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They were offering nearly unlimited cheap debt to keep the wheels of finance turning, and when that didn’t help, the Fed began purchasing massive quantities of government debt outright.

Investors dumped whatever they could, including ostensibly “risk-free” U.S. Treasury securities. As a global dash for dollars unfolded, Treasurys were no longer serving as the market’s traditional shock absorbers, amplifying extreme turmoil on Wall Street.

By week’s end, the Dow had plunged more than 10,000 points since mid-February as investors struggled to get their arms around what a halt to global commerce would mean for businesses that would soon have no revenue.

“It was sheer, unadulterated panic, of a magnitude that was far worse than in 2008 and 2009. Far worse,”

The idea of shutting down markets was especially discouraging: “It was a profoundly un-American thing to contemplate, to just shut everything down, and almost fatalistic—that we’re not going to get out of this.”

nearly two years later, most agree that the Fed’s actions helped to save the economy from going into a pandemic-induced tailspin.

“My thought was—I remember this very clearly—‘O.K. We have a four-or-five-day chance to really get our act together and get ahead of this. We’re gonna try to get ahead of this,’” Mr. Powell recalled later. “And we were going to do that by just announcing a ton of stuff on Monday morning.”

It worked. The Fed’s pledges to backstop an array of lending, announced on Monday, March 23, would unleash a torrent of private borrowing based on the mere promise of central bank action—together with a massive assist by Congress, which authorized hundreds of billions of dollars that would cover any losses.

If the hardest-hit companies like Carnival, with its fleet of 104 ships docked indefinitely, could raise money in capital markets, who couldn’t?

on April 9, where he shed an earlier reluctance to express an opinion about government spending policies, which are set by elected officials and not the Fed. He spoke in unusually moral terms. “All of us are affected,” he said. “But the burdens are falling most heavily on those least able to carry them…. They didn’t cause this. Their business isn’t closed because of anything they did wrong. This is what the great fiscal power of the United States is for—to protect these people as best we can from the hardships they are facing.”

They were extraordinary words from a Fed chair who during earlier, hot-button policy debates said the central bank needed to “stay in its lane” and avoid providing specific advice.

To avoid a widening rift between the market haves (who had been given access to Fed backstops) and the market have-nots (who had been left out because their debt was deemed too risky), Mr. Powell had supported a decision to extend the Fed’s lending to include companies that were being downgraded to “junk” status in the days after it agreed to backstop their bonds.

Most controversially, Mr. Powell recommended that the Fed purchase investment vehicles known as exchange-traded funds, or ETFs, that invest in junk debt. He and his colleagues feared that these “high-yield” bonds might buckle, creating a wave of bankruptcies that would cause long-term scarring in the economy.

Mr. Powell decided that it was better to err on the side of doing too much than not doing enough.

, Paul Singer, who runs the hedge-fund firm Elliott Management, warned that the Fed was sowing the seeds of a bigger crisis by absolving markets of any discipline. “Sadly, when people (including those who should know better) do something stupid and reckless and are not punished,” he wrote, “it is human nature that, far from thinking that they were lucky to have gotten away with something, they are encouraged to keep doing the stupid thing.”

The breathtaking speed with which the Fed moved and with which Wall Street rallied after the Fed’s announcements infuriated Dennis Kelleher, a former corporate lawyer and high-ranking Senate aide who runs Better Markets, an advocacy group lobbying for tighter financial regulations.

This is a ridiculous discussion no matter how heartfelt Powell is about ‘we can’t pick winners and losers’—to which my answer is, ‘So instead you just make them all winners?’”

