These are news article links and comments that were listed on our website, prior to the November 2024 election. For newer links on this topic visit our website: https://www.dalecodemocrats.com
Focus On the Issues: The Economy and Inflation
PCE index, the Fed's preferred inflation measure, drops to 2.1%. Here's what it means for interest rates.
https://www.cbsnews.com/news/pce-report-today-inflation-federal-reserve-rate-cuts-2024/
Comment: "The personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, dropped to 2.1% last month on an annual basis, close to the central bank's goal of a 2% annual rate. That could cement more rate cuts ahead in 2024, according to Wall Street economists."
"Given the surge in post-pandemic inflation, the fact that headline inflation now sits just a tenth of a percentage point away from the Fed's target is a significant achievement. Last month, the Federal Reserve made its first rate cut in four years amid signs that inflation was inching closer to its 2% goal, providing some welcome relief for consumers with credit card debt or who are in the market for a loan."
Elon Musk asks voters to brace for economic 'hardship,' deep spending cuts in potential Trump Cabinet role
Comment: "Donald Trump wants the Tesla and SpaceX CEO, who has himself taken in billions from federal contracts, to oversee 'efficiency' efforts for the government."
"At a virtual town hall event Friday held on Musk’s social media platform, X, the multibillionaire Tesla and SpaceX executive said he was 'praying for a victory' for Trump, so he could begin working in a high-level Cabinet role to axe federal spending."
"That message has emerged from former President Donald Trump’s wealthiest backer, Elon Musk, who says that the GOP nominee’s plans to put the U.S. on firmer fiscal footing would likely entail 'temporary hardship' for ordinary Americans."
"Many economists agree that Trump’s economic and fiscal proposals could spark an economic calamity, though it is not clear whether they have considered, or given credence, to Musk’s calls for austerity."
"Speaking at Trump's Madision Square Garden rally Sunday, Musk said he wants to cut $2 trillion from the federal budget, though he didn’t specify where."
"Bob Elliott, chief investment officer at Unlimited Funds investment group, said the idea of cutting $2 trillion from the budget in any immediate time frame was 'totally implausible,' pointing out that it would equate to almost all discretionary funding — currently at $1.7 trillion — which includes transportation, education, housing and environmental programs."
"And on Tuesday, Musk reiterated the anticipated economic pain from the plan. In response to an X user who wrote that spending cuts would cause a 'severe overreaction in the economy' and that 'markets will tumble,' before the U.S. emerges on 'sounder footing,' Musk responded, 'Sounds about right.' "
I note that while Musk is calling for policies that would cause economic hardship for the public, I bet he firmly supports Trump's plan to cut income taxes for billionaires and plans to cut Corporate taxes.
Trump's Social Security plan could lead to 33% benefits cut: Analysis
https://www.cbsnews.com/news/trump-social-security-plan-crfb-benefits-cut-insolvency/
Comment: "Former President Donald Trump's campaign pledges would hasten the insolvency of the Social Security trust fund and lead to a 33% across-the-board cut to all benefits, according to a new analysis from the nonpartisan Committee for a Responsible Federal Budget (CRFB)."
"The group's report, released Monday, is based on Trump's vow to eliminate income taxes on Social Security benefits, overtime pay and tipped income, as well as his proposal to slap tariffs on all imports and deport millions of immigrants, many of whom currently pay Social Security taxes."
23 Nobel Prize-winning economists call Harris’ economic plan ‘vastly superior’ to Trump’s
https://www.cnn.com/2024/10/23/politics/nobel-prize-economists-harris-economic-plan/index.html
Comment: "More than half of the living US recipients of the Nobel Prize for economics signed a letter that called Vice President Kamala Harris' economic agenda 'vastly superior' to the plans laid out by former President Donald Trump."
" 'While each of us has different views on the particulars of various economic policies, we believe that, overall, Harris’ economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic agenda of Donald Trump,' the economists write in the letter obtained by CNN."
"The expanded group includes two of the three most recent laureates – Simon Johnson and Daron Acemoglu of the Massachusetts Institute of Technology. They received the prize, along with James Robinson of the University of Chicago, last week for their research into how institutions shape which countries become wealthy and prosperous."
