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New York City mayoral candidate Zohran Mamdani's plan for a $30 an hour minimum wage could make it harder for Americans to access entry-level jobs by speeding up automation.Mamdani, the 33-year-old state assemblyman and self-described democratic socialist, is campaigning on raising the city's minimum wage to $30 an hour by 2030 from its current level of $16.50 an hour.The higher minimum wage could make it more economical for employers to replace lower-skilled […]

Nearly 600 economists have signed an open letter voicing support for Federal Reserve Governor Lisa Cook, emphasizing the importance of protecting the central bank’s independence from political pressure.The signatories — including Nobel laureate Joseph Stiglitz and former Chair of the Council of Economic Advisers Jared Bernstein — warn that attempts to undermine Cook’s position could erode confidence in one of the nation’s most critical economic institutions.COOK’S POTENTIAL EXIT HANDS TRUMP […]

Salesforce has cut 4,000 customer support jobs and replaced them with artificial intelligence (AI) agents, CEO Marc Benioff said recently. Benioff made the comments while discussing how the new technology is impacting the $248 billion computer software company’s headcount during an appearance on "The Logan Bartlett Show" podcast that was published on Friday."I was able to rebalance my headcount on my support," Benioff said. "I’ve reduced it from 9,000 heads to […]

McDonald’s CEO Chris Kempczinski warned of a "two-tier economy" as the fast-food giant brought back its Extra Value Meals this week in hopes of capturing budget-conscious consumers. Kempczinski made the remark during an appearance on CNBC as McDonald’s announced it will offer eight meal bundles at breakfast, lunch and dinner, each costing 15% less than buying the items separately. "Particularly, with middle- and lower-income consumers, they’re feeling under a lot of pressure […]