Sean Conlon, Hugh Leask, Justina Lee and Sarah Min of CNBC report the S&P 500 rises to record close Friday and posts strongest week since April: 

The S&P 500 rose on Friday as traders interpreted an unexpected loss of jobs in July as meaning the Federal Reserve won’t need to raise interest rates soon and can leave monetary policy on hold for now.

The broad market index advanced 0.62% for a record close of 7,757.64, while the Nasdaq Composite outperformed, climbing 1.3% to 26,690.62. The Dow Jones Industrial Average added 151.83 points, or 0.28%, to end at 54,036.93.

Stocks posted a second straight week of gains. The S&P 500 — which closed above 7,700 for the first time ever earlier this week — advanced 3.6% in the period. The Nasdaq saw a gain of 5.2%, thanks to a bounce-back in chip stocks. The iShares Semiconductor ETF (SOXX) ended the week up more than 7%. The Dow, on the other hand, gained nearly 3% during the week. All three indexes notched their best weekly performances since April.

July’s nonfarm payrolls report showed a drop of 23,000 jobs, while economists polled by Dow Jones had forecast a gain of 83,000. The unemployment rate fell to 4.1% as the labor force participation rate fell to its lowest level in more than five years. Economists had expected it to remain unchanged at 4.2%.

A majority of fed funds futures traders now expect that the central bank will hold its benchmark lending rate at the current 3.50% to 3.75% at the next policy meeting in September, per the CME FedWatch tool. Just a day ago, traders were pricing in a 55% chance of a quarter-point hike.

“For the job market this is a number that’s not booming and may actually be breaking, but for the markets the two biggest areas of concern were yields and inflation,” Saira Malik, Nuveen chief investment officer, said on CNBC’s “Squawk Box.” “This lower number helps not reinforce the Fed’s narrative that they need to raise interest rates.”

Software stocks helped lead the market higher Friday as the latest round of earnings dispelled fears that artificial intelligence would disrupt the industry. Cloudflare popped more than 5% after the cloud cybersecurity company issued a solid full-year and current-quarter outlook. Shares of Atlassian jumped 35% after the company’s fourth-quarter adjusted earnings and revenue surpassed expectations and issued upbeat guidance.

Airbnb shares also rallied 17% after the vacation rental company posted a beat on the top and bottom lines.

Oil prices, meanwhile, were slightly higher as investors awaited a potential deal from the U.S. and Iran to reopen the Strait of Hormuz. Treasury Secretary Scott Bessent had told CNBC earlier in the week that the two sides could reach a deal soon.

West Texas Intermediate futures for September delivery were up 1.15%, settling at $78.18 per barrel, while Brent crude, the international benchmark, climbed 1.29% to settle at $83.55.

“The conclusion is that a resolution will be forthcoming in the not too distant future, and if those conditions change, then you’re going to see angst crawl back into the market,” said Terry Sandven, U.S. Bank Asset Management’s chief equity strategist. “But at present, the wall of worry is crumbling.” 

This was a fantastic week in the US stock market, led by -- you guessed it -- momentum stocks that were recently clobbered and snapped back viciously:

Just have a look at today's top gainers in the stock market (full list here): 

 And have a look at this week's top-performing US large cap stocks (full list here):

You'll see stocks like Atlassian Corp (TEAM), Twilio (TWLO), SpaceX, Palantir (PLTR), Paycom Software (PAYC), Shopify (SHOP), and Ionq Inc (IONQ)  all posted huge gains.

SpaceX (SPCX) came back strong in the latter half of the week after getting clobbered on Wednesday when it reported its first earnings report (it was down a lot prior to then).

When I see these hyper-growth stocks ripping higher, it tells me this market is on RISK ON mode, it wants to make new highs. 

Last week, it was all about Situational Awareness and how that fund imploded.  

I told my readers to pay attention to Aschenbrenner’s positions, all 34 of them available here. 

The short covering we saw last week, carried into this week.

So, what's next?

Again, look at the daily chart of the momentum ETF:

Massive short covering over the past two weeks led to the pop; that's clear to me.

Going forward, it has to sustain a move above its 50-day moving average to create a new uptrend.

The problem?  As stocks make record highs, bullish sentiment reigns.

This morning, I read that the Bank of America sentiment gauge hit its most extreme level since 2021.

That isn't good news from a contrarian standpoint; it means too many investors see things as very rosy.

But on the flip side, Treasury Secretary Scott Bessent admitted the US helped Japan support the yen, and that may end up shaping market behavior. 

There's a lot of liquidity and leverage out there, supporting all risk assets, not just stocks.

Below, the CNBC Investment Committee debate what catalysts the market needs to get the S&P to 8,000 by year-end (from Thursday's show).

Also, Tom Lee joined CNBC on August 6 to make the case that the chase toward 8,000 is already underway.

Lastly, John Belton, Gabelli Funds growth equities portfolio manager, joins 'Squawk Box' to discuss the latest market trends, key takeaways from earnings season, and more.

Understanding Fatty Liver Disease

Fatty liver disease arises when excess triglycerides accumulate within hepatocytes, impairing metabolic processes. It is linked to obesity, insulin resistance, and high alcohol intake. Early stages may be silent, but chronic inflammation can progress to fibrosis and cirrhosis, threatening liver function. Patients.

What Is Fatty Liver Disease?

Fatty liver disease, also known as hepatic steatosis, is a condition in which fat accumulates in liver cells beyond normal levels. When triglycerides build up, the liver’s ability to process nutrients, detoxify substances, and produce essential proteins is compromised. The disease is broadly categorized into two forms: non‑alcoholic fatty liver disease (NAFLD) and alcoholic fatty liver disease (AFLD). NAFLD is most common in people with obesity, type 2 diabetes, high cholesterol, and metabolic syndrome, while AFLD results from chronic alcohol consumption. In both cases, the excess fat triggers a cascade of inflammatory signals that can lead to liver cell injury, fibrosis, and eventually cirrhosis if left untreated. Early stages are often asymptomatic, but as the condition progresses, patients may experience fatigue, abdominal discomfort, and elevated liver enzymes on blood tests. Diagnosis typically involves imaging studies such as ultrasound or MRI, along with blood work to assess liver function. Management focuses on lifestyle changes—particularly diet and exercise—to reduce liver fat, improve insulin sensitivity, and halt disease progression. A targeted fatty‑liver diet plan, often available in PDF format, provides structured guidance on nutrient intake, portion sizes, and meal timing to support liver health. Clinical research indicates that a consistent reduction of liver fat by 30–40% can reverse early fibrosis, improve insulin sensitivity, and lower cardiovascular risk underscoring the importance of now intervention and regular monitoring.