"The letter points to Trump’s tariff and tax policies as inflationary and likely to balloon the federal deficit – a widely held view among economists. But it also issues a stark warning. 'Among the most important determinants of economic success are the rule of law and economic and political certainty, and Trump threatens all of these,' the economists write."
‘Off the charts’: How Trump tariffs would shock U.S., world economies
https://www.yahoo.com/finance/news/off-charts-trump-tariffs-shock-013111202.html
Comment: "Former president Donald Trump is campaigning on the most significant increase in tariffs in close to a century, preparing an attack on the international trade order that would probably raise prices, hurt the stock market and spark economic feuds with much of the world."
"The consequences would be far-reaching: Americans would be hit by higher prices for grocery staples from abroad, such as fruit, vegetables and coffee. Domestic firms dependent on imports would need to either figure out new supply chains or raise costs for consumers. U.S. manufacturers would almost certainly see sharp declines in orders from abroad as foreign nations impose retaliatory tariffs."
Harris is riding a dream economy into the election. It may be too late for voters to notice.
https://www.yahoo.com/finance/news/inflation-cools-jobs-surge-harris-150130876.html
Comment: "Annual inflation has fallen to 2.4 percent, its slowest pace since early 2021, signaling that the price spikes that have clouded President Joe Biden’s four-year term are over."
"The latest numbers, released on Thursday, add to a solid economic picture that's coming together just weeks before the 2024 election. The question now is whether it’s too late for Vice President Kamala Harris to get credit for it."
AOL: Senators take aim at big private equity landlords as rents soar
https://www.aol.com/senators-aim-big-private-equity-150945123.html
Comment: "As Wall Street financiers snapped up huge swaths of the nation’s rental housing market in recent years, the deals sailed through unchallenged. Now, with the costs of renting an apartment or home out of reach for a growing number of Americans, four Democratic senators say these transactions need more scrutiny."
"Sen. Elizabeth Warren, D-Mass., sent a letter to private equity giant KKR on Wednesday, demanding information about its recent $2.1 billion purchase of 5,200 rental apartments across eight states. Among her questions: How does KKR plan to ensure that long-term tenants will be able to stay in their homes and what proportion of profits does KKR expect to generate from hikes in rents and fees at the apartments?"
"Three other Senate Democrats signed onto Warren’s letter: Raphael Warnock of Georgia, Peter Welch of Vermont and Ron Wyden of Oregon."
"Several factors are driving those price hikes, experts say, including higher costs to build new rental properties. But large purchases of rental homes and apartment buildings by private equity firms like KKR are another cause, research shows."
"As landlords, private equity firms raise rents, impose new fees, skimp on property maintenance and pursue tenants more aggressively in court, the Americans for Financial Reform research noted. 'The cumulative effect is a massive transfer of wealth from mainly low- and middle-income renters, who can’t afford the onerous barriers to homeownership, to some of the wealthiest men in America,' it said."
Groceries more affordable than in 2019, but consumers not feeling it
https://share.newsbreak.com/99j7sbne
Comment: "It now takes fewer hours of work to afford a week’s worth of groceries than it did five years ago, according to a report by MarketWatch, a Dow Jones company that provides financial analyses and stock market data."
"The researchers reviewed wage and inflation data that shows how the price of food relative to wages has changed over time. Postpandemic food costs rose substantially, but wages have 'more than caught up' with prices, the analysis found."
"However, not everyone has seen a wage increase, and the pandemic has caused a 'long-lasting case of sticker shock for consumers,' the report said, given that the absolute prices of goods — the prices you pay for each item — are still higher than they were before."
CNN: ‘Take a look at that blow up’: CNN reporter breaks down ‘surprising’ jobs report
Comment: Great news! "According to data released by the Bureau of Labor Statistics, employers added an estimated 254,000 jobs in September, dropping the unemployment rate from 4.2% to 4.1%."
Axios: The U.S. job market is strikingly robust
https://www.axios.com/2024/10/04/us-september-jobs-report
Rolling Stone: Trump Crumbles When Pressed on Economic Policy in Tense Interview
Comment: "Donald Trump continued his pre-election economic event tour on Tuesday with a lengthy interview with Bloomberg at the Economic Club of Chicago. It was a total mess."
