More than $30 billion in taxpayer-funded welfare money designed to support America’s poorest families has been redirected into a wide range of state programs, prompting bipartisan warnings over weak oversight and misuse.
Author: Richell Fredson
Richell Fredson
Richell Fredson is a respected market news writer and financial columnist with a deep expertise in markets, shares, banking, finance, and personal finance. Since the beginning of his career, Richell has dedicated herself to translating complex financial trends into clear, actionable insights for investors, professionals, and everyday readers. Her sharp analysis and forward-thinking commentary have made her a trusted voice in financial journalism. Whether she's breaking down market volatility, banking sector developments, or offering practical advice on personal finance, Richell brings a thoughtful, accessible approach to every story she covers.
A $30 billion federal welfare program is under growing scrutiny as Republicans and Democrats warn that weak oversight has allowed states to use the funds in ways far beyond their original antipoverty mission
The S&P 500 on Thursday flirted with closing at an all-time high, vying to complete a whirlwind roundtrip that saw the benchmark US stock index shed and then regain roughly $9.8 trillion in market value across just four months. The S&P 500 has been on a roller coaster ride this year as President Donald Trump’s trade policy has jolted markets. The S&P 500 hit its last record high on February 19 before dropping as low as 18.9% by early April as tariff confusion rocked markets. The index has soared more than 23% since hitting its low point on April 8,…
China’s giant logistics machine was humming inside rows of metal warehouses near Ho Chi Minh City in southern Vietnam this month. Hundreds of workers packed cosmetics, clothes and shoes for Shein, the Chinese fast-fashion retailer. Recruiters needing to fill hundreds more jobs were interviewing candidates outside. At another industrial park, owned by the supply chain arm of Alibaba, the Chinese e-commerce giant, trucks drove in and out at a steady clip. This kind of activity, powered by Chinese money, has brought jobs to Vietnam. It is one of the forces that have made Vietnam a thriving destination for companies around…
The Trump administration will not be allowed to deport a group of Venezuelan detainees accused of being members of a violent gang under a rarely invoked wartime law while the matter is litigated in the courts, the Supreme Court said on Friday. The justices sent the case back to a federal appeals court, directing it to examine claims by the migrants that they could not be legally deported under the Alien Enemies Act, the centuries-old wartime law invoked by the Trump administration. The justices said the appeals court should also examine what kind of notice the government should be required to provide…
The Cannes Film Festival is getting more covered-up — and just in time for the opening ceremony honoring the octogenarian Robert De Niro. Bella Hadid, newly blonde, is already in town, and stars expected include Halle Berry, Scarlett Johansson and Emma Stone. But anyone expecting one of the most reliable moves on the red carpet might be disappointed. The new dress code for gala screenings includes the admonition, “for decency reasons, nudity is prohibited on the red carpet, as well as in any other area of the festival.” Cue a crisis in the fashion-film industrial complex. After all, nowhere has the naked…
The world’s two superpowers have reached an accord on their bruising trade war—for 90 days, at least. On Monday, the U.S. and Chinese governments announced they had agreed to slash reciprocal tariffs for 90 days as they continue to hammer out details on a broader deal. Markets soared on the news, with the S&P 500 gaining 3.26%. Though Trump has imposed wide-ranging tariffs against all imports coming into the U.S. during his second term in office, China has been his primary target. Trump has argued that the Chinese government has not done enough to stem the flow of fentanyl into the U.S. As part…
Beneath the grand chandeliers of the International Ballroom at the Beverly Hilton Hotel, at rooftop bars and at private parties at billionaires’ mansions, there was a mix of emotions among the financial titans gathered in Los Angeles this week. Many of the thousands of attendees at the Milken Institute Global Conference — a who’s who of finance and corporate America — remained anxious amid volatile markets, continuing trade tensions and deep cuts to the federal government. “I’m a C.E.O., I talk to a lot of C.E.O.s, and there is nervousness there,” Kamal Bhatia, president and chief executive of Principal Asset…
There it was for all to see, President Trump’s tangled relationship with the Ivy League, delivered in a burst at his rally in Michigan on Tuesday night. “He’s the top,” the president said of Dr. Mehmet Oz, the TV celebrity doctor he chose to oversee Medicare and Medicaid. “I mean, he went to Harvard.” But then: “I shouldn’t even mention that anymore because that used to be a good thing. Today it doesn’t mean much.” There was this about Gen. Mark A. Milley, the president’s first-term choice as chairman of the Joint Chiefs of Staff: “You know, he went to…
MoviePass, the startup that made its mark with its movie theater subscription service, has always been known for shaking things up, and its latest venture is no exception. The company announced on Thursday the beta launch of Mogul, a new daily fantasy entertainment platform designed specifically for the Hollywood industry. To understand what Mogul is, it’s important to first grasp the concept of daily fantasy sports. This subcategory of fantasy sports allows players to compete over short-term periods, rather than an entire season. Players assume the role of team managers, creating their own dream teams made up of real-world athletes and earning…
