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      in US Politics

      ‘It’s a constant weight’: Americans struggle with record credit card debt

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      US credit card debt reached a record $1.17tn in the third quarter of 2024, growing from $770bn in the first quarter of 2021 and the share of active credit card holders making just minimum payments rose to 10.75%, the highest percentage ever in data going back to 2012.The Guardian spoke with individuals around the US about their experiences and issues with credit card and other personal debt. They requested to remain anonymous for privacy concerns about personal finances.Angela, a 42-year-old teacher in Virginia, explained she and her husband had struggled with paying off about $20,000 in credit card debt accrued mostly from paying medical bills not covered by her health insurance from infertility issues.“The medicines, procedures, and travel all hit us hard,” she said. “It just piles up and it piles up and you have to miss a payment because something else in life happens, and or you don’t make the payment you want to make, and it just starts to kind of snowball on you.”The debt has made it difficult to save anything and is always looming on her.“It’s a constant weight in the back of my mind which clouds all my little joys,” said Angela. “With inflation, cost of living rising, and life, I have struggled to pay down the debt. We do less, stress about what we can spend on or can afford.”A 54-year-old woman in Ohio said she lost her job in 2024 and was not approved for unemployment benefits because she was classified as a subcontractor, adding to debt she already had from medical bills and home repairs.“I’m now unable to pay them, and I can’t find a job due to a tight market and most likely age discrimination,” she said. “My debt has escalated to the equivalent of half my typical annual income. This and the inability to find a job have left me with no choice but to remain in a very unhappy, toxic, romantic relationship.”A 35-year-old software engineer in Los Angeles, California, said she accrued significant personal debt putting herself through engineering school at the age of 29, but despite making a salary of over $100,000 a year, she still struggles with paying it off and keeping up with bills.“I’m now facing huge interest rates and can barely pay down principal balances,” they said. “Student loans only covered my rent. If additional student loans existed for people in situations like mine, I wouldn’t have needed to charge so much to my credit cards.”This week the senators Bernie Sanders and Josh Hawley introduced a bill to cap credit card interest rates to 10% for the next five years, which Trump has claimed he would support. The average credit card interest rate is 28.6%, despite banks being able to borrow from the Federal Reserve at less than 4.5%.About 82% of all US adults have at least one credit card, with the average about four credit cards per US consumer, according to Experian, and the average household has over $21,000 in credit card debt.A 69-year-old retiree in Moody, Alabama, said she lived check to check on social security and had had no choice but to rely on credit card debt for food, bills and other living expenses.“I am constantly stressed about money,” she said, adding it had created anxiety, depression and sleeping issues.A 47-year-old teacher in Mesa, Arizona, said he had fallen into debt trying to provide for a family of four, and covering the funeral costs for his mother, even as he said he had been “working my car to the bone for gig work to pick up the slack”.A 72-year-old in California said she only made a little over $1,200 a month from social security, but more than half of it went toward a debt consolidation payment.“Money is always an issue with me, I’m currently keeping my debt at bay with loans out of what little I have for retirement, but still losing about half my monthly income to debt repayment that I wish I could be saving for a home.”A 53-year-old in Connecticut explained he had fallen into significant credit card debt after losing his small business due to the pandemic shutdowns, from barely ever using credit cards to maxing out several, even after finding a job, which was difficult at his age.“The pay was a fraction of what my business was pulling in and at this point, I maxed out the credit cards as I didn’t have a lot of credit on them to begin with. I have since taken out two personal loans and got a third credit card. All of them are maxed out,” they said. “I’ve gained 60lb, my hair has been falling out, and I can’t sleep more than four hours a night.”Money owed on revolving debt grew 52.5% to $645bn, from a decade low of $423bn in second quarter 2021, according to a report by the Philadelphia Federal Reserve.Twenty-three per cent of Americans with less than $25,000 annual income have no bank account. Forty-six per cent of Americans with annual incomes between $50,000 and $99,999 carried a credit card balance, while low-income Americans were more likely to predominantly use buy now, pay later, payday or pawn shop loans, with average annual interest rates of payday loans at 400%, with many much higher.According to data from the US Federal Reserve, 6% of Americans used a payday loan in 2023, up 1% from 2022, with users more likely to be low-income, Black and Hispanic adults, and adults with a disability.David, a 57-year-old gig worker and educator in Philadelphia, Pennsylvania, said he first took out a payday loan about six years ago when he lived in Oklahoma and had just started a new job and needed a loan to bridge the gap between paychecks.He said he was offered more money for the loan than he asked for, and as he made payments, the lender frequently offered to extend him more credit.“They report every late payment, every non-payment to the collection agencies, and I got into a merry-go-round, in over my head, and it wrecked my credit score,” said David. “There’s no negotiating, settling, or anything like that with payday lenders.”He said the collection tactics included calling his place of employment, calling the references on his initial loan application, to demand payment from him, which continued to grow with high interest rates and added fees. The length of time and impact it had on him had given him major depression and suicidal thoughts, he said.“They’re so predatory on very vulnerable people,” he added. “I can’t even get my own apartment without a co-signer. It’s just humiliating.” More

