“Remote work and remote-work options are something that our community has been advocating for for decades, and it’s a little frustrating that for decades corporate America was saying it’s too complicated, we’ll lose productivity, and now suddenly it’s like, sure, let’s do it,” said Charles-Edouard Catherine, director of corporate and government relations for the National Organization on Disability.
Still, he said the shift is a welcome one. For Mr. Catherine, who is blind, not needing to commute to work means not coming home with cuts on his forehead and bruises on his leg. And for people with more serious mobility limitations, remote work is the only option.
Many employers are now scaling back remote work and are encouraging or requiring employees to return to the office. But experts expect remote and hybrid work to remain much more common and more widely accepted than it was before the pandemic. That may make it easier for disabled employees to continue to work remotely.
The pandemic may also reshape the legal landscape. In the past, employers often resisted offering remote work as an accommodation to disabled workers, and judges rarely required them to do so. But that may change now that so many companies were able to adapt to remote work in 2020, said Arlene S. Kanter, director of the Disability Law and Policy Program at the Syracuse University law school.
“If other people can show that they can perform their work well at home, as they did during Covid, then people with disabilities, as a matter of accommodation, shouldn’t be denied that right,” Ms. Kanter said.
Ms. Kanter and other experts caution that not all people with disabilities want to work remotely. And many jobs cannot be done from home. A disproportionate share of workers with disabilities are employed in retail and other industries where remote work is uncommon. Despite recent gains, people with disabilities are still far less likely to have jobs, and more likely to live in poverty, than people without them.
“When we say it’s historically high, that’s absolutely true, but we don’t want to send the wrong message and give ourselves a pat on the back,” Mr. Catherine said. “Because we’re still twice as likely to be unemployed and we’re still underpaid when we’re lucky enough to be employed.”
Jacqueline Kennedy Onassis meticulously curated the memory of her husband after he was assassinated, reimagining President John F. Kennedy as a fallen King Arthur in a modern-day Camelot.
Now some historians wonder if Laurene Powell Jobs is also trying to frame the legacy of her late husband, Steve Jobs, a complicated and transformational figure who was shadowed by his flaws as a father and belligerence as a boss.
Last month, Ms. Powell Jobs introduced the Steve Jobs Archive. It aspires to reinvent the personal archive much as Mr. Jobs, in his years running Apple, remade music with the iPod and communication with the iPhone.
Rather than offering up a repository of personal correspondence, notes and items for public research and inquiry, as other influential figures have done, Ms. Powell Jobs, who did not respond to requests for comments, said at a conference last month that the Steve Jobs Archive would be devoted to “ideas.” Those ideas are primarily Mr. Jobs’s philosophies about life and work.
Harvard Business School’s 25 greatest business leaders of the 20th century left behind personal archives that are open to the public in libraries or museums, including Henry Ford, Thomas Edison and Asa Candler, who built Coca-Cola.
Other iconic business founders such as Walt Disney, Sam Walton and Ray Kroc entrusted their papers to the companies they built, allowing those collections to become the cornerstone of corporate archives.
Walt Disney Company, make personal correspondence, notes, speeches and other items available to authors for research.
More on Big Tech
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Texas Sues Google: Ken Paxton, the state’s attorney general, filed a lawsuit against the tech giant, saying products like Google Photos violated Texans’ privacy rights.
“We don’t censor,” said Becky Cline, director of the Walt Disney archives. “We just vet.”
The new Jobs archive debuted with a minimalist website containing eight pieces of video, audio and writing that express what the archive calls Mr. Jobs’s “driving motivations in his own words.” The items, three-quarters of which were already public, can be accessed by clicking through maxims made famous by Mr. Jobs, including “make something wonderful and put it out there” and “pursue different paths.”
The next steps for the archive are shrouded in the kind of mystery associated with the way Mr. Jobs ran Apple. About all that’s been publicly disclosed is that Ms. Powell Jobs hired a documentary filmmaker to gather hundreds of oral histories about Mr. Jobs from former colleagues. Where that material will be stored and who will have access to it has not been revealed.
She married Mr. Jobs in 1991, two years after meeting him as a graduate student at Stanford. Since his death, she has used her estimated $16 billion fortune to fund the Emerson Collective, a philanthropic and commercial operation that owns The Atlantic magazine and funds an organization trying to reduce gun violence in Chicago.
During his life, Mr. Jobs admired and encouraged historians to preserve the history of his Silicon Valley predecessors such as Robert Noyce, who co-founded the chip maker Intel. But he put little value on his own history, and Apple has seldom commemorated product anniversaries, saying it focuses on the future, not the past.
Stanford spent years cataloging items such as photos of a barefoot Mr. Jobs at work, advertising campaigns and an Apple II computer. That material can be reviewed by students and researchers interested in learning more about the company.
Silicon Valley leaders have a tradition of leaving their material with Stanford, which has collections of letters, slides and notes from William Hewlett, who founded Hewlett-Packard, and Andy Grove, the former chief executive of Intel.
Mr. Lowood said that he uses the Silicon Valley archives to teach students about the value of discovery. “Unlike a book, which is the gospel and all true, a mix of materials in a box introduces uncertainty,” he said.
After Mr. Jobs’ death in 2011, Mr. Isaacson, the author, published a biography of Mr. Jobs. Some at Apple complained that the book, a best seller, misrepresented Mr. Jobs and commercialized his death.
Mr. Isaacson declined to comment about those complaints.
Four years later, the book became the basis for a film. The 2015 movie, written by Aaron Sorkin and starring Michael Fassbender, focused on Mr. Jobs being ousted from Apple and denying paternity of his eldest daughter.
according to emails made public after a hack of Sony Pictures, which held rights to the film. She and others who were close to Mr. Jobs thought any movie based on the book would be inaccurate.