Risk Factors and Prevalence

Fatty liver disease is increasingly common worldwide, affecting roughly 25–30 % of adults in many countries. Its prevalence rises sharply with obesity, insulin resistance, and type 2 diabetes, conditions that are themselves on the rise due to sedentary lifestyles and high‑calorie diets. Other key risk factors include excess alcohol consumption, rapid weight loss, certain medications (e.g., steroids, tamoxifen), and genetic predispositions such as PNPLA3 polymorphisms. Age also plays a role; the likelihood of hepatic steatosis grows after the fourth decade, especially in men. Women who experience menopause have a higher incidence, possibly due to hormonal shifts that influence lipid metabolism. Ethnic background matters—Latino and South Asian populations show higher rates of NAFLD even at lower body mass indices, while African Americans tend to have lower prevalence but a greater risk of progression to fibrosis. Urbanization and dietary shifts toward processed foods rich in fructose and saturated fats further fuel the epidemic. Screening recommendations suggest that individuals with metabolic syndrome, type 2 diabetes, or a BMI above 30 kg/m² should undergo liver function tests and imaging to detect early steatosis. Early detection is critical because the disease is largely asymptomatic until it advances to non‑alcoholic steatohepatitis (NASH) or cirrhosis, where treatment options become limited. Public health initiatives focusing on weight management, dietary education, and alcohol moderation are essential to curb the rising burden of fatty liver disease across diverse populations. Stay strong.!

Impact on Liver Function

Excessive fat deposition in hepatocytes disrupts normal liver physiology, leading to impaired detoxification, altered lipid metabolism, and diminished synthetic capacity. Initially, the liver may compensate by upregulating fatty acid oxidation and increasing circulating ketone bodies, but chronic overload triggers oxidative stress and inflammatory cytokine release. This inflammatory milieu promotes hepatocyte apoptosis and stellate cell activation, setting the stage for fibrosis. As fibrosis progresses, portal hypertension can develop, and the liver’s ability to produce essential proteins such as albumin and clotting factors declines, increasing bleeding risk. Moreover, impaired gluconeogenesis and glycogen storage can exacerbate hyperglycemia, creating a vicious cycle with insulin resistance. The accumulation of toxic metabolites, such as lipotoxic intermediates, further damages mitochondrial function, reducing ATP production and compromising bile acid synthesis. Consequently, patients may experience elevated transaminases (ALT, AST), jaundice, and a reduced capacity to metabolize drugs, necessitating dose adjustments. Early intervention through dietary modification, weight loss, and lifestyle changes can halt or reverse these functional impairments, preserving hepatic reserve and preventing progression to cirrhosis or hepatocellular carcinoma. Such a comprehensive plan not only addresses hepatic steatosis but also improves insulin sensitivity, lipid profiles, and overall cardiovascular health, thereby reducing the risk of long‑term complications associated with advanced liver disease. Seek expert advice for plans.

Role of Nutrition in Liver Health

Nutrition shapes liver health modulating fat storage, antioxidants and inflammation. Balanced macronutrients, fiber, and micronutrients reduce steatosis, improve insulin sensitivity, and support detox pathways. Adiet rich in whole foods can reverse fatty liver changes.

How Diet Influences Fat Accumulation

Dietary patterns directly affect hepatic lipid storage by modulating insulin signaling, de novo lipogenesis, and fatty acid oxidation. High intake of refined carbohydrates and saturated fats elevates circulating triglycerides, which are taken up by the liver and esterified into triglyceride droplets. Excessive fructose consumption, commonly found in sugary beverages, bypasses regulatory steps in glycolysis, leading to increased substrate availability for hepatic lipogenesis. Conversely, diets rich in complex carbohydrates, lean proteins, and healthy fats promote satiety, reduce overall caloric intake, and enhance insulin sensitivity, thereby limiting substrate flux into the liver. Omega‑3 fatty acids, abundant in fatty fish, compete with omega‑6 fatty acids for desaturase enzymes, reducing the synthesis of pro‑inflammatory eicosanoids and encouraging fatty acid oxidation. Dietary fiber binds bile acids and sugars in the gut, slowing absorption and lowering post‑prandial glucose spikes, which mitigates insulin resistance. Adequate protein intake supports gluconeogenesis and amino acid turnover, preventing excessive lipogenesis. In addition, micronutrients such as vitamin E, vitamin D, and zinc act as cofactors for antioxidant enzymes, protecting hepatocytes from oxidative damage that can otherwise exacerbate fat accumulation. A balanced diet that limits added sugars, refined grains, and trans fats while emphasizing whole foods, fruits, vegetables, and whole grains can therefore reduce hepatic triglyceride content, improve liver enzyme profiles, and halt the progression of fatty liver disease. A balanced diet reduces liver fat and improves overall metabolic health for long-term wellness supports immunity daily now OK.!!

Benefits of Antioxidant‑Rich Foods

Antioxidant‑rich foods are essential in counteracting oxidative stress that fuels fatty liver disease. Vitamins C and E, flavonoids, and carotenoids scavenge reactive oxygen species, protecting liver cells from lipid peroxidation and preserving mitochondrial function. Berries, citrus fruits, and leafy greens provide polyphenols that block pro‑inflammatory pathways like NF‑κB and STAT3, while boosting endogenous enzymes such as superoxide dismutase and glutathione peroxidase. These actions reduce systemic inflammation and improve insulin sensitivity, thereby lowering hepatic lipogenesis. Omega‑3 fatty acids, abundant in fatty fish, add anti‑inflammatory benefits and promote fatty acid oxidation, further decreasing liver fat. Clinical studies show that diets high in antioxidants correlate with lower fibrosis scores, suggesting protection against cirrhosis. Fiber from fruits, vegetables, nuts, and whole grains also modulates gut microbiota, reducing endotoxin leakage and hepatic inflammation. A balanced fatty liver diet plan PDF can help patients identify and incorporate these foods consistently, supporting liver regeneration, normalizing enzyme levels, and enhancing overall metabolic health.

In addition, consuming antioxidant‑rich beverages such as green tea and beet juice can further elevate endogenous antioxidant capacity. Green tea catechins inhibit hepatic fat synthesis, while beetroot nitrate enhances nitric oxide production, improving blood flow to the liver. Regular inclusion of these foods, combined with adequate hydration and avoidance of excess alcohol, creates a comprehensive strategy that not only reduces fat deposition but also promotes cellular repair mechanisms. By following a structured plan, patients can achieve measurable improvements in liver enzyme panels, reduce abdominal fat, and lower the risk of progressing to more severe liver disease stages.

Adopting this evidence‑based approach empowers individuals to take proactive steps toward liver health!!!!!

