Things To Do In SW Florida

By FATIMA HUSSEIN and JOSH BOAK (Associated Press)

WASHINGTON (AP) — The Congressional Budget Office reported Wednesday that economic and job growth so far this year has been stronger than forecast in February, but an updated outlook sees parts of the economy as weakening through 2024.

The latest 10-year budget and economic outlook from the nonpartisan office shows how difficult it is to figure out where the United States is going in the wake of the pandemic. Many economists and investors were caught off guard as Federal Reserve interest rate increases, intended to combat high inflation, have not led to mass layoffs and a recession. Rather, growth and hiring have stayed relatively solid.

The CBO said it expects rates to continue to rise, as well as slower growth in the gross domestic product for the rest of this year and unemployment reaching 4.7% by the end of 2024.

In February, the agency projected that the unemployment rate would jump to 5.1%. It currently stands at 3.6%. The CBO now estimates that rate will end the year at roughly 4.1%. read more

By TOM KRISHER (AP Auto Writer)

DETROIT (AP) — The announcement Wednesday that seven major automakers are joining to build a large North American electric vehicle charging network should pull people off the sidelines to at least consider shifting away from gas-powered vehicles.

That’s how auto industry analysts see the move by General Motors, BMW, Honda, Hyundai, Kia, Mercedes and Stellantis to build a network of fast-chargers that will rival Tesla’s and will nearly double the number of quick-charging plugs in the U.S. and Canada.

“Anything that gets more — and especially more reliable chargers — out there will be a benefit to anybody considering EVs,” said Sam Abuelsamid, an e-mobility analyst for Guidehouse Insights. “It should help sway some people who were on the fence about buying an EV.”

The companies said they will share in a multibillion-dollar investment to build “high power” charging stations with at least 30,000 plugs in urban areas and along travel corridors by 2030. read more

Get ready for a budget shock. You knew it was coming — the onset of student loan repayments. But did you realize what a dent it was going to make in your budget? A new study just released by the credit bureau TransUnion has details. And it shows that the burden of resuming debt payments may be the straw that derails the Fed’s soft economic landing.

On the other hand, there is a new program called the Saving on a Valuable Education (SAVE) Plan, that could offer dramatic cuts in current payments (some to zero), and lead to eventual forgiveness.

Growing debt impact

TransUnion knows how much you owe on your student loans. And they also track your other outstanding credit accounts such as mortgages, credit cards and car loans. Their new report reveals that during the three years of suspended payments, many borrowers racked up a lot of other debt.

Here are the scary numbers:

—As of May 32, 2023, 40.6 million consumers possessed student loans (or were possessed by them!).

—Approximately 26.8 million of these borrowers (with total debt of $1.1 trillion) will be required to resume payments. (Remember, private student loan borrowers did not have a moratorium.) read more

British billionaire Joe Lewis, who was indicted on insider trading charges Tuesday, has a lengthy record of donations and development in Central Florida.

Lewis owns Tavistock Holding Co., the group that developed the Lake Nona area in Orlando into one of the region’s most innovative neighborhoods.

The Nona area is home to Medical City, a biomedical research and educational hub that includes Nemours Children’s Hospital, the University of Central Florida College of Medicine and the University of Florida Academic and Research Center.

Lewis donated $12.5 million of his own money and land to build the UCF medical school, as well as matching other donations. His generosity got him named the Orlando Sentinel’s 2006 Central Floridian of the Year.

In 1997, Lewis also made a $7.5 million gift to the M.D. Anderson Cancer Center in Orlando and later unsuccessfully attempted to get the Scripps Institute to build an East Coast expansion of its biotech operations in the city.

In 2019, Lewis pledged $10 million and pieces of his world-renowned art collection to the Orlando Museum of Art in an effort to get the museum to relocate to Lake Nona, but that deal never materialized. read more