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      in US Politics

      Trump announces 25% tariffs on foreign steel and aluminum

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      Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.Trump first imposed steep tariffs on foreign steel and aluminum during his first presidency. The action announced on Monday night ends exemptions granted to certain countries, and increases the duty rate on aluminum.The changes are not due to come into effect until 4 March, however, according to a White House official – raising the prospect of the Trump administration brokering deals with governments seeking reprieve.Countries including Australia have already been making their case and Trump later said he would give “great consideration” to Australia’s request for an exemption to the steel tariffs due to that country’s trade deficit with the US.Trump first trailed his latest tariff actions on Sunday, adding that he would also announce a further set of reciprocal tariffs later in the week, drawing warnings of retaliation from trade partners.“The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America’s economic and national security,” Peter Navarro, Trump’s top trade adviser, told reporters.“This isn’t just about trade. It’s about ensuring that America never has to rely on foreign nations for critical industries like steel and aluminum.”Trump will also impose a new North American standard requiring steel imports to be “melted and poured” and aluminum to be “smelted and cast” within the region to curb US imports of minimally processed Chinese and Russian metals that circumvent other tariffs.Trump and his allies, who repeatedly claimed that tariffs could “Make America great again” when fighting to regain the White House, believe that higher taxes on imported steel and aluminum will help shore up US industrial heartlands.The US president said he would announce plans to impose reciprocal tariffs on other countries over the next two days. He signed two proclamations as he spoke to reporters in the Oval Office: one ending waivers granted by Joe Biden to steel and aluminum tariffs instituted during his first term, and the other raising duties on both metals to 25%.He also raised the prospect of future US tariffs on cars, semiconductor chips and pharmaceuticals from markets across the world.Asked about the possibility of other countries retaliating against US tariffs, Trump said: “I don’t mind.”Canada’s industry minister said the US tariffs were “totally unjustified”, with Canadian steel and aluminum supporting key US industries including defense, shipbuilding, energy and autos.“This is making North America more competitive and secure,” Francois-Philippe Champagne said in a statement. “We are consulting with our international partners as we examine the details. Our response will be clear and calibrated.”The European Commission said it saw no justification for the tariffs and said President Ursula von der Leyen would meet US vice-president JD Vance in Paris on Tuesday during an AI summit.In South Korea, the industry ministry called in steelmakers to discuss how to minimize the impact of tariffs.Ahead of a meeting with Trump on Wednesday, Indian prime minister Narendra Modi was preparing to offer to cut Indian tariffs in a range of sectors that could boost US exports to the country, government officials in Delhi said.Trump has previously called India a “very big abuser” on trade, and his top economic adviser Kevin Hassett singled out the country as having “enormously high” tariffs in a CNBC interview.This latest wave of tariffs is different than the one imposed by the White House on China last week, which hit all goods traveling from the country to the US with an additional 10% duty. He also threatened Canada and Mexico with the same blanket tariffs, at higher a rate of 25%, only to agree to a one-month delay before pulling the trigger.Trump signed proclamations that raised the tariff rate on aluminum imports to 25% from the previous 10% that he imposed in 2018 to aid the struggling sector. His action reinstates a 25% tariff on millions of tonnes of steel imports and aluminum imports that had been entering the US duty-free under quota deals, exemptions and thousands of product exclusions.The proclamations were extensions of Trump’s 2018 section 232 national security tariffs to protect steel and aluminum makers. A White House official said the exemptions had eroded the effectiveness of these measures.About a quarter of steel used in the US is from overseas, with Canada, Brazil and Mexico as the top providers. South Korea, Japan and Germany are also key markets.China, hit by a 25% steel tariff during Trump’s first administration that was maintained under Joe Biden, is not a significant exporter of steel to the US. But it is the largest exporter of steel to the world, dominating the global market with typically cheaper products. Some countries then export their own steel products, at higher rates, to markets including the US.Trump’s fixation with tariffs has alarmed economists, who have warned their imposition may derail his repeated promises to rapidly bring down prices for millions of Americans.But Trump has defended his strategy, claiming they could raise “trillions” of dollars for the US economy – and that even the mere threat of import duties can prompt countries to bend to his will. “Tariffs are very powerful, both economically and in getting everything else you want,” he said last week.Reuters contributed to this story More