“I was outraged, and he was my friend,” said Mike Slade, a marketing executive who worked as an adviser to Mr. Jobs from 1998 to 2004. “I can’t imagine how outraged Laurene was.”
In November 2015, a month after the movie’s release, Ms. Powell Jobs had representatives register the Steve Jobs Archive as a limited liability company in Delaware and California. She later hired the documentary filmmaker, Davis Guggenheim, to gather oral histories about Mr. Jobs from former colleagues and friends. She also hired Ms. Berlin, who was Stanford’s project historian for its Apple archives, to be the Jobs Archive’s executive director.
Mr. Guggenheim gathered material about Mr. Jobs while also working on a Netflix documentary about Bill Gates, “Inside Bill’s Brain.” Mr. Slade, who worked for both Mr. Jobs and Mr. Gates, said he sat for an interview about one executive, stopped to change shirts and returned to discuss the other one.
Ms. Berlin assisted Ms. Powell Jobs in gathering material. They collected items such as audio of interviews done by reporters and early company records, including a 1976 document that Mr. Jobs and Steve Wozniak, Apple’s co-founder, called their declaration of independence. It outlined what the company would stand for, said Regis McKenna, who unearthed the document in his personal collection gathered during his decades as a pioneer of Silicon Valley marketing and adviser to Mr. Jobs.
Ms. Powell Jobs also assembled a group of advisers to inform what the archive would be, including Tim Cook, Apple’s chief executive; Jony Ive, Apple’s former chief design officer; and Bob Iger, the former chief executive of Walt Disney and a former Apple board member.
Mr. Cook, Mr. Ive and Mr. Iger declined to comment.
Apple, which has its own corporate archive and archivist, is a contributor to the Jobs effort, said Ms. Berlin, who declined to say how she works with the company to gain access to material left by Mr. Jobs.
The archive’s resulting website opens with an email that Mr. Jobs sent himself at Apple. It reads like a journal entry, outlining all the things that he depends on others to provide, from the food he eats to the music he enjoys.
“I love and admire my species, living and dead, and am totally dependent on them for my life and well being,” he wrote.
The email is followed by a previously undisclosed audio clip from a 1984 interview that Mr. Jobs did with Michael Moritz, the journalist turned venture capitalist at Sequoia. During it, Mr. Jobs says that refinement comes from mistakes, a platitude that captures how Apple used trial and error to develop devices.
“It was just lying in the drawer gathering dust,” Mr. Moritz said of the recording.
It’s clear to those who have contributed material that the archive is about safeguarding Mr. Jobs’s legacy. It’s a goal that many of them support.
“There’s so much distortion about who Steve was,” Mr. McKenna said. “There needed to be something more factual.”
PROVO, Utah — Chad Pritchard and his colleagues are trying everything to staff their pizza shop and bistro, and as they do, they have turned to a new tactic: They avoid firing employees at all costs.
Infractions that previously would have led to a quick dismissal no longer do at the chef’s two places, Fat Daddy’s Pizzeria and Bistro Provenance. Consistent transportation issues have ceased to be a deal breaker. Workers who show up drunk these days are sent home to sober up.
Employers in Provo, a college town at the base of the Rocky Mountains where unemployment is near the lowest in the nation at 1.9 percent, have no room to lose workers. Bistro Provenance, which opened in September, has been unable to hire enough employees to open for lunch at all, or for dinner on Sundays and Mondays. The workers it has are often new to the industry, or young: On a recent Wednesday night, a 17-year-old could be found torching a crème brûlée.
Down the street, Mr. Pritchard’s pizza shop is now relying on an outside cleaner to help his thin staff tidy up. And up and down the wide avenue that separates the two restaurants, storefronts display “Help Wanted” signs or announce that the businesses have had to temporarily reduce their hours.
added 263,000 workers in September, fewer than in recent months but more than was normal before the pandemic. Unemployment is at 3.5 percent, matching the lowest level in 50 years, and average hourly earnings picked up at a solid 5 percent clip compared with a year earlier.
roughly 20 percent and sent unemployment to above 10 percent. Few economists expect an outcome that severe this time since today’s inflation burst has been shorter-lived and rates are not expected to climb nearly as much.
are still nearly two open jobs for every unemployed worker — companies may be hesitant to believe that any uptick in worker availability will last.
“There’s a lot of uncertainty about how big of a downturn are we facing,” said Benjamin Friedrich, an associate professor of strategy at Northwestern University’s Kellogg School of Management. “You kind of want to be ready when opportunities arise. The way I think about labor hoarding is, it has option value.”
Instead of firing, businesses may look for other ways to trim costs. Mr. Pritchard in Provo and his business partner, Janine Coons, said that if business fell off, their first resort would be to cut hours. Their second would be taking pay cuts themselves. Firing would be a last resort.
The pizzeria didn’t lay off workers during the pandemic, but Mr. Pritchard and Ms. Coons witnessed how punishing it can be to hire — and since all of their competitors have been learning the same lesson, they do not expect them to let go of their employees easily even if demand pulls back.
“People aren’t going to fire people,” Mr. Pritchard said.
But economists warned that what employers think they will do before a slowdown and what they actually do when they start to experience financial pain could be two different things.
The idea that a tight labor market may leave businesses gun-shy about layoffs is untested. Some economists said that they could not recall any other downturn where employers broadly resisted culling their work force.
“It would be a pretty notable change to how employers responded in the past,” said Nick Bunker, director of North American economic research for the career site Indeed.
