The Sentinel: Economy

Democrats push for federal ban on price gouging amid Trump's tariff rollout

Democrats say such protections are needed as President Donald Trump rolls out higher tariffs on foreign nations as part of an effort to overhaul global trade.

A young woman shops at grocery store — Democrats are pushing a bill at the federal level, clarifying that price gouging is an unfair and deceptive practice under the FTC Act. The bill would give the FTC and state attorneys general new tools to enforce a federal ban against merchants who overprice goods to American consumers. Critics say it could make issues worse.

By Brett Rowland .::. Investigative Reporter
The Center Square

CHICAGO - Democrats are pushing a bill prohibiting price gouging at the federal level and giving the Federal Trade Commission another $1 billion and new tools to go after companies charging "grossly excessive" prices.

Democrats say such protections are needed as President Donald Trump rolls out higher tariffs on foreign nations as part of an effort to overhaul global trade. A tariff is a tax on imported goods that the importer pays to the federal government. That importer can then absorb the loss, or try to pass the added costs on to consumers through higher prices.

Critics say the measure could actually make shortages of key products worse.

During the COVID-19 pandemic, Democrats proposed similar measures to prevent price gouging.

A group of Democrats reintroduced the Price Gouging Prevention Act "to fight back against the corporate greed enabled by the Trump administration's chaotic tariff policies," they said. The bill would give the FTC and state attorneys general new tools to enforce a federal ban against "grossly excessive price increases."

"Donald Trump's reckless tariff policies are giving companies cover to squeeze families and raise prices more than necessary," said U.S. Sen. Elizabeth Warren, D-Mass. "My bill is an opportunity for Congress to stand up for families by cracking down on price gouging and fighting back against corporate abuse."

Ryan Bourne, of the Cato Institute, said the measure was just as bad as it was the first time it was introduced.

"This 'anti-price gouging' bill is a reheated version of Elizabeth Warren's earlier misguided proposal. Back then, Democrats found it politically convenient to blame greedy corporations for an inflation overwhelmingly caused by excessive government spending and loose monetary policy," he told The Center Square. "Now, the same politicians are using the price-inflating effects of Donald Trump's tariffs to revive their anti-corporate legislation."

This legislation would compound those problems by turning pricing decisions into legal liabilities.

Bourne said the measure could exacerbate shortages at critical times, such as after a natural disaster.

"The results of such a federal law would be disastrous. Capping prices below what people are willing to pay for goods would produce shortages and empty shelves during volatile periods," he said. "Firms today face ever-shifting trade barriers, unpredictable demand conditions, and evolving supply chains – all factors that increase price volatility. This legislation would compound those problems by turning pricing decisions into legal liabilities. Firms fearing prosecution would hesitate to raise prices even when those higher prices accurately reflect genuine scarcity or increased risks. The price controls would thus risk making goods' shortages far more severe and prolonged."

Democrats first introduced the measure in 2024, but it failed to advance. During the COVID-19 pandemic, Democrats proposed similar measures to prevent price gouging.

The bill would clarify that price gouging is an unfair and deceptive practice under the FTC Act. The measure would allow the FTC and state attorneys general to stop sellers from charging a grossly excessive price, regardless of where the price gouging occurs in a supply chain or distribution network, according to a news release.

"Greedy corporations are using the economic turmoil the Trump Administration has created to gouge the American people on everything from groceries to consumer goods," said Congresswoman Jan Schakowsky, D-Ill. "While these large corporations rake in record profits, families in my community and across the country are struggling to put food on the table."

The bill would give the FTC an additional $1 billion in funding to do the work. It would establish when price gouging occurs during a significant shift in trade policy. It lists a set of market shocks – including an "abrupt or significant shift in trade policy" – and outlines a standard for a presumptive violation of the price gouging prohibition during such a shock, such as when companies brag about increasing prices, according to Democrats.

Trump administration has worked to dismantle the Consumer Financial Protection Bureau

The measure would also create an affirmative defense for small businesses acting in good faith. Sponsors noted that "small and local businesses sometimes must raise prices in response to crisis-driven increases in their costs because they have little negotiating power with their price-gouging suppliers." That affirmative defense protects small businesses earning less than $100 million from frivolous litigation if they show "legitimate cost increases."

The bill would further require public companies to disclose costs and pricing strategies.

"During periods of exceptional market shock, the bill requires public companies to transparently disclose and explain changes in their cost of goods sold, gross margins, and pricing strategies in their quarterly SEC filings," according to the sponsors.