Limitations of Processed Foods and Sugars

Processed foods and added sugars are major contributors to hepatic steatosis. High fructose corn syrup, sucrose, and refined carbohydrates overload the liver’s metabolic capacity, promoting de novo lipogenesis and triglyceride accumulation. Studies show that a 10‑gram increase in daily sugar intake raises liver fat by 1.5–2.0 %; Processed snacks, sugary beverages, and refined grains also elevate insulin resistance, a key driver of fatty liver progression. Moreover, these foods are often low in fiber and essential micronutrients, leading to a nutrient gap that hampers antioxidant defenses. The glycemic load of processed items spikes blood glucose, triggering excessive insulin secretion and subsequent hepatic fat synthesis. Chronic consumption of these items is linked to higher levels of inflammatory cytokines such as TNF‑α and IL‑6, which exacerbate liver inflammation and fibrosis. Furthermore, processed foods frequently contain trans fats and hidden oils that worsen lipid profiles and increase oxidative stress. The cumulative effect is a cycle of fat deposition, inflammation, and impaired liver regeneration. Therefore, limiting processed foods and added sugars is critical for any fatty liver diet plan PDF, encouraging the replacement of refined items with whole‑food alternatives rich in fiber, vitamins, and healthy fats. Patients adopting this evidence‑based approach report significant reductions in alanine aminotransferase and aspartate aminotransferase levels, improved insulin sensitivity, and better overall metabolic profiles within three months of consistent diets changes. Regular monitoring and professional guidance further enhance success rates and quality of life. Moreover, integrating regular physical activity amplifies fat loss and supports liver regeneration.

Core Components of a Fatty Liver Diet Plan

Core components focus on balanced macronutrients, adequate protein, healthy fats, and low refined carbs. Essential vitamins (B12, D, C) and minerals (zinc, selenium) support detox. Fiber intake of 25–30 g/day promotes bile acid excretion. A PDF guide details meal plans and portion control for daily use recipes.!!

Macronutrient Distribution

In a fatty liver diet plan, the macronutrient ratio is carefully calibrated to reduce hepatic fat deposition while preserving lean mass and metabolic health. A typical distribution targets 45–55 % of total calories from carbohydrates, emphasizing complex, low‑glycemic sources such as whole grains, legumes, and non‑starchy vegetables. These foods provide sustained energy and fiber, which aid in bile acid excretion and insulin sensitivity. Carbohydrate intake should be spread across three balanced meals and two nutrient‑dense snacks to prevent postprandial spikes. Protein is allocated 20–25 % of daily calories, prioritizing lean animal proteins, plant‑based proteins, and fish rich in omega‑3 fatty acids. Adequate protein supports hepatic regeneration and satiety, reducing the temptation to consume excess calories. Fat constitutes the remaining 20–30 % of calories, with a focus on unsaturated fats from olive oil, nuts, seeds, and fatty fish. Saturated fats and trans fats are minimized to lower lipotoxicity. The total caloric intake is individualized based on basal metabolic rate, activity level, and weight‑loss goals, typically ranging from 1,600 to 2,200 kcal for most adults. Regular monitoring of weight, liver enzymes, and lipid panels guides adjustments. This macronutrient framework aligns with evidence that moderate carbohydrate restriction, adequate protein, and healthy fats synergistically improve liver steatosis, insulin resistance, and overall metabolic profile. The accompanying PDF guide offers meal templates, portion sizes, and recipe ideas to implement this balanced approach consistently. Hydration is also critical; aim for 2–3 L of water daily to support hepatic detox pathways. Additionally, limiting added sugars and refined grains further reduces de novo lipogenesis. Adherence is facilitated by portion control tools and mindful eating practices, which help maintain the prescribed macronutrient ratios over time. The PDF includes a sample weekly schedule that demonstrates how to distribute these macronutrients across breakfast, lunch, dinner, and snacks, ensuring each meal contains a balanced mix of carbs, protein, and fat. By following this structured plan, individuals can achieve gradual, sustainable reductions in liver fat content while preserving overall nutritional adequacy. Regular reassessment every 4–6 weeks allows for fine‑tuning of macronutrient ratios based on progress, ensuring the diet remains aligned with evolving metabolic needs.

Essential Vitamins and Minerals

For a fatty liver diet plan, micronutrient adequacy is critical. Vitamin A supports detox enzymes; a daily intake of 700–900 µg RAE is recommended; Vitamin C (75–90 mg) and vitamin E (15 mg) are potent antioxidants that reduce oxidative stress in hepatocytes. Vitamin D (600–800 IU) improves insulin sensitivity and may lower inflammation. B‑vitamins—particularly B12 (2.4 µg) and folate (400 µg)—facilitate methylation pathways essential for lipid metabolism. Zinc (8–11 mg) and selenium (55 µg) strengthen antioxidant defenses, while magnesium (310–420 mg) modulates glucose homeostasis. Iron should be monitored; excess iron can exacerbate oxidative damage, so a target of 10–15 µg/kg body weight is prudent. A balanced intake of these nutrients, sourced from leafy greens, citrus fruits, nuts, seeds, lean meats, fish, and fortified dairy, helps maintain liver function and supports weight management. The accompanying PDF guide lists specific food items, portion sizes, and daily targets to ensure consistent micronutrient coverage without excess caloric load. To further reinforce micronutrient adequacy, individuals may incorporate fortified cereals, vitamin‑supplemented smoothies, and regular check‑ups with a healthcare provider to monitor liver enzyme levels and adjust dietary components accordingly. Consistent adherence to these guidelines promotes sustained liver health and reduces the risk of progression to more severe liver disease. Staying hydrated with at least 2.5 liters of water helps maintain bile flow and supports toxin elimination!

In a fatty liver diet plan, dietary fiber plays a pivotal role in modulating insulin sensitivity, reducing circulating lipids, and promoting satiety. Clinical studies suggest that a daily intake of 25–35 g of total fiber—comprising both soluble and insoluble fractions—can lower triglyceride levels and improve liver enzyme profiles. Soluble fiber, found in oats, barley, legumes, apples, and psyllium, binds bile acids and cholesterol, facilitating their excretion and decreasing hepatic fat synthesis. Insoluble fiber, abundant in whole‑grain breads, brown rice, and raw vegetables, accelerates intestinal transit, preventing post‑prandial glucose spikes that drive de novo lipogenesis. For optimal benefit, the fiber distribution should be roughly 60 % soluble and 40 % insoluble, with a gradual increase to avoid gastrointestinal discomfort. A practical approach involves incorporating a half‑cup of cooked lentils or black beans, a tablespoon of ground flaxseed, and a medium apple each day, alongside a ½‑cup of oatmeal for breakfast. Whole‑grain cereals, such as steel‑cut oats or quinoa, should replace refined grains. Additionally, leafy greens—spinach, kale, and broccoli—provide both fiber and micronutrients that synergize with antioxidant pathways. Water intake of at least 2 L is essential to support fiber’s bulking effect and prevent constipation. Regular monitoring of liver function tests and body weight can help tailor fiber goals, ensuring that the diet remains both tolerable and effective in reducing hepatic steatosis and aids metabolic health!!. and track your progress daily Stay!!

