“Another wipeout walloped Wall Street Friday,” Stan Choe of the Associated Press wrote today. The S&P 500 had one of its worst days in two years, dropping 2%. The Dow Jones Industrial Average fell 715 points, losing 1.7% of its value. The Nasdaq Composite fell 2.7%. On Tuesday, news dropped that the administration’s blanket firings and wildly shifting tariff policies have dropped consumer confidence to a low it has not hit since January 2021. Today’s stock market tumble started after the Commerce Department released data showing that consumer prices are rising faster than economists expected.
AIG chief international economist James Knightley said: “We are moving in the wrong direction and the concern is that tariffs threaten higher prices, which means the inflation prints are going to remain hot.” Business leaders like lower interest rates, which reduce borrowing costs and make it cheaper to finance business initiatives, but with rising inflation, the Federal Reserve will be less likely to cut interest rates.
Makena Kelly of Wired reported today that billionaire Elon Musk’s “Department of Government Efficiency” (DOGE) is planning to move the computer system of the Social Security Administration (SSA) off the old programming language it uses, COBOL, to a new system. In 2017, the SSA estimated that such a migration would take about five years. DOGE is planning for the migration to take just a few months, using artificial intelligence to complete the change.
Experts have expressed concern. Dan Hon, who runs a technology strategy company that helps the government modernize its services, told Kelly: “If you weren’t worried about a whole bunch of people not getting benefits or getting the wrong benefits, or getting the wrong entitlements, or having to wait ages, then sure go ahead.” More than 65 million Americans currently receive Social Security benefits. Today Representative Don Beyer (D-VA) recorded himself calling the SSA and being told by a recording that the wait times were more than two hours and that he should call back. And then the system hung up on him.
Read more: Letters from an American – Heather Cox Richardson – March 28, 2025 – SubstackSource Links: https://heathercoxrichardson.substack.com/p/march-28-2025
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