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      in US Politics

      Air traffic control to Sir Keir: turbulence ahead | Stewart Lee

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      To Elon Musk, I say this! To perform oneNazi salute at Donald Trump’s inauguration, while simultaneously offering full support to European neo-Nazis, might be considered a misfortune. To perform two Nazi salutes at Donald Trump’s inauguration, while simultaneously offering full support to European neo-Nazis, begins to look like carelessness.I didn’t write that joke. I have cannibalised it from one by the gay Irish Victorian Oscar Wilde, a typical diversity hire who would have achieved nothing had his work not been promoted by the famously woke 19th-century British establishment. Luckily, Wilde was dead long before he had the opportunity to emigrate to the US and take an air traffic controller job from a more deserving straight white male, where his gayness would have caused planes to crash.And dead also is Wilde’s contemporary Little Tich, the resilient dancing midget, whose spectacular gravity-defying boots can still be seen on display in Bloomsbury’s bijoux Museum of Comedy, alongside Tommy Cooper’s fez and a jar of thoughts John Cleese was forbidden from articulating owing to political correctness. But I dread to think of the havoc a capering music hall midget might have wrought on today’s international flight paths. It is a relief that Trump has targeted the diversity policies that could lead, directly up the gently sloping access ramp of woke inclusivity, to millions of appalling aviation disasters.Call me a textbook member of the tofu-munching north London wokerati, but I am proud to live in a world where people of shorter stature, while still entitled to dance in funny shoes if they so desire, can also be air traffic controllers. And call me a textbook member of the cinnamon latte-guzzling liberal elite, but it does seem wrong for the new president of the US to blame dwarf diversity hires and lazy amputees and those pesky epileptics for an air crash, without any evidence, especially when he’s reportedly just laid off loads of air traffic controllers.On a recent Friday in York, I had a lovely north African tapas lunch with a longstanding comedy promoter who, though still young, was old enough to remember working for a special bowling alley in Blackpool, where small people in crash helmets mounted on little trolleys were ricochetted down the aisles at speed towards clusters of vulnerable skittles by violently drunk stag parties. In the end, this massively popular seaside attraction – dwarf bowling – closed early, not because someone in Blackpool had a belated anxiety about whether it was ethical, but because of the injuries sustained by those being bowled down the lanes by the intoxicated revellers.In the 1920s, Blackpool’s midgets lived in their own Midget Town on top of the Blackpool Tower, where tourists paid to see them go about their daily business in suitably scaled-down settings. It was a living. But when Midget Town finally closed, the pre-PC future offered only pantomime, seasonal work and bowling. It’s a world Trump would like to return to.Ah, well! Meet our potential major trading partner, whose return, according to Boris Johnson, was to be celebrated as another welcome victory over the woke. Witnessing the adjudicated sex abuser and convicted felon’s inauguration, Johnson, perhaps scenting his own second chance in the offing, related in the Daily Mail how, as the “invisible pulse of power surged” from the battered bible into the hand of Trump: “I saw the moment the world’s wokerati had worked so hard to prevent.” I can’t even be bothered to write anything funny about a man who could pen something so cynical, stupid and self-serving. I wish Johnson, the wounded wild pig of world politics, wandering around the central reservation wailing, having been winged by a passing Winnebago, would just fuck off. For ever.Too many of our politicians and pundits seem willing to take a wait-and-see approach to the wild swings of Trump’s pendulous wrecking balls. We should stand strong against Trump alongside Canada, the harmless honey bear of international politics suddenly rearing up like an animatronic grizzly in an 80s B-movie. Keir Starmer is in danger of being on the wrong side of history, his only consolation being that, at the current rate of collapse, there may not be much history left. Like the natural world Starmer wishes to destroy, it seems history may be a finite resource.“Drill, baby, drill!” cries Trump, as Los Angeles burns and Greenland’s permafrost unfreezes to the point where the previously unexploitable country may actually be worth him invading. Meanwhile, Starmer’s cry is the same but more complex and no less stupid. “Build a third runway and drill in the Rosebank oilfield, baby, build a third runway and drill in the Rosebank oilfield! And while you’re at it, lock up peaceful environmental protesters too. Especially the elderly.”skip past newsletter promotionafter newsletter promotionStarmer can’t really criticise Trump’s planet-pulverising withdrawal from the Paris agreement, let alone his baseless hostility to a phalanx of imaginary disabled air traffic incompetents, when he too has decided to throw all life on Earth under the bus, despite having once been an idealistic teenager who left his “village and went to the city of Leeds” and “discovered a whole new world of indie bands – like Orange Juice and the Wedding Present”. Bless!I began this supposedly funny column on Monday morning, when the US president was still saying Starmer was “very nice” and there’d be no UK tariffs. Then I travelled to Oxford to do a show, and one takeaway coffee and a homemade sausage sandwich later, the UK seemed to have drifted back into Trump’s target zone, depending on which interpretation of his last mouth-fart of vengeful gobbledy-vomit you chose to believe. There’s no point trying to make plans around the whims of Trump. Starmer may as well throw cake at a hippo or try to cajole a box jellyfish. Go to Brussels on bended knee and beg for brotherhood.