And even if they do not fire their full-time employees, companies have been making increased use of temporary or just-in-time help in recent months. Gusto, a small-business payroll and benefits platform, conducted an analysis of its clients and found that the ratio of contractors per employee had increased more than 60 percent since 2019.
If the economy slows, gigs for those temporary workers could dry up, prompting them to begin searching for full-time jobs — possibly causing unemployment or underemployment to rise even if nobody is officially fired.
Policymakers know a soft landing is a long shot. Jerome H. Powell, the Fed chair, acknowledged during his last news conference that the Fed’s own estimate of how much unemployment might rise in a downturn was a “modest increase in the unemployment rate from a historical perspective, given the expected decline in inflation.”
But he also added that “we see the current situation as outside of historical experience.”
The reasons for hope extend beyond labor hoarding. Because job openings are so unusually high right now, policymakers hope that workers can move into available positions even if some firms do begin layoffs as the labor market slows. Companies that have been desperate to hire for months — like Utah State Hospital in Provo — may swoop in to pick up anyone who is displaced.
Dallas Earnshaw and his colleagues at the psychiatric hospital have been struggling mightily to hire enough nurse’s aides and other workers, though raising pay and loosening recruitment standards have helped around the edges. Because he cannot hire enough people to expand in needed ways, Mr. Earnshaw is poised to snap up employees if the labor market cools.
“We’re desperate,” Mr. Earnshaw said.
But for the moment, workers remain hard to find. At the bistro and pizza shop in downtown Provo, what worries Mr. Pritchard is that labor will become so expensive that — combined with rapid ingredient inflation — it will be hard or impossible to make a profit without lifting prices on pizzas or prime rib so much that consumers cannot bear the change.
“What scares me most is not the economic slowdown,” he said. “It’s the hiring shortage that we have.”
The Amazon Labor Union has built momentum leading up to an election this week at an 800-person warehouse near Albany, N.Y.
A federal labor official recently endorsed the union’s election victory at a Staten Island warehouse in April, which Amazon has challenged, while workers’ frustrations over pay and safety have created an opportunity to add supporters and pressure the company to bargain.
But the union faces questions about whether it can translate such opportunities into lasting gains. For months after its victory at the 8,000-person warehouse on Staten Island, the union appeared to be out of its depths. It nearly buckled under a crush of international media attention and lost a vote at a second Staten Island warehouse in May.
At times, it has neglected organizing inside the original warehouse, known as JFK8, where high turnover means the union must do constant outreach just to maintain support — to say nothing of expanding. Christian Smalls, the union’s president and a former JFK8 employee, seemed distracted as he traveled widely. There was burnout and infighting in the group, and several core members left or were pushed out.
attempt to overturn its victory, which consumed time and resources, as supporters and leaders testified in hearings that dragged across 24 business days beginning in mid-June. The union delayed plans to train more workers as organizers. A national organizing call was put on hold.
a party in Hollywood and decided that the Amazon Labor Union “understood where we were coming from,” she recalled in an interview.
could spend years appealing the election result on Staten Island, and the company still has enormous power over JFK8 workers. After workers protested Amazon’s response to a fire at the site last week, the company suspended more than 60 of them with pay while, it said, it investigated what had occurred. The union filed unfair-labor-practice charges over the suspensions; Amazon said most of the workers had returned to work.
unusually high injury rates, among other safety issues. The facility was evacuated after a cardboard compactor caught fire last week, two days after the JFK8 fire, which was similar.
“The timeline to fix things is before something tragic happens,” Ms. Goodall said.
She accused Amazon of running an aggressive anti-union campaign, including regular meetings with employees in which it questions the union’s credibility and suggests that workers could end up worse off if they unionize.
Mr. Flaningan, the company spokesman, said that while injuries increased as Amazon trained hundreds of thousands of new workers in 2021, the company believed that its safety record surpassed that of other retailers over a broader period.
“Like many other companies, we hold these meetings because it’s important that everyone understands the facts about joining a union and the election process itself,” he said, adding that the decision to unionize is up to employees.
BEIJING — When Suriname couldn’t make its debt payments, a Chinese state bank seized the money from one of the South American country’s accounts.
As Pakistan has struggled to cope with a devastating flood that has inundated a third of the country, its loan repayments to China have been rising fast.
When Kenyans and Angolans went to the polls in presidential elections in August, the countries’ Chinese loans, and how to repay them, were a hot-button political issue.
Across much of the developing world, China finds itself in an uncomfortable position, a geopolitical giant that now holds significant sway over the financial futures of many nations but is also owed huge sums of money that may never be repaid in full.
the lender of choice for many nations over the past decade, doling out funds for governments to build bullet trains, hydroelectric dams, airports and superhighways. As inflation has climbed and economies have weakened, China has the power to cut them off, lend more or, in its most accommodating moments, forgive small portions of their debts.
The economic distress in poor countries is palpable, given the lingering effects of the pandemic, coupled with high food and energy prices after Russia’s invasion of Ukraine. Many borrowed heavily from China. In Pakistan, overall public debt has more than doubled over the past decade, with loans from China growing fastest; in Kenya, public debt is up ninefold and in Suriname tenfold.
two hydroelectric dams in southern Patagonia. Bradley Parks, the executive director of AidData, a research institute atWilliam and Mary, auniversity in Williamsburg, Va., estimated that Argentina’s twice-a-year interest payment was $87 million in January and $137 million in July.
Argentina will owe a payment of over $170 millionon the loan in January if interest rates keep rising at the same pace, he calculated. Argentina’s finance ministry did not respond to emails and text messages about the loan.