"Bloomberg Editor-In-Chief John Micklethwait did not take it easy on Trump, and it quickly became clear that the former president has no conception of the mechanics of or the potential ramifications of the economic platform he’s running on. Bluntly, the former president was incoherent when pressed with real questions about his policies."
"Micklethwait spent most of the interview attempting to break Trump out of what the former president repeatedly referred to as 'the weave,' his term for his rambling digressions — with ever-decreasing intelligibility — and general inability to focus on a given topic for more than a few seconds during his rallies and interviews."
"Micklethwait didn’t weave along with Trump, however, repeatedly working to bring him back on topic and answer the actual questions. The grilling exposed Trump’s total cluelessness with regard to his own economic policy, and led Trump to attack Micklethwait as biased."
Data shows migrants aren’t taking jobs from Black or Hispanic people, despite what Trump says
https://share.newsbreak.com/99j5cayl
Comment: "Republican presidential nominee Donald Trump promises the biggest deportation event the U.S. has ever seen if he is elected — a promise he has predicated, in part, on the notion that immigrants in the U.S. legally and illegally are stealing what he calls 'Black jobs' and 'Hispanic jobs.' "
"But government data show immigrant labor contributes to economic growth and provides promotional opportunities for native-born workers. And a mass deportation event would cost U.S. taxpayers up to a trillion dollars and could cause the cost of living, including food and housing, to skyrocket, economists say."
Reuters: Fed cuts rates by half a percentage point, cites 'greater confidence' about inflation
Comment: "Powell called the move a 'recalibration' to account for the sharp decline in inflation since last year; he noted that the economy remained strong but the central bank wanted to stay ahead of and stave off any weakening in the job market; analysts saw a nod to what has been an overarching aim of his to avoid unnecessarily trading higher unemployment to reach the central bank's 2% inflation target."
"Vice President Kamala Harris, the Democratic presidential candidate, called the rate cut "welcome news' for Americans."
"Republican nominee Donald Trump, who as president first appointed Powell to lead the Fed, said the size of the cut suggested the economy may be in trouble."
Axios: Housing is the main inflation problem
https://www.axios.com/2024/09/11/cpi-report-housing-inflation
Comment: "The war on inflation is mostly won — with one big exception. Without hot housing prices, the Consumer Price Index would look even better."
"During the 12 months through August, CPI increased 2.5% — the smallest increase since February 2021."
This is why Kamala Harris has proposed a plan to offer down payment assistance for first-time owners and a plan to boost construction of new homes.
NBC News: Senators take aim at big private equity landlords as rents soar
https://www.nbcnews.com/news/senators-take-aim-big-private-equity-landlords-rents-soar-rcna176793
Comment: "As Wall Street financiers snapped up huge swaths of the nation’s rental housing market in recent years, the deals sailed through unchallenged. Now, with the costs of renting an apartment or home out of reach for a growing number of Americans, four Democratic senators say these transactions need more scrutiny."
"Sen. Elizabeth Warren, D-Mass., sent a letter to private equity giant KKR on Wednesday, demanding information about its recent $2.1 billion purchase of 5,200 rental apartments across eight states. Among her questions: How does KKR plan to ensure that long-term tenants will be able to stay in their homes and what proportion of profits does KKR expect to generate from hikes in rents and fees at the apartments?"
"Three other Senate Democrats signed onto Warren’s letter: Raphael Warnock of Georgia, Peter Welch of Vermont and Ron Wyden of Oregon."
"Several factors are driving those price hikes, experts say, including higher costs to build new rental properties. But large purchases of rental homes and apartment buildings by private equity firms like KKR are another cause, research shows."
"Private equity firms typically use a large amount of debt to buy companies and properties that the firms then try to sell at a profit after a few years. The short-term need to generate a profit often translates to reductions in quality or price hikes on the rental homes, health care or other products that companies backed by private equity sell."
CNN: Nearly half of US renters spend more than 30% of their income on housing costs
https://www.cnn.com/2024/09/12/economy/us-housing-costs-survey/index.html
Comment: "The rapid rise in the cost of owning or renting a home has played a role in 2024 US Presidential election. Both Vice President Kamala Harris and former President Donald Trump have released plans to address housing affordability."
"Harris’s plan includes $25,000 in down payment assistance for first-time homeowners, while Trump has floated a ban on mortgages for undocumented immigrants, who make up a relatively small portion of the mortgage market."