Warren and Schakowsky face an uphill battle in the Republican-controlled House and Senate. Republicans have been moving in the opposite direction. The Trump administration has worked to dismantle the Consumer Financial Protection Bureau, a federal agency created after the 2007-08 financial crisis to establish a single agency responsible for enforcing consumer protection laws.

Former Vice President Kamala Harris promised to introduce a federal anti-price-gouging law during the 2024 presidential campaign.

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Flesh-eating maggots reappearing in the U.S, farmers brace for impact on livestock

A fly that was once wiped out in the U.S. is back. Screwworm flies return in Mexico and pose a risk to U.S. farms. If untreated, animals die in weeks from flesh-eating maggots.

Air National Guard C130 in flight — A USDA study estimated that a screwworm outbreak could cost Texas alone nearly $2 billion each year. The US government plans to fight the pest from the air by dropping billions of flies over Texas and other states where the larvae has been detected.

SNS - The hum of the cargo plane’s engines was steady but distant, drowned beneath the weight of anticipation. Dr. Lena Mireles leaned against the cool fuselage, eyes fixed on the pale glow of morning rising over the Gulf of Mexico. Below them, a swath of farmland, scrub brush, and winding rivers awaited the release. Behind her, row after row of aluminum canisters held billions of sterile male flies — tiny, winged soldiers bred in a lab, irradiated, and readied for war against a flesh-eating parasite that once again threatened to crawl northward.

She tapped her tablet, reviewing the flight path as the countdown ticked closer. In just minutes, the belly doors of the aircraft would open, scattering the living payload across the borderlands of southern Texas and northern Mexico. The plan was simple, almost elegant: drown the wild screwworm population in a tide of infertile mates. But Lena knew it wouldn’t feel elegant if they failed. The New World screwworm was already burrowing into livestock flesh in Chiapas and Campeche. If it crossed into U.S. herds, the economic and ecological damage would take decades to undo.

The cabin lights dimmed as the pilot radioed clearance. Lena stepped closer to the viewing port, watching the earth spin slowly beneath them. It was strange, she thought, to fight something so ancient with something so engineered. The flies would be gone in days, their work done in silence. No guns, no poison — only radiation, instinct, and time. Yet the stakes couldn’t be higher. This wasn’t just pest control. This was containment. Survival. A race between biology and biotechnology, she was flying at 12,000 feet over the front line yet again.

This sounds like a scene from a made-for-Netflix science-fiction movie, right? Actually, billions of irradiated male flies will soon rain from airplanes over southern Texas and northern Mexico as the U.S. government accelerates efforts to contain the alarming resurgence of the New World screwworm — a parasitic fly species that threatens livestock, wildlife, and food security across North America. This scenerio might actually happen in the years ahead.

The plan, announced this week by the U.S. Department of Agriculture (USDA), represents the latest escalation in a long-running battle against a pest that was once eradicated from the United States but has now breached containment lines and advanced to within 500 miles of the U.S.-Mexico border.

The U.S. government is preparing to drop billions of flies from airplanes over southern Texas and northern Mexico to stop the screwworm. This flesh-eating fly lays eggs in animals' wounds, and its maggots eat living flesh. If not treated, the infestation can be fatal in just two weeks.

A swarm of flies feasting — The United States plans to drop billions of flies in the southern US to stop the return of flesh-eating screw worm maggots.

The U.S. Department of Agriculture (USDA) is using this strategy to stop the insect from spreading into the United States. The pest was once eliminated from North America, but in recent years, it has returned, moving north through Central America and into Mexico.

The economic and health risks are growing, especially in Texas, where cattle populations are the highest in the country. Officials are increasing efforts to contain the spread before it reaches U.S. herds.

What is the New World Screwworm?

The New World screwworm (Cochliomyia hominivorax) is a type of fly that attacks warm-blooded animals. Female flies lay eggs in open wounds or body openings. When the eggs hatch, the maggots dig into living tissue. As more larvae grow and feed, the wounds get larger and deeper. Untreated, this infestation can lead to death.

This parasite affects livestock, pets, wildlife, and people. Animals that have given birth, had surgery, or have open wounds are most at risk.

The adult fly is slightly larger than a housefly, with orange eyes, a metallic blue-green body, and three dark stripes on its back. Maggots can often be seen in wounds, and animals may act restless, stop eating, or isolate themselves.

Eradicated before, but now it’s back

The U.S. removed screwworm from the country in 1966 using a process called the Sterile Insect Technique (SIT). This method involves releasing large numbers of male flies that have been sterilized using radiation. These sterile males mate with wild females, but no larvae hatch. Over time, this lowers the pest’s population.