“Literally, not only has no one in finance lost money, but they’ve all made more money than they could have dreamed,” said Mr. Kelleher. “It just can’t be the case that the only thing the Fed can do is open the fire hydrants wide for everybody

Mr. Powell later defended his decision to purchase ETFs that had invested in junk debt. “We wanted to find a surgical way to get in and support that market because it’s a huge market, and it’s a lot of people’s jobs… What were we supposed to do? Just let them die and lose all those jobs?” he said. “If that’s the biggest mistake we made, stipulating it as a mistake, I’m fine with that. It wasn’t time to be making finely crafted judgments,” Mr. Powell said. He hesitated for a moment before concluding. “Do I regret it? I don’t—not really.”

“We didn’t know there was a vaccine coming. The pandemic is just raging. And we don’t have a plan,” said Mr. Powell. “Nobody in the world has a plan. And in hindsight, the worry was, ‘What if we can’t really fully open the economy for a long time because the pandemic is just out there killing people?’”

Mr. Powell never saw this as a particularly likely outcome, “but it was around the edges of the conversation, and we were very eager to do everything we could to avoid that outcome,”

The Fed’s initial response in 2020 received mostly high marks—a notable contrast with the populist ire that greeted Wall Street bailouts following the 2008 financial crisis. North Carolina Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, gave Mr. Powell an “A-plus for 2020,” he said. “On a one-to-10 scale? It was an 11. He gets the highest, highest marks, and deserves them. The Fed as an institution deserves them.”

The pandemic was the most severe disruption of the U.S. economy since the Great Depression. Economists, financial-market professionals and historians are only beginning to wrestle with the implications of the aggressive response by fiscal and monetary policy makers.

Altogether, Congress approved nearly $5.9 trillion in spending in 2020 and 2021. Adjusted for inflation, that compares with approximately $1.8 trillion in 2008 and 2009.

By late 2021, it was clear that many private-sector forecasters and economists at the Fed had misjudged both the speed of the recovery and the ways in which the crisis had upset the economy’s equilibrium. Washington soon faced a different problem. Disoriented supply chains and strong demand—boosted by government stimulus—had produced inflation running above 7%.

because the pandemic shock was akin to a natural disaster, it allowed Mr. Powell and the Fed to sidestep concerns about moral hazard—that is, the possibility that their policies would encourage people to take greater risks knowing that they were protected against larger losses. If a future crisis is caused instead by greed or carelessness, the Fed would have to take such concerns more seriously.

The high inflation that followed in 2021 might have been worse if the U.S. had seen more widespread bankruptcies or permanent job losses in the early months of the pandemic.

an additional burst of stimulus spending in 2021, as vaccines hastened the reopening of the economy, raised the risk that monetary and fiscal policy together would flood the economy with money and further fuel inflation.

The surge in federal borrowing since 2020 creates other risks. It is manageable for now but could become very expensive if the Fed has to lift interest rates aggressively to cool the economy and reduce high inflation.

The Congressional Budget Office forecast in December 2020 that if rates rose by just 0.1 percentage point more than projected in each year of the decade, debt-service costs in 2030 would rise by $235 billion—more than the Pentagon had requested to spend in 2022 on the Navy.

its low-rate policies have coincided with—and critics say it has contributed to—a longer-running widening of wealth inequality.

In 2008, household wealth fell by $8 trillion. It rose by $13.5 trillion in 2020, and in the process, spotlighted the unequal distribution of wealth-building assets such as houses and stocks.

Without heavy spending from Washington, focused on the needs of the least well-off, these disparities might have attracted more negative scrutiny.

Finally, the Fed is a technocratic body that can move quickly because it operates under few political constraints. Turning to it as the first line of defense in this and future crises could compromise its institutional independence.

Step one, he said, was to get in the fight and try to win. Figuring out how to exit would be a better problem to have, because it would mean they had succeeded.

“We have a recovery that looks completely unlike other recoveries that we’ve had because we’ve put so much support behind the recovery,” Mr. Powell said last month. “Was it too much? I’m going to leave that to the historians.”

The final verdict on the 2020 crisis response may turn on whether Mr. Powell is able to bring inflation under control without a painful recession—either as sharp price increases from 2021 reverse on their own accord, as officials initially anticipated, or because the Fed cools down the economy by raising interest rates.