CNBC: Here's the deflation breakdown for August 2024 — in one chart
https://www.cnbc.com/2024/09/12/cpi-deflation-august-2024.html
Comment: Prices actually went down for many items in August.
Axios: Spending, incomes and inflation were all heading the right direction in July
https://www.axios.com/2024/08/30/july-spending-income-inflation
The Associated Press: US economic growth for last quarter is revised up to a solid 3% annual rate
Comment: More good news on the economy, in addition to the low 2.9% inflation rate released earlier this month.
Real estate company helped to artificially inflate rents across America, Justice Department alleges | CNN Business
https://www.cnn.com/2024/08/23/business/realpage-doj-antitrust/index.html
Comment: Does anyone think the Justice Department in a second Trump Administration would make it a priority to investigate price fixing in apartment and housing rentals? We don't. Kamala Harris has made affordable housing a priority.
Why the DOJ sued RealPage
https://www.axios.com/2024/08/29/realpage-doj-lawsuit
Comment: "Not only did a huge rise in demand for apartments drive up rents as the pandemic dragged on, but RealPage stands accused of pushing landlords to raise rents higher than they would've on their own."
"That's according to the DOJ's antitrust suit and a damning ProPublica investigation in 2022 that drew attention to the company."
Trump's Obamacare health care replacement plan unclear
https://www.axios.com/2024/09/12/trump-health-care-plan-obamacare-replacement
Comment: "Former President Trump again vowed during Tuesday's debate to repeal and replace the Affordable Care Act, but he offered no details on a new health care plan that he has been promising since the 2016 election."
Health care costs can be a major factor in a family's finances. Donald Trump wants to repeal the Affordable Care Act, yet he has no plan for replacing it with a viable alternative. Never has, and probably never will.
Yahoo Finance: Expert Finds Trump's Tax Proposal Drains Money From 95% Of Households And Funnels It To The Top 5%, Widening Wealth Gap
https://finance.yahoo.com/news/expert-finds-trumps-tax-proposal-141523448.html
Benefits of Trump tax plans skewed toward wealthy: Analysis
https://thehill.com/business/4920190-trump-tax-proposals-wealthy-tax-cuts/
Comments: "A new analysis of tax proposals put forward by former President Trump has found they would amount to tax cuts for the wealthiest Americans and tax increases for the majority of households."
"The wealthiest 1 percent would see an average tax decrease of more than $36,000 while the bulk of lower quintiles of the population would see tax increases of around $1,500, according to a new study by the Institute on Taxation and Economic Policy (ITEP)."
"Trump’s tax plans have included general tariffs, a lower corporate tax rate, a cancellation of taxes on tips and overtime pay and an extension of the individual tax cuts in his signature 2017 Tax Cuts and Jobs Act."
"The extensions of the 2017 tax law provisions appear to have the most pronounced effect of any individual policy change, dropping tax burdens by an average of $81,000 for the wealthiest 1 percent, and by an average of $110 for the poorest 20 percent."
"The Joint Committee on Taxation found that extending the individual provisions of the Trump tax cuts would add $3.3 trillion to the deficit over the next 10 years. Many different policy experts in Washington are concerned now about the level of the federal deficit."
Trump tax-free overtime plan 'as fake as his tan,' Senate finance chair says
https://www.cnbc.com/2024/09/13/trump-tax-overtime-pay-senate-finance.html
‘Invest, borrow against it, and die’: Scott Galloway explains how the rich avoid long-term capital gains taxes
https://www.yahoo.com/finance/news/invest-borrow-against-die-scott-114400643.html
Comment: Article explains the tax loophole used by billionaires to avoid paying taxes.
"One of the many tax loopholes, according to Galloway, is the use of securities-based lines of credit (SBLOCs). He said when wealthy people want to buy something, they borrow against their capital assets, such as stocks and bonds, instead of selling them. This allows them to avoid paying capital gains taxes on the appreciated value of their assets."
This is why Kamala Harris has proposed a tax on unrealized capital gains (under limited circumstances) to close this loophole.
Yahoo Finance: Why Kamala Harris's approach to capital gains is generating so much controversy
Comment: Article discusses the business community's concern about Harris' capital gain plan (especially from the ultra wealthy). However, the article points out that it is primarily the ultra wealthy that will be impacted.
