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Yahoo
2 days ago
- Business
- Yahoo
"Learn to Code" Backfires Spectacularly as Comp-Sci Majors Suddenly Have Sky-High Unemployment
It looks like the "learn to code" push is backfiring spectacularly for those who bought in. As Newsweek reports, recent college graduates who majored in computer science are facing high unemployment rates alongside the increasing probability of being laid off or replaced by artificial intelligence if and when they do get hired. In its latest labor market report, the New York Federal Reserve found that recent CS grads are dealing with a whopping 6.1 precent unemployment rate. Those who majored in computer engineering — which is similar, if not more specialized — are faring even worse, with 7.5 percent of recent graduates remaining jobless. Comparatively, the New York Fed found, per 2023 Census data and employment statistics, that recent grads overall have only a 5.8 percent unemployment rate. While folks who majored in fields like anthropology and physics fared even worse, with unemployment rates of 9.4 and 7.8 percent respectively, computer engineering had the third-highest rate of unemployment on the New York Fed's rankings, while computer science had the seventh — a precipitous fall from grace for a major once considered an iron-clad ticket to high earnings and job security. (Those numbers, notably, are worse even than the outcomes for journalism grads. Despite being accurately advised that their chosen field is dying, recent grads who majored in journalism are only experiencing unemployment at a rate of 4.4 percent, per the NYFR's analysis.) Bryan Driscoll, an HR and business consultant, told the magazine that the pipe dream "sold" to CS majors doesn't match up to the reality of the current job market that still "rewards pedigree over potential." "We've overproduced degrees without addressing how exploitative and gatekept the tech hiring pipeline has become," Driscoll said. "Entry-level roles are vanishing, unpaid internships are still rampant, and companies are offshoring or automating the very jobs these grads trained for." By automating, of course, the consultant means being replaced with AI as part of the second apparent phase of the tech industry's latest crash following major layoffs in recent years. Michael Ryan, another of Newsweek's experts, suggested that recent CS grads are, somehow, doing a crappier job than their AI competition. "Every kid with a laptop thinks they're the next Zuckerberg," the finance guru behind told the magazine, "but most can't debug their way out of a paper bag." "We created a gold rush mentality around coding right as the gold ran out," Ryan continued, referencing the "learn to code" craze of the late 2010s and early 2020s. "Companies are cutting engineering budgets by 40 percent while CS enrollment hits record highs. It's basic economics. Flood the market, crater the wages." Where do they go from here? Aside from going back to school for something more lucrative, they could take the suggestion from one laid-off tech veteran, who last year told SFGATE that she had started selling her blood plasma to make ends meet. More on post-grad struggles: Berkeley Coding Professor Says Even Grads With 4.0 GPA Can't Find Jobs
Economic Times
3 days ago
- Business
- Economic Times
DOGE's latest action amid crackdown on federal spending days after Elon Musk quits Trump team
The Department of Government Efficiency (DOGE) deactivated 523,000 federal credit cards after a 13-week audit aimed at curbing government spending. This comes merely two days after DOGE chief Elon Musk quit the Trump administration. This initiative, launched by President Trump and led by Elon Musk, targeted non-essential expenses across 32 agencies. While supporters claim it reduces waste, critics argue it disrupts essential services, as seen with TSA's bomb-sniffing dog unit purchases. Elon Musk, the head of DOGE, has confirmed that he is stepping away from the White House, where he has served as a senior adviser to the president. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads DOGE freezes employees' credit cards Tired of too many ads? Remove Ads Two days after tech billionaire Elon Musk left the Trump administration, the Department of Government Efficiency DOGE ) has announced the cancellation of more than half a million government credit cards amid its crackdown on federal spending. In a post on X, formerly Twitter, DOGE said it had deactivated 523,000 credit cards following a 13-week cancellations include credit cards from various federal agencies—including NASA, the General Services Administration; the Office of Personnel Management; and the departments of the Treasury, Education, Interior, Commerce, Agriculture and State."After 13 weeks, the program to audit unused/unneeded credit cards across 32 agencies has resulted in ~523k de-activated cards. As a reminder, at the start of the audit, there were ~4.6M active cards/accounts - we are now expanding the program to more agencies, as there is much more work to do," the post Ryan, the founder of told Newsweek in March: "These aren't your typical consumer credit cards. We're looking at lifelines for federal agencies—cards that keep the lights on, quite literally. Need to book a last-minute flight for a critical meeting? There's a card