James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"I feel like I've contributed all I can to this primary election," he told MSNBC's "Morning Joe." "And it's clearly not my time. So I'm going to end my presidential campaign."2020 Electionsread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
The complaint made by an unnamed intelligence official about the president centers on Ukraine, the Washington post reported.Politicsread more
The Pentagon on Thursday said the recent attack on Saudi Arabian oil facilities were "sophisticated" and represented a "dramatic escalation" in tensions within the region.Defenseread more
U.S. stock futures are modestly higher, with the S&P 500 just a little more than 20 points away from July's all-time high ahead of Friday's open on Wall Street.Marketsread more
Bank of America says Amazon's plans to build its own fleet of carbon-neutral delivery trucks bode well for its bottom line.Investingread more
The show comes as social media platforms and legacy media companies alike have launched a flurry of original content alongside new streaming platforms like Apple TV+ and...Technologyread more
Pivotal Research Group began coverage of Roku with a sell rating on FridayInvestingread more
Two sites were hit on Saturday — the Abqaiq and Khurais oil facilities — which took out 5.7 million barrels per day of crude oil production.World Politicsread more
One former union boss has a bold idea on how to ensure economic stability in the U.S. — give every citizen $1,000 a month.
While the idea of a Universal Basic Income (UBI) is not necessarily a new one, Andy Stern believes his plan is important now because of "tectonic shifts" in the labor market that will see more and more workers replaced by robots.
"In order to make sure that everyone has a floor — something they can't fall below, that we end poverty once and for all — let's give everyone a check," the former president of the Service Employees International Union said in a recent interview with CNBC's "Power Lunch."
Income inequality continues to be one of the urgent topics in the public discourse. There were 46.7 million people living in poverty in 2014, according to the latest data from U.S. Census Bureau. The poverty threshold was $12,331 a year for an individual under 65 and $15,871 for a two-adult household during that time.
Still, there is wide disagreement about how to alleviate poverty, whether the government should redistribute income to address it — or whether it's really a problem in the first place. Economists at the libertarian think tank Cato Institute recently argued that the income gap was being 'misperceived" by a range of factors that are being misinterpreted by the public.
Yet Stern, who is a senior fellow at Columbia University and author of "Raising the Floor," argues the debate is being shifted by concerns about the rise of artificial intelligence and the displacement of workers.
The World Economic Forum projects more than 5 million jobs in 15 leading countries will be lost by 2020, thanks to disruptive labor market changes, including the increased use of robots. Additionally, according to a 2013 Oxford study, 47 percent of U.S. jobs were at risk of being automated in the next two decades.
"A tsunami of change may be coming and we would be crazy to not look at the warning signs and figure out a plan," said Stern. "I'm not betting my kids life that this time is going to be the same as ever before. I'm not sure that's true."
The idea was also rejected in Switzerland earlier this month, when voters decided against a basic income plan. It was the first country to hold a referendum on the issue, but others including Finland are examining similar plans.
Stern, however, is undeterred, and has an answer for those who are concerned about the cost to the government. He would cut some of the government's 126 programs that already pay out cash.
However, he suggests Social Security should remain intact.
"I'm not saying we end all of them but certainly a lot of them. That's the basis of how we can fund this kind of program," he said. "We're going to have to change the welfare system going forward."
— CNBC's Kerima Greene contributed to this report.