      Stewart Lee tours Stewart Lee vs the Man-Wulf this year, with a Royal Festival Hall run in July

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      in US Politics

      What does Elon Musk believe?

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      View image in fullscreenElon Musk is not a people person, as millions around the world will be able to attest after the planet’s richest man cut off food supplies, healthcare and probably even life itself to some of the most vulnerable without so much as a fore- or afterthought.Musk sees himself as a data man, wielding numbers like a machete to slash and burn his way through government waste and corruption as he leads the rightwing charge to capture the US state.Within days of Musk dispatching his minions to kick down the doors of the US Agency for International Development (USAid) and rifle through its finances, the agency was in effect out of business. Musk claimed USAid was “a criminal organisation” and full of Marxists – an assertion called “laughable” by the agency’s former administrator under George W Bush, Andrew Natsios, who describes himself as a conservative Republican.Musk didn’t care. Less than three weeks after Donald Trump’s inauguration, the head of the new “department of government efficiency” (Doge), a special group that Trump created, has built an extensive power base in Washington of a kind not seen before.Trump has given free rein to Musk to send his operatives into more than a dozen federal agencies to look for evidence of mismanagement and subversion, and to generally create chaos, outside of the usual bounds of oversight and regulation.Crucially, Musk now in effect controls the office of personnel management (OPM), which oversees federal employment. He immediately encouraged more than 2 million government workers to resign with the stated aim of forcing a few hundred thousand out the door.View image in fullscreenIt’s clear who Musk thinks should be running the country instead, from his recruitment to Doge of “special government employees” from his own companies and the wider tech industry to storm the federal citadels. They include a significant proportion of young male software engineers of the kind who tend to worship tech billionaires like Musk, including a teenager who has gone by “Big Balls” online.Few, if any, have undergone the security clearances other government workers need to access sensitive and personal information. If they had, Doge might have been discouraged from hiring another recruit from Silicon Valley, Marko Elez, who was sent into the US treasury department, where he had access to taxpayer records. Elez resigned on Thursday after the Wall Street Journal revealed he had posted racist messages on social media and defended eugenics.“Just for the record, I was racist before it was cool,” Elez wrote on X in July.He was reinstated on Friday.On the face of it, Musk is implementing Trump’s commitment to cut spending, “dismantle the deep state” and sack “rogue bureaucrats”. But his embrace of the far right, including an unrestrained endorsement of the German nationalist Alternative for Germany (AfD), and what looked to much of the world like a Nazi salute at Trump’s inauguration celebrations, has raised urgent questions about Musk’s political beliefs and how he intends to use his newfound power.As it happens, much of what Musk is doing is also good for his businesses, including scrapping regulatory bodies and curtailing the power of unions and workers. The labor board, which upholds workers’ rights, has been frozen and agencies that regulated the financial industry have either been scrapped or told to abandon key parts of their work.Musk’s politics have been eclectic. In the past, he has backed universal basic income and a tax on carbon emissions. At the same time, he has a deep dislike of trade unions and public transport because it means being around “random strangers, one of whom might be a serial killer”. He espouses a visceral hostility to