PDF Guide Overview

The downloadable PDF serves as a comprehensive roadmap for individuals seeking to reverse fatty liver through nutrition. It begins with an executive summary that outlines the pathophysiology of hepatic steatosis, emphasizing the role of excess caloric intake and sedentary habits. Following this, the guide presents a step‑by‑step meal plan that balances macronutrients—40 % carbohydrates, 30 % protein, 30 % healthy fats—while ensuring adequate fiber and micronutrient density. Each day’s menu is illustrated with portion sizes, calorie counts, and cooking instructions, making the plan actionable for busy lifestyles. A dedicated chapter on grocery shopping lists highlights affordable, nutrient‑rich staples such as oats, legumes, leafy greens, and omega‑3‑rich fish, while advising on how to avoid hidden sugars and trans fats. The PDF also includes a weekly tracking sheet that encourages users to log weight, liver enzyme results, and subjective energy levels, fostering accountability and enabling adjustments based on progress. Additionally, a troubleshooting section addresses common obstacles like cravings, social eating, and meal prep time constraints, offering practical solutions such as batch cooking and healthy snack swaps. The guide concludes with motivational tips and a FAQ section that answers questions about supplement use, alcohol moderation, and when to seek medical follow‑up. By integrating evidence‑based recommendations with user‑friendly tools, the PDF empowers readers to take control of their liver health and achieve sustainable dietary change. The PDF also features an interactive calculator that estimates daily caloric needs based on age, sex, weight, height, and activity level, ensuring personalized energy balance. Users can print or save the calculator for quick reference. Visual aids such as charts depicting the reduction in liver fat percentage over time with consistent adherence are included to reinforce the long‑term benefits. The guide is written in plain language, avoiding medical jargon, and is accompanied by a glossary of key terms for clarity. Finally, the PDF invites readers to join an online community where they can share recipes, progress updates, and receive peer support, fostering a sense of belonging and motivation throughout their journey. For those who prefer a plant‑based approach, the guide offers a vegetarian variant of the meal plan, ensuring that protein needs are met through soy, beans, and nuts. The vegetarian version maintains the same macronutrient ratios and fiber targets, demonstrating that liver‑friendly eating can be both diverse and delicious.

The post fatty liver diet plan pdf appeared first on Every Task, Every Guide: The Instruction Portal
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Below, EPI senior economist Elise Gould offers her insights on the jobs report released this morning. Read the full thread here. 

 

Weak #jobsreport all around
-Nonfarm payrolls fell by 23,000 (mostly driven by state and local losses)
-The unemployment rate ticked down for the “wrong” reasons as labor force participation and employment-to-population ratio softened
-Nominal wage growth decelerated to 3.2% over the year
#EconSky

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— Elise Gould (@elisegould.bsky.social) 7:47 AM · Aug 7, 2026

Large losses in the public sector in July (-53k), particularly in local education (-49.6k jobs). An initial look doesn’t suggest an issue with seasonal adjustment because losses were also registered in NSA data for June and July. Local education jobs have fallen by nearly 100k (-98.3k) since March.

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— Elise Gould (@elisegould.bsky.social) 8:01 AM · Aug 7, 2026

While public sector weakness in July was centered around state and local jobs, federal jobs ticked down by 3,000. Federal employment remains 327,000 below its January level. The vital services federal employees provide cannot be done without these essential workers (e.g. food inspectors).
#EconSky

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— Elise Gould (@elisegould.bsky.social) 8:12 AM · Aug 7, 2026

Although manufacturing employment ticked up slightly in July (+5k), manufacturing jobs are still down by 62k since January 2025.

Instead of adding these blue collar jobs, the manufacturing sector has lost 62,000 jobs since Trump took office.

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— Elise Gould (@elisegould.bsky.social) 8:16 AM · Aug 7, 2026

Nominal wage growth decelerates in July, rising just 3.2% over the year. Slowing nominal wage growth suggests workers don’t have the leverage to bid up their wages. And, along with rising prices, workers and their families continue to find it difficult to make ends meet.

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— Elise Gould (@elisegould.bsky.social) 8:26 AM · Aug 7, 2026

Peter Rubinstein of Northeastern Global News reports this student wowed one of Canada’s largest pension funds with custom automation:

When Darhlilove Botchway arrived in wintery Toronto in 2025 from his home in Ghana, he felt like a fish out of water. The subfreezing temperatures shocked his system, which was accustomed to West Africa’s consistent heat. Canadian cuisine was also unfamiliar to him, he said.

“My taste buds did not really want to cope from the beginning,” he said, chuckling as he recalled his move to pursue an information systems master’s degree at Northeastern University in Toronto.

But just as he did after moving to North America, Botchway was quick to adapt and excel as a co-op at OPTrust, a prominent pension fund just a short walk from Northeastern Toronto’s downtown campus. 

OPTrust, where Botchway is an IT auditor, is responsible for ensuring that about 118,000 workers employed by the Ontario government and other agencies receive retirement benefits. 

Just as those public service employees rely on OPTrust to manage their earnings, the company leans on auditors like Botchway to ensure its operational security is airtight, he said. Botchway is tasked with identifying and mitigating security risks, creating processes and controls to shore up potential weak points in the company’s software infrastructure.

“Anything that goes wrong, especially with our critical business applications, could have a very devastating impact on our financial reporting at the end of the year, and that could really affect the organization,” Botchway said. “It really puts you in a position where, even as a developer, right from the onset, you begin to think about what could possibly go wrong: how could someone break into the system?”

Botchway said his role is important because of the high-stakes financial landscape OPTrust occupies. By the end of 2025, the company held more than $27 billion in net assets, earning it a coveted spot among the 10 largest pension funds in Canada, which are nicknamed the “Maple Revolutionaries.”

As he grew familiar with the role and its responsibilities, Botchway said he also took the initiative to think up other ways to optimize the company’s workflow. He drew from his previous automation experience at KPMG Ghana, a network of audit, tax and advisory firms, to streamline two particularly time-consuming processes at OPTrust.

For instance, Botchway constructed an automation tool that pings the person scheduled to host a daily meeting, shares details about the meeting’s contents and provides helpful links to resources they can use to plan their presentation. He also made a previously manual task obsolete by building an automated delivery service that sends a monthly report with status updates on ongoing tickets to OPTrust’s management team.

Botchway’s supervisor at OPTrust said that he consistently distinguished himself through “exceptional initiative, a proactive work ethic, and a strong problem-solving mindset,” according to Himadri Dave, a co-op adviser at Northeastern’s Toronto campus. “Rather than simply completing assigned tasks, Darhlilove regularly seeks out additional responsibilities, volunteers for new challenges, and looks for ways to improve processes for the benefit of the team,” the supervisor told Dave in a report during his co-op.

Because of his exemplary work in risk mitigation and his forward-thinking implementation of automation to streamline various internal processes, OPTrust offered Botchway a rare eight-month extension of his co-op placement, which would have otherwise only been four months.

