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Economy
UPS Cargo Plane Crash at Louisville Airport Sparks Massive Fire
Police announced a shelter-in-place order for "all areas north of the airport to the Ohio River."
Nov 04, 2025
This is a developing story… Please check back for updates…
Aerial footage showed plumes of black smoke and flames around the Louisville Muhammad Ali International Airport in Kentucky after a UPS plane crashed during its departure on Tuesday evening.
The Federal Aviation Administration said on social media that UPS Flight 2976—a McDonnell Douglas MD-11 bound for Daniel K. Inouye International Airport in Honolulu, Hawaii—crashed around 5:15 pm local time. The agency added that the FAA and National Transportation Safety Board will investigate, with the NTSB providing all updates.
The Louisville Metro Police Department confirmed that the LMPD and multiple other agencies were responding to the scene, where there are "injuries reported."
LMPD initially announced a shelter-in-place order "for all locations within five miles of the airport," which was then expanded to "all areas north of the airport to the Ohio River."
The airport—which confirmed that "the airfield is closed" after the crash—is the UPS global hub. The shipping giant said in a statement that there were three crewmembers onboard and "at this time, we have not confirmed any injuries/casualties."
"UPS will release more facts as they become available, but the National Transportation Safety Board is in charge of the investigation and will be the primary source of information about the official investigation," the company added.
As CNN reported Tuesday:
The McDonnell Douglas MD-11F is a freight transport aircraft manufactured originally by McDonnell Douglas and later by Boeing. The aircraft is primarily flown by FedEx Express, Lufthansa Cargo, and UPS Airlines for cargo.
The plane also served as a popular wide-bodied passenger airplane after it was first flown in 1990. The aircraft involved in Tuesday's crash was built in 1991.
As fuel costs increased for the three engine jets many of them were converted to freighters. The plane can take off weighing in at a maximum 633,000 pounds and carrying more than 38,000 gallons of fuel, according to Boeing, which bought McDonnell Douglass.
The International Brotherhood of Teamsters said that it "is monitoring this developing tragic event on the ground," and "as this horrific scene is being investigated, prayers on behalf of our entire international union are with those killed, injured, and affected, including their families, co-workers, and loved ones."
Louisville Mayor Craig Greenberg said that he and his wife, Rachel, "are praying for victims of the UPS plane that crashed."
"We have every emergency agency responding to the scene," the Democrat added. "There are multiple injuries and the fire is still burning. There are many road closures in the area—please avoid the scene."
Democratic Kentucky Gov. Andy Beshear, who is headed to Louisville for a briefing with the mayor, said, "Please pray for the pilots, crew, and everyone affected."
Republican President Donald Trump's transportation secretary, Sean Duffy, similarly said, "Please join me in prayer for the Louisville community and flight crew impacted by this horrific crash."
During a press conference earlier on Tuesday, Duffy had warned of "mass chaos" if the ongoing government shutdown continues, saying: "You will see mass flight delays. You'll see mass cancellations, and you may see us close certain parts of the airspace, because we just cannot manage it because we don't have the air traffic controllers."
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$70 Trillion in Inherited Wealth Shows Global 'Inequality Emergency' Spiraling Out of Control
"Inequality is a crisis in need of concerted action," said Nobel Prize-winning economist Joseph Stiglitz.
Nov 04, 2025
A panel of experts convened by South Africa's president warned Tuesday that the world is facing an "inequality emergency" as the richest people on the planet capture a disproportionate share of new wealth and prepare to pass it down to their heirs—perpetuating the chasm between economic elites and everyone else.
The panel, led by Nobel Prize-winning economist Joseph Stiglitz, notes in a new report that over $70 trillion in wealth will be passed down to heirs over the next decade. In the next 30 years, the panel estimates, 1,000 billionaires will transfer more than $5.2 trillion to their heirs mostly untaxed.
"Inequality is one of the most urgent concerns in the world today, generating many other problems in economies, societies, polities and the environment," states the report, published ahead of the G20 meetings in Johannesburg at the end of the month.
