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New research shows that pandemic cost US trillions in economic losses

Jane King 07/09/24

INDIANAPOLIS (WISH) — Here is a look at Tuesday’s business headlines with Jane King, where she discusses the economic impact of the pandemic, Americans attitude towards higher education and more.

Pandemic called most disruptive and costly event

A new report by the Heritage Foundation’s Nonpartisan Commission on China and COVID-19 found that the pandemic caused $18 trillion in economic losses to the U.S.

That figure includes more than $8.6 trillion caused by excess deaths; more than $1.8 trillion in lost income; $6 trillion due to chronic conditions such as long COVID-19; and mental health losses of $1 trillion and educational losses of $435 billion.

It added that the pandemic was the most disruptive and costly event of the 21st century.

Survey: Americans don’t have faith in higher education

Americans’ confidence in higher education has been on the decline for several years, and new data shows the trend is continuing.

New results from a poll conducted by Gallup and the Lumina Foundation released Monday show only 36% of U.S. adults have confidence in higher education, down from 57% in 2015.

For those who are not confident in higher education, the top reason cited was concerns over political agendas at 41%.

Report: Credit card balances are rising

U.S. consumer borrowing increased in May by the most in three months, reflecting a jump in credit card balances.

Many Americans who have spent their pent-up savings accumulated during the pandemic are relying on credit cards and other payment methods to spend.

Combined with the rise in the cost of living, that’s further straining household finances.

Hackers are targeting Apple IDs

A serious cyberthreat is targeting Apple IDs, and it’s more crucial than ever to be on guard. Security experts from Symantec have uncovered an advanced SMS phishing campaign designed to trick you into giving up your valuable Apple ID credentials.

Hackers send out text messages that look like they are from Apple. These messages urgently request that users click on a link for an important iCloud update or verification.

The message even has a Captcha, a response test to determine if users are human, to make it seem more legit.

NASCAR unveils prototype for electric race car

NASCAR unveiled its first prototype electric racer this weekend at the Chicago Street Race.

The $1.5 million electric crossover was developed in partnership with ABB, Chevrolet, Ford and Toyota to call attention to sustainability efforts under the NASCAR Impact Program and show what they are capable of.

It does not mean NASCAR is moving away from gasoline-powered race cars just yet, but rather that it’s trying to gauge fan interest in electric racing.