Russia’s major successful military operations under Mr. Putin — the defeat of Georgia in 2008 and the annexation of Crimea in 2014 — happened when the West was looking the other way. In both cases, the world was caught unawares and Russia could complete its designs without the threat of armed international opposition.

there’s no major domestic unrest and elections are two years away. Mr. Putin doesn’t require an expansionist escapade to either shore up his rule or distract the population from its troubles. War is a big red button that can be pushed only once. Right now, there’s no need.

The Ukrainian Army is much improved, having upscaled its equipment and preparations for a ground invasion, and the Russian troops deployed near the border are most likely insufficient to conquer the country. Because of its sheer bulk, the Russian Army might be able to advance: Quantity has a quality of its own, as Stalin reportedly said. But it would surely come at the cost of catastrophic losses in human life.

why did Mr. Putin raise the stakes so high? The answer is simple: Afghanistan. The West’s disastrous withdrawal from the country in August signaled the United States’ waning appetite for entanglement abroad. Emboldened, Mr. Putin clearly decided it was a good time to press his case for a revision of the post-Cold War order.

he fell back on unpredictability. The more irrational his behavior, went the thinking, the more likely the United States would accept his demands.

The core request — that NATO deny membership to Ukraine — was silly in a different way. There was no chance of Ukraine becoming a member any time soon, ultimatum or not. But that was Mr. Putin’s point: By demanding something that was already happening, Mr. Putin aimed to claim a victory over the West.

instead of submitting, the United States went the other way and began arming Ukraine

There is, perhaps, one certainty to hold on to: Mr. Putin will never start a war he’s likely to lose. So the only way to ensure peace is to guarantee that in a military confrontation, Mr. Putin would never win.

While sex is a category that refers broadly to physiology, a person's gender is an innate sense of identity. The factors that go into determining the sex listed on a birth certificate may include anatomy, genetics and hormones, and there is broad natural variation in each of these categories. For this reason, critics have said the language of "biological sex," as used in DeSantis' proclamation, is overly simplistic and misleading.A 2017 report in the journal Sports Medicine that reviewed several related studies found "no direct or consistent research" on trans people having an athletic advantage over their cisgender peers, at any state of their transition, and critics say postures like DeSantis' will only add to the discrimination that trans people face, particularly trans youth.

So far this year, Iowa and South Dakota have approved legislation banning transgender women and girls from participating on sports teams consistent with their gender at accredited schools and colleges. And last year, Alabama, Arkansas, Florida, Mississippi, Montana, Tennessee, Texas and West Virginia enacted similar sports bans, infuriating LGBTQ advocates, who argue conservatives are creating an issue where there isn't one.

CORRECTION: An earlier version of this story mischaracterized how the Hatch Act applies to members of the President's Council on Sports, Fitness & Nutrition. Oz and Walker were in violation of a Biden administration policy, not the Hatch Act. The story has also been updated with additional reaction.

It has become an argument over a nominee who does not exist — one who does not respect America, is not truly religious, coddles child abusers and terrorists and has highly developed views about the importance of “woke” education.

Conspiracy theories and unfair accusations have a long history in American politics, of course. But they have often remained on the margins. Today, distortions and falsehoods have moved to the center of politics.

While neither party is entirely innocent, there is a fundamental difference between Republicans and Democrats. False claims regularly flow from the leaders of the Republican Party —

The Jackson hearings have become the latest example. Several Republican senators — including Josh Hawley, Lindsey Graham and Ted Cruz yesterday — have tried to portray her as soft on child pornographers. Their argument depends on a misleading cherry-picking of facts from cases she has heard.

Woke education has become another focus of the hearings, with Republicans like Cruz and Marsha Blackburn trying to portray Jackson as an advocate for it. In truth, she has not taken a position on the issues that fall under that category.