According to the I.M.F., three-fifths of the world’s developing countries are now having considerable trouble repaying loans or have already fallen behind on their debts. More than half the world’s poor countries owe more to China than to all Western governments combined.
For now, Chinese officials in poor countries face unpleasant jobs as debt collectors.
“You have a lot more influence when you’re providing the loan,” said Brad Setser, an international payments specialist at the Council on Foreign Relations, “than when you’re begging for repayment.”
Abdi Latif Dahir in Nairobi, Emily Schmall in New Delhi, Skandha Gunasekara in Colombo, Sri Lanka, Salman Masood in Islamabad, Pakistan, contributed reporting. Li You and Ana Lankes contributed research.
Last year, Klaussner Home Furnishings was so desperate for workers that it began renting billboards near its headquarters in Asheboro, N.C., to advertise job openings. The steep competition for labor drove wages for employees on the furniture maker’s production floor up 12 to 20 percent. The company began offering $1,000 signing bonuses to sweeten the deal.
“Consumer demand was through the roof,” said David Cybulski, Klaussner’s president and chief executive. “We just couldn’t get enough labor fast enough.”
But in recent months, Mr. Cybulski has noticed that frenzy die down.
Hiring for open positions has gotten easier, he said, and fewer Klaussner workers are leaving for other jobs. The company, which has about 1,100 employees, is testing performance rewards to keep workers happy rather than racing to increase wages. The $1,000 signing bonus ended in the spring.
“No one is really chasing employees to the dollar anymore,” he said.
By many measures, the labor market is still extraordinarily strong even as fears of a recession loom. The unemployment rate, which stood at 3.7 percent in August, remains near a five-decade low. There are twice as many job openings as unemployed workers available to fill them. Layoffs, despite some high-profile announcements in recent weeks, are close to a record low.
Walmart and Amazon have announced slowdowns in hiring; others, such as FedEx, have frozen hiring altogether. Americans in July quit their jobs at the lowest rate in more than a year, a sign that the period of rapid job switching, sometimes called the Great Resignation, may be nearing its end. Wage growth, which soared as companies competed for workers, has also slowed, particularly in industries like dining and travel where the job market was particularly hot last year.
More broadly, many companies around the country say they are finding it less arduous to attract and retain employees — partly because many are paring their hiring plans, and partly because the pool of available workers has grown as more people come off the economy’s sidelines. The labor force grew by more than three-quarters of a million people in August, the biggest gain since the early months of the pandemic. Some executives expect hiring to keep getting easier as the economy slows and layoffs pick up.
“Not that I wish ill on any people out there from a layoff perspective or whatever else, but I think there could be an opportunity for us to ramp some of that hiring over the coming months,” Eric Hart, then the chief financial officer at Expedia, told investors on the company’s earnings call in August.
The State of Jobs in the United States
Economists have been surprised by recent strength in the labor market, as the Federal Reserve tries to engineer a slowdown and tame inflation.
Taken together, those signals point to an economic environment in which employers may be regaining some of the leverage they ceded to workers during the pandemic months. That is bad news for workers, particularly those at the bottom of the pay ladder who have been able to take advantage of the hot labor market to demand higher pay, more flexible schedules and other benefits. With inflation still high, weaker wage growth will mean that more workers will find their standard of living slipping.
But for employers — and for policymakers at the Federal Reserve — the calculation looks different. A modest cooling would be welcome after months in which employers struggled to find enough staff to meet strong demand, and in which rapid wage growth contributed to the fastest inflation in decades. Too pronounced a slowdown, however, could lead to a sharp rise in unemployment, which would almost certainly lead to a drop in consumer demand and create a new set of problems for employers.
Recent research from economists at the Federal Reserve Banks of Dallas and St. Louis found that there had been a huge increase in poaching — companies hiring workers away from other jobs — during the recent hiring boom. If companies become less willing to recruit workers from competitors, and to pay the premium that doing so requires, or if workers become less likely to hop between jobs, that could lead wage growth to ease even if layoffs don’t pick up.
There are hints that could be happening. A recent survey from another career site, ZipRecruiter, found that workers have become less confident in their ability to find a job and are putting more emphasis on finding a job they consider secure.
“Workers and job seekers are feeling just a little bit less bold, a little bit more concerned about the future availability of jobs, a little bit more concerned about the stability of their own jobs,” said Julia Pollak, chief economist at ZipRecruiter.
Some businesses, meanwhile, are becoming a bit less frantic to hire. A survey of small businesses from the National Federation of Independent Business found that while many employers still have open positions, fewer of them expect to fill those jobs in the next three months.
More clues about the strength of the labor market could come in the upcoming months, the time of year when companies, including retailers, traditionally ramp up hiring for the holiday season. Walmart said in September that this year it would hire a fraction of the workers it did during the last holiday season.
The signs of a cool-down extend even to leisure and hospitality, the sector where hiring challenges have been most acute. Openings in the sector have fallen sharply from the record levels of last year, and hourly earnings growth slowed to less than 9 percent in August from a rate of more than 16 percent last year.
Until recently, staffing shortages at Biggby Coffee were so severe that many of the chain’s 300-plus stores had to close early some days, or in some cases not open at all. But while hiring remains a challenge, the pressure has begun to ease, said Mike McFall, the company’s co-founder and co-chief executive. One franchisee recently told him that 22 of his 25 locations were fully staffed and that only one was experiencing a severe shortage.
“We are definitely feeling the burden is lifting in terms of getting people to take the job,” Mr. McFall said. “We’re getting more applications, we’re getting more people through training now.”
The shift is a welcome one for business owners like Mr. McFall. He said franchisees have had to raise wages 50 percent or more to attract and retain workers — a cost increase they have offset by raising prices.