“I think the best feedback we have received from any employer has been for Darhlilove,” said Dave, who worked closely with Botchway on his professional development. “They were even asking us if there’s a way they could keep him forever and not let him go back to the university.”

As for Botchway, he found a way around the cold. He found an underground tunnel system that kept him warm on his route to campus and swiftly came to appreciate the city’s cultural diversity, he said.

Botchway also said his introduction to Toronto company culture and the ways in which teams with different responsibilities work together have been his greatest takeaways from Northeastern.

The auditing and risk mitigation skills gained through his co-op will carry him forward as he pursues a Certified Information Systems Auditor certification before his graduation in May 2027, he said.

“That’s something I’m really proud of because I know how difficult it is, especially in my position, to extend a contract,” Botchway said of his time with OPTrust. “For someone to have that level of confidence in you, I don’t take that lightly.” 

I love this story and want to share it with my readers.

Why? Because Darhlilove Botchway represents the very best possible co-op student a large pension fund can ask for, and OPTrust rightly rewarded him by extending his contract by eight months, which is very rare.

A native from Ghana, he moved to Toronto in 2025 to pursue an information systems master’s degree at Northeastern University in Toronto.

What I love the most about him is his entrepreneurial attitude and willingness to challenge the status quo to improve the way things work at OPTrust:

For instance, Botchway constructed an automation tool that pings the person scheduled to host a daily meeting, shares details about the meeting’s contents and provides helpful links to resources they can use to plan their presentation. He also made a previously manual task obsolete by building an automated delivery service that sends a monthly report with status updates on ongoing tickets to OPTrust’s management team.

Botchway’s supervisor at OPTrust said that he consistently distinguished himself through “exceptional initiative, a proactive work ethic, and a strong problem-solving mindset,” according to Himadri Dave, a co-op adviser at Northeastern’s Toronto campus. “Rather than simply completing assigned tasks, Darhlilove regularly seeks out additional responsibilities, volunteers for new challenges, and looks for ways to improve processes for the benefit of the team,” the supervisor told Dave in a report during his co-op.

When co-op students ask me how they can get a co-op job at one of Canada's largest pension funds, I tell them straight out: "You need to network and differentiate yourself."

I also add: "You have to be lucky, landing these jobs isn't easy, so don't take it personally if you can't land one right away." 

But getting a co-op job is one thing; impressing your boss and others at the organization you work at is far more important. 

You need to take initiative, figure out how to make things run better and it's fine if your boss takes all the glory, even though I'm a big believer in giving credit to the people who deserve it (I loathe bosses who do not give credit to their employees when they deserve it).

To all co-op students, please stop asking me if you should work at BCI, La Caisse, PSP, CPP Investments, or at any other large Canadian pension fund.

First, get a job, and then if you land a job, keep your head down, work hard, and seek to add value to the team where you're working in a proactive, collaborative, and constructive way.

Also, listen and learn from people around you, soak up as much as possible, especially if you're lucky enough to have great mentors. 

In short, learn from Darhlilove Botchway, his attitude and gratitude are spot on.

OPTrust is lucky to have such a co-op student working in IT audit.  

Below, Richard Knight, Principal, and US IT Internal Audit Solutions Leader at KPMG, emphasizes how the internal auditor of tomorrow will need to possess a blend of business and IT skills, with a strong foundation in emerging technologies such as AI and data analysis, requiring a more rounded and integrated approach to auditing.

Key takeaways:

• The CROWN Act is legislation that protects students, workers, and housing applicants from race-based hair discrimination.
• 30 states have enacted some version of the CROWN Act, building momentum for a federal version to pass in Congress.
• Expansions of civil rights laws like the CROWN Act are more urgent than ever amid Trump administration attacks on nondiscrimination protections.

In an era of Trump administration attacks on nondiscrimination protections and diversity, equity, and inclusion (DEI) initiatives, workers and students need the guardrails included in the CROWN Act more than ever.

The CROWN Act stands for Creating a Respectful and Open World for Natural Hair. It expands existing civil rights law to prohibit race-based hair discrimination in schools, housing, and workplaces. Far from being solely focused on aesthetics, the CROWN Act protects against implicit bias and policing of Black and brown bodies. It codifies hair discrimination as racism and prohibits employers, public schools, and housing agencies from imposing whiteness as the uniform for success.

The CROWN Act is now law in 30 states

Pennsylvania and Rhode Island became the most recent states to pass the law in 2025, joining a growing list of states that have passed some form of the CROWN Act. Similar to the limited protections in Kentucky (which only provides public service and employee protections), Missouri also recently passed a limited version of the law that only applies to educational institutions—not workplaces or housing.

Figure A

Since the start of the second Trump administration, five states (Florida, Mississippi, Ohio, North Carolina, and South Carolina) have introduced at least one version of the CROWN Act.

Expanding CROWN Act legislation at the local level can be a significant incremental step toward expanding protections more broadly. In at least three of the states that introduced legislation, local CROWN laws have been adopted in cities including Charlotte, North Carolina, Columbus, Ohio, and Miami Beach, Florida. Such local policies have proven helpful in laying groundwork for passage of state laws elsewhere; for example, localities in Pennsylvania and Missouri passed CROWN Act laws years prior to these passing at the state level.

It’s time to pass the CROWN Act in Congress

Representative Watson Coleman (D-NJ) and Senator Cory Booker (D-NJ) introduced a federal version of the CROWN Act in the House and Senate last February. Neither bill has received a vote. With 60% of states already having passed the CROWN Act, the policy clearly has enough popular support to pass both chambers and become law.

A federal CROWN Act would provide consistent nationwide protection against hair discrimination for workers—especially Black women workers who have larger pay disparities and who are intersectionally impacted by a history of racist laws. Over 38.7% of Black women workers live in states where they are vulnerable to hair-based discrimination, based on the most recent 2024 data. That’s a slight improvement from the 44% of Black women workers who lacked protections in 2023, thanks to six more states—Kentucky, Missouri, New Hampshire, Pennsylvania, Rhode Island, and Vermont—recently passing some version of the CROWN Act.

Table 1

Although some states did not have large enough populations of Black women to be tracked in the data presented in Table 1, Black students and workers in states with smaller Black populations remain susceptible to discrimination. In South Dakota, for example, a student was told to cut their locks or leave school. Black students have shared similar stories in states across the country with varying Black population density.

Expansion of the CROWN Act must be coupled with strong enforcement

In an anti-DEI political climate, preventing hair-based discrimination must be coupled with addressing a growing crisis in federal and state nondiscrimination enforcement systems. Current threats to the Equal Employment Opportunity Commission’s (EEOC) enforcement mission are eroding protections for Black and brown workers. The EEOC was established by the Civil Rights Act of 1964 (the same law that the CROWN Act would expand) and was designed to be an independent federal agency to protect workers and promote fairness and equity in employment. The EEOC’s role in reducing discrimination has helped to boost average income by $493 to $1,233 per person since 1960. Historically, the EEOC has been a key source of protection for Black and brown people and women: A third of all EEOC charges were related to race (29,338) or sex (26,941) last year.