SIT worked well for decades. A biological barrier was created in Panama to stop the screwworm from moving north again. But in 2023, that barrier was broken. Since then, screwworm has spread through Central America and into Mexico.

New scientific models show that screwworm is most likely to enter the U.S. through southern Mexico. Areas with warm climates and large livestock populations, such as Texas and Florida, are at the highest risk. The fly can travel up to 12 miles to find a host.

Cold weather limits its survival, but summer weather and the movement of animals or wildlife can carry the pest into new regions, including northern states.

Serious threat to farmers and the economy

Texas has about 12.5 million head of cattle — the largest number in the country. A USDA study estimated that a screwworm outbreak could cost Texas nearly $2 billion each year. This number includes lost livestock, lower meat and dairy production, higher veterinary costs, and labor shortages during an outbreak.

If the pest spreads to other states, the economic damage could rise even more. Past outbreaks, such as the one in 1976, required a large number of workers to manage. Today, there are fewer workers in agriculture, making it harder to handle a crisis.

The screwworm is also a threat to food supply chains and public health. The pest does not only harm farm animals — deer, wild hogs, pets, and even humans are at risk.

What the U.S. is doing now to fight back

To prevent an outbreak, the USDA is building a new sterile fly factory in southern Mexico, expected to open in July 2026. Until then, a fly distribution center in southern Texas will help deliver sterile flies from an existing factory in Panama.

Sterile flies will be dropped from airplanes over high-risk areas in Texas and Mexico. The goal is to stop wild screwworms from reproducing by filling the environment with sterile males. This method is safer for the environment than chemical spraying and only targets screwworms.

At the same time, Texas has begun forming state response teams to monitor and respond to new cases. These efforts are focused on protecting livestock and keeping the pest from crossing into U.S. herds.

Livestock in Texas are threatened by NSW — Response teams focusing on protecting livestock will monitor herds in Texas, hoping to block the spread of screwworm swarms.

Early signs and what to watch for

Farmers and veterinarians are key to spotting screwworm early. Watching animals closely is the best way to catch an infestation before it spreads.

Common signs include:

Foul-smelling wounds with visible maggots
Animals licking or biting at their wounds
Lesions at dehorning or branding sites
Unusual behavior such as restlessness or not eating

By the third day after infestation, there may already be hundreds or thousands of maggots in a wound. If untreated, the wounds grow deeper and cause major damage.

Government agencies and agricultural groups are sharing guides and training materials with farmers to help identify and report possible cases quickly.

A Race against time

The reappearance of the New World screwworm shows how quickly old threats can return. While the USDA and its partners work to stop the pest, experts warn that control will take time and constant effort. Warmer months increase the risk of spread, and infected animals can quickly spread the larvae across large areas.

While the method of dropping sterile flies is proven and safe, it works slowly. It requires months - sometimes years - of regular releases to lower populations. But doing nothing is not an option. Without action, the pest could take hold again in the U.S., harming animals and causing long-term economic loss.

Stopping the screwworm now may save American farmers and ranchers billions in the future.

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Does the grocery store scare you? Does Washington even care?

by Glenn Mollette, Guest Commentator

Does the grocery store scare you? What about buying eggs? Do you dread driving to Walmart? Do you remember a day when it was fun?

I remember the old days of going to my Grandfather Hinkle’s grocery store in old Stidham, Kentucky. Today, that would be South Milo Road in Tomahawk, Kentucky. I could buy a Pepsi Cola or Dr. Pepper for eight cents. A candy bar was a nickel. An ice cream drumstick was a dime. A bag of chips or a pastry cake was a nickel or a dime. You could buy a lot for a quarter. When I was in elementary school, if I had a quarter, I could buy quite a bit at Fred Mills grocery store which was located next door to the Tomahawk school. I could buy a coke, a bag of chips and a French pastry cake. I sold Grit newspapers when I was a kid and I could make $1 a week. That gave me four quarters. My dad also worked really hard in an underground coal mine.

Those were the days my friend. We thought they would never end, but they did a long time ago. Today it would take about five dollars to buy what I bought back then with a quarter. I guess I must be old now, but I don’t have to guess about the high cost of groceries.

Groceries are expensive and people are sick and tired of worrying if they will be able to buy enough food to get through the month. There is too much food shortage in America. This means that people have trouble buying enough food to get through the month. This is why there are non-profit food pantries all over America. Many of these pantries are delivering truckloads of food to communities and hundreds of people line up for a sack of groceries. Ten years ago, it cost $1000 to sponsor such a project but today it’s closer to $3500 and growing.

