. “So, my expectation is for a quite strong 2024. There are always wild cards like some crazy geopolitical shock, but the economic fundamentals of the U.S. look good for 2024.”

Comments from Trump have raised eyebrows and created an opening for Democrats to bash him, but they didn’t negatively impact his polling numbers.

The former president recently said he’d be a dictator on the first day of a second term and said immigrants are “poisoning the blood of our country,” comments that Democrats likened to Adolf Hitler.

But, he’s still polling above his GOP rivals and either head-to-head or above the president in recent polls. The aggregation of polls kept by The Hill/Decision Desk HQ shows Trump with a lead of 1.2 percentage points against Biden.

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Some Republicans argue Trump’s comments will be chalked up to the former president feeding into the rivalry between him and Biden.

“It’s common for political opponents to talk down the strength of the economy and talk up economic risks when they’re out of the White House, and most voters will likely see this as more of the same out-party doomsaying,” said Bruce Mehlman, former assistant secretary at the Commerce Department under former President George W. Bush and founding partner at Mehlman Consulting.

Meanwhile, others stressed the unprecedented nature of his remarks.

“If you believe that you’re going to be the president in the next election, and you think that a downturn in the business cycle is possible or even probable over the next year, well, you’d want the upside, not the downside,” Gray said.

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While opposition parties and candidates typically downplay the economy’s successes and focus on its shortcomings under the incumbent president, Gray said Trump’s remarks go beyond basic campaigning. 

“There’s an element of his rhetoric that is in no way novel and is entirely within keeping with campaign rhetoric, and then there’s a Trumpian excess,” he said.

​Business, 2024 Elections, Campaign, News, 2024 presidential election, US economy Former President Trump’s statement this week that if there’s an economic crash, he hopes it will be within the “next 12 months” is a risky move that has opened him to Democratic criticism. The former president said in an interview this week that he expects the U.S. economy to crash and hopes it does before…  

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Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

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Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.

How The Discrimination Claims Emerged

The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.

Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.

Why Black Employees Were Left Out

Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.

What The Settlement Provides

Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.

Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.

H2: Google’s Response And The Broader Stakes

A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.

For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.

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Luana Lopes Lara: How a 29‑Year‑Old Became the Youngest Self‑Made Woman Billionaire

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At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.

Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.

That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

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Kalshi itself is a big part of why her ascent matters.

Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.

As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.

Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.

During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

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That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.

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Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

Jobless at the Top: Why Graduates Can’t Find Work

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.​

Tech’s Iron Grip: ATS and AI Gatekeepers

Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.

AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.

The Experience Trap: Entry-Level Jobs Require Years

It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.

One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.

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Burnout Before Day One

The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.

Cultural Collapse: From Relationships to Algorithms

What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.

AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.

The Ghost Job Phenomenon

Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.

Not Lazy—Just Locked Out

Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

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What’s Next? Back to Human Connection

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.

Key Facts:

  • 25% of Harvard MBAs unemployed, highest on record
  • Only 30% of 2025 grads nationwide have jobs in their field
  • Nearly half of grads feel unprepared for real work
  • Up to 50% of entry-level listings are “ghost jobs”
  • AI and ATS have replaced human judgment at most companies

If you’ve felt this struggle—or see it happening around you—share your story in the comments. And make sure to subscribe for more deep dives on the reality of today’s economy and job market.

This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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