Donald Trump, attorney Michael Cohen, and Stormy Daniels.
AP
Defense tapes played in court Thursday have been posted to SoundCloud by Law360.
They are recordings of 2018 phone calls between the two lawyers who struck the 2016 hush-money deal.
They suggest an alternate reality to the DA's — where Trump is more victim than mastermind.
On the witness stand Thursday, Stormy Daniels' lawyer, Keith Davidson, told jurors that it was easy to tell when Michael Cohen was recording their phone calls.
Cohen would suddenly sound "very structured."
"Ordinarily, he was sort of all over the place," Davidson testified of Donald Trump's fixer-turned-nemesis.
Davidson's surmise — that Cohen was likely taping him at the time — makes a pair of newly-released defense tapes all the more compelling and perplexing.
The tapes are from March of 2018. In them, the lawyer for then-President Trump chats with the former lawyer for a porn star.
They rehash old times: that hush-money deal they hammered out together days before the 2016 presidential election, a deal now at the center of Trump's ongoing criminal trial.
Seeking to drive home a defense narrative that the media attorney worked with Daniels to extort Trump before the election, Trump’s side played tapes where Keith Davidson hesitantly agreed he was talking about his client. https://t.co/ODuQQ4i1tg
"Sometimes people get settler's remorse, you know?" Davidson says on one tape, in what he hesitatingly admitted on the stand Thursday was a reference to Daniels.
"And other times, people think that, hey, I need to resolve this case before a date certain, because this is when I have the most" Davidson says.
If Davidson really suspected he was being taped, that suspicion did not stop him from creating a record that, six years later, could damage not only his own credibility, but that of his porn star former client, and the prosecution.
Manhattan District Attorney Alvin Bragg has spent two weeks so far presenting a case that describes Trump as the mastermind of an election interference conspiracy.
Daniels, meanwhile, has portrayed herself as signing the hush-money deal in fear for her life.
The tapes show the case, and Daniels, in a different light. They raise the question of whether Daniels' agent and Davidson, eager for cash, "leveraged" her story of a tryst with Trump in the crucial waning days of the 2016 election.
Trump's side is already pushing an "extortion" theory, using much of their cross-examination of Davidson Thursday to grill him on his past hush-money cases involving celebrities and their scandals.
"I wouldn't be surprised if he comes out and says, you know what, Stormy Daniels, she wanted this money more than you could ever imagine," Davidson says on another tape.
In another Cohen-Davidson call, her attorney warns Trump’s fixer that a story may come out saying the porn star yelled at him that “if [Trump] loses this election, we lose all fucking leverage” https://t.co/89n0yKPqe3
Davidson said Thursday that he was talking about an upcoming TV interview, and was describing what he believed would be said during that interview by Anthony Kotzev, the then-boyfriend of Daniels' agent, Gina Rodriguez.
"I remember hearing her on the phone," Davidson says on tape, referring to Rodriguez.
"Saying, 'You fucking Keith Davidson. You better settle this goddamn story because if he loses this election — and he is going to lose — if he loses this election, we all lose all fucking leverage. This case is worth zero."
Davidson was describing someone else's opinion, not necessarily his own. Still, as Davidson's angry words from 2018 played in the courtroom, they may have rang a bell that cannot be unrung in jurors' memories.
Ultimately, whether Trump was the victim or mastermind of the hush-money deal may prove immaterial.
Prosecutors say that throughout 2017, his first year in office, Trump falsified 34 business records, including nine checks to Cohen he signed personally.
The falsifications are felonies because they hid an unlawful conspiracy to influence the 2016 election, the District Attorney alleges.
Whether Trump was playing Daniels or she was playing him — or both, as is also possible — has no bearing on the lawfulness of the documents themselves, prosecutors have argued.
"This case is about a criminal conspiracy and a coverup," prosecutor Matthew Colangelo told jurors at the start of last week, in the opening assertion of his opening statements.
And while Colangelo told jurors that prosecutors will prove Trump "orchestrated" an election-influencing hush-money conspiracy, the charges do not require proof of who played whom.
The economy is settling into its new shape, and it might mean lower pay for new workers.
Job growth in April was concentrated in traditionally low-paying sectors like healthcare and retail.
Wage growth, though slower, still outpaces inflation, which is still a boon for workers.
The economy is settling into its new shape after a long roller coaster ride — and it's not all good news if you're looking to land a big paycheck.
Jobs are still being added at a healthy clip and unemployment is still near a sustained historic low,according to the latest jobs report. It's exactly what the Federal Reserve might be looking for, and signals continued good news for an economy that's been bolstered by a booming labor market.
"The growth in wages have outpaced inflation, which translates into more money in the pockets of working families. That is not an accident," Acting Secretary of Labor Julie Su told Business Insider.
But there's a dissonance in the job market; if you're a college-educated, white-collar worker, you might know that all too well. That's because the industries that ledjob growth in Aprilare traditionally low-paying.
It's yet another sign that higher-paying jobs are becoming more scarce, and it comes as more Americans find themselves employed, but not necessarily stable. It might also be falling more on the shoulders of women, who are seeing historic employment figures.
For instance, the private education and health services sector led the pack in job growth last month — and while that might sound high-paying on its face, the data under the hood tells a different story. The bulk of job growth in the sector is happening in fields like healthcare and social assistance, which includes the traditionally low-paid workers in nursing and residential care facilities, and home healthcare workers.
"Healthcare is not just doing well," Julia Pollak, the chief economist at ZipRecruiter, told Business Insider. "Healthcare is dominating everything. It's added 56,000 jobs in this report, but it has added over 750,000 jobs over the past year."
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Indeed, job growth is concentrated in industries that are historically low-paying — and continue to pay less than the average across private industries. Those industries, and the subsets within them that are seeing big growth, also happen to be female-dominated, as Kate Bahn, the chief economist and SVP of research at the Institute for Women's Policy Research, told BI.