diversity programmes and appears to regard those who believe in helping the less fortunate as subversive.Thrown into this mix is Musk’s fascination with the pro-natalism movement, for which he has done his bit by fathering 12 children, and his hope that one day his rocket company, SpaceX, will help them colonise Mars.Raised in South Africa under apartheid, Musk is clearly suspicious of democracy and the leaders it produces. His grandfather headed a fringe political movement in Canada in the 1930s, Technocracy Incorporated, which sought to abolish democracy in favour of government by elite technicians, but its overtones of fascism saw it banned during the second world war.Musk shows some of the same tendencies, as do other libertarian-leaning Silicon Valley billionaires unhappy with the messiness of elected government. He has spoken in support of direct democracy, where policies and other issues are decided by popular referendums rather than elected representatives.In the meantime, Musk appears happy to embrace the US version of the “strongman” ruler through the Republican right’s “unitary executive theory”, which regards the authority of the president as paramount and Congress as an impediment to the implementation of his or her will.Over the years, Musk has described himself as “not a conservative” and “politically moderate”. He backed the Democratic candidate in every presidential election going back to Barack Obama’s victory in 2008 until he soured on the party in the past few years.View image in fullscreen“In the past I voted Democrat, because they were (mostly) the kindness party. But they have become the party of division & hate, so I can no longer support them and will vote Republican. Now, watch their dirty tricks campaign against me unfold,” he wrote on X in 2022.But there were clues to other motives, including a statement that he would be voting Republican because of Joe Biden’s support for trade unions and what he regarded as insufficient Democratic backing for his companies.Not long before last year’s presidential election, Musk declared that Trump would save American democracy from Democrats trampling on individual liberties. But he kept moving ever further to the right in public, with an open embrace of racist European political leaders, including the AfD, and the promotion of claims of a “white genocide” in the country of his birth, South Africa.Musk’s biographer, Walter Isaacson, has linked his shift from Obama voter to cheerleader for the AfD to the transition of his daughter, Vivian Jenna Wilson.Wilson was 16 when she texted a relative: “Hey, I’m transgender, and my name is now Jenna. Don’t tell my dad.” The day after Wilson turned 18 in 2022, she changed her name because of “gender identity and the fact that I no longer live with or wish to be related to my biological father in any way, shape or form”.Musk told Isaacson he was sanguine about the change but then Wilson became a fervent Marxist and wouldn’t speak to him any more, a situation he described as one of the most painful of his life.“She went beyond socialism to being a full communist and thinking that anyone rich is evil,” Musk told the author.Musk blamed Wilson’s progressive Los Angeles school and said he was disturbed at the “woke mind virus” holding back America.After California passed a law barring school districts from requiring teachers to tell parents of changes to a student’s sexual orientation and gender identity, Musk announced he was moving the headquarters of his two largest companies, SpaceX and X, to Texas. He said that the law caused “massive destruction of parental rights” and put children at risk of “permanent damage”.Musk did not say that moving his companies also had significant tax advantages for himself and his businesses, which would additionally be subject to fewer climate regulations than in California.Still, his apparent anger over his daughter’s transition appears to have set in motion a broader hostility toward identity issues, and diversity, equity