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The United States’ Gross Domestic Product is expected to have a modest comeback in 2021 while unemployment will be slower to recover for years to come, according to a government projection from the Congressional Budget Office.The nonpartisan government agency that provides policy guidance for members of Congress said that unemployment is projected to remain above pre-pandemic levels through 2030.Thursday’s estimates from the CBO indicate that real GDP in 2021 will jump 4% in 2021 from 2020 after taking a projected 5.8% drop in 2020. The CBO then projects that real GDP will increase 2.9%. In years following, the GDP is expected to level off at 2.2%.But after unemployment dropped to 3.5% in 2019,, the unemployment rate is expected to be 7.6% in 2021, followed by 6.9% in 2022 and 5.9% in 2023 and 2024. Data released Thursday pegged the US unemployment rate at 11.1% in June.The CBO stresses there is uncertainty in its forecast given the pandemic.“The severity and duration of the pandemic are subject to significant uncertainty,” the CBO said. “In particular, several important epidemiological characteristics of the coronavirus remain unclear: Much still needs to be learned about its transmissibility and lethality and about the immunity conferred on people who have recovered from it. Moreover, the severity and duration of the pandemic will be affected by how various mitigation measures reduce the spread of the virus and by when vaccines and additional treatments become available—outcomes that remain highly uncertain.” 1544
The US Postal Service is asking for the biggest price jump on stamps in its history.Facing pressure from the Trump administration to address a revenue shortfall, the Postal Service on Wednesday proposed raising the price of 1-oz. letters from 50 cents to 55 cents, which would be a record nominal increase if approved. The price of each additional ounce would go down slightly.The request was made by the USPS' board of governors, which has been operating on an emergency basis?because of a lack of confirmed members. It will have to be approved by the Postal Regulatory Commission."The Governors believe these new rates will keep the Postal Service competitive while providing the agency with needed revenue," the USPS said in a press release. "The Postal Service has some of the lowest letter mail postage rates in the industrialized world and also continues to offer a great value in shipping."Rates for mailing services -- which includes catalogs and magazines as well as letters -- are pegged to consumer prices. Those have been rising faster this year, but still limited the price hike for that category to 2.5 percent.Prices for packages, however, can float with market rates. The USPS wants to boost Priority Mail prices by an average of 5.9%. A small flat-rate box that costs .20 to ship, for example, would next year cost .90.The steep price increases come at a time when the USPS' losses have been mounting, dragged down in part by a requirement that the quasi-public agency pre-fund the cost of retiree health benefits.As letters and advertising mailers have been replaced by e-mail and online ads, the USPS has been making less and less money. Revenue from first-class mail declined from .4 billion in fiscal year 2015 to .6 billion in 2017.Package revenues fueled by the rise in e-commerce have been a bright spot, bringing in .5 billion in 2017, up from billion in 2015. But it hasn't made much of a dent in the .7 billion net deficit that the Post Office has accumulated over the years.The White House has proposed privatizing the Post Office, a plan that postal unions protested in nationwide demonstrations on Monday.President Donald Trump has repeatedly criticized the terms of USPS' contract to deliver Amazon packages, the details of which are confidential. The Postal Service says it makes a profit through the arrangement."Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?" Trump tweeted last December. "Should be charging MUCH MORE!"In April, Trump ordered a review of the Postal Service's business model by a task force led by the Treasury Department. Postal Service spokesman Carl Walton says the review has been completed, but that the agency hasn't seen it yet."I think they're waiting until after the elections," Walton said. "We're waiting just like everybody else." 3041

The South Carolina Education Lottery reported on its website early Wednesday morning that one winning ticket was sold in its state.Mega Millions announced the win in a statement early Wednesday."The moment we've been waiting for finally arrived, and we couldn't be more excited," said Gordon Medenica, lead director of the Mega Millions Group and Director of Maryland Lottery and Gaming. "This is truly a historic occasion. We're so happy for the winner, and we know the South Carolina Education Lottery can't wait to meet the lucky ticket holder."The Mega Millions jackpot on Tuesday reached .573 billion, the game's largest-ever grand prize but not quite the nation's biggest prize of all time. A Powerball prize in 2016 was for .586 billion. The winning numbers on Tuesday were:28-70-5-62-65 and the Mega Ball was 5.Had a winning ticket not been sold on Tuesday, Friday's jackpot would have reached billion. Winning Tuesday's entire jackpot means either taking the .6 billion winnings in annuity payments spread over 29 years, or taking the lump sum of 3 million. 1112
The University of Michigan Interfraternity Council, which is student led, has suspended fraternity events because the community has not been living up to a "high standard," according to a statement from the IFC.The council notes that all social activities and new member programs are suspended while they work to make sure the programs "are in alignment with our policies and values." "We are taking time to focus on the health and safety of our members and our community, and we are committed to working with the university, our peers, alumni, and national partners to do so," the statement read.Read the full statement below: UM IFC Statement (1) by WXYZ-TV Channel 7 Detroit on Scribd 705
The U.S. Centers for Disease Control and Prevention reported Monday that there are 155 patients under investigation this year for acute flaccid myelitis, a condition that that can cause paralysis and mostly affects children.Of these, 62 have been confirmed by the CDC in 22 states, and the remainder continue to be investigated.Acute flaccid myelitis, also called AFM, is a rare but serious condition that affects the nervous system -- specifically, the area of the spinal cord called gray matter. It affects fewer than one in a million people each year across the country, the CDC estimates.The number of patients under investigation is up from 127 patients a week ago, though no new confirmed cases have been reported.The average age of patients confirmed to have the condition is just 4 years old, and more than 90 percent of cases overall occur in children 18 and younger, according to Dr. Nancy Messonnier, director of the agency's National Center for Immunization and Respiratory Diseases. 1003
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