"Where there's been job growth has not been sectors where there has been high wage growth," Bahn said, adding: "That's interesting that there's high labor demand in those industries — clearly — but it has not translated into high wage growth."
The three sectors that saw net job growth of at least 20,000 last month all have average wages below those for all private employees:
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That points to a continued dynamic in the labor market: White-collar workers are seeing an employment slump, as Business Insider's Aki Ito chronicled. The hiring rate for those making over $96,000 is at just 0.5% — its lowest level since 2014.
It's all a bit of a mixed bag. As Pollak notes, "wage growth has come down sharply, but it's mostly come down in industries where it was very rapid before."
Wages in the lowest-paying sectors have grown faster than those in higher-paying industries over the last few years, as demand for hourly workers skyrocketed and employers turned toward raising pay and benefits to try to plug shortages in a tight labor market.
"I think low-paid jobs have gotten a little bit better compared to how really awful they used to be," Bahn said.
But as Bahn notes, "there's a lot of evidence that women are really constrained and limited in their labor mobility when they are in these career paths of women-dominated jobs like healthcare and education."
And the rise of these jobs might also be further contributing to another growing group undergirding some of the holes in the economy. A growing share of workers in the US are what's known as "ALICE": Asset Limited, Income Constrained, Employed. That means that they're holding down jobs, and making enough money to be ineligible for many social services — but still aren't getting by.
The workers below that ALICE threshold are doing even worse. They're concentrated in industries like retail trade, healthcare and social assistance, and accommodation and food services — all of the jobs currently booming.
But even if wage growth isn't as high as it was before, Nick Bunker — the economic research director for North America for Indeed Hiring Lab — pointed out to Business Insider that "wages continue to outpace inflation," which could be good for job seekers.
"I think that's a sign that, hey, you're going to get more bang for every wage gain than you have in the past," Bunker said.
This black-and-white image released by the US military's Central Command shows the fire aboard the bulk carrier True Confidence after a missile attack by Yemen's Houthi rebels in the Gulf of Aden on March 6, 2024.
US Central Command via AP
Houthi attacks on ships in the Red Sea and Gulf of Aden have gone on for months.
The US intelligence chief said the threat is likely to remain active for a while.
This is partly because the Houthis continue to make weaponry and receive help from Iran, she said.
For months, the Houthis have relentlessly fired missiles and drones at merchant and Western naval vessels in key Middle Eastern waterways.
While American and partner forces have managed to degrade the Iran-backed rebels' capabilities to an extent, through strikes directly in Yemen, the US intelligence chief testified this week that these attacks aren't going to slow down anytime soon.
"Our assessment is essentially that it is going to remain active for some time," Director of National Intelligence Avril Haines said on Thursday in response to questions from US lawmakers about how long the Houthi threat will continue.
Speaking to the Senate Committee on Armed Services during a hearing on global threats, Haines said her assessment is, in part, because Houthi leader Abdul Malik al-Houthi sees domestic political advantage for some of his actions, and he is interested in advancing his reputation across the Middle East through the attacks.
A Houthi supporter raises a mock rocket during a rally against the US and Israel and to support Palestinians in the Gaza Strip, in Sanaa, Yemen on April. 26, 2024.
AP Photo/Osamah Abdulrahman
The Houthis are also indigenously producing lots of drones and other weaponry inside Yemen while continuing to receive assistance from Iran, Haines added. Tehran has backed the militant group for several years.
"Neither of those things are likely to change in the near future," she said. "Now, that doesn't mean that the strikes that the Department of Defense and the coalition‚ with our allies, have taken haven't had impact. They have, but it's been insufficient to really stop the Houthis from going down this road."
The US and UK militaries have carried out several rounds of joint strikes targeting Houthi facilities across Yemen. On a far more frequent basis, however, American forces have carried out unilateral, preemptive strikes targeting drones or missiles before the rebels can fire them at nearby ships in the Red Sea and Gulf of Aden.
Most recently, on Thursday, US Central Command said it engaged and destroyed three Houthi drones in Yemen after determining that the weapons "presented an imminent threat" to American and coalition forces, as well as commercial ships in the region.
The Houthis have previously asserted that their ongoing attacks are directly tied to Israel's military campaign in the Gaza Strip, but US officials have often pushed back on these claims, citing the wide range of nationalities that the rebels have attacked. One incident in March led to several fatalities among a multinational crew.
A commercial ship in the Red Sea in March.
French military photo via X
When asked by Virginia Sen. Tim Kaine during Thursday's hearing whether a ceasefire between Israel and Hamas would significantly reduce the pace of Houthi attacks, Haines said it's "honestly unknown at this stage."
"They have indicated at different times that they would comply with a ceasefire, so I think there's a fair possibility," Haines replied. "One of the things that's been challenging is that their rationale for their attacks has shifted over time a bit, and it's gotten more complicated."
Beyond going after ships in the Red Sea and Gulf of Aden, the Houthis, as part of Iran's broader proxy network that spans the region, have also launched missiles at Israel. The rebels, for instance, participated in Tehran's massive and unprecedented attack on the country last month.
The Houthis' attacks on vessels transiting the Red Sea, which has disrupted international shipping, and on Israel create "a real risk of broader escalation," the Office of the Director of National Intelligence concluded in its annual threat assessment report earlier this year.
A person hacking people's password using a computer.
Getty Images
Pro-Russia hackers are targeting infrastructure systems in the US and Europe, says a security advisory.
Hackers have infiltrated infrastructure sectors in water, dams, energy, and agriculture.
Security agencies say improved cyber hygiene can prevent these breaches.
