• I lived in Panama for two years and my son split time between there and the US.
• He got to enjoy two summer vacations; one in the US, and one in Panama.
• We no longer live there, but I'm thankful for the experiences we had. 

In May 2021, I moved to Panama. My partner and I lived there for two years, and during that time, my son would spend one month with us and one month with his dad and stepmother in the States. This was possible only because he has been homeschooled since first grade, and his dad and I established a system to keep his work in both homes synchronized.

The experience was hectic and difficult at times, but I am a big believer in experiencing different countries, cultures, and people — and in the idea that sometimes you have to take a big leap to do so.

Kids start their summer vacation mid-December in Panama

We learned a lot during our time in the country, and one of the more pleasant surprises was that summer vacation there generally begins in mid-December (at the end of the rainy season) at the end of the second trimester of school. School doesn't pick back up again until February.

This schedule created an interesting opportunity for my son, who was about to be 12 when he experienced his first summer in Panama. Besides how incredible it was to play in the ocean and wear short sleeves in the middle of January, he also found himself surrounded by kids everywhere we went — something that he hadn't always experienced in his time in the country.

My son got to spend more time playing with kids during the summer

Panama's schools run on a trimester system, and the trimesters typically run from February to June, June to September, and September to December. For the majority of the school year, I was able to find a few friends for him through Facebook groups for expat families. We connected with other homeschooled children from France, South Africa, and Germany, but he had a harder time making friends with Panamanian children — or even spending much time with them at all. The added challenges of language barriers and adjusting to a new home in a new country for only half the year didn't help.

But summer in Panama brought about new opportunities for hanging out with kids. He didn't sign up for any camps or programs (at the time, his Spanish was very new), but he also didn't shy away from getting to know kids at the parks, playgrounds, and when we were out at local events.

His first January in Panama offered a respite from the newness of it all; he could spend a little time just being a kid with other kids. It was comforting to find that a language barrier didn't always matter when two (or more) kids could bond over play, no matter where we were. He had some schoolwork to work on to maintain his participation in classes in the States, but we focused on keeping things light so he could have more unstructured time to experience what was around him.

While we lived in Panama, my son got two summers

Making a major change or move is almost always a challenge, and doing so when you're not even a teenager yet takes mental and emotional fortitude that not everyone has. Though our long-term plans in Panama didn't work out the way we imagined, and now we split our time evenly between the US and France, the years we spent there were unique and fun — and that's in no small part due to the summers my son experienced there.

By the time summer rolled around in the United States, most Panamanian children were back in the classroom, and the rainy season was rolling in. In a sense, my son got to experience the best of both homes: friends in each spot, plenty to see and do, and two summers to be as free as he wanted.

• The NTSB said Boeing "blatantly violated" rules about investigations.
• It said a Boeing exec made "unsubstantiated speculations" about the Alaska Airlines blowout .
• It will coordinate with the DoJ, which is considering criminal charges over the blowout.

Boeing has apologized after the National Transportation Safety Board said it "blatantly violated" rules about investigations.

On Tuesday, a Boeing executive held a media briefing about January's Alaska Airlines blowout. Sharing non-public information about investigations without the NTSB's consent is against the agency's rules.

The director of the NTSB's office of aviation safety sent a scathing letter to Boeing CEO Dave Calhoun on Thursday.

Timothy LeBaron said that since Boeing has been party to "several other investigations over the years," it is familiar with the investigative processes, "perhaps more so than most other entities."

In the letter, LeBaron said that Boeing Commercial Airplanes' senior vice president for quality, Elizabeth Lund, "made unsubstantiated speculations about possible causes" of the Alaska Airlines blowout.

"This disregard of federal regulations and rules governing NTSB investigations cannot be tolerated," he added.

The blowout sparked a crisis at Boeing, after a door plug came off a 737 Max in midair. Four bolts designed to hold it in place were never installed, the NTSB said in a preliminary report.

CNN reported that in the media briefing, Boeing blamed missing paperwork for the lapse in quality control.