for that. Emergency maintenance part for a military vehicle? Yep, another card. Office supplies for a research lab working on something that could change the world? You guessed it—another card."In February, Trump's executive order froze almost all agency employee credit cards, with the exception of those who used them for "disaster relief or natural disaster response benefits or operations or other critical services." Agency heads and DOGE leaders also permitted categorical and individual exemptions to some government credit card February 18, DOGE announced it was collaborating with federal agencies to streamline credit card usage and cut administrative expenses. The initiative targeted the approximately 4.6 million federal credit cards and 90 million individual transactions recorded in fiscal year 2024. Shortly afterward, President Donald Trump issued an executive order mandating a 30-day freeze on agency employee credit of DOGE's cost-cutting measures argue that they help curb waste, fraud, and abuse in government spending. However, critics contend that the reductions have disrupted federal agency operations, making it harder to purchase essential supplies and pay for critical services and this month, DOGE suspended more than half a million federal credit cards in its ongoing effort to slash government spending. The task force, led by billionaire Elon Musk and launched by President Donald Trump earlier this year, announced that credit cards from 32 federal agencies have been deactivated as part of the by executive order following Trump's return to office in January, the Department of Government Efficiency (DOGE) was charged with downsizing the federal workforce and eliminating waste. With $40 billion in annual federal spending previously routed through government-issued credit cards, DOGE launched a deactivation campaign targeting non-essential expenses that often accumulate unnoticed across March, DOGE announced it had suspended 200,000 cards across 16 agencies. That number has since more than doubled, now exceeding 500,000 deactivations across 32 agencies. However, cuts of this magnitude have already led to operational instance, when TSA's credit cards were affected in March, officials temporarily couldn't make purchases for their bomb-sniffing dog units. "Credit card purchases have been restricted for 30 days," a TSA spokesperson told Newsweek at the time, "but canine operations have not been adversely affected by this effort."Elon Musk, the head of DOGE, has confirmed that he is stepping away from the White House, where he has served as a senior adviser to the X, he said that despite his departure, which comes as the 130-day limit on his tenure as a special government employee approaches, DOGE's "mission will only strengthen over time as it becomes a way of life throughout the government."
Newsweek
3 days ago
- Business
- Newsweek
DOGE Deactivates 523,000 Credit Cards
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Department of Government Efficiency (DOGE) has announced the cancellation of more than half a million government credit cards amid its crackdown on federal spending. Why It Matters DOGE first announced on February 18 that it was working with agencies to simplify federal credit card accounts and reduce administrative costs, estimating the federal government had some 4.6 million credit cards and 90 million unique transactions in the 2024 fiscal year. President Donald Trump later issued an executive order calling for a 30-day freeze on agency employee credit cards. While proponents of DOGE's cuts say they eliminate waste, fraud and abuse in government spending, critics argue that some cuts have hampered operations at federal agencies, including ordering essential supplies and paying for government-related services and contracts. A stock image of credit cards and U.S. dollars. A stock image of credit cards and U.S. dollars. GETTY What To Know In a post on X, formerly Twitter, DOGE said it had deactivated 523,000 credit cards following a 13-week audit. The cancellations include credit cards from various federal agencies—including NASA, the General Services Administration; the Office of Personnel Management; and the departments of the Treasury, Education, Interior, Commerce, Agriculture and State. "We are now expanding the program to more agencies, as there is much more work to do," DOGE wrote. Credit Card Update! After 13 weeks, the program to audit unused/unneeded credit cards across 32 agencies has resulted in ~523k de-activated cards. As a reminder, at the start of the audit, there were ~4.6M active cards/accounts - we are now expanding the program to more... — Department of Government Efficiency (@DOGE) May 30, 2025 In February, Trump's executive order froze almost all agency employee credit cards, with the exception of those who used them for "disaster relief or natural disaster response benefits or operations or other critical services." Agency heads and DOGE leaders also permitted categorical and individual exemptions to some government credit card holders. What People Are Saying The Department of Government Efficiency wrote on X: "After 13 weeks, the program to audit unused/unneeded credit cards across 32 agencies has resulted in ~523k de-activated cards. As a reminder, at the start of the audit, there were ~4.6M active cards/accounts—we are