Infrastructure systems in the US and Europe are vulnerable targets for pro-Russia hackers, numerous security agencies cautioned in a May 1 advisory statement.
"In early 2024, the authoring organizations observed pro-Russia hacktivists targeting vulnerable industrial control systems in North America and Europe," the advisory said, which was authored by the FBI, the Cybersecurity and Infrastructure Security Agency, along with other domestic and international bureaus.
The agencies observed pro-Russia hackers compromise the operational technology of infrastructure such as "Water and Wastewater Systems (WWS), Dams, Energy, and Food and Agriculture Sectors."
Pro-Russia hackers could be breaking into these systems in various ways. Some through points include entering outdated software and cracking weak passwords.
While the hackers have mainly caused "nuisance effects," the advisory noted that "historically, these hacktivists have been known to exaggerate their capabilities and impacts to targets." The unauthorized access is problematic though.
The authoring agencies have found that interferences can be avoided through improved cyber hygiene and guidance among systems, which is further explained in the advisory.
The advisory note said that actions such as changing passwords for operational technology, creating multi-factor authentication for accessing that technology, and limiting the exposure of operational technology to the internet should be taken immediately.
Earlier this year, there was a hack reported on a Texas water tower, causing it to overflow. The group of hackers believed to be responsible for the disruption is called Sandworm, and the group was linked to Russia in April.
Mandiant, a cybersecurity firm owned by Google, described Sandworm as a "dynamic and operationally mature threat actor that is actively engaged in the full spectrum of espionage, attack, and influence operations."
The Department of Justice charged several members of Sandworm in 2020 with crimes related to interfering with the US presidential election in 2016. Sandworm is also known for its hacking disruptions on a global scale, previously targeting Ukraine and South Korea.
Friday's jobs report has stamped out worry of a stagflationary economy.
Fears of this scenario have flared over the past weak, set off by a weak first-quarter GDP print.
But payroll additions came in neither too hot nor too cold, and average hourly earnings fell, helping dispel a stagflation narrative.
The US economy looks to have steered clear of danger after the specter of stagflation spooked markets and put analysts on edge in recent weeks.
The key development was the April jobs report on Friday, which showed 175,000 positions were added last month, coming in well below the consensus forecast of 238,000. Further, average hourly earnings unexpectedly declined to 0.2%.
It was the perfect mix of data to thwart the stagflation narrative: Job additions weren't weak enough to signal slowdown trouble, but also not strong enough to support higher-for-longer interest rates. And since elevated labor costs are part of the stagflation equation, the dip in average hourly earnings also signaled a period of languid growth will be avoided.
The report brought full circle a stagflation discussion that started with the latest GDP print, which showed both a substantial slowdown from previous quarters and stubbornly high underlying inflation data. It sent alarm bells ringing around stagflation, which occurs when inflation stays high despite a cooling economy.
The elevated risk also caught the eye of Wall Street. JPMorgan's chief strategist Marko Kolanovic was among the group, noting that such a scenario could come to challenge hopes for a US soft landing.
Fear is certainly warranted given the last stagflationary regime the US experienced, back in the 1970s. The era was plagued by high consumer prices, recessions, and a weak stock market.
And worry people did. According to Bank of America, stagflation-related headlines in the media spiked to a two-year high in the week following the GDP report.
But Friday's jobs report brought needed relief.
To top economist Mohamed El-Erian, Friday's data was a "Goldilocks report that will please the Fed and please the markets," he told Bloomberg TV on Friday. Stocks are flying higher as a result, and interest rate cut bets rose back up.
It would have been a different story if the report printed even weaker, however. While light, the data remained above a stagflationary threshold, diffusing earlier concerns, and avoiding a possible market sell-off.
According to estimates from Bank of America's Michael Harnett — published before the data was available — if the US added less than 125,000 in April, and average hourly earnings ticked above 0.4% from a month ago, that would only deepen the stagflationary outlook.
In that situation, odds of a equity sell-off were high, Harnett said. Instead, the benchmark S&P 500 has shot up to 1.14% as of 12 p.m. ET on Friday.
Tesla's Cybertruck has gone viral in videos for its frunk that slices carrots in half.
Gado/Getty
A YouTuber tested if Tesla's Cybertruck update makes the frunk safer by closing it on his finger.
The frunk update worked well on various produce, but closed on his finger, leaving a mark.
A Tesla engineer said the test was done wrong because the frunk increases its pressure after previously encountering resistance.
Tesla released an update to make the Tesla Cybertruck frunk safer when it closes.
So YouTuber Jeremy Judkins tested out whether the update actually makes the frunk safer by closing the frunk on a carrot, cucumber, banana — and eventually his finger.
The recent update is supposed to better detect obstructions before the frunk finishes closing and follows a series of viral videos of the frunk slicing through carrots while closing.
The YouTuber started the video by closing the frunk on produce like a carrot, cucumber, and banana before the update was installed. The frunk chopped all of the produce when it was placed in the frunk.
"It is destroying everything," the YouTuber said.
The YouTuber then tried the same test with the update installed and was impressed with the improvement.
"With just a software update, the Tesla Cybertruck frunk is way safer," he said. "We witnessed it destroy a ton of vegetables, and then post-update did nothing."
But when Judkins tried putting a thin tip of a carrot in the frunk, it did break off. He said that left people wondering if a fingertip would also come off if it got caught in the frunk.
Judkins then closed the frunk on his arm, which he said put a little pressure on it but wasn't too bad. Next, he tried out his hand, which left a line, but also wasn't severe.
Finally, Judkins placed his finger in the frunk. The frunk closed on his finger and left it shaking, with a dent, and what looked like a small cut or skin tear.
"It kind of locked down on it and I was a little freaked out because I didn't know how to open it up," Judkins said. "I was kind of trapped."
The YouTuber said the frunk detected resistance for a little bit and opened.