"The most controversial idea by far is a plan to tax the unrealized capital gains of households if their net worth exceeds $100 million. Unrealized gains are advances in net worth that exist on paper but are tied to an asset that hasn't been sold yet."
In addition to the discussion of capital gains, the article summarizes (in a table) "Where Harris And Trump Differ On The Big Economic Issues."
CNBC: Annual inflation rate slows to 2.9% in July, lowest since 2021
https://www.cnbc.com/2024/08/14/july-consumer-price-index.html
Comment: "The consumer price index, a broad-based measure of prices for goods and services, increased 0.2% for the month, putting the 12-month inflation rate at 2.9%, its lowest since March 2021."
"Excluding food and energy, core CPI came in at a 0.2% monthly rise and a 3.2% annual rate, meeting expectations."
"A 0.4% increase in shelter costs was responsible for 90% of the all-items inflation increase. Food prices climbed 0.2% while energy was flat"
Medicare announces lower prices on 10 common, high-cost drugs
Comment: More great economic news, especially for seniors, thanks to the Biden-Harris Administration.
"It's part of the federal government's first-ever drug pricing negotiations, a cost reduction it claims could help ease the financial burden on the estimated 1 in 7 older adults in the U.S. struggling to pay for their medications."
NBC News: The typical U.S. worker out-earned inflation by $1,400 a year, data shows
Comment: "While higher costs for everything from milk to medicines have preoccupied U.S. consumers in the pandemic era, earnings have also risen enough, on average, to push up households’ purchasing power a bit. And blue-collar workers have been the biggest beneficiaries."
"An analysis published in July by economists at the Treasury Department found that the median worker can afford the same representative basket of goods and services as they did in 2019 — plus have an additional $1,400 a year."
NewsNation Now: 1% of Americans own 30% of the country’s wealth
https://www.newsnationnow.com/business/your-money/americans-wealth-distribution-2023/
Comment: This is what happens when GOP politicians, sponsored by billionaires, keep cutting taxes for corporations and the very wealthy. Capitalism is fine, but unregulated capitalism is not.
FTC report casts doubt on retailers’ justification for high prices | WDTN.com
https://www.wdtn.com/as-seen-on-2-news/ftc-department-of-justice-kroger-walmart-amazon/
Comment: "The report found that retailers, specifically grocery companies such as Kroger, Walmart and Amazon, had been using price hikes on their products to help cover the extra costs from any supply chain issues lingering from the pandemic."
However, after the supply chain issues had been resolved and the extra costs eliminated, these retailers did not reduce their prices.
Yahoo! Voices: How Food Prices Have Changed Over the Past Four Years
https://www.yahoo.com/news/food-prices-changed-over-past-112929026.html
Salon: Inside the “very, very guarded” agreements that dictate what’s sold in grocery stores — and the cost
Comment: "But in our grocery stores, supermarkets and food manufacturers often determine the final label price consumers pay. Many consumers are unaware of the clandestine cooperative marketing agreements between supermarkets and food conglomerates that influence how food is stocked, how aisles are arranged, what products are highly promoted and, ultimately, what foods consumers get to choose from, and how much we pay."
Americans' refusal to keep paying higher prices may be dealing a final blow to US inflation spike | AP News
Comment: American consumers are becoming fed up with unjustifiable price increases and corporate greed.
"Some of America’s largest companies, from Amazon to Disney to Yum Brands, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive. Consumers aren’t cutting back enough to cause an economic downturn. Rather, economists say, they appear to be returning to pre-pandemic norms, when most companies felt they couldn’t raise prices very much without losing business."
CNN: The truth behind Harris’ inflation and corporate greed claims
https://www.cnn.com/2024/08/20/economy/inflation-kamala-harris-corporate-greed/index.html
Comment: Article points out that while corporate greed may have played a part in inflation spikes the last few years, it was not the only factor. Other factors, mostly originating from the Covid pandemic and our economic response to it, are explained. Article points out that "some customers are refusing to pay higher prices – so companies like Target, Starbucks and McDonald’s have cut prices and added deals to bring customers back."
Article questions whether Kamala Harris' "plan to cap certain prices" is a good idea.