That was apparently enough for the Republican National Committee to tweet an image of her this week, with her initials — KBJ — crossed out and replaced with CRT, an abbreviation for critical race theory.

The only time Jackson appears to have mentioned critical race theory publicly was in a 2015 speech. It was part of a list of disciplines that she said had an intellectual connection to criminal sentencing, including administrative law, philosophy, psychology and statistics.

There is one broader political risk here for Democrats, though: imagining that Republicans are simply playing to their base by making these misleading criticisms of Jackson. They are also trying to appeal to swing voters.

Most Americans oppose cutting police budgets, for instance. Many believe that allowing all transgender girls to compete in girls’ sports can be unfair to other girls. Many voters — and not just white voters — think that liberals focus too much on racial identity.

“One thing that is striking about this hearing,” Lori Ringhand, a legal scholar, told The Times, “is how little effort we are seeing to engage the nominee on her views about actual legal issues.”

Indeed, one of the big stories of Supreme Court nominations this century is how divisive they've generally been with the American public. Since 2005, nominees who either got a Senate vote or withdrew their nominations averaged only a +10-point net popularity rating in their final polls. Compare that with nominees from 1986 to 1994, who averaged a +26-point net popularity rating in their final polls before their Senate vote or withdrawal of their nomination. This strong popularity for earlier nominees helps, at least in small part, to explain why most of them flew through their confirmation hearings and why many this century have generally had a harder time.

Still, it would be surprising if Jackson didn't get at least a few Republican votes. Sens. Susan Collins of Maine, Lisa Murkowski of Alaska and Rob Portman of Ohio seem the most likely given how often they've voted with Biden this Congress. The good news for Democrats is that even if Jackson doesn't get any Republican votes, the polarization would still help her. It is unlikely that any Democrat will vote against her. With the Senate Democratic Caucus controlling 50 seats and Vice President Kamala Harris breaking any tie votes, all Jackson needs for confirmation is Democratic support.

There were just 220 mentions of inflation by comparison. Yet, that's what voters care the most about. In a CBS News/YouGov poll from earlier this month, 46% said the "economy and jobs" or "inflation" were the most important issues facing the country. No other issue came close. This could explain why there's been a minimal "rally around the flag" effect for Biden following the Russian invasion of Ukraine. While the President's approval rating seemed to rise by a point or two initially, any rise has since flattened out. Biden's average approval rating stands in the low 40s with a disapproval rating in the mid 50s.

The fact that the economy has remained important to determining the temperature of the electorate shouldn't be surprising. Even with a global pandemic, the 2020 election result tracked well with what would have been expected with a lackluster, though not awful, economy. It's a reminder that what

Helping others: A Gallup study found strong growth across the world in people helping strangers, volunteering time to organizations and donating money to charities over the course of the pandemic, with participation in such activities increasing by nearly 25%.

If that continues, it will take five years, the length of a British parliament, for AI to become a thousand times more powerful

no one has yet determined how to solve the problem of “alignment” between AI and human values, or which human values those would be. Without that, says the leading US researcher Eliezer Yudkowsky, “the AI does not love you, nor does it hate you, and you are made of atoms it can use for something else”.

The rise of AI is almost certainly one of the two main events of our lifetimes, alongside the acceleration of climate change

open up a new age in which the most successful humans will merge their thinking intimately with that of machines

The stately world of making law and policy is about to be overtaken at great speed, as are many other aspects of life, work and what it means to be human when we are no longer the cleverest entity around.

what should we do about it in the UK? First, we have to ensure we, with allied nations, are among the leaders in this field. That will be a huge economic opportunity, but it is also a political and security imperative

Last week, ministers published five principles to inform responsible development of AI, and a light-touch regulatory regime to avoid the more prescriptive approach being adopted in the EU.

we will need much greater sovereign AI capabilities than currently envisaged. This should be done whatever the cost. Within a few years it will seem ridiculous that we are spending £100 billion on a railway line while being short of a few billion to be a world leader in supercomputing.