and inclusion (DEI) programmes, a favourite target of the Trumpian right. Musk announced that the words “cis” and “cisgender” were considered slurs on X, and he came out against pronouns, tweeting that they “suck”.In late 2022, another tweet linked Musk’s hostility toward the way people choose to identify themselves – an odd position for a man who claims to be a champion of free speech – to his anger at the Biden administration’s Covid restrictions.View image in fullscreenMusk mocked Anthony Fauci, Biden’s chief medical adviser, who was instrumental in the lockdown and other measures to contain the crisis.“My pronouns are Prosecute/Fauci,” he wrote.Some saw the tweet as evidence that Musk was now openly identifying with the far right, which defied mask regulations and stay-at-home orders and called for Fauci to be locked up for intruding on their liberties.But while Musk’s hostility toward pronouns was personal, Covid regulations touched on his businesses and net worth.Musk refused to close his Tesla factory at the height of the pandemic, claiming without evidence that “panic” over the virus would do more damage than the disease itself. He disparaged social distancing, predicted that the virus would claim few lives in the US (it eventually claimed more than 1.2 million), and described the lockdown as “fascist” and “erasing people’s freedoms”. Musk tweeted a meme comparing Canada’s prime minister, Justin Trudeau, to Hitler over his government’s Covid restrictions.Musk may have dressed up his position as a concern about people’s welfare but its immediate effect was to keep his factories rolling even if the people working in them were at greater risk of infection and death. And while Musk claimed a principled position in favour of individual liberty, he has a history of suppressing the rights of his own workers.In 2023, he said that he disagreed with the concept of trade unions.“I just don’t like anything which creates a lords-and-peasants sort of thing,” he told the New York Times Dealbook Summit. “Unions naturally try to create negativity in a company.”One reason Musk may not like unions is they tend to stand up for their members. He has faced accusations from former employees of aggressively using a secretive dispute-resolution process to fend off repeated claims of sexual and racial harassment within his companies, including accusations of women enduring a “frat house” atmosphere of groping and other abuses ignored and even perpetrated by high-level managers.Tesla has paid out millions of dollars to Black workers subjected to racial harassment.Yet, while Musk restricts the rights of his employees to seek redress from the courts, he and his companies filed at least 23 lawsuits in federal courts in the year to August 2024, according to Fortune magazine.They include a legal action by X against the Center for Countering Digital Hate over a report accusing the social network of making millions of dollars out of accounts spewing hate from “neo-Nazis, white supremacists, misogynists and spreaders of dangerous conspiracy theories”. A California judge threw out the lawsuit last year, saying it was clear the “case is about punishing the defendants for their speech”.Musk will probably spend a lot more time being frustrated by the courts. Judges have already put on hold his push for mass resignations from the civil service and placed some restrictions on Doge’s mass collection of data. Federal workers, unions and civil rights organisations are lining up a flurry of lawsuits to challenge Musk’s actions.But the courts themselves may become a target for Musk as he works to tear down the old order.Isaacson in his biography wrote that Musk once described being in “a state of war at all times” as one of his default settings.No one thinks that, so long as Trump continues to regard the billionaire as more of an asset than a liability, Musk’s thirst for power will stop at gutting federal agencies. The question is where he will launch his next offensive. More