LeBaron said that Lund shared "unsubstantiated speculations" and that "part of the released information was either inaccurate or unknown to the NTSB."

He also criticized Boeing for speaking about the investigation into a Southwest Airlines incident that occurred in May. The 737 Max experienced a Dutch roll, a rare but serious stability problem.

Boeing's chief engineer, Howard McKenzie, said the event had "nothing to do with design or manufacturing," according to LeBaron. However, LeBaron said that the NTSB hasn't ruled this out as contributing to the Dutch roll.

As a result of these statements, the NTSB said Boeing will no longer have access to its investigative information as it develops factual records.

The agency said it "will be coordinating with the DOJ Fraud Division to provide details about Boeing's recent unauthorized investigative information releases in the 737 Max 9 door plug investigation."

The Justice Department is considering whether to prosecute Boeing over the blowout.

In a statement shared with Business Insider, Boeing said: "As we continue to take responsibility and work transparently, we conducted an in-depth briefing on our Safety & Quality Plan and shared context on the lessons we have learned from the January 5 accident."

"We deeply regret that some of our comments, intended to make clear our responsibility in the accident and explain the actions we are taking, overstepped the NTSB's role as the source of investigative information," it added.

"We apologize to the NTSB and stand ready to answer any questions as the agency continues its investigation."

• A Texas millennial is on track to earn nearly $350,000 this year secretly working two remote jobs.
• Despite holding two jobs simultaneously, he typically only worked about 50 hours a week. 
• He's considering giving up overemployment because it's taken a toll on his health and relationships.

In 2021, Phil saw the workload at his software engineering job reduced considerably. He began wondering what he could do with the extra time on his hands.

Soon, an idea came to mind: He might be able to juggle two remote roles simultaneously.

"Since many jobs were remote at that time, I thought of trying my luck," Phil, who's in his 30s and based in Texas, told Business Insider via email. His identity is known to BI, but he asked to use a pseudonym due to fears of professional repercussions.

After a couple of months, he landed a second full-time role and didn't tell either employer about his "overemployment."

Secretly working two jobs has made a big impact on Phil's finances. He's on track to make nearly $350,000 this year, according to documents viewed by Business Insider. Roughly $150,000 of this would come from his second employer — a subsidiary of a US-based company that pays him in a foreign currency. He said being overemployed made it possible for him to allocate nearly $75,000 to his retirement funds last year.

Having a second gig has also provided Phil with valuable job security. Last year, he said he was among the thousands of IT and tech workers who were laid off, but he had another paycheck to rely on until he found a new "job two." What's more, he said he hasn't typically worked more than 50 hours a week across his two jobs.

But despite all these benefits, Phil is considering quitting his second job sometime this year, in part because he said job juggling has taken a toll on his physical and mental health, as well as his personal life.

"Overemployment definitely helps as far as financial security is concerned," he said. "But that comes with a cost."

Phil is among the Americans who have secretly worked multiple remote jobs to boost their incomes and job security. BI has interviewed over 20 of these job jugglers, many of whom work in the IT and tech industries. These people have made as much as $1 million a year across their jobs and used their earnings to pay off student debt, save for retirement, and afford expensive vacations and weight-loss drugs.

While some companies may be OK with their workers taking on a second job, doing this without approval could have negative repercussions. Additionally, intense competition for remote roles, return-to-office mandates, and burnout have led some job jugglers to question whether overemployment is sustainable.

Phil shared his top tips for managing two full-time jobs, the biggest downsides of this lifestyle, and why he might give it up.

Doing the "bare minimum" and limiting meetings are keys

After he started job juggling in 2021, Phil said he began looking for information online about whether secretly working multiple remote jobs was legal — and whether anyone else was doing the same thing. That's when he first learned about the "overemployed community." There are over 300,000 members of the subreddit r/overemployed — where workers share tips for finding jobs and avoiding detection.

"To my surprise, I saw that people were doing up to five parallel jobs, netting home over $1 million," he said.