Judkins said that after the finger test, a lead cybertruck engineer at Tesla said he did the video wrong.
The engineer told him the frunk increases in pressure every single time it closes and detects resistance, Judkins said. It's going to assume you want to close the frunk and maybe something like a bag is getting in the way, which would make it close harder.
"Using this information, that means it closed on my finger harder than my hand and way harder than my arm," the YouTuber wrote.
Judkins said the algorithm should favor safety instead of a bag getting in the way. But even when Judkins put a bag in the way of closing the frunk, it still closed, which meant it didn't quite respond to resistance the way it should have.
The YouTuber attempted to try the test again with his finger without trying other objects or his arm first but backed away every time the frunk was about to close.
"You don't know how bad it hurt the first time," Judkins said. "I don't want to do it again."
That's probably good advice for everyone: keep your fingers away from closing lids — they're safest that way.
Financial crises are the new normal, according to one Yale economist.
PonyWang/Getty Images
Stocks and the economy look strong but there are four factors that could pose a problem, Capital Economics said.
Geopolitical risks in the Middle East and high interest rates are big risks to markets.
A depreciation of the Chinese yuan and soaring US debt are also the two factors investors need to watch.
The market and the economy are on pretty solid footing but there's a host of factors that could spark a quick deterioration of conditions, Capital Economics said in a report this week.
The low level of risk premia suggests there's "plenty of scope [for] more material worsening of financial conditions" if four key factors start to break down, according to Capital Economics' Ruben Gargallo Abargues and Jonas Goltermann.
First, the two economists noted that ongoing tensions in the Middle East could further disrupt the energy market, with Brent crude oil price showing no increase since mid-March despite being "the most obvious proxy" for the escalating Israel-Hamas war.
"Similarly, implied volatility on oil options remains low by historical standards. And, while risk reversals, a measure of the perceived balance between upside and downside risks, rose in early April, that increase has since been reversed," they wrote on Friday.
Second, despite the Federal Reserve signaling no rate hike this year during Wednesday's FOMC meeting, stubborn inflation keeping interest rates high adds substantial pressure on asset prices.
"As we saw in 2022 and 2023, and to some extent over the past month, rapid rises in real interest rates could weigh on asset prices. Moreover, a hawkish pivot by the Fed would probably lead to renewed volatility in bond markets," Abargues and Goltermann said.
Thirdly, with the rising value of the Chinese yuan, any depreciation could trigger currency market volatility elsewhere.
"By enforcing a de facto peg against the US dollar when most other currencies are depreciating, the renminbi has appreciated in trade-weighted terms. If the Chinese authorities changed their approach and opted for devaluation, this would probably lead to higher volatility across currency markets," the note said.
Finally, the much-feared US debt does indeed pose risk of financial instability, they argued. "Bond king" Bill Gross this week said he sees rampant borrowing as the only way to propel GDP growth, while Capital Economics said that the cost of insuring against default on US debt via credit default swaps remains slightly elevated compared to normal levels.
"Neither presidential candidate appears keen on fiscal consolidation. If fiscal policy stays on its current track, it is plausible that the US could, at some point, fall foul of the 'bond market vigilantes' increasing risk premia across the board, not just in Treasuries," Abargues and Goltermann added.
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Verizon's Unlimited Plus and T-Mobile's Essentials are two of the best cell phone plans you can use.
Antonio Villas-Boas/Business Insider
The best cell phone plans offer enough data for your needs. Beyond that, a plan can also include perks and features that are relevant to you, whether it's a discount for a streaming service, multi-line discounts, a discounted separate plan for a connected device, or international features. But remember, an ideal plan becomes useless if the carrier that offers it doesn't cover your area well.
After carefully researching and testing the best cell phone plans from major carriers and budget-friendly providers, we've concluded that Verizon's Unlimited Plus plan is the best overall. It offers the most data with the best overall coverage at an unmatched value, especially with more lines on the plan. The best budget option among major carriers is T-Mobile's Essentials plan, which includes a generous amount of premium data for a lower monthly bill that will mean big savings in the long term.
Best true budget plan: US Mobile Unlimited Starter – See at US Mobile
Best international plan: Verizon Unlimited Ultimate – See at Verizon
Best overall
Verizon's Unlimited Plus plan offers the best balance of data and coverage for the vast majority of people. It costs $80/month for a single line, but the monthly cost per line is less with every additional line, up to five lines.
With the Unlimited Plus plan from Verizon, you get unlimited premium prioritized data, so your data speeds won't slow down after you've used a certain amount of data when the network is congested. It also includes Verizon's 5G Ultra Wideband network, which runs on the super fast mmWave and C-band spectrums. Verizon also offers a 50% discount for a single connected device plan, whether for a connected smartwatch or tablet.
On top of core wireless services, Verizon's Unlimited Plus plan includes discounts on various other services. Among them, you can save $9/month on the Disney streaming bundle, which includes Disney Plus, Hulu, and ESPN Plus, or save $7/month on Netflix and Max. Check out Verizon's website for other perks to pick from.
Verizon's Unlimited Plus plan is the most comprehensive and versatile plan while still offering good value, especially with more lines in an account.
Antonio Villas-Boas/Business Insider
As for international use, the Unlimited Plus plan gets you unlimited talk and text and 2GB of daily high-speed data (before it's slowed to 3G speeds) in Mexico and Canada. It also allows unlimited talk and text from the US to Mexico and Canada and unlimited texting to over 200 countries.
Verizon says video streaming quality on the Unlimited Ultimate plan is limited to 720p, but their fine print says 4K quality is available in 5G Ultra Wideband areas when you activate the 4K streaming option through the My Verizon app or with Verizon's customer service. It also says 1080p resolution can be activated in standard 5G and 4G areas.