Trump wants a 20% tariff on imports: How it could impact economy
Comment: "Global trade experts have warned against widespread tariffs, a type of tax that a country charges on imported goods and services from another country, as they generally harm the economy."
"Before the North Carolina rally, Trump had touted a 10% trade tariff on all imported goods and 60% tariffs on imports from China."
"According to an analysis by the Tax Foundation, these two tariffs together would lead to reduced imports and incomes. An estimate by Moody's shows the 10% tariff would lead to 2.1 million fewer U.S. jobs and a 1.7% smaller economy by 2028."
"World Trade Organization chief Ngozi Okonjo-Iweala said in April the 10% tariff would prompt retaliation from partners, resulting in a lose-lose situation, according to Reuters."
Since farm products are a major portion of U.S. exports, any tariff retaliation from our trading partners may likely lower U.S. agricultural commodity prices (and demand) for farm products, like pork, beef, poultry, and grain. Since farming and food processing are significant contributors to the Dale County economy, farmers may want to consider the agricultural impact of Trump's proposed tariffs.
US farmers fear prospect of Trump tariffs will add to sector’s burdens
https://www.ft.com/content/4d41ff6d-b30b-4c93-a6ac-680281d42ab7
Donald Trump signals more reliance on tariffs in second term
https://thehill.com/homenews/campaign/4835387-trump-pennsylvania-tarrifs/
One law could make Trump’s tariff threat a reality - POLITICO
https://www.politico.com/news/2024/09/01/trump-universal-tariff-threat-00176746
Comment: "If elected to a second term, trade experts and former officials say he could easily use another obscure but long-standing statute to enact his latest trade proposal: slapping a universal tariff of 10 or 20 percent on all goods imported into the U.S., which currently total more than $3 trillion annually."
"The law is an efficient way to skirt Congress, which has Constitutional authority over raising and lowering tariffs."
Trump wants influence over Fed rates—here's what history and the law say | Fortune
Comment: Article explains the importance of keeping the Federal Reserve independent of the self serving motives of politicians.
GOP senators break with Trump on trade
https://www.axios.com/2024/08/04/gop-senators-donald-trump-tariff-trade-inflation
Comment: Even GOP senators realize that Trump's plans to impose heavy tariffs will actually tax U.S. consumers rather than taxing exporting countries. They also realize that these tariffs will contribute to inflation. "Some senators suggested the former president ultimately could be convinced to soften his actual plan, with many expressing concerns about the inflationary effects of universal 10% tariffs."
Yahoo Finance: GDP: US economy grows at faster than expected pace in second quarter as inflation eases
Donald Trump told the Fed not to cut rates before the election—but Wall Street is convinced he won’t get his way
https://finance.yahoo.com/news/donald-trump-told-fed-not-102332590.html
Comment: It sounds like Donald Trump is trying to bribe Fed Chairman Jerome Powell with a promise to let him keep his job, if he'll postpone any interest rate cuts until after the November election. Trump can't have the stock market booming right before the election.
Prices fell in June for the first time since the start of the pandemic
https://www.cnn.com/2024/07/11/economy/us-cpi-consumer-inflation-june/index.html
Comment: Negative Inflation (on a monthly basis).
You might have just missed Earth-shattering economic news | CNN Business
https://www.cnn.com/2024/07/12/business/inflation-cpi-biden-nightcap/index.html
Comment: "Last month, for the first time in four years, prices on everyday goods and services actually fell. In other words, this June was the first time since the pandemic started that we paid less for stuff compared with the previous month."
Yahoo Finance: Some Americans live in a parallel economy where everything is terrible
Comment: The US economy is generally good, so why do Americans think it is bad?
CNBC: CEOs at Trump meeting: Ex-president ‘meandering’ and ‘doesn't know what he's talking about’
https://www.cnbc.com/2024/06/14/ceos-at-trump-meeting-not-impressed.html
Comment: Even Corporate CEOs, who typically support Republicans, are scared about what Trump might do to the economy.
FBI Raids Corporate Landlord in Major Rent Price-Fixing Probe
https://www.pymnts.com/cpi-posts/fbi-raids-corporate-landlord-in-major-rent-price-fixing-probe/
Comment: Price-fixing, just another example of corporate greed and illegal activity, leading to inflation. That's why regulation and regulation enforcement is so important. Probe involves a "nationwide conspiracy" adversely impacting "millions of tenants."