Over the past few years, Phil has maintained the same primary job — or "job one" — but cycled through a few secondary roles. He quit one because he needed a break and was laid off from another. For a couple of months, he said he tried juggling three jobs at once until the workload proved to be too much.

When it comes to finding remote jobs, Phil said he's generally used LinkedIn and the remote-specific job board We Work Remotely.

When it comes to managing multiple jobs, Phil said there's one big key: time management.

Phil's strategy has been to do the "bare minimum" at both of his jobs, which he said has been necessary from a time management perspective. He said he avoids meetings he thinks are "useless" and sometimes double-books these meetings across both employers to save time.

"Having two 40-hour-a-week jobs doesn't mean you have to work 80 hours a week," he said. "You have to be smart enough to do more in less time."

If you want to advance in a career and stay at a company for a long time, overemployment isn't for you, Phil said.

"If you consider work to be just a means to get financial security and are happy to see others get promoted while you are just meeting the expectations at both the jobs, then it's a good idea."

Why overemployment might not be sustainable

Phil said overemployment has come with a few big costs.

First, he's found it difficult to focus on any single job, which he thinks has affected his work quality.

"I was more worried about doing the bare minimum at both the places to survive," he said.

Second, he said the longer working hours — which have occasionally extended to as many as 60 or 70 hours a week — have been draining and left him with less time to focus on his relationships.

"It takes a toll on your health," he said. "Anything up to 50 hours a week is sustainable for me and that is what I would suggest for most people."

It's for these reasons that Phil said he's considering giving up overemployment this year.

Before anyone starts job juggling, he recommends they consider the impact it could have not just on their finances — but also on other areas of their lives.

"Look at your life as a whole and not just from a work-money point of view," he said.

Are you working multiple remote jobs at the same time and willing to provide details about your pay and schedule? Are you a manager who has experience with overemployed employees? If so, reach out to this reporter at jzinkula@businessinsider.com.

• Britt Lorino, 55, moved from Texas to Arkansas as part of a mover incentive program.
• Work Here, Live Here offers new Mississippi County residents up to $50,000 toward their mortgage.
• Despite fewer amenities, Lorinos appreciates the lower costs and community feel of his small town.

A Papa Johns recently opened in Osceola, Arkansas — and Britt Lorino is thrilled about it. The 55-year-old can tell the town he calls home is "transforming."

Lorino moved to Osceola just over a year ago. It's 55 miles north of Memphis and is home to just over 6,000 people, per a 2022 Census count. Despite raising their family in Austin, Lorino and his wife decided to settle in Mississippi County because of its mover incentives.

The Work Here, Live Here program — run by local industries, community groups, and financial institutions — offers residents up to $50,000 toward a home purchase if they agree to live there for at least four years.

"I was ready in my life to put it back in first gear and slow down," Lorino said. "It's almost like the clock moves a lot slower in Osceola than it does in Houston or Austin."

Mississippi County is one of the US' top steel producers. Eligible participants can be movers or existing Arkansas residents, but they must work for one of the program's partner companies, which include Big River Steel, US Steel, and Atlas Tube. Lorino, for example, works for Big River Steel.

Program leaders told BI that they have attracted 80 new homeowners since Work Here, Live Here launched in 2022. Participants can receive a 10% forgivable loan to construct a new home or a 5% forgivable loan if they purchase an existing home. The maximum home cost is $500,000, so the largest possible incentive is $50,000.

Lorino said he and his wife bought an existing home for about $325,000 and received the 5% loan incentive.

Mover incentive programs like Work Here, Live Here come as the cost of living rises in US cities, and some jobs continue to be location flexible. With steep housing expenses on the coasts, some homebuyers are turning toward the Midwest or South — and smaller counties see it as an opportunity to boost their economies.

Osceola has less amenities than Austin, but Lorino said the area is growing

Although Lorino briefly lived in Arkansas and Louisiana for work in the past decade, he spent most of his life in Texas. It's been an adjustment to move from a big city like Austin to a small town, he said.