now expanding the program to more agencies, as there is much more work to do." Michael Ryan, the founder of told Newsweek in March: "These aren't your typical consumer credit cards. We're looking at lifelines for federal agencies—cards that keep the lights on, quite literally. Need to book a last-minute flight for a critical meeting? There's a card for that. Emergency maintenance part for a military vehicle? Yep, another card. Office supplies for a research lab working on something that could change the world? You guessed it—another card." Jessica Childress, the founder of the Childress Firm and a former lawyer for the Department of Justice, told Fortune in March: "These cards are the ways that many government workers are performing the duties they've taken an oath to perform. It facilitates the ability of these employees to do their jobs." What Happens Next Elon Musk, the head of DOGE, has confirmed that he is stepping away from the White House, where he has served as a senior adviser to the president. On X, he said that despite his departure, which comes as the 130-day limit on his tenure as a special government employee approaches, DOGE's "mission will only strengthen over time as it becomes a way of life throughout the government."
Newsweek
4 days ago
- Business
- Newsweek
Map shows states with the highest increase in unemployment
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Some states saw higher increases in unemployment levels from February to April, according to new data released by the U.S. Bureau of Labor Statistics. Massachusetts and Connecticut saw the highest jumps in unemployment percentage of all the states, with states like Ohio, Mississippi and Virginia not far behind. Why It Matters A substantial number of states saw their unemployment numbers tick up in April, signaling many states' economies might show trouble ahead. Nationwide, the unemployment rate remained unchanged at 4.2 percent last month, with more jobs noted in healthcare and warehousing. Meanwhile, federal government employment declined this month. What To Know Massachusetts and Connecticut experienced the highest unemployment percentage increase, both up 0.3 percentage points to 4.6 percent and 3.7 percent, respectively. However, New Jersey, Delaware, Virginia, Ohio, Mississippi, Missouri, Iowa, Minnesota, Arizona and Oregon also had substantial upticks of 0.2 percent. Michigan also had a 0.1 percent increase, reflecting the state's manufacturing job losses. "Michigan's pain is automation's gain," Michael Ryan, a finance expert and the founder of told Newsweek. "The state that built America's middle class is watching robots replace assembly line workers. When 20 percent of your jobs depend on an auto industry that's slashing human workers for silicon chips... Well, you're not just facing unemployment, it's more like extinction." Many rural states also saw an uptick due to the lack of industry remaining in these regions, Ryan added. "Mississippi's surge tells a different story of rural America getting left behind. Limited industry growth, persistent poverty, and a brain drain that's bleeding talent. When your biggest employers are struggling with funding cuts, you're losing jobs and hope," Ryan said. Former U.S. President and current Republican Presidential nominee Donald Trump speaks about the economy, inflation, and manufacturing during a campaign event at Alro Steel on August 29, 2024 in Potterville, Michigan. Former U.S. President and current Republican Presidential nominee Donald Trump speaks about the economy, inflation, and manufacturing during a campaign event at Alro Steel on August 29, 2024 in Potterville, People Are Saying Michael Ryan, a finance expert and the founder of told Newsweek: "The job market has shifted from feast to famine. Hiring has slowed to a crawl, with companies taking longer to fill positions and job postings plummeting from post-pandemic peaks. I expect this to be the new normal." "We're transitioning from an employer's nightmare to a job seeker's hellscape. Companies have regained leverage, and they're using it ruthlessly." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "The driving force continues to be the economics of the manufacturing base, specifically automotive. As these jobs continue to be outsourced and automated, people in these regions will need to be retrained so they can enter the job market in different capacities, which will reduce the unemployment rate." HR consultant Bryan Driscoll told Newsweek: "These increases reflect deeper cracks in a labor market that's been running on fumes for months. We're coming up on six months into Trump's second term, and the impact is starting to show. Corporate deregulation, budget slashing, and worker-hostile policies hit individuals and communities hard. The job market is cooling fast, and the safety nets - such that there were any to begin with - are being further slashed or ignored." What Happens Next Ryan said the labor market could change substantially in the next few months across all regions. "Time for the great labor market reality check. All 4 Census regions will see unemployment rise as we enter below-trend growth," Ryan said. "In my opinion, the West will get hammered hardest. With California, Nevada, and Washington leading the charge as professional services and tech hiring freezes."
