Minimum Wage Increases Benefit Almost 10 Million Workers in 22 States
Mr. Beast on X, World population, Apple break record.
As of January 1, 2024, higher minimum wages have come into effect across 22 states in the United States, benefiting nearly 10 million workers. Increases also extend to 38 cities and counties. According to the Economic Policy Institute (EPI), these wage hikes will result in an additional $7 billion in annual wages.
New Minimum wage in different states:
Nearly half of the 17.6 million workers earning less than $15 an hour are located in the 20 states where the minimum wage remains at the federal level of $7.25.
58% of workers expected to benefit from the upcoming minimum wage increase are women.
BYD Outpaced Tesla in the Global Electric Vehicle Market.
Chinese electric car company BYD has reported the sale of over 3 million new energy vehicles (NEVs) in 2023, a 62.3% year-on-year increase. BYD sold 1.6 million fully battery-powered cars and an additional 1.4 million hybrids. The company's robust performance places it in a position to outshine Tesla for a second consecutive year in global electric vehicle production. The company's profit tripled to $1.5 billion in the first half of 2023.
The commercial vehicle segment, including electric buses and trucks, experienced an 88.2% uptick in sales. The company's overseas (outside of China) electric vehicle sales surpassed 242,000 vehicles in 2023, reflecting a year-on-year increase of 334%. The overseas success is further emphasized by BYD's announcement of plans to build a new production center in Hungary, expanding its presence in the European market.
EV Tax Credits
Speaking of electric Cars, from January 1, 2024, new battery sourcing rules introduced by the U.S. Treasury have led to the exclusion of many electric vehicles from tax credits of up to $7,500.
According to the Treasury's guidelines, these rules aim to shift the electric vehicle supply chain away from China. As a result, the number of EV models qualifying for U.S. tax credits has dropped from 43 to 19.
Now, Key criteria for eligibility include the buyer's income, ranging from $150,000 to $300,000, depending on filing status. The requirement for vehicles to be assembled in North America and meet price caps of $55,000 for cars and $80,000 for SUVs and trucks is emphasized.
The eligibility of popular models such as the Nissan Leaf, Tesla Model 3s Rear Wheel Drive, Chevrolet Blazer EV, Volkswagen ID.4, BMW X5 xDrive50e, Audi Q5 PHEV 55, Cadillac Lyriq, and Ford E-Transit has been affected.
Previously, Buyers had to wait until the next year's tax season to avail themselves of the credit. But now, buyers can claim the credit as an instant rebate at the dealership upon purchase, receiving the credit as essentially cash in hand, or deducted from the vehicle's cost, on the day of purchase only for eligible EVs.
MrBeast has declined Elon Musk's invitation to upload his popular videos on X. In a post on X, MrBeast informed his followers about his latest video, a user requested him to upload his content on X as well. Musk, agreeing with a user's suggestion, replied with a simple "Yeah.” MrBeast responded by stating, "My videos cost millions to make, and even if they got a billion views on X, it wouldn't fund a fraction of it. I’m down though to test stuff once monetization is really cranking!”
World Population Surpasses 8 Billion on New Year's Day
The global population reached over 8 billion on New Year's Day, according to data released by the U.S. Census Bureau. Over the past year, the world's population increased by 75 million people, with a growth rate of just under 1%, with expectations of 4.3 births and two deaths worldwide every second in January 2024.
The United States experienced a growth rate of 0.53% in the same period, adding 1.7 million people to its population, which is 335.8 million on New Year's Day.
It took 12.5 years for the world to transition from 7 billion to 8 billion people. Projections indicate that going from 8 billion to 9 billion may take 14.1 years, and another 16.4 years to reach 10 Billion.
Things to Know:
Apple has turned from its 12-year tradition of releasing new iPads annually, marking the first time since the product line's inception in 2010 that no new tablets were launched in 2023. The iPad, a cornerstone product for Apple, has seen consistent annual updates, with as many as four new models introduced each year in recent times. The most recent iPad launches occurred in October 2022, with the only iPad-related hardware released in 2023 being the Apple Pencil with USB-C. In the 4th quarter of 2023, iPads generated 6.44 Billion in revenue. Rumors forecasts indicate that 2024 will be a pivotal year for the iPad lineup.
Consulting firm McKinsey & Co. has agreed to a $78 million settlement to resolve claims by US health insurers and benefit plans accusing the company of contributing to the opioid addiction epidemic. Insurers argued that McKinsey collaborated with Purdue Pharma, the maker of OxyContin, in deploying aggressive marketing and sales tactics for highly addictive drugs, leading to increased costs and opioid addiction treatment expenses. This settlement follows McKinsey's previous agreements, including a $641 million settlement in 2021 and a separate $230 million settlement with school districts and local governments. The opioid crisis in the US has resulted in over 280,000 deaths from 1999 to 2021, according to the US Centers for Disease Control.
2024-25 Federal Student Aid (FAFSA) is launched by the Department of Education with a cautionary warning of "some minor issues” for students seeking financial assistance for higher education. Delayed by three months from its usual October 1 release, the FAFSA form for the upcoming academic year now includes only 36 questions, a reduction from the previous 108. Noteworthy changes include the removal of a sibling discount, impacting families with more than one child in college and Wealthier families may be eligible for less assistance. The new FAFSA is expanding Pell Grants Programs, which do not require repayment. The federal deadline to complete the FAFSA is June 30, 2025, though individual states may have earlier deadlines.