Rural Mississippi County has its challenges: Lorino has to drive long distances to visit a doctor or buy clothes. There aren't many restaurants to choose from and local stores usually have limited inventory.

"In Austin, everything's at your fingertips," he said. "On every street corner, there's a bank and there's some kind of department store. Here, not so much."

Even so, he and his wife are happy with their decision to live in Arkansas. Their adult children still live in Austin, and Lorino said his son can't afford a home there.

Arkansas' cost of living is much lower — the median home price in Osceola is $485,000 lower than in Austin — and Lorino and his wife can order most of what they need online if there isn't a store nearby. Memphis is just an hour's drive away if they want to see a concert or a professional sports game.

Lorino also feels a strong sense of community with his neighbors and coworkers. He appreciates that he can have personal conversations with the mayor or city council members in town. Osceola has "good, hometown living," he said.

He isn't sure if he and his wife will live in Mississippi County forever, but they plan to stay for several years. It takes some patience, Lorino said, but the growth they've in the area is exciting — the town is not only attracting new movers, but hotels, chain restaurants, and a golf course.

"If you can imagine five or 10 years from now, what this will be like, I think I think people would get more clarity," he said.

Have you been paid to move? Are you open to sharing the pros and cons of your experience? If so, reach out to this reporter at allisonkelly@businessinsider.com.

• In "28 Days Later," Cillian Murphy's character, Jim, wakes up from a coma after a zombie outbreak.
• The actor was reunited with director Danny Boyle for the sequel, "28 Years Later."
• Murphy is joined by British stars Jodie Comer and Aaron Taylor-Johnson, in the new movie.

"Oppenheimer" star Cillian Murphy has reunited with director Danny Boyle for the long-awaited horror sequel "28 Years Later," two decades after his breakout role in "28 Days Later."

In the original film, Murphy played Jim, a bicycle courier who wakes up from a coma to find that the UK has been hit by the "Rage" virus, which turns people into zombies.

The infected, however, are not like the traditional slow, shuffling hordes of the undead. Instead, they sprint and scream while chasing survivors.

The film performed fairly well at the time, earning $84 million worldwide, according to Box Office Mojo.

Boyle's unique vision of a post-apocalyptic Britain led to a resurgence of zombie movies in the 2000s. Many took inspiration from Boyle's fast zombies, such as in the "Dawn of the Dead" remake, and "Zombieland."

While Boyle produced the 2007 sequel, "28 Weeks Later," the Juan Carlos Fresnadillo-directed film focused more on gory action, than the suspense-driven horror of the original.

In January 2024, The Hollywood Reporter confirmed that "28 Years Later" is in the works by Boyle and "28 Days Later" writer Alex Garland. Here's what we know about the sequel.

Cillian Murphy will be joined by British stars, including Jodie Comer and Aaron Taylor-Johnson

Murphy has stated over the years that he would like to return to the franchise that kickstarted his career.

In February, he told Variety: "I've always said I would love to be involved because that movie changed everything for me and I have great affection for it and for those guys Alex, and Danny."

Murphy added: "So I'm really thrilled that we'll get the band back together to make this one."

In May, Sony Motion Pictures Group chairman Tom Rothman confirmed to Deadline that the "Oppenheimer" star will reprise his role as Jim in "28 Years Later."

When asked whether Murphy is definitely returning, Rothman said: "Yes, but in a surprising way and in a way that grows, let me put it that way."

The Irish actor will be joined by British stars Jodie Comer, Aaron Taylor-Johnson, Jack O'Connell, Ralph Fiennes, and Erin Kellyman, per Deadline. Details about their characters are being kept secret.

In June 2024, Comer appeared on the "Happy Sad Confused" podcast and briefly discussed what Boyle is trying to achieve with his director of photography, Anthony Dod Mantle.

She said: "It's him. It's Danny, and I think he's constantly trying to find new ways and I think, just seeing where they've gone with it and all the new additions and explorations, I think people are going to be very excited."