1

Last year, the Trump-appointed chair of the EEOC hijacked the agency’s mission by actively soliciting complaints from white male workers and encouraging “DEI-related discrimination” claims of “reverse racism.” In addition to assigning a new chair, the Trump administration has weakened the EEOC by removing the ability to collect full pay data, limiting gender data collection, and removing commissioners—preventing a quorum and disrupting proceedings.

The Civil Rights Act itself and the protections that the EEOC was created to enforce are at risk. And some states are following the Trump administration’s lead by weakening state-level civil rights laws and enforcement systems. For example, in 2025, Iowa became the first state in history to strip nondiscrimination protection from a protected class when it removed gender identity from its state Civil Rights Act. In response, many cities and counties expanded their local civil rights ordinances to ensure protections against discrimination based on gender identity, but in 2026 the state went a step further and banned local governments from protecting any class not explicitly listed in state law. These recent legislative changes explicitly targeted trans people for discrimination, but will also have the broader effect of preempting local governments from adopting any expanded civil rights protections in the future, including local versions of the CROWN Act.

In the meantime, discrimination has not stopped and continues to have a measurable impact on Black, brown, and women workers—especially related to opportunities for securing a job and workplace advancement. New research finds that 59% of white adults hold anti-Black prejudice, contributing to a greater likelihood that Black applicants are rejected from jobs compared with their white counterparts. Women are paid 18.6% less than men. The disparity increases when considering race: Black women are paid 68.3% and Hispanic women are paid 64.5% of white men’s pay.

It is imperative to both expand protections like the CROWN Act at the local, state, and federal levels and strengthen state civil rights enforcement, while working toward eventual restoration of the EEOC’s capacity to carry out its mission to protect against discrimination in the workplace.

Freschia Gonzales of Benefits and Pensions Monitor reports Canada's private sector shed 25,800 pension members in 2024:

Canada's private sector lost 25,800 registered pension plan members in 2024 even as national membership climbed to nearly 7.4m, exposing a widening split between public and private workplace retirement coverage. 

The overall gain of 132,000 members, or 1.8 percent, from 2023 came almost entirely from public plans.  

According to Statistics Canada, public sector plans added nearly 157,900 participants, a 4 percent increase, taking the public total to just over 4m. 

Private sector membership, by contrast, fell 0.8 percent, dipping below 3.3m. 

Coverage is thinning even as the raw numbers grow.  

The pension coverage rate, or the share of paid workers who belong to a plan, slipped to 37.6 percent in 2024 from 37.7 percent a year earlier, extending a decline that the agency traces back to 1977. 

Defined benefit membership drove the private sector drop.  

DB membership fell by 21,300, or 1.6 percent, over the year, a decline concentrated among private employers.  

Even so, DB plans remained the dominant structure, holding 68.1 percent of all RPP membership and more than 5m active members, as reported by Statistics Canada.  

Steve Hatzipantelis, vice-president of wealth at Ontario-based credit union YNCU, blamed cost for the shift.  

He said private employers have cut DB plans by about 1.6 percent, moving away from "costly defined benefit structures" toward defined contribution and other models. 

Daniel LeBlanc, portfolio manager at wealth management firm Verecan, tied the divergence to how each sector treats retirement.  

Public sector pensions "remain a key part of employee compensation and retirement security," he said.  

Private employers, by contrast, face plans that "are expensive to administer" and have moved toward alternatives such as Group RRSPs. 

Total contributions to registered plans still rose.  

Employers and employees together put in $83.6bn in 2024, up $4.2bn or 5.4 percent from 2023, the data show.  

Women continue to anchor the DB base, holding 56.1 percent of DB membership, a share weighted toward the public sector plans in health care, education, and public administration.  

The erosion of private DB coverage lands as Canadians report rising unease about retirement.  

In its 2026 Canadian Retirement Survey, the Healthcare of Ontario Pension Plan found that only 58 percent of unretired Canadians have saved for retirement at any point, fewer than half saved in the past year, and 38 percent say they are falling behind on their current standard of living, up eight points from 2025.  

Workplace pensions are viewed as a hedge: 68 percent said such plans are more valuable in uncertain times, and 85 percent said all workers should have access to an affordable retirement savings arrangement, HOOPP reported.  

Canada's DB base still dwarfs that of its largest trading partner.  

South of the border, the US Bureau of Labor Statistics reported that, as of March 2025, 72 percent of private industry workers had access to retirement benefits, but only 14 percent had access to a defined benefit plan against 70 percent with access to a defined contribution plan.  

The contrast underlines how far the US private sector has already moved toward DC, and the direction Canadian critics say private employers are travelling.  

LeBlanc said workers without a pension can copy its mechanics. 

Those in a plan have contributions "automatically deducted from their pay," he said, and others can do the same with recurring contributions to an RRSP or TFSA.  

Hatzipantelis added that "the earlier (you start) the better," since it builds the discipline a sound retirement requires. 

I already covered the HOOPP and Abacus Data 2026 Canadian retirement survey here.

Recall the key points:

63% of people between the ages of 55-64 say they don’t feel prepared for retirement.

57% of respondents said one of the reasons they have not been able to save for retirement is that they live paycheque to paycheque.

43% felt they may never be able to retire because of their financial situation, while 50% said they would need to continue working in their retirement years to support themselves financially.

41% of respondents who are homeowners plan to rely on the sale of their home as part of their retirement planning, but 60% are worried about their ability to pay off their mortgages in time so they can retire when they want to.

71% of respondents aged 18-34 who don’t own a home felt higher interest rates will impact their ability to buy a home in the future; 84% of that group also said they were concerned about the increasing cost of rent. 

Clearly, there is a widening retirement gap in Canada between private and public sector employees. 

The latter have access to gold-plated DB plans backed by the municipal, provincial, or federal government, whereas the former are increasingly being asked to switch to a group RRSP, if they're lucky.

These figures are important to track.

From a public policy perspective, the more Canadians who retire with a DB plan, the better it is for our economy over the long run. 

Why? Certainty of income in their golden years allows them to spend more, governments reap more taxes, and it's just generally better for the economy. 

Conversely, increasing retirement angst has the opposite effect on our economy as people spend less.

"Leo, it doesn't matter. Haven't you ever heard of the trickle-down theory?"

Yes, I have and it doesn't work to bolster retirement systems or economic prosperity in general.

Canada has some of the best DB pension plans in the world but overall coverage remains abysmal, especially for private sector workers.

