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Heres a sentence thats likely never been seen before in human history: The 2028 Olympic Games have an official air taxi. Archer Aviation, an electric air taxi company based in California, announced that its been named the Official Air Taxi Provider for the 2028 Olympic Games in Los Angeles, as well as for the Paralympic Games and Team USA. Archers electric air taxis will be zipping around the skies in Southern California during and around the Olympics, shuttling VIPs, athletes, and anyone else who books a ride around various sites in the greater L.A. region. That includes Dodger Stadium, SoFi Stadium, Hollywood, and LAX airport. Archers CEO, Adam Goldstein, tells Fast Company that when the Olympics finally do roll around in a few years, expect to see dozens of Archers Midnight aircraft quietly navigating the airspace. He also thinks its an excellent opportunity to show off some American aviation muscle. The current [presidential] administration wants to focus on things that can put America in a good light, and aviation is having a tough time right now. This will be like a bright, shining star, Goldstein says. Not only that, but Goldstein thinks itll be a great opportunity for potential customers to learn about and fall in love with air taxi technology. Its a good product. Its clean, quiet, and affordable, he says, and will also give people a needed break from L.A. traffic, which is notoriously bad. Archers aircraft will offer an alternative to helicopters, moving around the city at speeds of up to 150 miles per hour. The air taxis can carry up to four passengers (plus a pilot). If theres an event at Dodger Stadium and athletes need to get back to SoFi [Stadium] for a ceremony, that could mean sitting for two hours in traffic, Goldstein says. The air taxi trip will cut that to mere minutes. With a few years to prepare, work will commence on getting the aircraft certified, the landing zones built, and other infrastructure up and running, he says. Its a cool way to show that America has some pretty good horsepower in the aviation space,” says Goldstein.
Category:
E-Commerce
Christine Farro has cut back on the presents she sends her grandchildren on their birthdays, and she’s put off taking two cats and a dog for their shots. All her clothes come from thrift stores and most of her vegetables come from her garden. At 73, she has cut her costs as much as she can to live on a tight budget.But it’s about to get far tighter.As the Trump administration resumes collections on defaulted student loans, a surprising population has been caught in the crosshairs: Hundreds of thousands of older Americans whose decades-old debts now put them at risk of having their Social Security checks garnished.“I worked ridiculous hours. I worked weekends and nights. But I could never pay it off,” says Farro, a retired child welfare worker in Santa Ynez, California.Like millions of debtors with federal student loans, Farro had her payments and interest paused by the government five years ago when the pandemic thrust many into financial hardship. That grace period ended in 2023 and, earlier this month, the Department of Education said it would restart “involuntary collections” by garnishing paychecks, tax refunds and Social Security retirement and disability benefits. Farro previously had her Social Security garnished and expects it to restart.Farro’s loans date back 40 years. She was a single mother when she got a bachelor’s degree in developmental psychology and when she discovered she couldn’t earn enough to pay off her loans, she went back to school and got a master’s degree. Her salary never caught up. Things only got worse.Around 2008, when she consolidated her loans, she was paying $1,000 a month, but years of missed payments and piled-on interest meant she was barely putting a dent in a bill that had ballooned to $250,000. When she sought help to resolve her debt, she says the loan company had just one suggestion.“They said, ‘Move to a cheaper state,'” says Farro, who rents a 400-square-foot casita from a friend. “I realized I was living in a different reality than they were.”Student loan debt among older people has grown at a staggering rate, in part due to rising tuitions that have forced more people to borrow greater sums. People 60 and older hold an estimated $125 billion in student loans, according to the National Consumer Law Center, a six-fold increase from 20 years ago. That has led Social Security beneficiaries who have had their payments garnished to balloon by 3,000% over the same period, according to the Consumer Financial Protection Bureau.An estimated 452,000 people aged 62 and older had student loans in default, according to a January report from CFPB.Debbie McIntyre, a 62-year-old adult education teacher in Georgetown, Kentucky, is among them. She dreams of retiring and writing more historical fiction, and of boarding a plane for the first time since high school. But her husband has been out of work on disability for two decades and they’ve used credit cards to get by on his meager benefits and her paycheck. Their rent will be hiked $300 when their lease renews. McIntyre doesn’t know what to do if her paycheck is garnished.She floats the idea of bankruptcy, but that won’t automatically clear her loans, which are held to a different standard than other debt. She figures if she picks up extra jobs babysitting or tutoring, she could put $50 toward her loans here and there. But she sees no real solution.“I don’t know what more I can do,” says McIntyre, who is too afraid to check what her loan balance is. “I’ll never get out of this hole.”Braxton Brewington of the Debt Collective debtors union says it’s striking how many older people dial into the organization’s calls and attend its protests. Many of them, he says, should have had their debts cancelled but fell victim to a system “riddled with flaws and illegalities and flukes.” Many whose educations have left them in late-life debt have, in fact, paid back the principal on their loans, sometimes several times over, but still owe more due to interest and fees.For those who are subject to garnishment, Brewington says, the results can be devastating.