'28 Years Later' arrives in June 2025 and is the start of a new trilogy

The long-awaited sequel will arrive in theaters on June 20, 2025, and is the start of a new trilogy. According to Deadline, "Candyman" director Nia DaCosta is in talks to take over the reins for the second movie, while Garland will write the entire trilogy.

Little is known about what to expect from the future of the franchise, although presumably, it'll be packed with hordes of screaming zombies again.

Interestingly, a title for DaCosta's movie might have been revealed thanks to the United States Copyright Office, which lists it as "28 Years Later Part II: The Bone Temple."

This doesn't necessarily reveal anything about what the future movie could revolve around, but it certainly feels different.

• Thousands more one-person businesses are hitting million-dollar revenues and may keep growing.
• From 2020 to 2021, the number of such businesses grew from 47,000 to 58,000, driven by the pandemic.
• Professional, scientific, and technical services led, followed by construction and finance.

Thousands more one-person businesses are reaching the coveted million-dollar earnings number — and it may continue to rise.

A Business Insider analysis of nonemployer businesses — those that are run solely by their owners with no other paid employees — found that between 2020 and 2021, the number of nonemployer businesses with revenues of at least $1,000,000 skyrocketed from just under 47,000 to nearly 58,000. The 2021 numbers are the most recent from the US Census Bureau.

This number had been steadily increasing since the Census Bureau started tracking it in 2012, when it was about 31,800. The 2020 to 2021 increase was the largest year-over-year increase since 2012.

The 2021 data suggests the professional, scientific, and technical services sector is where entrepreneurs have had the most success growing their businesses to over a million in sales. Of the 14,450 millionaire businesses in this sector, 874 have revenues over $2.5 million. Millionaire businesses make up 0.38% of all one-person businesses in this sector.

Construction ranked second with just over 6,600 businesses, of which 211 had revenues above $2.5 million. Millionaire businesses in construction made up 0.24% of total one-person construction businesses. Finance and insurance were close behind with about 6,450, of which 623 had revenues over $5 million. This sector had the highest percentage of millionaire businesses at 0.85%.

Other top industries included retail trade, real estate, transportation and warehousing, and wholesale trade. On the flip side, utilities, mining, and manufacturing ranked lowest for millionaire businesses.

Small business creation has been on the rise throughout the pandemic. As more Americans leave their 9-to-5 jobs to start their own businesses in the age of hybrid work, many are looking to grow everything from clothing lines to independent financial service companies to "sweaty startups" like lawncare or self-storage.

"If you look at who is truly wealthy in these towns, people who are eating at the nice restaurants, people who are at the nice country clubs, you'll find that they actually didn't have new ideas at all," said Nick Huber, who launched the "sweaty startups" movement and owns nine companies, told BI. "They didn't have tech startups that were aimed at changing the world, and they didn't build a billion-dollar business. Most of them did something common or boring, and they just did it uncommonly well."

The Census Bureau estimates there are now almost 28.5 million nonemployer businesses in the US, which has shot up during the pandemic.

The number of total monthly business applications grew from about 300,000 in February 2020 to consistently in the low- to mid-400,000s over the last few years, peaking with almost 546,000 in July 2020. Since March 2020, this has amounted to just under 22 million new applications.

Have you started a business that has been doing well financially? Reach out to this reporter at nsheidlower@businessinsider.com.

• Jeanelle Teves is a mom of two and an executive.
• She stops working at 4:30 each afternoon to spend time with her family.
• She says this time makes her more efficient and focused at work.

This as-told-to essay is based on a conversation with Jeanelle Teves, a content creator and Bugaboo's chief commercial officer. It has been edited for length and clarity.

When I'm at work, I'm 100% focused on my job. As the chief commercial officer for Bugaboo, a global stroller and baby equipment brand, that's essential. But at 4:30 p.m. each day, I leave the office or sign off the computer to be home for dinner with my husband and my two children, who are 7 and 3.