“The expectation by the consumer is that you are raising prices, and so if you don’t take advantage of that moment, you are going to be in a pickle,” he said, referring to the pressure to increase wages. “So you manage it by raising prices.”
So far, Mr. McFall said, higher prices haven’t deterred customers. Still, he said, the period of severe staffing shortages is not without its costs. He has seen a loss in sales, as well as a loss of efficiency and experienced workers. That will take time to rebuild, he said.
“When we were in crisis, it was all we were focused on,” he said. “So now that it feels like the crisis is mitigating, that it’s getting a little better, we can now begin to focus on the culture in the stores and try to build that up again.”
LOUGHTON, England — After nearly two decades of renting in one of the world’s most expensive cities, the Szostek family began the week almost certain that they would finally own a home.
Transplants to London who fell in love as housemates, Laetitia Anne, an operations manager from France and her husband, Maciej Szostek, a chef from Poland, had long dreamed of being homeowners. They had waited out the uncertain pandemic years and worked overtime shifts to save up for the deposit for a mortgage on a three-bedroom apartment in a neighborhood outside London. Their 13-year-old twins were excited they could finally paint the walls.
That was before British financial markets were upended, with the pound briefly hitting a record low against the dollar on Monday and interest rates soaring so rapidly that the Bank of England was forced to intervene to restore order. The economic situation was so volatile that some mortgage lenders temporarily withdrew many products.
By Tuesday evening, the Szostek family learned the bad news: The loan that they were close to securing had fallen through. Suddenly, they were scrambling to find another lender as interest rates climb higher.
loss of purchasing power over time, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.
What causes inflation? It can be the result of rising consumer demand. But inflation can also rise and fall based on developments that have little to do with economic conditions, such as limited oil production and supply chain problems.
Is inflation bad? It depends on the circumstances. Fast price increases spell trouble, but moderate price gains can lead to higher wages and job growth.
Can inflation affect the stock market? Rapid inflation typically spells trouble for stocks. Financial assets in general have historically fared badly during inflation booms, while tangible assets like houses have held their value better.
Rising home prices and income inequality priced many out of the market, but for strivers who aspired to homeownership, the latest ruptures to the economy hit hard. The release of the new government’s sweeping plan for debt-funded tax cuts led to a big uptick in interest rates this week that roiled the mortgage market. Many homeowners are calculating their potential future mortgage payments with alarm, amid soaring energy and food prices and a general cost-of-living crisis.
Before they were informed they were no longer eligible, the family had been in the final stages of applying for a five-year fixed-rate mortgage on an apartment priced at £519,000, or around $576,000, in the leafy parish of Loughton, a town about 40 minutes north of London by train where the streets fill with students in the afternoon and the properties span from lower-end apartments to million-pound mansions.
according to the Financial Conduct Authority. And more than a third of all mortgages are on fixed rates that expire within the next two years, most likely exposing those borrowers to higher rates, too. By contrast, the vast majority of mortgages in the United States are locked in for 30-year fixed terms.
And the abrupt surge in interest rates could threaten to set off a housing market crisis, analysts at Oxford Economics wrote in a note on Friday, adding that if mortgage rates stayed at the levels now being offered, that would suggest that house prices were around 30 percent overvalued “based on the affordability of mortgage payment.”
“This just adds a significant further strain to finances in the order of hundreds of pounds a month,” said David Sturrock, a senior research economist at the Institute for Fiscal Studies, adding that the squeeze on household budgets will affect the broader economy.
Uncertainty and even panic was clear this week, with many homeowners seeking financial advice. Mortgage brokers said they were receiving a higher volume of inquiries than normal from people stressed about refinancing their loans.
“You can feel the fear in people’s voices,” said Caroline Opie, a mortgage broker working with Ms. Anne who said she had not seen this level of worry in a long time. One couple this week even called her the morning of their wedding, she said, to set an appointment to refinance their mortgage next week.
the war in Ukraine. “Something has got to give,” he said. “Prices are too high anyway.”
To save for the deposit, Mr. Szostek, 37, picked up construction shifts and cleaning jobs when restaurants closed during Covid-19 lockdowns. A £5,000 inheritance from Ms. Anne’s grandfather went into their deposit fund. At a 3.99 percent interest rate, the mortgage repayments were set to be about £2,200 a month.
“I wanted to feel at home for real,” said Ms. Anne, adding she would have been the first in her family to own a property. Mr. Szostek called it “a lifelong dream.”
On Wednesday night, that dream still seemed in reach: The mortgage dealer Ms. Opie had found another loan, which they rushed to apply for.
The higher interest rate — 4.6 percent — will mean their new monthly mortgage payment will be £2,400, the upper limit of what the Szostek family can afford. Still, they felt lucky to secure anything at all, hoping it will mean their promises to their children — of bigger bedrooms, more space, freedom to decorate how they like — will materialize.
They would wait to celebrate, Mr. Szostek said, until they had the keys in hand.
RICHMOND, Va. — In late July, Norman Otey was rushed by ambulance to Richmond Community Hospital. The 63-year-old was doubled over in pain and babbling incoherently. Blood tests suggested septic shock, a grave emergency that required the resources and expertise of an intensive care unit.
But Richmond Community, a struggling hospital in a predominantly Black neighborhood, had closed its I.C.U. in 2017.
It took several hours for Mr. Otey to be transported to another hospital, according to his sister, Linda Jones-Smith. He deteriorated on the way there, and later died of sepsis. Two people who cared for Mr. Otey said the delay had most likely contributed to his death.
the hospital’s financial data.