CAAT Pension Plan, OPTrust, HOOPP and others are doing their part to improve coverage but the trend is clearly showing loss of DB pensions in the private side.

Keep that in mind, it's an important trend.

Below, everything you need to know about Canada's government pensions: CPP, OAS & GIS.

Josh Welsh of Benefits and Pensions Monitor reports IMCO adds $300 million in pension assets with Hamilton mandate:

The Investment Management Corporation of Ontario (IMCO) has been selected to manage approximately $300 million in pension assets for the City of Hamilton, consolidating three legacy defined benefit (DB) plans that cover more than 1,000 retirees, deferred members and beneficiaries, according to its press release Thursday.

According to the organization, the mandate will require an onboarding process during which IMCO will work with the city on investment decision-making and transition planning for the legacy portfolios

The mandate marks the first time one of Ontario's largest municipalities has outsourced legacy pension fund management to IMCO. The arrangement covers only the city's closed legacy plans, which are distinct from its “open” pension fund managed separately by another manager, according to IMCO. Hamilton's active pension fund will continue to be managed separately by another provider, the firm added. 

"The City of Hamilton's decision reflects the strength of our investment platform," said Bert Clark, president and CEO of IMCO. "We provide our clients with an end-to-end, cost-effective investment solution. Expert governance, strong liquidity and risk management, and high-quality reporting and disclosure are essential to managing public funds effectively.”

Growing municipal interest in pooled investment platforms

Hamilton's move follows a pattern of Ontario broader public sector organizations shifting pension investment management to IMCO rather than running it in-house. The City of Ottawa's OC Transpo Employees' Pension Plan is already an IMCO client, as are the Ontario Pension Board (OPB), the Workplace Safety and Insurance Board (WSIB), the WISE Trust Pension Plan, the Provincial Judges' Pension Board, Ontario's Pension Benefits Guarantee Fund, Tarion Warranty Corporation and the Ontario Clean Water Agency.

Complexity driving outsourcing decisions

Clark pointed to rising investment complexity as a factor pushing more public sector organizations toward external management.

"Many Ontario public sector organizations whose core mandate is not investing continue to manage public funds directly," he said. "But, in an increasingly complex investment environment, more are recognizing the value of joining IMCO."

IMCO, which manages $90.7 billion in total assets, operates on a not-for-profit, cost-recovery basis. It offers clients asset mix advisory services, access to a diversified range of asset classes including private markets and alternatives, and portfolio-level risk management and reporting. 

Last week, IMCO issued a press release stating it has added the City of Hamilton as a new client, expanding its public sector investment partnerships across Ontario:

TORONTO (July 30, 2026) – The Investment Management Corporation of Ontario (“IMCO”) today announced that it has been selected to provide investment management services to the City of Hamilton, supporting the long-term sustainability of the City's pension obligations.

“The City of Hamilton's decision reflects the strength of our investment platform. We provide our clients with an end-to-end, cost-effective investment solution,” said Bert Clark, President and CEO, IMCO.

Following an evaluation process, IMCO was selected to manage approximately $300 million in assets for the City of Hamilton. The mandate consolidates three legacy plans supporting more than 1,000 retirees, deferred members and beneficiaries. The mandate is focused specifically on legacy pension funds, which are distinct from its “open” pension fund managed separately by another manager. IMCO will work with the City on onboarding and investment decision-making.

With the addition of the City of Hamilton, IMCO continues to expand its role as a trusted partner to public sector institutions across Ontario. IMCO provides its clients with access to asset mix advisory services, a full range of asset classes and comprehensive risk, portfolio management and reporting services, all on a cost-recovery basis.

IMCO's growing roster of clients includes:

• Ontario Pension Board (“OPB”), administrator of the Public Service Pension Plan
• Workplace Safety and Insurance Board (WSIB), Insurance and Loss of Retirement Income funds
• WISE Trust Pension Plan, administrator of the WSIB Employees’ Pension Plan
• Provincial Judges’ Pension Board, administrator of the Provincial Judges’ Pension Plan
• Ontario's Pension Benefits Guarantee Fund (PBGF)
• City of Ottawa, administrator of the OC Transpo Employees’ Pension Plan
• Tarion Warranty Corporation’s Guarantee Fund (Tarion)
• Ontario Clean Water Agency’s (OCWA) reserve fund

“Many Ontario public sector organizations whose core mandate is not investing continue to manage public funds directly. But, in an increasingly complex investment environment, more are recognizing the value of joining IMCO,” continued Clark.

“Expert governance, strong liquidity and risk management, and high-quality reporting and disclosure are essential to managing public funds effectively.”

About IMCO

The Investment Management Corporation of Ontario (“IMCO”) manages $90.7 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest. 

I'm going to briefly go over my thoughts here.

First, and most importantly, I agree with IMCO's CEO Bert Clark:

“Many Ontario public sector organizations whose core mandate is not investing continue to manage public funds directly. But, in an increasingly complex investment environment, more are recognizing the value of joining IMCO. Expert governance, strong liquidity and risk management, and high-quality reporting and disclosure are essential to managing public funds effectively.”

In short, there are a lot of public sector organizations in Ontario that have no business whatsoever managing a pension plan, and their members would be better served over the long run by IMCO or another well-governed DB pension plan.

Let me be frank here, Canada as a whole has way too many small to medium-sized public pension funds that would be better served by a larger pension platform (larger pension fund) with solid governance.

I'm a big believer in amalgamation when it makes perfect sense from an administrative and performance view.

I covered IMCO's 2025 results back in April here.  

For the most part, it's a solid pension fund that is run well. 

Is it perfect? No, none of them are, but when compared to the alternatives at the municipal level, no doubt in mind members are better off joining IMCO if they have a small plan managed internally (if they're with OMERS, stay the course).

IMCO is unique among the bigger Canadian pension funds in that it still has to fight to get new clients.

A $300 million mandate from the City of Hamilton is a big mandate, even if it's focused specifically on legacy pension funds, which are distinct from its “open” pension fund managed separately by another manager.

With scale, IMCO becomes larger, can negotiate better terms and be involved in bigger deals, especially on co-investments to reduce fee drag.

Lastly, I will mention that Jennifer Hartviksen, former Head of Global Credit at IMCO, has left the organization to become the Head of Global  Fixed Income at TD Asset Management.

Fernando Martinez has replaced her, and I wish them both well in their new roles. 

Below, Amy Wu Silverman, RBC Capital Markets head of derivatives strategy, joins 'Squawk Box' to discuss hyperscalers after second-quarter earnings season, AI and more.

And Ed Yardeni, Yardeni Research, joins 'Closing Bell' to discuss Yardeni's outlook for equity markets, earnings estimates and much more.