American oil tycoon accused of trying to conspire with OPEC to inflate prices
https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield
Comment: Higher oil prices drive transportation and distribution costs for all products and are a major cause of inflation.
Newsweek: Richest Americans Now Pay Less Tax Than Working Class in Historical First
https://www.newsweek.com/richest-americans-pay-less-tax-working-class-1897047
Comment: This is why Biden is proposing a 25% minimum tax for billionaires and a larger corporate income tax. Please refer to his State of the Union Address.
Wealthiest Americans now pay less tax than the working class with calls for 'tax on the superrich'
Donald Trump's Income Tax Cut Would Cost Average Family $5,000—Economist
https://www.newsweek.com/donald-trump-income-tax-cut-would-cost-average-family-5000economist-1912874
Comment: Another harebrained "plan" that may sound good at a campaign rally, but is ridiculous when you analyze it. However, Trump will say anything to get elected.
TCJA: More than $3.4 trillion in tax cuts are expiring next year | CNN Politics
https://www.cnn.com/2024/06/13/politics/tax-cuts-expiring-trump-biden/index.html
Comments: These tax cuts, passed during the Trump Administration, led to the massive debt we have incurred. Now, Trump says he wants to give everyone even more tax breaks, especially the rich. What do you think that will do to Federal deficits? Biden, wants to extend the tax cuts for those making $400,000 or less, while increasing taxes on corporations and billionaires, so as to be more fiscally responsible. It's difficult to determine exactly what Trump plans would do. The other day, Trump floated an unrealistic harebrained plan to eliminate the federal income tax and replace it with a series of massive tariffs.
CNN: Live updates: US economy added a whopping 303,000 jobs last month, far outpacing expectations
https://www.cnn.com/business/live-news/march-jobs-report-04-05-24/index.html
Yahoo Finance: Amazon Grows To Over 750,000 Robots As World's Second-Largest Private Employer Replaces Over 100,000 Humans
https://finance.yahoo.com/news/amazon-grows-over-750-000-153000967.html
Comment: While there is nothing inherently wrong about companies and corporations trying to reduce costs, please understand that their purpose is simply to make money. They are not job creation programs, as some Republican politicians would like you to believe when they request tax breaks, incentives, and bailouts for their corporate sponsors. Large corporations and companies will often sacrifice their employees to improve their bottom line.
Publix & Other Grocers Now Being Investigated by FTC For Price Gouging After Customer Complaints
https://share.newsbreak.com/81k4csv1
US regulators urge Congress to look into grocery profits
Biden to launch joint FTC-DOJ task force to crack down on ‘unfair and illegal pricing’
CNN: Why some people feel good about their bank accounts but bad about the economy
https://www.cnn.com/2024/04/07/economy/us-economy-personal-finance/index.html
Comment: Article discusses some of the psychological and sociological factors driving public sentiment and public comments about the economy.
"It’s important to look at consumer behavior and not just sentiment when determining how Americans feel about the economy, said Harris."
"Here’s how consumers are actually behaving: They’re continuing to spend money at high rates, quitting jobs because they think they can find something better and investing in the stock market. Those behaviors signal that Americans, overall, actually feel pretty good about their economy."
When asked where Americans get their information on the economy, "'I think the answer is increasingly, unfortunately, social media and biased cable news sources,' said Harris. 'So if you’re going to TikTok or Facebook to get information about the macroeconomy, the chances are very good that it’s going to be wrong.'"
CNN: Retailers jacked up prices and squeezed consumers. They might have just blinked
https://www.cnn.com/2024/05/05/business/retailers-cutting-prices/index.html
Consumers are increasingly pushing back against price increases — and winning
Comment: This is one way to fight corporate greed and help fight inflation. Shop smarter.
‘Greedflation’ caused more than half of last year’s inflation surge, study finds, as corporate profits remain at all-time highs
Jerome Powell just revealed a hidden reason why inflation is staying high: The economy is increasingly uninsurable
https://fortune.com/2024/03/12/why-inflation-high-jerome-powell-says-insurance-climate-change/
Comment: Climate change is a factor in insurance crisis