What we’re reading (6/21)
“401(k) Plans Have Never Been Hotter. That’s Changing The Stock Market” (CNN Business). “Participation is likely to continue to skyrocket in 2023 as the SECURE Act 2.0 goes into effect. The bill, signed into law late last year, requires employers to automatically enroll all eligible workers into their retirement plans at a savings rate of 3% of salary.”
“Vacant Offices Are Piling Up In Silicon Valley” (Wall Street Journal). “Silicon Valley companies are dumping office space at an accelerating pace, as tech leaders such as Google and Facebook parent Meta Platforms close locations and reassess their commitments to the workplace.”
“Return To Office Enters The Desperation Phase” (New York Times). “For tens of millions of office workers, it’s been three years of scattershot plans for returning to in-person work — summoning people in, not really meaning it, everybody pretty much working wherever they pleased. Now, for the umpteenth time, businesses are ready to get serious.”
“Handouts To Corporations Don’t Create Jobs” (The Hill). “Microchip manufacturers will soon be raking in federal subsidies for building plants in the United States, but there is also a handy ploy they will use to soak up bucks from state governments: They pretend they have jobs to sell.”
“Bitcoin Rallies To Touch Highest Level Since April As Traders Get Bullish On ETF News” (CNBC). “The price of the flagship cryptocurrency touched a high of $30,749.45, its highest level since April 14, according to CoinMetrics. At 6:39 p.m. ET, the price was $29,988.46. Investors are growing bullish about the prospects of BlackRock and other major institutional names getting involved in digital assets.”
