Business
Looming auto strike puts Biden’s labor loyalty to the test on August 31, 2023 at 10:00 am Business News | The Hill

A potential strike at the big three automakers in mid-September is about to show whether the “summer of strikes” can carry its momentum into this autumn.
United Auto Workers (UAW) are set to strike Sept. 14 if they don’t reach a deal with Ford, GM and Stellantis, and their endorsement for Biden could prove to be a seal of authenticity on the administration’s pro-labor self-styling.
“We’re focused on winning the best possible contract for our members in 2023, and then we can talk 2024,” the union said in a statement provided to The Hill.
5 big questions about the ‘summer of strikes’
“We want to see a federal government that is actively supporting our fight for economic justice in this green transition. Unfortunately, the Biden Administration is pouring billions into these companies’ pockets with no strings attached. A green transition with trickle-down economics won’t work,” the group said, referring to an economic doctrine associated in the U.S. with the Reagan administration.
The White House has been in touch with the negotiating parties, just as it had been with railroad workers who almost struck last year, as well as with Teamsters who just wrapped a contract negotiation with UPS.
“We’re not going to read out every, every conversation that this President has with parties in these negotiations, but the White House remains in close touch, as we have been in many other, in many of these other discussions with the UAW and the Big Three Automakers,” White House spokesperson Karine Jean-Pierre said Monday.
UPS Teamsters had asked the White House not to get involved in their own dispute, likening the negotiation to a street fight to be avoided by third-parties.
FILE – United Auto Workers members walk in the Labor Day parade in Detroit, Sept. 2, 2019. (AP Photo/Paul Sancya, File)
What does the UAW want?
The UAW is fighting for better pay, working conditions, and a return to defined-benefit pension programs, as opposed to retirement plans that are yoked to market performance. Market-pegged retirement plans became further embedded within the U.S. economy last year with the passage of Secure 2.0 retirement legislation, which included huge perks for wealthy retirees.
A defined-benefit pension program could significantly change the auto industry’s capital structure. How much depends on what exactly is negotiated, as such plans can require companies to keep cash on hand for their employees and their families, as opposed to reinvesting it and returning it to them via returns on stock.
Lawmakers keep a close eye on writers strike with no end in sight
They could also affect how the big three return investments to their own shareholders, as well as the astronomical sums they award to their own executives.
Ford announced a third-quarter dividend of 15 cents per share on the company’s common and Class B stock, the company announced in July.
In a statement provided to The Hill on Wednesday, Stellantis described the status of negotiations as “constructive and collaborative.”
“The discussions between the Company and the UAW’s bargaining team continue to be constructive and collaborative with a focus on reaching a new agreement that balances the concerns of our 43,000 employees with our vision for the future – one that better positions the business to meet the challenges of the U.S. marketplace and secures the future for all of our employees, their families and our company,” Stellantis’ statement says.
FILE – United Auto Workers President Shawn Fain addresses delegates at the union’s 2023 Special Bargaining Convention, Monday, March 27, 2023, in Detroit. The new president of the United Auto Workers union isn’t happy with Detroit’s three automakers. Shawn Fain, who took office in March, listed grievances with Stellantis, General Motors and Ford in a wide-ranging talk Friday, April 21, 2023, with reporters. (AP Photo/Carlos Osorio, File)
Memories of the Great Recession remain fresh
Fresh in the mind of the union, which has been energized by new leadership under the presidency of Shawn Fain, is the 2008 financial crisis, which significantly changed the labor and remuneration structure of the automotive industry.
“They got bailed out. We got sold out,” the union’s statement says. “The Great Recession turned the auto industry upside down. To save it, autoworkers took massive cuts to their wages and benefits. The companies introduced ‘tiers,’ worse pay for the same work.”
“Pensions were eliminated. Post-retirement healthcare vanished for new hires. Jobs were cut. The companies got billions in taxpayer dollars, while auto workers took deep cuts and made life-changing sacrifices to keep the industry alive,” it says.
Teamsters ratify new UPS contract, avoid massive strike
Auto industry profits surged during the recovery of the pandemic as profits contributed to and prolonged inflation, with Ford raising its full-year profitability guidance to between $11 billion and $12 billion in the second quarter.
The company’s free cash flow estimate for the rest of the year was bumped up to between $6.5 billion and $7 billion.
Dealers prep inventory ahead of UAW strike
A UAW strike would interrupt production schedules and order deliveries to dealerships, and some dealers are already preparing.
“Some dealers are starting to plan for the potential of a UAW strike and that is pushing them to the lanes to ensure they have inventory ‘just in case,’” Black Book, an automotive data agency, reported Tuesday.
Price implications in the automotive wholesale market are already starting to surface. For the first time this month, prices didn’t drop by more than 1 percent, according to Black Book data, indicating potential inventory concerns among car salespeople.
White House press secretary Karine Jean-Pierre addresses reporters during the daily briefing at the White House on Friday, July 7, 2023.
Automakers take aim at the ‘green economy’
The auto industry is of strategic importance to the Biden administration after the passage of the Inflation Reduction Act, which included heaps of tax credits for the construction of electric vehicles as part of a “green transition” to make the economy less environmentally destructive.
The legislation included $394 billion in tax credits geared toward energy and the climate, according to management consulting firm McKinsey.
“Some $43 billion in IRA tax credits aim to lower emissions by making [electric vehicles], energy-efficient appliances, rooftop solar panels, geothermal heating, and home batteries more affordable,” the company wrote in analysis of the legislation.
On Monday, the Treasury Department sent a love letter to unions in the form of a new report, arguing that unions are central to the U.S. middle class.
Treasury touts labor unions during ‘summer of strikes’
“The Biden-Harris Administration recognizes the benefits of unions to the middle class and the broader economy and is committed to fulfilling the policy objectives of the [National Labor Relations Act],” the report said.
While unions are seeing a surge in popularity in the U.S., organized labor has been in long-term decline, with union participation rates falling by half since they first started being measured in the early 1980s.
Business, Biden administration, Electric vehicles, Ford Motor Company, General Motors, Inflation Reduction Act, Stellantis, United Auto Workers A potential strike at the big three automakers in mid-September is about to show whether the “summer of strikes” can carry its momentum into this autumn. United Auto Workers (UAW) are set to strike Sept. 14 if they don’t reach a deal with Ford, GM and Stellantis, and their endorsement for Biden could prove to…
Business
Google Accused Of Favoring White, Asian Staff As It Reaches $28 Million Deal That Excludes Black Workers

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.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

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

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.

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.

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.
Business
Harvard Grads Jobless? How AI & Ghost Jobs Broke Hiring

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.
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.

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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