In 2024, the average American spends around $418.44 per month on groceries, but the cost varies depending on location, household size, and personal habits.

Factors that affect grocery costs according to USA Today.

Location: Groceries cost more in some states and cities than others. For example, Honolulu, Hawaii has the highest cost of groceries in the US.
Household size: The number of people in a household affects how much they spend on groceries.
Income: Households with higher incomes spend more on food, but it represents a smaller percentage of their income.
Eating habits: Personal preferences impact how much is spent on food.
Shopping habits: Buying in bulk or choosing generic brands can help save money.

How to save on groceries? Create a budget, Stick to a shopping list, Buy in bulk, and Choose generic brands.

While Americans do all we can to stretch our dollars and shop wisely we ask our state and federal elected leaders to help us all they can. But, do they have the ability to understand? Many of our Congress leaders are multi-millionaires. They probably haven’t noticed much when going to the store. Senator Mitch McConnell’s net worth was reported at $34 million in 2024, Nancy Pelosi’s net worth was $120 million in 2024. Richard Blumenthal’s net worth was over $100 million in 2024, Dianne Feinstein, senator from California has a reported net worth of over $110 million. Marco Rubio’s net worth was $85 million in 2024. The list goes on. As reported often, our President is a billionaire.

Unfortunately, many Americans’ grocery lists are getting shorter because there is only so much a family can afford.

Does anybody in Washington have the ability to care?

About the author ~

The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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Commentary |
Trump wants to cut taxes for the rich, states can choose differently

by Eli Taylor Goss & Treasure Mackey

OtherWords

As President Trump takes office, one of his first agenda items is to slash taxes on corporations and the rich. The results will be more inequality and less revenue for the programs Americans rely on.

The good news? States can make their own tax codes more equitable. And everyday people can help.

With the help of public opinion, strategic communications, and messaging research firms, we spent over a decade talking to people in Washington to better understand their deeply held beliefs about taxes.

In our state, Washington, people voted overwhelmingly this past November to protect our state capital gains tax on the ultra-wealthy. This was a hard-fought victory by a movement of people who believe we need a better tax code.

Let’s back up.

Despite our “blue state” status, Washington’s tax code has long been one of the most inequitable in the country because it over-relies on regressive measures like sales taxes and property taxes. That forces low- and middle-income earners to pay the biggest portion of their income in taxes to fund the programs and services we all rely on.

In 2010, an initiative to enact a tax on high earners in our state failed miserably. Although many people — including lawmakers — proclaimed the death of progressive taxes in Washington, advocates came together with a long-term goal of building public support for progressive revenue.

Our organizations were two of many that did this work. From interfaith organizations to affordable housing advocates to union leaders, we created coalitions to hold lawmakers accountable to build an equitable tax system.

In addition to organizing and legislative strategies, our coalitions prioritized shifting the public narrative.

We learned that most Washingtonians felt the impacts of our upside-down tax code but didn’t realize just how much it favored the rich. And in focus groups and community meetings, we heard people vocally support taxes when they understood the services they provide.

Our state capital gains tax is an excise tax on the sale of high-end stocks and bonds. Many extremely wealthy people are able to hoard wealth from selling these stocks.

In media interviews, legislative testimonies, community events, and town halls, we showed how creating a budget that funds our communities requires the wealthy to pay what they owe. We tied taxes to critical programs and services like child care, education, parks, and safety net programs.

We also highlighted how our tax code — which was designed to favor white, land-owning men over everyone else — is harmful to communities of color and low-income people.

Buoyed by grassroots organizing and legislative efforts, national momentum for taxing the rich, and some wealthy spokespeople who said “we want to pay this,” our coalitions helped our legislature pass a capital gains tax in 2021. We also helped pass a Working Families Tax Credit that year, a cash boost for people with low incomes. Together, these policies started to holistically fix our tax code.

Our state capital gains tax is an excise tax on the sale of high-end stocks and bonds. Many extremely wealthy people are able to hoard wealth from selling these stocks.

In its first two years, our modest capital gains tax on the richest 0.2 percent of Washingtonians brought in $1.3 billion to increase access to affordable child care and support school construction projects. But as soon as it passed, a handful of uber-wealthy individuals filed a lawsuit to repeal the tax.

Ultimately, the state Supreme Court upheld it. The last test was on the ballot in November. We soundly defeated Initiative 2109, a last-ditch effort to repeal the tax. Over 64 percent of voters — including majorities in right-leaning counties — supported keeping the capital gains tax in place to fund schools and child care.