No other carrier offers as much for the price, and importantly, Verizon generally has the best-mixed coverage between rural and urban areas.
Verizon Fios internet users who also use Verizon Wireless will also get a discount on their internet service, so it's an especially good choice for Verizon Fios customers.
Best budget plan
We hesitate to use the word "budget" here, as this plan could also apply to people who simply don't use their phones away from a WiFi connection very often and don't need to spend much on a plan that offers more data.
When it comes to more affordable plans, you forfeit unlimited premium prioritized data, and your data speeds can be affected after reaching a certain limit when your data becomes deprioritized.
Among the three major carriers, T-Mobile's Essentials plan easily offers the best deal in the more affordable, or lower data usage, category thanks to its generous 50GB of premium prioritized data. That means data won't become deprioritized until you've used 50GB of data, even when the network is busy. Meanwhile, AT&T and Verizon don't offer any premium data in their equivalent plans in the same price range.
T-Mobile's Essentials plan starts at $60/month for a single line, with the price per line reducing with every additional line. T-Mobile supports up to six lines with the Essentials plan, and if you can manage four or more lines, the T-Mobile's Essentials plan is a steal.
T-Mobile's Essentials plan offers excellent value for a substantial allotment of monthly premium data.
Antonio Villas-Boas/Business Insider
T-Mobile's Essentials plan includes access to the carrier's full and extensive 5G network, including its Ultra Capacity 5G network (mmWave and C-band) and its Extended Range 5G (Sub-6). Despite the inclusion, it's worth noting that data speeds for Essentials customers may be slower overall than other customers on more expensive plans, even when you're using premium prioritized data. Still, data speeds should be fast enough for pretty much anything you do on your phone.
T-Mobile offers unlimited mobile hotspot functionality on its Essentials plan, but only at 3G speeds. It limits you to basic tasks, like emailing, but 3G speeds might be dubiously slow scrolling down photo and video-heavy social media apps or video streaming. If you're looking for at least some flexibility to use your phone as a mobile hotspot, AT&T's Unlimited Starter plan will be the better option with 3GB of mobile hotspot at faster speeds, which can better serve you for light use or in an emergency.
Finally, T-Mobile offers some international perks with its Essentials plan. You get unlimited texting, $0.25/minute calls in 215+ countries, and unlimited international texting from home. In Canada and Mexico, Essentials offers unlimited talk and text but up to 128Kbps data speeds, which is so slow you may even struggle with an email. T-Mobile Travel is also included.
For those who only need up to three lines, we'd recommend checking out T-Mobile's Essentials Saver plan. It's identical to the standard Essentials plan, but pricing is more favorable ($10 less per line) for single and dual-line accounts.
Best true budget plan
A "true budget" cell phone plan typically comes from a mobile virtual network operator (MVNO), which delivers data and connectivity to your phone by piggybacking off a major carrier's network. Worthy plans from these providers offer data at notably lower monthly costs than the least expensive flagship plan from a major carrier — the $50/month T-Mobile Essentials Saver plan.
Overall, US Mobile's Unlimited Starter plan is the best "true budget" plan, starting at $29/month for 35GB of high-speed data. You can get even better value by signing up for US Mobile's annual payment option, which reduces the price to $23/month (totaling $450/year).
There are less expensive plans out there from various MVNOs and budget-friendly carriers, albeit with less data. However, what makes US Mobile unique and an excellent option is the fact you have the choice to run on either Verizon's or T-Mobile's networks, which US Mobile nicknames "Warp" and "GSM," respectively. That's unrivaled flexibility, especially since you can switch between the two networks up to twice a month, as our US Mobile review details.
US Mobile's Unlimited Starter plan costs less than a budget flagship plan from a major carrier and comes with more than data than most people need.
Antonio Villas-Boas/Business Insider
Even if you pick one network option and never have to switch, at least you have the option, which is something that no other carrier we've encountered can offer.
Beyond the choice between two networks, US Mobile only reduces your data speeds to 1Mbps if you exceed the 35GB of data allocated to you in the Unlimited Starter plan. That's slow, but unlike most budget options that reduce speeds down to 0.25Mbps or less, it's still usable for basic uses like messaging and browsing the web. You might struggle with slow loading times on photo and video-heavy apps, however.
Additionally, US Mobile is one of the few, if any, MVNO and budget-friendly carriers that offer multi-line discounts, making it a great option for groups and families at a more affordable price than flagship plans from major carriers.
Best international plan
Without adding a separate international add-on plan, Verizon's Unlimited Ultimate plan offers the most connectivity overall for those who often travel abroad, make calls abroad from the US, or both. It just edges above T-Mobile's Go5G Next and Plus plans. Most AT&T plans don't include international features and require additional $10/day plans for some of the same international features included in Verizon's and T-Mobile's plans.
Most major carriers, except AT&T, support unlimited talk, text, and a set amount of data while traveling in 210-plus countries in their plans. Verizon's Unlimited Ultimate plan offers more monthly data (10GB) than T-Mobile (5GB). AT&T only supports 20 Latin American countries if you don't add a supplemental international plan.
Verizon's Unlimited Ultimate plans also include 300 minutes/month of calling time from the US to a country of choice from a list of 140 countries. Verizon charges a country-specific rate for all other countries. AT&T and T-Mobile charge a country-specific rate when calling any country from the US and don't have the free 300-minute calling option on Verizon's plan.
All major carriers support unlimited calling and texting to Mexico and Canada from the US. If you're in Mexico or Canada, AT&T's plans actually offer the most with unlimited talk, text, and the same amount of data as your domestic US plan. Verizon and T-Mobile also offer unlimited talk and text in Mexico and Canada, but Verizon has a 2GB/day data limit, and T-Mobile has a 15GB/month data limit.