Newsweek
13-05-2025
- Business
- Newsweek
How Much $1,000 MAGA Account for Kids Could Be Worth at 18 Years Old
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. House Republicans have unveiled a new proposal aimed at boosting long-term financial security for young Americans: a $1,000 federally funded savings account for children under 8. But, it's possible the earnings won't keep up with inflation, according to one expert. Why It Matters The proposal, while drawing attention for its political branding, is intended to support future expenses such as education or small business investment once the child reaches adulthood. House Republicans are facing increasing pressure to pass lasting tax legislation. President Donald Trump vowed would be a priority throughout his 2024 election campaign. U.S. President Donald Trump speaks during a press conference in the Roosevelt Room of the White House on May 12, 2025, in Washington, DC. U.S. President Donald Trump speaks during a press conference in the Roosevelt Room of the White House on May 12, 2025, in Washington, To Know Branded as the "MAGA" account—short for "Money Account for Growth and Advancement"—the plan is part of a broader legislative package dubbed "THE ONE, BIG, BEAUTIFUL BILL" introduced this month in Congress. The MAGA accounts would be created automatically for children born in the United States and seeded with a $1,000 deposit from federal funds. To be eligible, children must be U.S. citizens "at birth," have a Social Security number, and be born after December 31, 2024, and prior to January 1, 2029. The MAGA accounts are listed as being "exempt from taxation" in the bill. Senator Ted Cruz was a moving force behind this initiative, originally calling it the "Invest America Act" before it got rebranded with the MAGA mantra. "He sees it as a way to give every child 'a stake in the American free enterprise system' and essentially create a new generation of investors and capitalists from birth," Michael Ryan, a finance expert and the founder of told Newsweek. The initial $1,000 investment could grow significantly over a period of 18 years, depending on how it's invested. With a moderate 5 percent return, children could see roughly $2,400 at age 18, while a more aggressive 10 percent investment return would lead to $5,560 for the 18-year-old to use on education or other expenses as a young adult, Ryan said. What People Are Saying Michael Ryan, a finance expert and the founder of told Newsweek: "Will that single deposit change a life on its own? Not by itself. But it plants a seed that can grow if nurtured with wise choices over time." "If you want to close the wealth gap, you don't just redistribute dollars. You teach the next generation to invest, to own, to build." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Anything that puts a child on a path towards savings is a step in the right direction. For some, $1,000 may not seem like much, but for many lower-income families this is a very significant sum. Early indications show this program will be for limited ages and dates and funds will be held in a savings account. If it is a traditional savings account, 18 years of compound growth will not be 'big and beautiful;' it will be lucky to keep up with inflation." What Happens Next House Speaker Mike Johnson has set a Memorial Day deadline to pass Trump's bill. The U.S. House tax-writing committee will take it up on Tuesday. "Is it likely to pass? Honestly, I'd say the odds are pretty slim right now," Ryan said. "This provision is just one part of a massive $5 trillion tax package that's already causing tension even within Republican ranks. With such a thin margin in the House and significant Democratic opposition, it faces a tough uphill battle in the legislative process."