Joining Stiglitz on the panel, formally called the Extraordinary Committee of Independent Experts on Global Inequality, were Adriana Abdenur of Brazil, Winnie Byanyima of Uganda, Jayati Ghosh of India, and Imraan Valodia and Wanga Zembe-Mkabile of South Africa.
"Inequality is not a given; combating it is necessary and possible," the experts wrote. "Inequality results from policy choices that reflect ethical attitudes and morals, as well as economic trade-offs. It is not just a matter of concern for individual countries, but a global concern that should be on the international agenda—and therefore the G20's."
Since 2000, the global 1% has captured more than 40% of all new wealth while the bottom half of humanity saw its wealth grow by just 1%, according to the new report. More than 80% of countries—accounting for roughly 90% of the global population—have high levels of income inequality, which undermines social cohesion, economic functioning, and democratic institutions nationally and worldwide.
The panel recommends a broad scope of policy changes to tackle runaway income and wealth inequality, from ensuring the fair taxation of multinational corporations and ultra-rich individuals, to antitrust policies that reduce corporate concentration, to major investments in public services.
The experts also called for the creation of an International Panel on Inequality—inspired by the Intergovernmental Panel on Climate Change (IPCC)—"to support governments and multilateral agencies with authoritative assessments and analyses of inequality" that would "empower policymaking."
"The committee's work showed us that inequality is a crisis in need of concerted action," Stiglitz said Tuesday. "The necessary step to taking this action is for policymakers, political leaders, the private sector, journalists and academia to have accurate and timely information and analysis of the inequality crisis. This is why our recommendation above all is for a new International Panel on Inequality."
"It would learn from the remarkable job the IPCC has done for climate change, bringing together technical expertise worldwide to track inequality and assess what is driving it," he added.
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100+ Democrats Urge Trump to Improve US-Mexico-Canada Trade Deal
"We are united in our view that the agreement enacted in 2020 has failed to deliver improvements for American workers, family farmers, and communities nationwide."
Nov 03, 2025
A group of more than 100 congressional Democrats on Monday called on President Donald Trump to use the opportunity presented by the mandatory review of the US-Mexico-Canada Agreement "to make significant and necessary improvements to the pact" that will benefit American workers and families.
"In 2020, some of us supported USMCA, some opposed it, and some were not in Congress," the lawmakers wrote in a letter to Trump led by Reps. Rosa DeLauro (D-Conn.) and Frank Mrvan (D-Ind.). "Today, we are united in our view that the agreement enacted in 2020 has failed to deliver improvements for American workers, family farmers, and communities nationwide."
The USMCA replaced the highly controversial North American Free Trade Agreement (NAFTA), which was enacted during the administration of then-Democratic President Bill Clinton in 1994 after being signed by former Republican President George H.W. Bush in 1992. The more recent agreement contains a mandatory six-year review.
As the lawmakers' letter notes:
Since enactment of the USMCA, multinational corporations have continued to use the threat of offshoring as leverage wielded against workers standing up for dignity on the job and a share of the profits generated by their hard work—and far too often, enabled by our trade deals, companies have acted on these threats. The US trade deficit with Mexico and Canada has significantly increased, and surging USMCA imports have undermined American workers and farmers and firms in the auto, steel, aerospace, and other sectors. Under the current USMCA rules, this ongoing damage is likely to worsen: Since USMCA, Chinese companies have increased their investment in manufacturing in Mexico to skirt US trade enforcement sanctions against unfair Chinese imports of products like electric vehicles and to take advantage of Mexico’s duty-free access to the US consumer market under the USMCA.
These disappointing results contrast with your claims at the time of the USMCA’s launch, when you promised Americans that the pact would remedy the NAFTA trade deficit, bring “jobs pouring into the United States,” and be “an especially great victory for our farmers.”
Those farmers are facing numerous troubles, not least of which are devastating tariffs resulting from Trump's trade war with much of the world. In order to strengthen the USMCA to protect them and others, the lawmakers recommend measures including but not limited to boosting labor enforcement and stopping offshoring, building a real "Buy North American" supply chain, and standing up for family farmers.
"The USMCA must... be retooled to ensure it works for family farmers and rural communities," the letter states. "Under the 2020 USMCA, big agriculture corporations have raked in enormous profits while family farmers and working people in rural communities suffered."
