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White House prepares for sharp rise in poverty rate on September 11, 2023 at 11:00 pm Business News | The Hill

The White House is preparing for a sharp rise in the U.S. poverty rate following the end of pandemic-era child tax credit (CTC) expansion.
President Biden and Democrats fought unsuccessfully last year to extend an expanded version of the CTC that started during the depths of the pandemic and temporarily lifted millions of children out of poverty.
The Census Bureau is set to release Tuesday its annual report on poverty, income, and health insurance. The new poverty data will be a hit for Biden, whose reelection campaign could hinge on how Americans feel about the economy.
The Council of Economic Advisers (CEA) said in a blog post Friday that it expects a “sharp rise” in the Supplemental Poverty Measure, which measures income and benefits plus government programs such as tax refunds and food stamps.
To “understand why this is likely to happen in 2022, it is crucial to remember what happened in 2021,” the CEA argued.
A Democratic-controlled Congress passed the beefed-up CTC in 2021, boosting the credit eligible parents could receive to $3,000 per child over the age of 6 and $3,600 per child under the age of 6.
The enhanced CTC alone lifted almost 3 million children out of poverty in 2021 and cut the child poverty rate by more than 40 percent in 2021, the CEA wrote.
The expansion expired in December 2021, and Democrats have not been able to strike a deal with Republicans to bring it back since.
Sen. Michael Bennet (D-Colo.), who has championed expanding the program, said that the census data will show that Congress should have not allowed the expanded credit to expire.
“When we expanded the Child Tax Credit, we demonstrated that we don’t have to accept one of the highest childhood poverty rates in the industrialized world as a permanent feature of our democracy. Tomorrow’s data will show we never should have let it expire, and I’m committed to doing everything I can to restore it,” he told The Hill in a statement.
The CEA argued Friday that the increase in poverty is likely to persist absent congressional action to restore the enhanced child tax credit.
Zach Moller, director of the economic program at the center-left think tank Third Way, said Democrats will uphold this report as a good reason to continue the child tax credit expansion because it’s proof that government intervention is necessary.
“The government can absolutely fight childhood poverty, it just costs money to do it,” he said. “Those policies that the Biden administration and the Congress were able to implement in the American Rescue Plan act were temporary, so the improvement in child poverty is temporary.”
Cutting child poverty for the long term has been a goal for Biden since he took office.
The expanded CTC was a centerpiece of Biden’s American Rescue Plan, the 2021 economic relief bill passed after Democrats took control of the White House and Congress.
Biden and fellow Democrats are eager to tout the benefits of the president’s economic plan, dubbed “Bidenomics,” with the 2024 election roughly a year away.
Republicans have blamed Biden for the surge in inflation that began shortly after he took office, though price growth sped up across the world in the wake of the pandemic.
Biden, meanwhile, has recently stepped up attacks on former President Trump about the economy while hoping to highlight the rapid recovery and the historically strong job market of his own presidency.
Biden and Democratic lawmakers have also touted trillions of dollars allocated for improving infrastructure, bringing down drug prices, expanding manufacturing and cracking down on tax evasion by the wealthy and corporations.
But messaging about the economy hasn’t been easy for the Biden administration; Bidenomics is a major talking point for the administration on the campaign trail but has yet to really take off with Americans.
A recent RealClearPolitics polling average shows just 38 percent of those surveyed approve of Biden’s handling of the economy, compared with 58.4 percent who disapprove.
Biden has been hit with dismal polling numbers overall lately. A CNN poll released last week found that 46 percent of registered voters said any Republican presidential nominee would be better than Biden in next year’s election and found his overall approval rating at a 39 percent.
Moller argued that Biden’s focus on creating jobs, especially for low-income Americans, could bring him closer to his goal of cutting child poverty because of provisions in his top legislative achievements — the Inflation Reduction Act, the infrastructure bill, and the CHIPs and Science Act.
“All that manufacturing is going to be incredibly helpful for folks with out there that don’t have a college degree. And so that is another way of trying to tackle childhood poverty, by making sure that parents have a good-paying job,” Moller said.
In its blog post, the CEA noted that the Congressional Budget Office projected in 2021 that it would take until the end of 2025 for the jobless rate to fall under 4 percent. The unemployment rate was 3.8 percent as of August, not far from its 3.5 percent rate before the pandemic.
Inflation is steadily improving, a success that the president touts often. But the CEA expects Tuesday’s census data to show inflation-adjusted income falling in 2022.
The agency blamed “elevated pandemic inflation” and “factors such as the Russian invasion of Ukraine and avian bird flu” for the 2022 data, and the Biden administration will likely argue that the data is in the rear-view because of the improvements in inflation in 2023.
Business, Administration The White House is preparing for a sharp rise in the U.S. poverty rate following the end of pandemic-era child tax credit (CTC) expansion. President Biden and Democrats fought unsuccessfully last year to extend an expanded version of the CTC that started during the depths of the pandemic and temporarily lifted millions of children out…
Business
New DOJ Files Reveal Naomi Campbell’s Deep Ties to Jeffrey Epstein

In early 2026, the global conversation surrounding the “Epstein files” has reached a fever pitch as the Department of Justice continues to un-redact millions of pages of internal records. Among the most explosive revelations are detailed email exchanges between Ghislaine Maxwell and Jeffrey Epstein that directly name supermodel Naomi Campbell. While Campbell has long maintained she was a peripheral figure in Epstein’s world, the latest documents—including an explicit message where Maxwell allegedly offered “two playmates” for the model—have forced a national re-evaluation of her proximity to the criminal enterprise.

The Logistics of a High-Fashion Connection
The declassified files provide a rare look into the operational relationship between the supermodel and the financier. Flight logs and internal staff emails from as late as 2016 show that Campbell’s travel was frequently subsidized by Epstein’s private fleet. In one exchange, Epstein’s assistants discussed the urgency of her travel requests, noting she had “no backup plan” and was reliant on his jet to reach international events.

This level of logistical coordination suggests a relationship built on significant mutual favors, contrasting with Campbell’s previous descriptions of him as just another face in the crowd.
In Her Own Words: The “Sickened” Response
Campbell has not remained silent as these files have surfaced, though her defense has been consistent for years. In a widely cited 2019 video response that has been recirculated amid the 2026 leaks, she stated, “What he’s done is indefensible. I’m as sickened as everyone else is by it.” When confronted with photos of herself at parties alongside Epstein and Maxwell, she has argued against the concept of “guilt by association,” telling the press:
She has further emphasized her stance by aligning herself with those Epstein harmed, stating,
“I stand with the victims. I’m not a person who wants to see anyone abused, and I never have been.””

The Mystery of the “Two Playmates”
The most damaging piece of evidence in the recent 2026 release is an email where Maxwell reportedly tells Epstein she has “two playmates” ready for Campbell.
While the context of this “offer” remains a subject of intense debate—with some investigators suggesting it refers to the procurement of young women for social or sexual purposes—Campbell’s legal team has historically dismissed such claims as speculative. However, for a public already wary of elite power brokers, the specific wording used in these private DOJ records has created a “stop-the-scroll” moment that is proving difficult for the fashion icon to move past.
A Reputation at a Crossroads
As a trailblazer in the fashion industry, Campbell is now navigating a period where her professional achievements are being weighed against her presence in some of history’s most notorious social circles. The 2026 files don’t just name her; they place her within a broader system where modeling agents and scouts allegedly groomed young women under the guise of high-fashion opportunities. Whether these records prove a deeper complicity or simply illustrate the unavoidable overlap of the 1% remains the central question of the ongoing DOJ investigation.
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.
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