“We hear from people who skip meals. We know people who dilute their medication or cut their pills in half. People take drastic measures like pulling all their savings out or dissolving their 401ks,” he says. “We know folks that have been driven into homelessness.”Collections on defaulted loans may have restarted no matter who was president, though the Biden administration had sought to limit the amount of income that could be garnished. Federal law protects just $750 of Social Security benefits from garnishment, an amount that would put a debtor far below the poverty line.“We’re basically providing people with federal benefits with one hand and taking them away with another,” says Sarah Sattelmeyer of the New America think tank.Linda Hilton, a 76-year-old retired office worker from Apache Junction, Arizona, went through garnishment before COVID and says she will survive it again. But flights to see her children, occasional meals at a restaurant and other pleasures of retired life may disappear.“It’s going to mean restrictions,” says Hilton. “There won’t be any travel. There won’t be any frills.”Some debtors have already received notice about collections. Many more are living in fear. President Donald Trump has signed an executive order calling for the Department of Education’s dismantling and, for those seeking answers about their loans, mass layoffs have complicated getting calls answered.While Education Secretary Linda McMahon says restarting collections is a necessary step for debtors “both for the sake of their own financial health and our nation’s economic outlook,” even some of Trump’s most fervent supporters are questioning a move that will make their lives harder.Randall Countryman, 55, of Bonita, California, says a Biden administration proposal to forgive some student debt didn’t strike him as fair, but he’s not sure Trump’s approach is either. He supported Trump but wishes the government made case-by-case decisions on debtors. Countryman thinks Americans don’t realize how many older people are affected by policies on student loans, often thought to be the turf of the young, and how difficult it can be for them to repay.“What’s a young person’s problem today,” he says, “is an old person’s problem tomorrow.”Countryman started working on a degree while in prison, then continued it at the University of Phoenix when he was released. He started growing nervous as he racked up loan debt and never finished his degree. He’s worked a host of different jobs, but finding work has often been complicated by his criminal record.He lives off his wife’s Social Security check and the kindness of his mother-in-law. He doesn’t know how they’d get by if the government demands repayment.“I kind of wish I never went to school in the first place,” he says. Matt Sedensky can be reached at msedensky@ap.org and https://x.com/sedensky Matt Sedensky, AP National Writer
Category:
E-Commerce
Walmart, known as one of America’s most affordable retail chains, just signaled that President Trump’s tariffs are about to disrupt its competitive pricing. Here’s what to know: What did Walmart announce? On an earnings call Thursday discussing the company’s newly released Q1 FY2026 financial results, CEO Doug McMillon spoke about price changes that he says will hit in the coming weeks, as the impact of tariffs builds. “We will do our best to keep our prices as low as possible,” he said on the call. “But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins.” Which items sold at Walmart will be the most impacted? McMillon said that tariff-related pressure has been building over the last two months, noting that, so far, toys and electronics have been most impacted. Many companies whose products are sold at Walmart have already raised prices to absorb the impact of tariffs, or signaled that they will soon, such as toy brand Mattel. Last week, the brand said it would raise prices and move production from China to countries with lower tariffs. But on Thursday, McMillon acknowledged that pressure has been building on food prices, too. “We want to keep our food and consumables prices as low as we can,” he added, noting that many Americans have felt financially strained when it comes to buying groceries in recent years. He also noted that the retailer may feel more tariff-related-pressure on some food items more than others, such as bananas, avocados, coffee, and more, coming out of countries like Costa Rica, Peru, and Colombia. “We’ll do our best to control what we can control in order to keep food prices as low as possible,” he said. “An example would be controlling the amount of fresh food waste.” What did Walmart’s earnings report say? Walmart’s Q1 report showed the company’s revenue was up 2.5%, which slightly missed Wall Street’s projections. Walmart said in Thursdays press release that it expects second-quarter net sales to increase by 3.5% to 4.5% in constant currency. Walmart stock (NYSE: WMT) was down more than 3% in early trading on Thursday. Will other retailers raise prices, too? Given that Walmart is a giant brand that offers so many products, experts say the company is better equipped than most to absorb some tariff-related pressure. But if the chain is being forced to raise prices, that’s a very bad sign for consumers. If Walmarts coming outwith its scale and its buying power and its focusand saying prices are going to rise, everyone else is going to have to follow suit, said Neil Saunders, managing director at retail consultancy GlobalData, per NBC. Walmart is firing the starting gun on a period of price increases.
Category:
E-Commerce
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