"We believe that an agreement that includes the improvements that we note in this letter" will "ensure the USMCA delivers real benefits for American workers, farmers, and businesses, [and] can enjoy wide bipartisan support," the lawmakers concluded.
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Corporate America Accelerates Layoffs As Trump Economy Flashes Red Warning Signs
"We’re not just in a low hire, low fire environment anymore," said one economist. "We’re firing."
Nov 03, 2025
Several major US corporations in the last month have announced plans to cut thousands of workers as layoffs in the American economy have reached their highest level since 2020, when much of the global economy was shut down due to the Covid-19 pandemic.
As reported by Bloomberg on Monday, major firms including Target, Amazon, Paramount, and Molson Coors in October announced plans to lay off a combined total of more than 17,000 workers for a wide variety of reasons ranging from the impact of artificial intelligence to declining sales.
Taken together, these layoffs point to a significantly weakened labor market, which had already ground to a halt over the summer when the last jobs report released by the Bureau of Labor Statistics (BLS) showed the economy created just 22,000 jobs in the month of August.
And while the BLS has stopped releasing monthly employment reports during the ongoing shutdown of the federal government, Bloomberg pointed to data collected by outplacement firm Challenger, Gray & Christmas showing that there have been "almost 950,000 US job cuts this year through September, the highest year-to-date total since 2020—and that was before the heavy October run of announcements."
Dan North, senior economist at Allianz Trade Americas, told Bloomberg that he has detected a definite shift in the jobs market in recent weeks.
"We’re not just in a low hire, low fire environment anymore," he explained. "We’re firing."
Joseph Brusuelas, chief economist at RSM US, said in an interview with Reuters that he also expected the labor market to get worse in the coming months due to "adverse policy shocks emanating from Washington," as well as "the change in behavior among corporates who hoarded labor for the past four to five years," and were thus reluctant to carry out layoffs.
"That was never an indefinite behavior," he said. "We're going to see migration up in the unemployment rate."
John Challenger, CEO of Challenger, Gray & Christmas, told CBS News last week that he didn't think that the layoffs announced over the last month were just a blip.
"These are major layoffs, the kind of which we only see in periods of real change in the economy," he emphasized.
One challenge for economists in assessing the current state of the economy is the vast gulf between the experiences of America's highest-earning households and households at the bottom of the economic ladder.
According to a Monday report from CNBC, recent corporate earnings reports have shown signs of a so-called "K-shaped" economy in which well off consumers are maintaining or increasing their spending while low-income consumers are being forced to cut back.
"Last week, Chipotle reported it’s seeing consumers who make less than $100,000 a year, which represents roughly 40% of the company’s customer base, spending less frequently due to concerns about the economy and inflation," CNBC noted. "Coca-Cola said in its third-quarter earnings that pricier products like Topo Chico sparkling water and Fairlife protein shakes are driving its growth. Procter & Gamble reported similar results, saying wealthier customers are buying more from club retailers, which sell bigger pack sizes, while lower-income shoppers are significantly pulling back."
A Monday report from Fortune similarly picked up on evidence that the US is in the midst of a K-shaped economy, as it found that the percentage of Americans taking on subprime loans in the third quarter of 2025 reached its highest level since 2019.
This is significant, Fortune noted, because an increased reliance on subprime loans "adds to signs that many are facing increased financial pressure" to make ends meet. What's more, Fortune pointed to a recent analysis from Moody's showing that the top 20% of households in the US are now responsible for economic growth, while the bottom 80% have essentially been stagnant.
Lucia Dunn, an economist at Ohio State University, told Fortune that this economic disparity could increase instability if not addressed.
"We are losing the middle class," Dunn said. "And when you get to a society where there are a lot of people at the bottom and then a small group at the top, that's a prescription for real trouble."
The reports of the layoffs in corporate American come as a new analysis released Monday by Oxfam offered the latest look at extreme wealth inequality in the US, with the the 10 wealthiest Americans gaining nearly $700 billion so far this year—and as millions of people have lost crucial federal food assistance due to the government shutdown and the Trump administration's refusal to release full benefits.
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