More than half of all hospitals in the United States are set up as nonprofits, a designation that allows them to make money but avoid paying taxes. Although Bon Secours has taken a financial hit this year like many other hospital systems, the chain made nearly $1 billion in profit last year at its 50 hospitals in the United States and Ireland and was sitting on more than $9 billion in cash reserves. It avoids at least $440 million in federal, state and local taxes every year that it would otherwise have to pay, according to an analysis by the Lown Institute, a nonpartisan think tank.
In exchange for the tax breaks, the Internal Revenue Service requires nonprofit hospitals to provide a benefit to their communities. But an investigation by The New York Times found that many of the country’s largest nonprofit hospital systems have drifted far from their charitable roots. The hospitals operate like for-profit companies, fixating on revenue targets and expansions into affluent suburbs.
borrowing tricks from business consultants, have trained staff to squeeze payments from poor patients who should be eligible for free care.
John M. Starcher Jr., made about $6 million in 2020, according to the most recent tax filings.
“Our mission is clear — to extend the compassionate ministry of Jesus by improving the health and well-being of our communities and bring good help to those in need, especially people who are poor, dying and underserved,” the spokeswoman, Maureen Richmond, said. Bon Secours did not comment on Mr. Otey’s case.
In interviews, doctors, nurses and former executives said the hospital had been given short shrift, and pointed to a decade-old development deal with the city of Richmond as another example.
In 2012, the city agreed to lease land to Bon Secours at far below market value on the condition that the chain expand Richmond Community’s facilities. Instead, Bon Secours focused on building a luxury apartment and office complex. The hospital system waited a decade to build the promised medical offices next to Richmond Community, breaking ground only this year.
‘Glorified Emergency Room’
founded in 1907 by Black doctors who were not allowed to work at the white hospitals across town. In the 1930s, Dr. Jackson’s grandfather, Dr. Isaiah Jackson, mortgaged his house to help pay for an expansion of the hospital. His father, also a doctor, would take his children to the hospital’s fund-raising telethons.
Cassandra Newby-Alexander at Norfolk State University.
got its first supermarket.
according to research done by Virginia Commonwealth University. The public bus route to St. Mary’s, a large Bon Secours facility in the northwest part of the city, takes more than an hour. There is no public transportation from the East End to Memorial Regional, nine miles away.
“It became impossible for me to send people to the advanced heart valve clinic at St. Mary’s,” said Dr. Michael Kelly, a cardiologist who worked at Richmond Community until Bon Secours scaled back the specialty service in 2019. He said he had driven some patients to the clinic in his own car.
Richmond Community has the feel of an urgent-care clinic, with a small waiting room and a tan brick facade. The contrast with Bon Secours’s nearby hospitals is striking.
At the chain’s St. Francis Medical Center, an Italianate-style compound in a suburb 18 miles from Community, golf carts shuttle patients from the lobby entrance, past a marble fountain, to their cars.
after the section of the federal law that authorized it, allows hospitals to buy drugs from manufacturers at a discount — roughly half the average sales price. The hospitals are then allowed to charge patients’ insurers a much higher price for the same drugs.
The theory behind the law was that nonprofit hospitals would invest the savings in their communities. But the 340B program came with few rules. Hospitals did not have to disclose how much money they made from sales of the discounted drugs. And they were not required to use the revenues to help the underserved patients who qualified them for the program in the first place.
In 2019, more than 2,500 nonprofit and government-owned hospitals participated in the program, or more than half of all hospitals in the country, according to the independent Medicare Payment Advisory Commission.
in wealthier neighborhoods, where patients with generous private insurance could receive expensive drugs, but on paper make the clinics extensions of poor hospitals to take advantage of 340B.
to a price list that hospitals are required to publish. That is nearly $22,000 profit on a single vial. Adults need two vials per treatment course.
work has shown that hospitals participating in the 340B program have increasingly opened clinics in wealthier areas since the mid-2000s.
were unveiling a major economic deal that would bring $40 million to Richmond, add 200 jobs and keep the Washington team — now known as the Commanders — in the state for summer training.
The deal had three main parts. Bon Secours would get naming rights and help the team build a training camp and medical offices on a lot next to Richmond’s science museum.
The city would lease Bon Secours a prime piece of real estate that the chain had long coveted for $5,000 a year. The parcel was on the city’s west side, next to St. Mary’s, where Bon Secours wanted to build medical offices and a nursing school.
Finally, the nonprofit’s executives promised city leaders that they would build a 25,000-square-foot medical office building next to Richmond Community Hospital. Bon Secours also said it would hire 75 local workers and build a fitness center.
“It’s going to be a quick timetable, but I think we can accomplish it,” the mayor at the time, Dwight C. Jones, said at the news conference.
Today, physical therapy and doctors’ offices overlook the football field at the training center.
On the west side of Richmond, Bon Secours dropped its plans to build a nursing school. Instead, it worked with a real estate developer to build luxury apartments on the site, and delayed its plans to build medical offices. Residents at The Crest at Westhampton Commons, part of the $73 million project, can swim in a saltwater pool and work out on communal Peloton bicycles. On the ground floor, an upscale Mexican restaurant serves cucumber jalapeño margaritas and a Drybar offers salon blowouts.
have said they plan to house mental health, hospice and other services there.
a cardiologist and an expert on racial disparities in amputation, said many people in poor, nonwhite communities faced similar delays in getting the procedure. “I am not surprised by what’s transpired with this patient at all,” he said.
Because Ms. Scarborough does not drive, her nephew must take time off work every time she visits the vascular surgeon, whose office is 10 miles from her home. Richmond Community would have been a five-minute walk. Bon Secours did not comment on her case.