Our win — which many thought impossible a decade ago — was a bright spot nationally this fall. We still have a long way to go towards a just tax code, but it’s possible to flip the script and build public support for progressive revenue. Wherever you live, we hope your community is the next to make that happen.

Eli Taylor Goss is the executive director of the Washington State Budget and Policy Center, a research and policy organization that works to advance economic justice. Treasure Mackey is the executive director of Invest in Washington Now, an organization working to remake our tax code so it works for everyone. This op-ed was distributed by OtherWords.org.

Commentary |
Beware of Tax “Bipartisanship”

Op-Ed by Dr. Todd J. Barry

In 2012, United States President Barack Obama faced a choice regarding how to legislate the permanency of the President George W. Bush Tax Cuts. In some ways, the dire economic growth of “the Great Recession” called for one obvious path, of making the tax cuts permanent. But, in other ways, President Obama was “suckered” into supporting this path, because of exhortations that economic calamity would otherwise result (then termed the “fiscal cliff”) which was largely an exaggeration. Mr. Obama opted to push to make some of the tax cuts permanent, for the middle-class, but this policy still greatly increased the United States (U.S.) deficit and debt.

Trump tax cuts will cause excessive demand, much of it going to people who do not need it, leading to higher prices.

Currently, Democrats in Congress will have to decide whether or not to be “suckered” into Mr. Trump’s tax permanency proposals, which are reminiscent of Mr. Bush’s. But, the economic situation today is different. Illinois Senators Dick Durban-(D) and Tammy Duckworth-(D) have, previously, sent letters to Republican leaders calling for tax “bipartisanship.” More recently, a similar letter from Michigan’s Senators was vague, though saying than that the tax cuts’ “permanency” would increase the U.S. deficit from $1.9 trillion dollars to $2.9 trillion.

America’s economy grew in 2024’s 3rd quarter at 3.1%, a very strong number. However, several Republicans, including House Speaker Mike Johnson-(R-LA), have said, paraphrasing, that “we have to get the economy going again,” but the problem is not that the economy is sluggish, but that it is overheated.

This situation also has little to do with the absence of shovel-ready projects, that outgoing-President Joseph Biden lamented about. Consequently, a best-policy approach would not be one that is expansionary, but one that is actually contractionary, yet at the same time helps Americans buy more at the grocery store.

Hillary Clinton’s economic team created a novel idea, of giving tax credits for businesses that would share that money with workers.

To put it simply, the Trump tax cuts will cause excessive demand, much of it going to people who do not need it, leading to higher prices. These prices are on top of the proposed tariffs, whereby it is unfathomable that since the middle of the 20th Century presidents have had powers uncheckable by Congress. Also, the inflation is largely due to the dovish policies of the Federal Reserve, which continues to cater to gullible investors on Wall Street. Deficits will soar, leading to higher interest rates, to even more inflation, and eventually to greater unemployment.

In 2016, presidential candidate Hillary Clinton’s economic team created a novel idea, of giving tax credits for businesses that would share that money with workers. The plan, though, was ambiguous, and poorly promoted. Alternatively, a supply-side approach, of giving tax credits to businesses that cut prices, risks becoming bureaucratically complex in American’s capitalist framework, an enforcement conundrum.

Wage controls, vis-a-vie the President Nixon era, are equally complex, as are anti-price-gouging measures. While making the middle-class tax cuts alone permanent is feasible, it could engender political challenges. And, unfortunately, these topics did not arise during the 2024 presidential election, because political leaders misinterpret economics, albeit 16 Nobel Laureate economists sent a petition to Washington warning about the economy’s’ health.

Yet, today, I propose an idea similar to Mrs. Clinton’s, which could help Americans to buy more, while costing the government less. Congress could provide a tax credit to businesses sharing 50% of the credit to workers’ wages. Here-named “demand-supply-side economics,” the supply-side aspect would expand production, but even if some resources ended up in CEO’s pockets, the other half going to blue collar workers would increase demand. The combination of the increase in the demand and supply curves at the same time, albeit disregarding their elasticities (the slope of the curves), would result in little changes to prices, but a greater output for Americans- more “bang for the dollar” at the grocery store.

Unfortunately, unresponsive companies might experience labor strikes, but the labor market helps to keep wages consistent with inflation. Furthermore, the government could choose the size of the program, and its time-length, without adding as much to the debt, which is now $31.5 trillion dollars and growing, every time one blinks.