That's my sacred time each day. From five until about 8 p.m. — when the kids go to bed — I'm basically unreachable so I can be fully present with my family. I eat dinner with the kids at 5:30, spend quality time with them, and tuck them into bed.

Only then will I log back in to work if necessary, which usually happens a few times each week.

I carve out uninterrupted time for my marriage too

My husband is a stay-at-home dad. It's very important that we have dedicated time to be together, both as a family and without the kids. My husband's love language is quality time, so being home for dinner each night shows him that I'm prioritizing him and that I appreciate the work he's doing.

Of course, dinner with two kids isn't exactly relaxing, so we also have a standing date night each week. I do everything in my power to keep that appointment, including saying no to professional events and work dinners. I'll even travel home on a red-eye flight to be there if I can.

Because I prioritize our family and couple time, my husband understands if I occasionally need to miss dinner because of work obligations. He knows those opportunities are really important to me, and he respects that.

Flexibility starts with good communication

I'm an executive, so I have a lot of leeway in setting the tone for my team. I also work at a company that is 80% women, 60% of whom are moms. I worked my way up the corporate ladder in different settings, so I know that not everyone can say they're leaving work for family time.

Still, I believe everyone can have flexibility with communication and accountability. If you're looking for more balance, I suggest having an open, honest conversation with your boss about expectations. A lot of the time, we pour our energy into projects or facets of our work that aren't the most important.

Instead of doing that, ask your manager which two to three deliverables are the most crucial. Target your energy toward those. Ask how your boss wants to be kept informed about these priorities. This way, you can work in a more efficient way to cover the most critical parts of your job and keep your boss happy.

Propose solutions when conflict comes up

Lots of professional parents have experienced the pull between work and family obligations. When that happens, try to propose a creative solution to your boss. Try saying, "I know [this task] is very important, so…" and then tell them exactly how you'll keep up while maintaining your flexibility.

For example, you could watch a meeting recording afterward or email your thoughts. As I tell my daughter, there's always a solution — you just have to find it.

Flexibility makes work more efficient, but employees need accountability too

I'm at my best at work when I'm fulfilled in my home life. Most employees are most efficient when they're prioritizing health and well-being, so it makes sense for employers to support that.

Recently, I was hiring for a position on Bugaboo's leadership team. I interviewed 10 candidates and asked each an open question: What are you looking for in a job? Each person said flexibility. It's what the top talent in our generation is seeking, and offering it is essential in order to attract and retain skilled employees.

On the other hand, employees need to be accountable for their work. If you're working outside conventional hours, that's OK, but you can't forget that your organization is counting on you.

I want to flip the narrative that anyone can do it all. Some weeks, I'm headfirst into work, preparing for a board meeting or a big presentation. On other weeks, like at the end of the school year, I'm prioritizing family and ducking out early to ride bikes in Central Park. Together, it makes for something like balance.

• Rachel Wells moved into being fully self-employed after a hard job search.
• Wells plans to keep working for herself partly because of the creative freedom it offers.
• Wells, who has made money from different income sources, shares advice for others.

Rachel Wells, 24, is fairly new to being fully self-employed after a contract job got cut short and a tough job search.

Wells, who lives in the UK, was already job searching a few months before her project manager job was supposed to end in the spring of 2023. She told Business Insider when the job ended a couple of weeks earlier than anticipated, she panicked more "because now I've got less money than what I would've expected to last me a bit longer."

Wells decided to be fully self-employed in the summer of 2023. She said this career pivot "wasn't a willful decision."

"I remember my mom said to me, 'Maybe you're not supposed to get a job. Maybe you're just supposed to go out on your own,'" Wells said. "And for me, that sounded uncomfortable because I like the structure of having an employer and being in a team and an office, and I didn't think I was ready."

But now, Wells said she's grateful she ultimately didn't get a job offer, considering that she can happily pursue her calling and considering how much she earns.

"We're able to move house and things like that because of what I'm earning now," she said.