“They have good doctors over there,” Ms. Scarborough said of the neighborhood hospital. “But there does need to be more facilities and services over there for our community, for us.”
The incident was the deadliest so far as a surging number of Lebanese, Syrians, and Palestinians have been trying to flee Lebanon by sea to Europe.
Thousands of Palestinians held prayers on a small soccer field in a refugee camp in northern Lebanon on Saturday, to mourn one of the scores of migrants who died after their boat sank off Syria’s coast this week, even as others vowed to undertake the same perilous voyage.
Abdul-Al Abdul-Al, 24, kissed his father goodbye Tuesday before boarding a crowded boat leaving from a nearby town seeking a better life in Europe. It was his 14th attempt to flee the crisis-hit Mediterranean country, this time ending with the return of his dead body. He was to be buried in the camp where he was born, his father, Omar, told The Associated Press during the funeral procession.
The head of al-Basel Hospital in Syria’s coastal city of Tartus said Saturday that the death toll has reached 89, adding that of the 20 others who were receiving treatment at the medical center, six were discharged.
The Lebanese army announced Saturday that troops have detained the man who allegedly organized the deadly trip.
The incident was the deadliest so far as a surging number of Lebanese, Syrians, and Palestinians have been trying to flee Lebanon by sea to Europe in search of jobs and stability. In Lebanon, tens of thousands have lost their jobs while the the national currency has dropped more than 90% in value, eradicating the purchasing power of thousands of families and pulling three-quarters of the population into poverty.
Alongside 1 million Syrian refugees, the small country of Lebanon is home to tens of thousands of Palestinian refugees and their descendants. Many live in the dozen refugee camps that are scattered around the country. Palestinians suffer wide discrimination in Lebanon where they are deprived from doing specific jobs or own property and since the end of the 1975-90 civil war many have migrated.
After noon prayers were held at Nahr el-Bared, hundreds of people gathered in a yard used to play football where Abdul-Al’s coffin was placed in the middle. Prayers were held before the body was carried to a nearby cemetery where thousands of people had gathered to witness the young man being laid to rest.
Omar Abdul-Al said that his son had tried to leave Lebanon before but did not succeed as sometimes the migrant boats he took had technical problems or faced high seas. Sometimes he had to swim back to shore, the man said.
“We don’t want to live here anymore. We want to leave,” said Omar Abdul-Al, adding that he encouraged his late son to leave and now he is encouraging his four other sons to leave Lebanon. He added that his sons are all well educated but they cannot find jobs.
“We are passing through a severe crisis. There is no medication or bread or anything,” the father said. He added that many other Palestinians were planning to go on the boat but it did not fit more people.
Another relative of Abdul-Al screamed that “there is a disaster in Nahr el-Bared” saying that there are about 30 people missing from the camp who were on the boat. He said people are selling their homes and cars in order to go.
Several others have been buried since Friday.
There were conflicting reports on how many people were on board the boat when it sank, with some saying at least 120. Details about the ship, such as its size and capacity, were also not clear.
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In the aftermath of the disaster, the Lebanese army said troops stormed Friday the homes of several suspected smugglers, detaining eight people involved in trafficking people abroad.
Residents in northern Lebanon say that people pay about $6,000 for an adult and $3,000 for a child to reach Europe.
At the morgue, Omar Abdel-Al said he found his son’s body “intact” though it was difficult to identify many of the dozens of other corpses kept there.
“Anyone that comes with a boat, people are ready to go,” he said.
In 2018, senior executives at one of the country’s largest nonprofit hospital chains, Providence, were frustrated. They were spending hundreds of millions of dollars providing free health care to patients. It was eating into their bottom line.
The executives, led by Providence’s chief financial officer at the time, devised a solution: a program called Rev-Up.
Rev-Up provided Providence’s employees with a detailed playbook for wringing money out of patients — even those who were supposed to receive free care because of their low incomes, a New York Times investigation found.
nonprofits like Providence. They enjoy lucrative tax exemptions; Providence avoids more than $1 billion a year in taxes. In exchange, the Internal Revenue Service requires them to provide services, such as free care for the poor, that benefit the communities in which they operate.
But in recent decades, many of the hospitals have become virtually indistinguishable from for-profit companies, adopting an unrelenting focus on the bottom line and straying from their traditional charitable missions.
focused on investments in rich communities at the expense of poorer ones.
And, as Providence illustrates, some hospital systems have not only reduced their emphasis on providing free care to the poor but also developed elaborate systems to convert needy patients into sources of revenue. The result, in the case of Providence, is that thousands of poor patients were saddled with debts that they never should have owed, The Times found.
provide. That was below the average of 2 percent for nonprofit hospitals nationwide, according to an analysis of hospital financial records by Ge Bai, a professor at the Johns Hopkins Bloomberg School of Public Health.
Ten states, however, have adopted their own laws that specify which patients, based on their income and family size, qualify for free or discounted care. Among them is Washington, where Providence is based. All hospitals in the state must provide free care for anyone who makes under 300 percent of the federal poverty level. For a family of four, that threshold is $83,250 a year.
In February, Bob Ferguson, the state’s attorney general, accused Providence of violating state law, in part by using debt collectors to pursue more than 55,000 patient accounts. The suit alleged that Providence wrongly claimed those patients owed a total of more than $73 million.
Providence, which is fighting the lawsuit, has said it will stop using debt collectors to pursue money from low-income patients who should qualify for free care in Washington.