The permanency and details of the Trump tax cuts, including those for the middle-class, need to debated, carefully, before mistakes are made that lead to even higher prices, and to even greater deficits and debt into the future.

Dr. Todd J. Barry holds a PhD from the U. of Southern Mississippi, and teaches economics, with Hudson County Community College in NJ, USA. Sean R. Barry holds a master’s degree in public administration, and has served on town committees in Branford, CT.

Guest Commentary |
Trump is rightfully grumpy

by Glenn Mollette, Guest Commentator

Trump angry? Kamala got joy?

Did Trump seem angry last week during the debate? I thought he was intense. There’s a difference.

Aren’t you a little intense? Doesn’t it bother you when you dread going to the grocery store because you need more money to buy the same things? Doesn’t it irritate you that your town is starting to look like a third world country? Doesn’t it make you a little intense when so many undocumented people are getting medical care that you can’t afford?

Doesn’t it provoke you some that your grandchildren can’t play outside at night because America has become so unsafe? Do you even feel safe for them to be out in the yard or down the street alone during the day? Doesn’t it make you just a little uptight when you go to buy a car and know that if you can’t pay cash for it that you will make payments and big ones for a long time?

Doesn’t it make you a bit irritable that renting an apartment of any size is insanely expensive? Does it bother you that buying a house might never be within your reach? How do you feel about seeing your ability to financially enjoy retirement shrink more every day?

Does it bother you that babies are aborted in such late stages of pregnancy when there is no medical necessity or concern about the mother’s or baby’s health?

Doesn’t it concern you that our country is so involved in the Ukraine-Russia war and also the Israel-Hamas war? Could we end up in World War III? Doesn’t it bother you that we are living in an era where we need police protection more than ever but some government leaders want to defund the police? Doesn’t it tick you off a bit that you may never be able to retire?

I think Trump has every reason to be a little high strung and intense. I suspect you have times when you are as well.

Now Kamala, naw, she’s got joy. None of this stuff is bothering her at all. She laughs, giggles and has some funky facial expressions going on.

As millions of people have illegally crossed our border for almost four years, she and Joe Biden have let them have their way. Prices on everything have strained the American economy during her entire tenure. Her solution is that America is going to move on and she will give every hopeful home owner $25,000, and everyone will be filled with joy.

Handing out big checks to Americans, businesses and even colleges and non-profits during Covid started this huge mess of people preferring to stay home instead of work. It also began this economy crisis our nation is suffering.

We can thank Kamala and Biden for this joy that she only wants to continue. Which are you feeling today? Trump’s intensity or Kamala’s joy?

Glen Mollett is the author of 13 books including Uncommom Sense, the Spiritual Chocolate series, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

Commentary |

Our tax code reward corporate price gouging. Next year, we can change that.

by Rakeen Mabud
OtherWords.org

Rakeen Mabud

Next year, we’ll have to make one of the most important decisions about the future of our economy. Will we hand more power and wealth to big corporations and the rich — or invest in a healthy and resilient economy that works for all of us?

In 2017, Republican lawmakers passed tax loopholes and cuts that primarily benefited the wealthy and big corporations. President Trump signed these giveaways into law, spiking inequality and setting off a wave of corporate profiteering.

Next year, parts of that law will begin to expire, which gives us the opportunity to make changes.

For decades, both parties have created an economy where big corporations and the wealthy aren’t pitching in like the rest of us. We’ve been sold a bill of goods known as “trickle down” economics. Trickle down goes like this: Feed the rich the best cut of meat and maybe we’ll get a bit of gristle that falls on the floor — and we’ll thank them for it.

The rich and most profitable corporations aren’t just contributing less and less to our collective coffers. They’re using their power to enrich themselves further while more of us struggle. Senator Elizabeth Warren recently described this as a “doom loop” for our tax code: the wealthy and corporations get richer from tax giveaways and then use their wealth and power to boost their profits — and then lobby for more tax cuts.

For example, the 2017 Trump tax cuts dropped the top corporate tax rate to 21 percent from 35 percent (compared to 40 percent in 1987). Supporters argued this would lead to better wages and supercharge economic growth. Instead, economic growth continued at about the same pace as before the tax breaks. And while 90 percent of workers did not see a raise, billionaire wealth has doubled.

In the same period in which corporations have enjoyed lower taxes, they’ve also raked in record profits. As my colleagues at Groundwork Collaborative have highlighted, lowering corporate tax rates actually incentivized corporate profiteering in the wake of the pandemic, as companies that overcharged us got to keep more of their winnings.