Before AI turns into AGI (artificial general intelligence) the UK has a second responsibility: to take the lead on seeking global agreements on the safe and responsible development of AI

even China should agree never to let AI come near the control of nuclear weapons or the creation of dangerous pathogens. The letter from the experts will not stop the AI race, but it should lead to more work on future safety and in parti

Last week, ministers said we should not fear AI. In reality, there is a lot to fear. But like an astronaut on a launch-pad, we should feel fear and excitement at the same time. This rocket is lifting off, it will accelerate, and we all need to prepare now.

Blend these factors — a desire for escape from our virtual lives; bidding as fast as pushing a button; and the promotion of new collecting fields like outdated technology devices — and you have Heritage Auctions in Dallas.

Heritage is a whirlwind of activity, of passion, of hype, constantly trying new ways of enticing people to own something beautiful and useless. Ninety-one million Americans, according to U.S. Census Bureau surveys, are having trouble paying household bills. Everyone else is a potential bidder.

Twenty years ago, Heritage had four categories: coins, comics, movie posters and sports. Now it has more than 50, which generated revenue of $1.4 billion last year. Everything, at least in theory, is collectible.

“We don’t question the value or legitimacy of a particular subject matter relative to outmoded norms,” Mr. Benesh said. “We’re not here to tell you what’s worthwhile. The marketplace will tell you. The bidders” — Heritage has 1.6 million — “will tell you.”

In mid-2020, the privately held company moved to a 160,000-square-foot building by Dallas-Fort Worth International Airport, doubling the size of its former headquarters. Hundreds of specialists, most of them collectors themselves, prepare hundreds of thousands of items for bids here — researching, photographing, writing catalog copy.

The problem is, older historical items that were previously unknown are becoming rare. Every barn, basement and attic has been ransacked for treasures. New items related to Washington or Lincoln, for instance, are nearly impossible to find.

Special effects software can give your music all sorts of subtle vibes. For $299, for instance, you can make your song sound as though it was recorded in Sound City Studios in Los Angeles, on the $20,000 vintage microphones with the $100,000 mixing console that recorded Fleetwood Mac and Nirvana. For $259 you can simulate the Beatles’ Abbey Road Studios

In the past, when you assembled all the tracks for a song, it would have to be mixed and mastered in a studio by a sound engineer adjusting the levels. Now an app will do it for you.

Now, all you need to do is get the files uploaded to streaming services. If you are signed with a label, they will do that for you, but you don’t need a record deal to do that. There are companies such as DistroKid that act as postmen: for £17.99 a year, you can ensure that the song you created in your bedroom is available on multiple streaming platforms.

Some artists thrive on social media. It suits lively, quirky performers like Ryder, and artists who want to experiment with different genres. Mxmtoon, a 23-year-old American YouTuber, singer-songwriter and ukulele player, is also a streamer on Twitch, a platform on which people watch others playing online games, has published graphic novels and made a podcast. Maia — the artist’s name — describes mxmtoon as “a multi-hyphenated project”.

More traditional musicians struggle with some aspects of tech. “We get together,” says Sital-Singh of his contemporaries in the business, “and have a little moan about how everyone’s telling us to do TikTok and we can’t bring ourselves to dance and we feel old and decrepit.”

Even digital natives struggle sometimes: “I already have nostalgia for a simpler past, even though I’m 23,” says Maia. “It’s exciting but it does put so much pressure on a normal individual to be an entrepreneur to advertise their own personal brand.”

Journalists, regrettably, no longer have the power they once did. What matters these days is social media. The A&R (artists and repertoire) people at record companies who would once have hung out in basement clubs scouting for new talent now sit in meetings examining the data on artists’ social media performance.

Now that the whole world’s music is available all over the world at the click of a play button, there’s a greater diversity among top-selling artists.