The Trump-Vance administration inherited a strong labor market with record employment and wage gains. But after a year of the administration’s economic mismanagement, workers are feeling more vulnerable to the softening labor market. While the president is busy touting the stock market’s performance, working people and families are expressing concerns about job security and affordability. This is evident in the Federal Reserve’s latest Survey of Household Economics and Decisionmaking (SHED), which shows an increase in the number of adults who worry about finding or keeping a job. More than 2 out of 5 adults reported concerns about finding or keeping a job in 2025, up from 37% in 2024.

The latest SHED survey also shows that the harm caused by the administration’s economic chaos has not affected all people equally. Structural inequities embedded in the U.S. economy and labor market have historically left communities of color disproportionately vulnerable to economic insecurity and poverty, and the Federal Reserve’s survey shows that this trend is continuing. While the overall financial well-being of most adults held steady in 2025, the financial well-being of Black adults declined. These individuals were also more likely to experience layoffs, leaving a higher share of Black adults and their families with increased fear of finding or keeping a job in 2025. The added employment uncertainty of Black adults also left them significantly more likely to report major concerns about making ends meet. The survey also shows that education largely failed to protect these individuals from the experience of increased economic fragility.

Black adults find themselves in the worst financial position in nearly a decade

In 2025, Black adults were most likely to report a decline in their financial standing. The share of Black adults “doing okay” or “living comfortably” declined by almost 5 percentage points last year to 60% (see Figure A). This is the lowest figure the Survey of Household Economic and Decisionmaking survey has recorded since 2015. The 2025 figure also reflects a steep decline from the high of 2023, when nearly 68% of Black adults answered questions about their financial well-being positively. We find that the bulk of the decline last year took place among the individuals who reported “living comfortably,” as this share declined from 23% in 2024 to 19.0%.

Figure A

Higher education largely failed to protect Black individuals from added financial insecurity under the Trump-Vance economy. While nearly all Black adults with varying levels of education experienced a deterioration of their financial position last year, the situation of adults with a college education worsened the most (see Figure B). The share of these individuals doing okay or living comfortably, for example, declined by nearly 7 percentage points last year.

Figure B Black adults were more likely to experience a sharp increase in layoffs last year

By summer 2025, job growth had slowed considerably, and Black workers were among the first to experience this slowdown with a rising rate of unemployment. The uneven impact of these debilitating forces last year comes across clearly in the Federal Reserve survey. The share of Black adults who reported experiencing a job loss increased by about 3 percentage points between 2024 and 2025 (see Figure C). This reflects the largest increase among all racial and ethnic groups. In fact, Black adults were more than twice as likely as their white, non-Hispanic peers to report layoffs last year. This reality aligns with the broader labor market position of Black workers, who experienced a steeper rise in their unemployment rate in 2025 and who remained about twice as likely as their white peers to be unemployed. 

Figure C

As the pace of job growth slowed and the unemployment rate rose in the first year of the Trump-Vance administration, people’s concern with finding or keeping a job increased. But this increased employment vulnerability and insecurity fell most heavily on Black individuals and their families (see Figure D). More than half of Black adults said that finding or keeping a job was either a minor or major concern for them or their families last year. This figure increased by nearly 10 percentage points between 2024 and 2025. In fact, Black adults of all education levels reported increased concerns about finding or keeping a job last year. 

Figure D Black adults and their families have grown increasingly more concerned about their economic security

The added employment vulnerability, combined with the impact of the ongoing affordability crisis, has also left more Black individuals and their families worried about their ability to make ends meet. More than 3 out of 4 (77.5%) Black adults reported that making ends meet was at least a minor concern for them and their families last year (see Figure E). This figure increased by about 8 percentage points between 2024 and 2025, leaving Black adults of all education levels more economically vulnerable last year. In contrast, the share of white, non-Hispanic adults who reported similar concerns declined marginally during the same period.

Figure E We cannot address the affordability crisis without dealing with its root causes

The Federal Reserve survey points to the relationship between employment, economic security, and well-being. The uneven impact of the weaker job market last year resulted in increased employment and economic uncertainty for Black adults and their families. The survey findings are a reminder that ongoing discussions about the affordability crisis shouldn’t ignore the role of employment, wages and income. Affordability remains an outcome of a race between income and prices, and we know that the pace of job and wage growth is a policy choice. While there is no silver bullet, we know that a broad basket of policies is needed, including a higher wage floor, increased union density, and macroeconomic policies that reduce inequality.

This week, EPI will release a new tool showing the cost of mass deportations to taxpayers in every U.S. city, county, and state. For the first time, the actual economic tradeoffs imposed on all taxpayers will be shown in one place. Below, we preview the data for Minnesota, a prominent target of the Trump administration’s immigration enforcement crackdown earlier this year.

At a time when families across the country are struggling to afford housing, health care, and education, the Trump administration and its allies in Congress have been cutting support for basic needs and diverting huge sums of money to deportations.

In Minnesota, $4.4 billion in federal taxpayer dollars is being spent on detaining immigrants—many of whom are in the country lawfully—and even some U.S. citizens. That means, on average, every household in the state is paying roughly $2,000 to track down, intimidate, detain, or deport people.

If that money were spent instead on programs proven to improve the lives of working families—education, health care, living wages—it could improve Minnesota communities dramatically. Here are a few different ways the money could be spent over the remaining 2.5 years of the Trump administration:

• Schools across the state are being forced to cut staff and increase class size. With the money being spent on mass deportations, the state could hire 14,000 more full-time school teachers. This would mean, for example:
  • 1,100 more teachers in Minneapolis
  • 340 more teachers in Minnetonka
  • 215 more teachers in Bloomington
  • 140 more teachers in Duluth
• With the cuts to the Affordable Care Act, over 140,000 people in Minnesota are projected to lose their health insurance. Due to cuts in Medicaid funding, hospitals are at risk of closing down in Austin, Staples, Mahnomen, Baudette, Little Falls, Hibbing, and Minneapolis. With the money being spent on deportations, we could keep 129,000 people on health insurance, which would also help keep hospitals open.
• Over 400,000 Minnesotans rely on food stamps, primarily working families with children and elderly people on fixed incomes. But because of cuts in the 2025 Republican tax and spending megabill (the OBBBA), 45,000 people across the state are at risk of being cut off. With the money being spent on deportations, Minnesota could protect food stamps for all hungry families in the state.
• Last year, over 600 Veterans Administration positions were cut in Minnesota. With the funds being diverted to deportations, we could reverse all these cuts and guarantee Minnesota veterans the care they deserve.
• Or, instead of restoring any of these services, every household in Minnesota could be given a $2,000 tax refund.

EPI and others have documented the economic harms of a draconian immigration policy and enforcement on immigrants and their families, as well as U.S.-born workers and the economy as a whole. Any of the alternatives listed above would be a better use of taxpayer dollars for improving the welfare of everyday Minnesotans. It is critical that we take into account the missed opportunities of funding a mass deportation regime, including the badly needed services being ignored or cut off to keep this policy funded and to keep immigrants living in fear.