But The Times found that the problems extend beyond Washington. In interviews, patients in California and Oregon who qualified for free care said they had been charged thousands of dollars and then harassed by collection agents. Many saw their credit scores ruined. Others had to cut back on groceries to pay what Providence claimed they owed. In both states, nonprofit hospitals are required by law to provide low-income patients with free or discounted care.
“I felt a little betrayed,” said Bev Kolpin, 57, who had worked as a sonogram technician at a Providence hospital in Oregon. Then she went on unpaid leave to have surgery to remove a cyst. The hospital billed her $8,000 even though she was eligible for discounted care, she said. “I had worked for them and given them so much, and they didn’t give me anything.” (The hospital forgave her debt only after a lawyer contacted Providence on Ms. Kolpin’s behalf.)
was a single room with four beds. The hospital charged patients $1 a day, not including extras like whiskey.
Patients rarely paid in cash, sometimes offering chickens, ducks and blankets in exchange for care.
At the time, hospitals in the United States were set up to do what Providence did — provide inexpensive care to the poor. Wealthier people usually hired doctors to treat them at home.
wrote to the Senate in 2005.
Some hospital executives have embraced the comparison to for-profit companies. Dr. Rod Hochman, Providence’s chief executive, told an industry publication in 2021 that “‘nonprofit health care’ is a misnomer.”
“It is tax-exempt health care,” he said. “It still makes profits.”
Those profits, he added, support the hospital’s mission. “Every dollar we make is going to go right back into Seattle, Portland, Los Angeles, Alaska and Montana.”
Since Dr. Hochman took over in 2013, Providence has become a financial powerhouse. Last year, it earned $1.2 billion in profits through investments. (So far this year, Providence has lost money.)
Providence also owes some of its wealth to its nonprofit status. In 2019, the latest year available, Providence received roughly $1.2 billion in federal, state and local tax breaks, according to the Lown Institute, a think tank that studies health care.
a speech by the Rev. Dr. Martin Luther King Jr.: “If it falls your lot to be a street sweeper, sweep streets like Michelangelo painted pictures.”
Ms. Tizon, the spokeswoman for Providence, said the intent of Rev-Up was “not to target or pressure those in financial distress.” Instead, she said, “it aimed to provide patients with greater pricing transparency.”
“We recognize the tone of the training materials developed by McKinsey was not consistent with our values,” she said, adding that Providence modified the materials “to ensure we are communicating with each patient with compassion and respect.”
But employees who were responsible for collecting money from patients said the aggressive tactics went beyond the scripts provided by McKinsey. In some Providence collection departments, wall-mounted charts shaped like oversize thermometers tracked employees’ progress toward hitting their monthly collection goals, the current and former Providence employees said.
On Halloween at one of Providence’s hospitals, an employee dressed up as a wrestler named Rev-Up Ricky, according to the Washington lawsuit. Another costume featured a giant cardboard dollar sign with “How” printed on top of it, referring to the way the staff was supposed to ask patients how, not whether, they would pay. Ms. Tizon said such costumes were “not the culture we strive for.”
financial assistance policy, his low income qualified him for free care.
In early 2021, Mr. Aguirre said, he received a bill from Providence for $4,394.45. He told Providence that he could not afford to pay.
Providence sent his account to Harris & Harris, a debt collection company. Mr. Aguirre said that Harris & Harris employees had called him repeatedly for weeks and that the ordeal made him wary of going to Providence again.
“I try my best not to go to their emergency room even though my daughters have gotten sick, and I got sick,” Mr. Aguirre said, noting that one of his daughters needed a biopsy and that he had trouble breathing when he had Covid. “I have this big fear in me.”
That is the outcome that hospitals like Providence may be hoping for, said Dean A. Zerbe, who investigated nonprofit hospitals when he worked for the Senate Finance Committee under Senator Charles E. Grassley, Republican of Iowa.
“They just want to make sure that they never come back to that hospital and they tell all their friends never to go back to that hospital,” Mr. Zerbe said.
The Everett Daily Herald, Providence forgave her bill and refunded the payments she had made.
In June, she got another letter from Providence. This one asked her to donate money to the hospital: “No gift is too small to make a meaningful impact.”
Following a Script ‘Like Robots’
In 2019, Vanessa Weller, a single mother who is a manager at a Wendy’s restaurant in Anchorage, went to Providence Alaska Medical Center, the state’s largest hospital.
She was 24 weeks pregnant and experiencing severe abdominal pains. “Let this just be cramps,” she recalled telling herself.
Ms. Weller was in labor. She gave birth via cesarean section to a boy who weighed barely a pound. She named him Isaiah. As she was lying in bed, pain radiating across her abdomen, she said, a hospital employee asked how she would like to pay. She replied that she had applied for Medicaid, which she hoped would cover the bill.
After five days in the hospital, Isaiah died.
Then Ms. Weller got caught up in Providence’s new, revenue-boosting policies.
The phone calls began about a month after she left the hospital. Ms. Weller remembers panicking when Providence employees told her what she owed: $125,000, or about four times her annual salary.
She said she had repeatedly told Providence that she was already stretched thin as a single mother with a toddler. Providence’s representatives asked if she could pay half the amount. On later calls, she said, she was offered a payment plan.
“It was like they were following some script,” she said. “Like robots.”
Later that year, a Providence executive questioned why Ms. Weller had a balance, given her low income, according to emails disclosed in Washington’s litigation with Providence. A colleague replied that her debts previously would have been forgiven but that Providence’s new policy meant that “balances after Medicaid are being excluded from presumptive charity process.”
Ms. Weller said she had to change her phone number to make the calls stop. Her credit score plummeted from a decent 650 to a lousy 400. She has not paid any of her bill.
Susan C. Beachy and Beena Raghavendran contributed research.
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