People making videos of themselves performing or dancing to the song on TikTok helped propel it to the stratosphere. It has been streamed a billion times. Sethi now plays to packed venues in America and Europe; last year, he performed at Coachella, America’s Glastonbury. “Without digital technology I would be a south Asian indy musician, working on the fringes of Bollywood,” he says from his home in New York.

For musicians, it’s more ambiguous. Because the costs of making music are lower, anybody with ambition can have a go. Many more people, as a result, are getting into the music business. According to PPL, the organisation which distributes money to music performers and rights-holders, the number of registered artists has risen from 61,310, when the industry was at its nadir, to 165,039 last year.

That makes the business fiercely competitive. As Will Page, former chief economist at Spotify and author of Tarzan Economics, points out, around 100,000 tracks are being uploaded on to Spotify every day: that’s more than were released in an entire calendar year in the 1980s

That has cemented the power of the record companies. When the digital revolution started, it was widely expected that record labels would cease to exist, and be replaced by a model in which everybody promoted and distributed their own music. That’s not what has happened: because it’s so difficult to get noticed, embryonic stars need record labels to promote them.

A label invests in the production of the music, the styling of the band, video content, interviews, touring and the crucial business of getting a song on a streaming service’s playlist that suggests the song to listeners to suit their tastes. Artists that are signed with major labels get paid more, per stream, than those that aren’t.

Three quarters of streamed tracks have one of the major record labels behind them. And even though streaming is booming, it doesn’t contribute much to the incomes of the vast majority of artists.

Most artists stay hungry. A single stream will earn a musician anywhere between 0.1p and 2.4p. Crispin Hunt reckons that on average a million streams for a song — a wild ambition for most musicians — will, if you have to pay a cut to a record company, probably make you £1,000

If you’ve then got to pay your manager 20 per cent, and divide the rest between the four band members, “it barely pays for a Sainsbury’s shop. That’s why music is dominated by middle-class people called Crispin whose parents can afford to buy them an electric guitar and a laptop.”

For Christie Gardner, half of Lilo, a two-woman band, it helps planning gigs. “You can see where your listeners are and you can tell what they’re listening to. We make decisions about shows on that basis.” But for most bands, the economics of live performance are pretty grim.

Deathcrash’s manager Joe Taylor says that the band has been offered the opportunity of a European tour supporting a much bigger act. It would be good for their career but not their bank balance. The fees per show would be €200; once the costs of a sound engineer, a tour van, a driver, fuel, hotels and a carnet for importing musical instruments into the EU had been factored in, they would lose £15,000.

music has always been an uneconomic business, which people subsidise through other activities. The fiddler in the village pub probably worked in the fields in the daytime and played for money and fun in the evenings and at the weekend, rather as Ryder ran a juice bar and sang at weddings. These days, there is also the wafer-thin chance that they might end up being one of the 1,200 artists who make more than $1 million a year on Spotify

There are some signs that in the new musical economy, the balance of power between artists and the big record companies may have tipped slightly in the artists’ favour

the share of streaming revenues going to artists increased from 19.7 per cent to 23.3 per cent between 2012 and 2021 and that going to songwriters has risen from 8 per cent in 2008 to 15 per cent in 2021. “Outcomes for consumers, artists and songwriters,” it concludes, “are getting better.”

Most of the extra revenues generated by streaming are going to the top earners. But the stars are not the only ones benefiting. Between 2017 and 2022, the number of artists earning over $1 million on Spotify more than doubled, but so did the number earning over $10,000

more than two fifths of artists who release their own music aren’t expecting to make a full-time career. They’re in it for fun, for the love of it, or to be able to show their mum that they have released a song on Spotify.

It seems likely that the more music is being created, the greater the chance that wonderful tunes are being written, but it’s not necessarily the case. The best stuff might get buried under a mound of mediocrity.

Rising inflation has led to surging prices for groceries, cars and many essentials. The cost of a college education has skyrocketed in two decades, with the average student debt for federal loans at $37,000, according to the Education Department. Overall debts for Americans in their 30s jumped 27% from late 2019 to early 2023—steeper than for any other age group.

home prices have risen considerably, while wages haven’t kept pace.