If you rarely or just occasionally travel or communicate internationally and don't need pricey plans that include international features, you could simply add an international add-on plan to a more affordable plan. These usually range from $5 to $10 per day, which seems pricey in the short term, but they're likely cheaper in the long run, at least for those who don't need international features as often.
How we test cell phone plans
We've tested every major carrier and various MVNOs with standard criteria.
Antonio Villas-Boas/Business Insider
Our testing procedure involves general day-to-day personal use, like making calls, sending messages, and using data-light and data-heavy apps, from browsing the web to streaming videos and scrolling through content-rich social media apps. We also test data speeds in various locations on different networks, including LTE, basic 5G, and high-band 5G. For data speed testing, we also conduct tests in varying signal strengths.
We've experienced every major carrier ourselves in personal use and testing scenarios to assess data speeds and coverage, and we compare them to claims made by the carrier. Coverage and data speeds differ so much in different locations that we can't accurately claim one network is better than the other for specific areas. However, based on our experience with the major carriers in rural, suburban, and urban areas, we are confident in making a general assessment.
After assessing the overall quality of a carrier based on coverage and data speeds, we look at a plan's offerings and monthly price. This includes data amount, whether premium prioritized data or deprioritized, what happens after reaching a data limit, mobile hotspot features, if a plan includes fast high-band 5G connectivity, multi-line discounts, international features, and extra benefits.
We've also tested several MVNO and budget-friendly carriers, but we haven't tested them all. Having tested all major carriers, we generally know how MVNOs and budget-friendly carriers perform in terms of coverage and data speeds, as they operate on major carrier networks. See our guide to the best cheap cell phone plans for other top options we've tested in the MVNO landscape.
What to look for in a cell phone plan
Look for how much "premium data" is included in a plan so you don't get caught with slow data speeds.
Antonio Villas-Boas/Business Insider
The perfect plan doesn't make sense if the carrier has poor network coverage in your area. First, you might narrow down your options by figuring out which carrier has good coverage wherever you frequent and use your phone the most. One way to do so is by asking neighbors and locals in person or on social media like Nextdoor.
After you've figured out which carriers have the network coverage you need, the core plan features to look for is sufficient data for a worry-free experience when doing anything on your phone that uses data, especially when it comes to scrolling through data-heavy social media apps, video streaming, or video calling.
We like plans that offer you the most "premium data'' with no data limits before a carrier slows down your speeds. We also like plans where your data isn't affected when a carrier's network is congested. That way, you can do whatever you want on your phone without thinking about the time of day, like rush hours.
After that, it's a question of your monthly budget. Pricier plans offer unlimited premium data, but you may have to settle for a plan with limited premium data if your budget doesn't allow it. One way to reduce your monthly bill is to join a plan with friends and family, as the monthly cost per line gets lower as more people are on a plan.
The following plan features are more subjective.
If you're often working on your laptop away from a familiar or secure WiFi connection and use your phone as a mobile hotspot, you'll want a plan that offers as much mobile hotspot data as you need. If it's an incredibly important feature for you, it could dictate which plan you get.
If you're often traveling or communicating with friends and family abroad, you'll want to consider a plan's international features. Alternatively, carriers offer international add-on plans at an extra cost on top of your usual monthly bill. You can apply these as you need.
Perks are nice add-ons that could tip you toward a specific carrier as long as that carrier has good coverage in your area. Things like discounts on streaming service bundles, your home internet service, or discounts on separate plans for data-connected smartwatches or tablets could make the difference.
Best overall
Verizon's Unlimited Plus plan offers the best balance of data and coverage for the vast majority of people. It costs $80/month for a single line, but the monthly cost per line is less with every additional line, up to five lines.
With the Unlimited Plus plan from Verizon, you get unlimited premium data, so your data speeds won't slow down after you've used a certain amount of data or when the network is congested. It also includes Verizon's 5G Ultra Wideband network, which runs on the super fast mmWave and C-band spectrums. Verizon also offers a 50% discount for a single connected device plan, whether a connected smartwatch or tablet.
On top of core wireless services, Verizon's Unlimited Plus plan includes discounts on various other services. Among them, you can save $9/month on the Disney streaming bundle, which includes Disney Plus, Hulu, and ESPN Plus, or save $7/month on Netflix and Max. Check out Verizon's website for other perks to pick from.
As for international use, the Unlimited Plus plan gets you unlimited talk and text and 2GB of daily high-speed data (before it's slowed to 3G speeds) in Mexico and Canada. It also allows unlimited talk and text from the US to Mexico and Canada and unlimited text to over 200 countries.
Verizon says video streaming quality on the Unlimited Ultimate plan is limited to 720p, but their fine print says 4K quality is available in 5G Ultra Wideband areas when you activate the 4K streaming option through the My Verizon app or with Verizon's customer service. It also says 1080p resolution can be activated in standard 5G and 4G areas.
No other carrier offers as much for the price, and importantly, Verizon generally has the best-mixed coverage between rural and urban areas.
Verizon Fios internet users who also use Verizon Wireless will also get a discount on their internet service, so it's an especially good choice for Verizon Fios customers.
Best budget plan
When it comes to more affordable plans, you forfeit unlimited premium data, and your data speeds will be substantially affected after reaching a certain limit. We hesitate to use the word "budget" here, as this plan could also apply to people who simply don't use their phones away from a WiFi connection very often and don't need to spend much on a plan that offers more data.
Among the three major carriers, T-Mobile's Essentials plan easily offers the best deal in the more affordable category thanks to its generous 50GB of premium data. That means T-Mobile won't slow down your data speeds until you've used 50GB of data, even when the network is busy. Meanwhile, AT&T and Verizon don't offer any premium data in their equivalent plans that are less expensive.
