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Cost of Living and Social Security: If you are a social security recipient, The Senior Citizens League, a nonpartisan group, estimates that beneficiaries will see a record-high cost of living adjustment in 2023. The group sees a 9.6% increase in payments based on the latest consumer price index released last week. That’s an additional $159 per recipient on average. However, waiting for that increase can be hard as the cost of living is seemingly unstoppable.

Rent on the Rise: While prices of just about everything are rising, rent costs are soaring just about everywhere. This is a problem because skyrocketing rent when house prices are high makes it hard for renters to make ends meet. Rents in the second quarter were 23% higher nationwide than in the same period in 2019. And yet, rent can be a bit recession-proof. The fewer houses that are sold, the more demand grows for rentals. However, as landlords pass on their rising costs to renters, the vicious cycle continues with tenants in the middle.

American Airlines goes supersonic: American Airlines is set to buy 20 supersonic jets from Boom Supersonic. The new plane, which can fly up to 1,304 miles per hour, could substantially cut trans-Atlantic and trans-Pacific flight times. The deal follows United Airlines’ purchase of 15 supersonic jets last year.

Perhaps there’s more to the innovation coming to market than meets the eye, as this round of supersonic flights isn’t expected until 2026.

Business Briefing

  • Rate Hikes: Federal Reserve officials agreed at their July meeting that they will have to continue raising interest rates to cool the economy enough to bring down inflation, according to minutes of the meeting released Wednesday. Since the July meeting, several Fed policymakers have indicated that they would favor lifting rates at least a half-point in September. The minutes indicate that officials are concerned about the risk of failing to raise rates enough to contain inflation or raising them too much and hurting the economy. (The Wall Street Journal)
  • Bed Bath & Beyond: Shares for the retail giant Bed Bath & Beyond plunged 45 percent in extended trading Thursday after a securities filing indicated that activist investor Ryan Cohen had completed the sale of his nearly 10 percent stake in the company. The shares fell 20 percent in Thursday’s regular trading. (CNBC, CNN)

Wish For More: The American Cancer Society has a pretty neat marketing campaign that we can get behind. It’s called “Wish for More Birthdays.” The website says the campaign was started “because cancer stole the lives of our loved ones too soon.” With every box of birthday candles you purchase, 100% of profits go to the American Cancer Society, fueling their wish (and goal) to cure cancer. Purchase your candles here.