“What Dave Ramsey really misses is any kind of social context,” says Morgan Sanner, a

She began paying off $48,000 in student loans (a Ramsey do) and also took out a loan to buy a 2016 Honda (a Ramsey don’t). Her rationale was that it was safer to pay extra for a more reliable car than a junker she could buy with cash. S

he feels these sorts of real-life decisions don’t factor into his advice.

When she saw a comment from Ramsey online about how people receiving pandemic stimulus payments were “pretty much screwed already,” Israel felt it came across as shaming people. The pandemic shutdowns ended a decadelong economic expansion for Black Americans, a disproportionate number of whom lost their jobs and relied on those checks.

“Moralizing financial decisions is very damaging to marginalized groups,” says Israel, who is Black.

Many young adults scratch their heads over his advice that people should let their credit scores dwindle and die.

People need a good credit score, says Mandy Phillips, a 39-year-old residential mortgage loan originator in Redding, Calif. She uses TikTok and other social media to educate millennials and Gen Z about home buying. Scores are vital when applying for mortgages and rentals.

She also takes issue with Ramsey’s advice to only obtain a home loan if you can take out a 15-year fixed-rate mortgage with a down payment of at least 10%. Few younger buyers can pay the large monthly bills of shorter-term mortgages.

“That may have worked years ago in the ’80s and ’90s, but that’s not something that is achievable for the average American,” Phillips says.

Housing is a particularly hot-button topic. He advises people to only buy a house with their lawfully wedded spouse. Yet many young adults are pooling their finances with partners, friends or roommates to buy their first homes. 

Ramsey is perhaps best known for advocating a “debt snowball method”: People with multiple loans pay off the smallest balances first, regardless of interest rate. As you knock out each loan, he says, the money you have to put toward larger debt snowballs. Seeing small wins motivates people to keep going, he says.Conventional economic theory would be to pay off the highest-interest loans first, says James Choi, a finance professor at the Yale School of Management, who has studied the advice of popular finance gurus.

Ramsey’s save-not-spend message sounds logical, young adults say. It’s his all-or-nothing approach that doesn’t work for them.

Kate Hindman, a 31-year-old administrative assistant in Pasadena, Calif., who has taken an anti-Ramsey stance on TikTok, ended up with $30,000 in credit-card debt after she and her husband faced income-reducing job changes. They’ve since turned it into a consolidation loan with an 8% interest rate and pay about $1,200 a month.

She wonders if the debt aversion is generational. Perhaps younger people are less willing to make huge sacrifices to be debt-free. Maybe carrying some amount of debt forever is a new normal.

People bemoan a perceived rise in bad dating etiquette such as “ghosting” and the sending of unsolicited sexual messages, and blame the way online romance makes it easier to discard potential partners at a touch of a button. “Hacks,” or tricks designed to game the apps for better dates, abound, demonstrating the shortcomings of their designs. 

the companies’ growing emphasis on pricier premium services is giving users new reasons to scrutinize the algorithmically driven path to romance.

Bumble made its name as a free app that only let women make the first move, for example. But since 2016, it has charged for advantages such as unlimited “swipes” to connect with prospects. The most expensive plan today costs $80 a month

“This is not a new phenomenon, and I think that dating apps have crystallized and brought those concerns to the fore, primarily because the prior institutions that were responsible for connecting individuals—such as family, friends, churches, other homes of worship—were not able to assume blame in the same way,” said Jess Carbino, a sociologist who has worked as a consultant for Bumble and Tinder.

Unlike apps such as Tinder and Bumble, the League requires profile approval to join. On the app, users get three to five prospects a day unless they upgrade to become a paying member, which runs $99 a week or $399 for a three-month subscription. Once a match is made in the app, users have 14 days to initiate a conversation before the matches expire.