Wells is a career coach under her business, Rachel Wells Coaching, and writes articles as a Forbes contributor, among other self-employed income streams. She said her client work has been with people from around the world, although her client base is largely in the US now, and she has worked with people of different job levels. She said she doesn't do career coaching as often now and is working on building her presence "as a YouTube influencer, teaching others how to launch side hustles and thrive in their careers and finances."

According to the UK government website, 13.3% of UK workers were self-employed in 2021. Wells doesn't see herself leaving behind being fully self-employed, partly because of the freedom it provides.

"I can't imagine myself back in the constrictions of working for an employer again," Wells said. "Because I just love being a leader and being able to express myself and share my thoughts and to be able to use my creative ideas to just, 'Hey, let me just try this new angle for the business without getting approval for it.'"

Why one should have multiple income sources

Wells finds it important to diversify income sources regardless of who employs you — whether working for yourself or an employer. She finds one benefit of this is you have another source of income if one ends up tapering out. Wells also finds your income streams can be in the same type of work.

Take digital marketing work. If that's your expertise, Wells said you could consult while also running client campaigns, create a bot that helps people with marketing, or write a blog focused on marketing strategies that has affiliate links within posts to help make some passive income.

"Through one main idea, through one side hustle, it kind of branches out into different diversified sources of income," she said. "And that's kind of what I'm doing inadvertently without realizing it. I have this one main passion, which is about leadership and career development. But through that, I'm doing different things. I'm doing freelance writing. I'm consulting. I'm public speaking. I'm coaching."

Wells said her career coaching work, which she started as a teenager, has "definitely evolved, especially being in the actual world of work, in the corporate world and working as a manager."

Wells said it's important to work on your professional development and personal brand, as well as to identify what you have a passion for and where your expertise lies. She finds prioritizing building a network and working on your expertise and brand helpful in case of a layoff or quitting a role because then you have something to fall back on.

"Never be so comfortable and cushy within your role that you don't seek to develop yourself outside of the job," Wells said.

• Joseph Stiglitz and other Nobel Prize-winning economists are worried about another Trump administration.
• They explained why in a recent letter, and Stiglitz further explained in a Business Insider interview.
• Inflation is one concern, which has cooled from its peak in 2022.

Nobel Prize-winning economist Joseph Stiglitz told Business Insider the US economy is "remarkably strong."

However, Stiglitz and others foresee a potential resurgence of inflation and other woes depending on who wins the next presidential election.

"I think general consensus, not just my view, but almost anybody modeling what is going on would say the Trump administration would be more inflationary," Stiglitz told BI. "How much more depends on how radical they are. And that depends on where Congress is. If they have a Democratic Congress, they won't have the ability to do what they would do with a Republican Congress."

Stiglitz recently spearheaded a letter signed by over a dozen Nobel Prize-winning economists. The letter, which was first obtained by Axios, stated the economists were "deeply concerned about the risks of a second Trump administration for the U.S. economy."

The economists predicted dire results from a Trump victory this fall. "The outcome of this election will have economic repercussions for years, and possibly decades, to come," the letter stated. "We believe that a second Trump term would have a negative impact on the U.S.'s economic standing in the world and a destabilizing effect on the U.S.'s domestic economy."

President Joe Biden and Trump had their first presidential debate of 2024 on Thursday. There are still a little over four months until the election, and FiveThirtyEight reports as of June 25 its forecast finds it's a "pure toss-up" who will win.

Business Insider talked to Stiglitz about the economy if Trump is once again president. Stiglitz said the widely shared view is this could result in higher inflation, worse inequality, and a potential broader economic slowdown. Massive progress has already been made in cooling off inflation.

Stiglitz pointed out how remarkably the inflation rate had cooled down without leading to high unemployment. The US unemployment rate has been at or under 4% since the end of 2021, a historically long stretch of low joblessness.

Stiglitz noted Trump's promise of large increases in tariffs as one of the things that could make inflation worse.

"Those tariffs overwhelmingly get passed on to consumers and increasing their prices and get fed down the supply chain — again, increasing prices to consumers," Stiglitz said.