T-Mobile's Essentials plan starts at $60/month for a single line, with the price per line reducing with every line, up to four lines. If you can manage four or five lines in a plan, $25/month for T-Mobile's Essentials plan is an absolute steal.
T-Mobile's Essentials plan includes access to the carrier's full and extensive 5G network, including its Ultra Capacity 5G network (mmWave and C-band) and its Extended Range 5G (Sub-6). Despite the inclusion, it's worth noting that data speeds for Essentials customers may be slower overall than other customers on more premium plans, even before the 50GB data limit. Still, data speeds should be fast enough for pretty much anything you do on your phone, including video streaming and calling.
T-Mobile offers unlimited mobile hotspot functionality on its Essentials plan, but only at 3G speeds. It limits you to basic tasks, like emailing, that don't involve video streaming or even loading photos. If you're looking for at least some flexibility to use your phone as a mobile hotspot, AT&T's Unlimited Starter plan will be the better option with 3GB of mobile hotspot at faster speeds, which can better serve you for light use or in an emergency.
Finally, T-Mobile offers some international perks with its Essentials plan. You get unlimited texting, $0.25/minute calls in 215+ countries, and unlimited international texting from home. In Canada and Mexico, Essentials offers unlimited talk and text but up to 128Kbps data speeds, which is so slow you may even struggle with an email. T-Mobile Travel is also included.
Best true budget plan
A "true budget" cell phone plan typically comes from a mobile virtual network operator (MVNO), which delivers data and connectivity to your phone by piggybacking off a major carrier's network. Plans from these providers offer data at significantly lower monthly costs than major carrier offerings.
Overall, Mint Mobile has the best "true budget" options, with prepaid plans starting at $15/month for a range of monthly data, from 5GB to "unlimited" data (40GB). Mint Mobile's plans offer incredible value, especially if you know how much data you typically use monthly and can pick a plan with limited data. We recommend starting with Mint Mobile's new customer promotion, which gives you a discounted rate of $15/month for any of its three-month prepaid plans.
As we detail in our Mint Mobile review, one of the best things about Mint is its user-friendly app and web-based platform, where you can manage your plan and check how much data you've used for a given month. The overall experience is simpler than major carriers, as it's not as congested with extensive fine print, conditions, features, or perks that you may not want.
Mint is an MVNO that runs off of T-Mobile's network. As such, Mint has the same coverage as T-Mobile, which is excellent in cities, many suburbs, and along many highways but can become limited the further away from populated areas you go. Check Mint Mobile's coverage map to ensure Mint Mobile covers your area.
It's also worth noting that Mint Mobile doesn't include premium data on any of its plans, which means data speeds can be reduced when T-Mobile's network is congested.
For other alternatives that offer excellent value relative to the big three major carriers, check out our guide to the best cheap cell phone plans.
Best international plan
Without adding a separate international add-on plan, Verizon's Unlimited Ultimate plan offers the most overall for those who often travel abroad, make calls abroad from the US, or both. It just edges above T-Mobile's Go5G Next and Plus plans. Most AT&T plans don't include international features and require additional $10/day plans for some of the same international features included in Verizon's and T-Mobile's plans.
Most major carriers, except AT&T, support unlimited talk, text, and a set amount of data while traveling in 210-plus countries in their plans. Verizon's Unlimited Ultimate plan offers more monthly data (10GB) than T-Mobile (5GB). AT&T only supports 20 Latin American countries if you don't add a supplemental international plan.
Verizon's Unlimited Ultimate plans also include 300 minutes/month of calling time from the US to a country of choice from a list of 140 countries. Verizon charges a country-specific rate for all other countries. AT&T and T-Mobile charge a country-specific rate when calling any country from the US and don't have the free 300-minute calling option on Verizon's plan.
All major carriers support unlimited calling and texting to Mexico and Canada from the US. If you're in Mexico or Canada, AT&T's plans actually offer the most with unlimited talk, text, and the same amount of data as your domestic US plan. Verizon and T-Mobile also offer unlimited talk and text in Mexico and Canada, but Verizon has a 2GB/day data limit, and T-Mobile has a 15GB/month data limit.
If you rarely or just occasionally travel or communicate internationally and don't need pricey plans that include international features, you could simply add an international add-on plan to a more affordable plan. These usually range from $5 to $10 per day, which seems pricey in the short term, but they're likely cheaper in the long run, at least for those who don't need international features as often.
What to look for in a cell phone plan
Look for how much "premium data" is included in a plan so you don't get caught with slow data speeds.
Antonio Villas-Boas/Business Insider
The perfect plan doesn't make sense if the carrier has poor network coverage in your area. First, you might narrow down your options by figuring out which carrier has good coverage wherever you frequent and use your phone the most. One way to do so is by asking neighbors and locals in person or on social media like Nextdoor.
After you've figured out which carriers have the network coverage you need, the core plan features to look for is sufficient data for a worry-free experience when doing anything on your phone that uses data, especially when it comes to scrolling through data-heavy social media apps, video streaming, or video calling.
We like plans that offer you the most "premium data'' with no data limits before a carrier slows down your speeds. We also like plans where your data isn't affected when a carrier's network is congested. That way, you can do whatever you want on your phone without thinking about the time of day, like rush hours.
After that, it's a question of your monthly budget. Pricier plans offer unlimited premium data, but you may have to settle for a plan with limited premium data if your budget doesn't allow it. One way to reduce your monthly bill is to join a plan with friends and family, as the monthly cost per line gets lower as more people are on a plan.
The following plan features are more subjective.
If you're often working on your laptop away from a familiar or secure WiFi connection and use your phone as a mobile hotspot, you'll want a plan that offers as much mobile hotspot data as you need. If it's an incredibly important feature for you, it could dictate which plan you get.