Trickle down theory says these windfall profits and lower taxes should encourage companies to invest more in workers and innovation. But in an economy run by big corporations with enormous market share, that money ends up being funneled to shareholders instead of increasing worker wages, investing in new or more productive technologies, or holding critical inventories in case of a crisis.

If we want corporations to invest more in wages and productive investments, we should raise their taxes, since wages and research are mostly tax deductible.

In other words, corporate profiteering is not a foregone conclusion. Raising corporate taxes has the potential to boost investment, productivity, and economic growth — and get Americans some of their money back.

The Biden administration has taken critical steps to push back against failed trickle down economics and corporate profiteering. It capped the price of essential drugs like insulin, empowered regulators to go after corporations abusing their market power, and made historic investments in a green future. But more can be done by raising taxes on the largest, most profitable corporations.

Fundamentally, the coming tax debate is about who holds the reins in shaping our economy: megacorporations and their wealthy shareholders, or the everyday people who keep the economy humming. Next year is an opportunity for Congress to stand firm against the rich and powerful and build the economy that we want to see.

Guest Commentary |
This is a sad time in America

by Glenn Mollette, Guest Commentator

In his State of the Union address, President Joe Biden referred to an American dilemma – the shrinking Snicker’s bar. He pointed out that his Snicker’s bar purchase had less or fewer Snickers. I’m not exactly sure what a Snickers is, nuts, chocolate, sugar, the content of the bar. Size matters, when you’re hungry. It’s just a bad thing when you stop at your local convenient store to buy a soda pop and you walk out with a Snicker’s bar that cost more but has less in the wrapper. Apparently, there must be less Fritos and Cheetos in the bags as well. This is a sad time in America.

I remember buying a large bottle of coke, a bag of chips and a pastry for 25 cents. Those were the days but they are long past.

It’s an epidemic of course. It’s not just candy bars and junk food. Check the size of your fast-food hamburgers and the cost. You are paying more for less. A hundred dollars doesn’t go very far at the grocery store. American families are having a difficult time putting food on the table. A mother who cooks for her family every day is having to stretch her budge more and more.

President Biden is concerned about the problem but it’s been a growing problem for three years. It’s not getting better When does he propose to fix the problem, after he is reelected? Why not now? Or, why not over the past three years? People are hurting today. Promises of a better life if he is reelected are not reassuring to many Americans.

The border crisis is our number one issue this election. It’s not a priority with President Biden. He’s had three years to be walking that border. He’s had three years to stop the invasion of illegals and gang members into our country. His recent photo op to the border is too little too late. Joe Biden stopped the progress of the border wall. He opened the gates wide to the illegals. The results are not positive. We have major cities on the verge of economic collapse. Public schools, housing and more are suffering. Mayors are pleading for help.

Recently, Biden submitted a Border Immigration Bill to Congress that has not been approved. The bill still allows for an average of 5000 people a day over seven days to come into the United States illegally before closing the border. Or, the one-day maximum number is 8,500 entries before the border is closed. This a larger number of people than some of our rural counties in America. Over the course of a year this would amount to a city the size of Indianapolis or larger coming into our country. This is not border security, but only a continuation of Biden’s insanity.

We do need to help Ukraine. Putin is not anyone’s friend. Trump made a stupid statement about Putin attacking non-supportive NATO countries. However, the border security and Ukraine expenditures should be separate bills. If we don’t tightly secure our border our children are going to have a scary place to grow up. Sadly, we may already be in that place.

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He is the author of 13 books including Uncommon Sense, the Spiritual Chocolate series, Grandpa's Store, Minister's Guidebook insights from a fellow minister. His column is published weekly in over 600 publications in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.

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App created to help LGBTQ+ reduce debt and increase savings

Photo: StatePoint

StatePoint Media - While many Americans have financial concerns about the future, these anxieties are far more prominent among the LGBTQ+ community.

LGBTQ+ adults 60 and older earn less money and have more trouble paying their rent, mortgage, and other expenses than their non-LGBTQ+ peers, according to research from the Leading Age LTSS Center @UMass Boston and the National Council on Aging. SAGE, the world’s largest and oldest organization dedicated to improving the lives of LGBTQ+ elders, reports that 51% of LGBTQ+ elders are very or extremely concerned about simply having enough money to live on, compared to 36% of their non-LGBTQ+ peers.

Economic experts say that this financial security gap is a direct legacy of past governmental policies that put LGBTQ+ adults at a financial disadvantage, as well as ongoing discrimination that makes it harder for members of this community to secure employment, inclusive healthcare, family support and other fundamentals many take for granted throughout their lives and as they age.