Another could be the large decrease in taxes Trump proposed "that are not paid for and increasing the budgetary deficit from the level that it is today," Stiglitz said.

"And given where we are, I think the broad assessment is that that would be inflationary," he said. "And the broad assessment of the consequences of that is that the Fed would be forced to raise interest rates, and all that combined would still serve to increase inflation even as unemployment increased and GDP slowed."

A third factor that could juice inflation would be the "drastic reductions in immigration" that Trump has proposed, Stiglitz said.

There are different sectors of the US economy that rely on immigration, and Stiglitz said that the tight labor market could become even tighter with this drop in immigration.

Stiglitz also pointed to the possibility of a partial or full repeal of the Inflation Reduction Act, which included a Medicare prescription drug provision, among other things. "Without that, which Republicans had talked about repealing, drug prices will go up."

Outside of the risks to inflation, Stiglitz said a Trump presidency could also mean a slowing GDP. Another problem that could get worse is the inequality crisis.

Stiglitz pointed to Trump's tax policy as one that could boost inequality.

"The tax cut is a tax cut for the corporations and the billionaires," Stiglitz said. "If you look at the share of the tax cuts that go to the bottom, very small. In fact, in some of my analysis I suggested that it's even possible that some parts of the bottom would see a tax increase."

CNN and others noted statements from the Trump campaign disagreeing with the letter that the 16 economists signed.

"The American people don't need worthless out of touch Nobel prize winners to tell them which president put more money in their pockets," Karoline Leavitt, the Trump campaign's national press secretary, told CNN in a statement. "Americans know we cannot afford four more years of Bidenomics, and when President Trump is back in the White House, he will reimplement his pro-growth, pro-energy, pro-jobs agenda to bring down the cost of living and uplift all Americans."

• Walgreens plans to close a "significant" number of underperforming US stores.
• The move highlights recent and longer-term challenges facing the company and its competitors.
• CEO Tim Wentworth said the industry is "largely overbuilt" given how the past decade has unfolded.

Thursday's news that Walgreens will close a "significant" number of underperforming stores threw a spotlight on struggles facing the retail pharmacy industry.

Walgreens CEO Tim Wentworth told investors on Thursday that 25% of the company's roughly 8,600 US locations contribute nothing to its adjusted operating income and that a large portion of those stores will be shuttered over the next three years.

"Customers evolved, demographics and preferences have shifted, and we need to reposition and operate our stores accordingly," Wentworth said.

While Walgreens' earnings indicate significant company-specific challenges, they also highlight recent and longer-term challenges facing its competitors as well.

Rite Aid has closed more than 500 locations since filing for bankruptcy in October, and CVS is in the final year of a three-year plan to close roughly 900 stores. Walgreens CFO Manmohan Mahajan noted on the earnings call that Walgreens has closed some 2,000 locations over the past decade.

In short, regardless of which national pharmacy brand you pick, there's a fair chance the location in your neighborhood could close, if it hasn't already.

Walgreens execs pointed to several contributing factors driving this trend.

For starters, retail pharmacies make money in two key ways: by dispensing prescription medication and ancillary medical services, and by selling an assortment of merchandise in their "front of house" retail stores. Both of these revenue sources are under pressure.

For Walgreens, execs said the prescription business is getting squeezed by contracts they negotiated with insurers last year that are "not sustainable," plus more patients are using home-delivery companies.

In the "front of house," Walgreens is facing pricing pressures and rising rates of shrink, which includes losses due to shoplifting.

"Walgreens does itself no favors in this environment by having a lackluster proposition and broadly uncompetitive prices compared to mass merchants," GlobalData retail analyst Neil Saunders said in a note.

But even if things were going well for Walgreens, Wentworth suggested there would likely still be quite a few closures.

"This industry has been reducing its capacity over the last several years, and that is not a bad thing," he said. "I think most of us knew — when I was in the PBM [pharmacy benefit management] business — I knew that retail pharmacy was largely overbuilt for where the future was going to be."