If you're often traveling or communicating with friends and family abroad, you'll want to consider a plan's international features. Alternatively, carriers offer international add-on plans at an extra cost on top of your usual monthly bill. You can apply these as you need.
Perks are nice add-ons that could tip you toward a specific carrier as long as that carrier has good coverage in your area. Things like discounts on streaming service bundles, your home internet service, or discounts on separate plans for data-connected smartwatches or tablets could make the difference.
Before 2019, Senffner owned a small business focused on learning and development, and she said she was able to earn sufficient income through her business to afford her everyday expenses — and then some.
But when the pandemic hit, she was forced to shut down her business, and she couldn't find any source of income for about two years. This forced her to take money out of her 401(k) and savings account because her husband's salary was not big enough to fully support both of them.
Now, Senffner has no money in savings — and she doesn't see her situation improving by the time she's set to retire in just under two years. (Business Insider reviewed documents from Senffner to confirm this information.)
"I'm between contract jobs, and I have no savings," Senffner told BI. "I was somebody who did really well, and it's very disheartening because I have no idea what's going to happen with retirement. My husband and I are both a year and a half from retirement age, but I think I'll probably need to work until I die because there's no money."
Diane Senffner is worried she'll never be able to retire.
Diane Senffner
Senffner is part of a cohort known as "peak boomers," or boomers born between 1959 and 1964 who will start turning 65 this year. A recent report from the Alliance for Lifetime Income's Retirement Income Institute found that this group includes over 30 million boomers, marking it the "largest and final cohort" of that generation entering retirement.
The report found that 52.5% of peak boomers have $250,000 or less in assets, which could force them to deplete their savings and rely on Social Security benefits to stay afloat in retirement. But Senffner said that the around $1,800 she would get from Social Security each month wouldn't cover her rent, groceries, and prescriptions, and she anticipates she'll have to continue working to supplement the benefits.
"It's simple math," she said. "You're talking about retiring, needing about $4,000 a month, at least, just to cover expenses. Just Social Security isn't going to cover that."
Many older Americans are grappling with the same problem. According to the Census Bureau's Current Population Survey, just over half of Americans over 65 have an annual income of $30,000 or less, meaning that existing only on Social Security likely won't cut it.
And with the Social Security fund set to dry out by the late 2030s unless lawmakers intervene, Senffner is "incredibly scared" about her future.
"The expenses are enormous," she said. "To be a contractor, I have to have internet. I have to have a cellphone. I have to have an office, which I can still deduct from my taxes, but in the immediate, I have to pay for those things."
'Everybody my age is a little worried right now'
While Senffner has years of experience in the workforce, she hasn't been able to land full-time work despite applying for dozens of jobs. The only full-time jobs she's seen have tended to be more physically demanding, such as working at a grocery store, which she's unable to do.
She said that many of her peers are struggling with the same dilemma — they either can't find work in fields they're qualified for or they have to work a low-wage, entry-level job.
"The only people that are hiring older people now are places like Home Depot and Walmart," Senffner said. "I just say to my friends as a cautionary tale, if you are my age and you have a job, you better stay with it, because nobody is hiring you."
According to an October post from the AARP, "age discrimination often prevents older adults from landing jobs at the same level as their recent employment or higher." The AARP also referenced a September survey from The Harris Poll that found 60% of hiring managers prefer hiring older candidates over younger ones for entry-level positions because they tend to be more reliable.
Still, with the low wages and sometimes physical demands of entry-level work, it's often not an option for those close to retirement. AARP recently released the results of a January survey that found one in five older adults do not have any retirement savings, and over half of them don't think they'll have enough money to get them through retirement.
"Everybody my age is a little worried right now," Senffner said.
"I know so many people my age that just don't know what they're going to do," she continued. "Other countries take care of their older people, and we should be able to do it, too."
Are you worried about retirement? How are you preparing? Share your story with this reporter at asheffey@businessinsider.com.
A housing proposal could unlock nearly $1 trillion for homeowners, Meredith Whitney wrote for the FT.
The idea is for Freddie Mac to start purchasing secondary mortgages, offering a cost-effective way for borrowers to tap equity.
Homeowners face few options to do this, as there aren't many willing buyers.
An idea is percolating at one of America's government-sponsored mortgage finance giants that could unlock a huge new lifeline for homeowners, Meredith Whitney wrote for The Financial Times
"As early as this summer, a proposed move could begin to unleash almost $1tn into consumers' wallets. By the autumn, it could be on its way to $2tn," Whitney wrote.
That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained.
Under the plan, Freddie Mac could start purchasing second mortgages and package them into bonds the way it does with primary home loans now. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers.
Whitney points out that Americans are sitting on a massive and growing pile of home equity, but little of that is being tapped. More widely available home equity loans would be a boon in particular for older Americans, who are taking on more debt than other age groups and are at growing risk of a financial shock.
Approval would also be well-timed. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.
"For the many homeowners who purchased or refinanced their homes during a period of lower mortgage rates, a traditional cash-out refinance today may pose a significant financial burden, as it requires a refinancing of the entire outstanding loan balance at a new, and likely much higher, interest rate," it said.
Freddie Mac's participation seeks to offer a cost-effective alternative. According to Whitney, part of the issue as to why households have so few affordable avenues is a consequence of Great Financial Crisis, as a large number of bank lenders decreased their mortgage exposure following the 2008 crash.
Freddie Mac's entry into the market could result in $980 billion of home equity financing becoming available to Americans, with that number growing to $3 trillion, Fannie Mae and Ginnie Mae follow suit, Whitney estimated.
"By opening up the securitization market for second mortgages, not only would more institutions be inclined to originate the loans, but the cost to borrowers would meaningfully decline with more finance providers," Whitney said: "It would also provide big stimulus to an economy and consumer that appear to be slowing down without adding a dime to government debt."