Recent efforts are helping improve outcomes for the most vulnerable members of the community. For example, SAGECents is a digital financial wellness tool created specifically for the estimated 3 million LGBTQ+ Americans currently over 50, to help increase financial stability and reduce economic stress.

Launched in 2020, SAGECents is a collaboration between SAGE and LifeCents, a financial wellness technology and consulting firm, with the tool fully funded by the Wells Fargo Foundation.

This groundbreaking program is putting financial wellness into the palm of people’s hands. By creating a free account, SAGECents assesses each participant’s financial health, giving them much needed insights into their financial lives and a starting point to help them make financial decisions that improve their financial wellbeing. This includes information such as what benefits are available through Medicare, how to create a health proxy and a living will, and tips for increasing credit scores.

The app can also pair users with certified, LGBTQ-proficient financial counselors. Nearly 50% of SAGECents participants report saving an average of $571, more than 38% have reduced their debt an average of $591, and 39% have raised their credit score an average of 26 points. To learn more, visit sageusa.org.

“This is the generation that fought at Stonewall, and beyond, for the rights that so many of us enjoy. But sadly, this also is a generation that faced years of discrimination and underemployment and they are struggling financially in their later years,” says Christina DaCosta, SAGE chief experience officer. “Through the comprehensive resources and tools offered by SAGECents, we aim to empower and support these elders to achieve financial prosperity.”

In addition to widening access to financial tools for individuals, the Wells Fargo Foundation also supports SAGE’s efforts to break down the barriers responsible for this financial security gap, such as advocating against housing discrimination.

“At the root of the financial security gap is systemic discrimination. Tackling those issues is at the heart of our company’s efforts to create a stable financial future for members of the LGBTQ+ community,” says Ben-James Brown, Financial Health Philanthropy, Wells Fargo Foundation.

Managing cashflow for your small business to keep it alive

Small business owner working from his desk

In today's capitalization market, you are more likely to attract investors if your business is already "cashflow positive." Owners should be vigilant in keeping costs down and look for opportunities to grow comfortably.

Photo: Rohann Agalawatte/Burst

StatePoint Media - Intelligent cashflow management is the essential fuel of startups and digital businesses, particularly in a challenging economy. According to experts, it can mean the difference between surviving, thriving and failure.

“Poor cashflow management will kill your business. In fact, it’s killed some of the biggest businesses in the world. No matter how fast you’re growing, you could be destined for the startup graveyard if your outgoings exceed your revenues,” says Dominic Wells, serial entrepreneur and CEO and founder of Onfolio Holdings, a leading online conglomerate that acquires and manages a diversified portfolio of online business holdings.

To help startups and digital businesses not only survive a downturn, but remain profitable while accelerating growth, Wells is sharing some top actionable insights for the current moment:

1. Know that capital is harder to secure.
While during periods of low interest rates, it was possible to burn through capital, that’s no longer the case. “Don’t assume you can just raise more money. Investors are avoiding businesses that aren’t already cashflow positive,” says Wells.

2. Change your priorities.
Founders must review spending line items and identify the areas generating the greatest returns. Double down on those. Cut or reduce your spending elsewhere.

3. Focus on short-term growth.
Certainty beats speculation right now and investors are choosing businesses that will generate near-term certainty with monthly recurring revenue over those with potential long-term growth.

4. Make profitability your number one goal.
Aim to be profitable enough to pay yourself a decent salary, cover business overheads and keep cash in reserve. If you’re looking for a buyer or investor, have solid numbers to show them. In Onfolio’s case, the investment criteria are established businesses generating annual profits over $500,000 in sectors and niches with high-growth potential. Without the metrics to support why you deserve funding, investors and buyers aren’t lurking around the next corner, ready to leap out with a check.

“It’s not easy to execute, but your goal is simple. Keep asking yourself, ‘are we profitable?’ If the answer is no, do everything you can to get there quickly,” says Wells.

5. Become more financially secure.
At a time when many operations are cutting costs, making your service indispensable to customers so that they stay with you, or even spend more money, can help make you more financially secure. It’s time to deploy strategies and technology that generate more revenue from your current customers. For example, if you’re a website owner without a subscription upsell, now is the time to implement one.

For more tips and insights and to learn more about digital company acquisition, visit onfolio.com.

“New challenges arise for small business owners and digital companies during downturns,” says Wells. “Being savvy about the current climate can mean not just your survival, but your continued success.”

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