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      Trump delays key piece of China tariff plan amid threats to other countries

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      Donald Trump halted a key part of his tariff attack on China on Friday, as he threatened to impose new US duties on goods from many more countries next week.Plans to ensure shipments from China to the US worth less than $800 still face tariffs – removing the longstanding duty-free status of low-cast packages – have been delayed to give more time to federal agencies to prepare for the change.At the White House on Friday, however, the president said he would announce new reciprocal tariffs on more countries next week. He did not give any details specifying what the tariffs will be and which countries would be affected.“I’ll be announcing that next week reciprocal trade, so that we’re treated evenly with other countries. We don’t want any more, any less,” Trump told reporters during a bilateral meeting with Japanese prime minister Shigeru Ishiba.On Tuesday, the US Postal Service briefly halted all incoming packages from China and Hong Kong after Trump ended a de minimis provision that allowed low-value packages from China to enter the US duty-free.The provision allowed Chinese e-commerce companies such as Shein and Temu to ship items into the US without having to pay tariffs Trump had enacted on China in 2018. After a 12-hour period, the US Postal Service resumed taking all packages on Wednesday.An executive order, signed by Trump, said he would keep the provision until “adequate systems are in place to fully and expediently process and collect tariff revenue”.The president had removed the duty-free provision as his overall tariff strategy against China, what he says is in response to illegal drugs that are coming in from the country. Trump placed a 10% tariff on all Chinese imports, which went into effect this week.skip past newsletter promotionafter newsletter promotionAny new tariffs will add to the confusion and chaos over global trade Trump has created since he entered office. Trump had originally planned to place 25% tariffs against Mexico and Canada on 1 February but ultimately halted both tariffs after negotiations with the country leaders. Those tariffs are now expected to go into effect 1 March.Reuters contributed reporting More

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      Why does McKinsey still get hired? | Peter O’Toole

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      In late 2005, I was in a Tokyo meeting room with some top GE executives. As the company’s corporate director of public relations at the time, I was helping sort through a corporate initiative we were planning to announce with some important Japanese customers. A few minutes later, a handful of people I’d never met came into the room. Most were not from Japan; all of them, I was told, were from McKinsey, perhaps the world’s most famous management consulting firm. Following the 15-minute meeting they had probably flown in from all over the world to attend, they left.The firm McKinsey, of course, remains, dispensing advice to thousands of companies like GE and to governments and institutions in more than 65 countries. But as the company approaches a $600m settlement with the US government over its role helping opioid makers boost sales and drag out the painkiller epidemic, you might ask: why does McKinsey still get hired?There are reasons why it shouldn’t.In 2018, McKinsey agreed to repay $74m in fees to the government of South Africa after a judicial inquiry found evidence of contract abnormalities surrounding its work. This came soon after McKinsey was forced to pay back more than $66m for its work alongside a contract-looting partner who later fled the country. And just last week it was confirmed that the firm’s South African subsidiary will pay more than $122m “to resolve an investigation by the Justice Department into a scheme” to bribe South African government officials between 2012 and 2016.Chasing a Mongolian railroads contract in 2010, McKinsey ignored a US state department corruption warning and signed an agreement with the government even as the government rainmaker who connected McKinsey to the contract signed his own contract with the same government entity. By 2015, Mongolian anti-corruption investigators were snooping and McKinsey was eventually barred from doing business there.Since 2019, the firm’s bankruptcy advisory business has paid millions in fines, or relinquished fees, for “disclosure deficiencies”.The firm can also give questionable advice.Under former McKinsey partner Jeff Skilling, Enron paid the firm $10m a year, during which the firm endorsed Enron’s suspect accounting tactics that would ultimately torpedo the business. According to a McKinsey employee quoted in Duff McDonald’s book The Firm: The Story of McKinsey and Its Secret Influence on American Business, Enron “was a great business that just got out of hand”.In April 2017, after three years studying the escalating inmate brawls and assaults by guards that endangered the viability of New York City’s Rikers Island jail complex, McKinsey sent a confidential final report to the city corrections commissioner. McKinsey had tested its new anti-violence strategy, the report said, and violence was down by more than half in the units where McKinsey had recommended new tactics.What the report didn’t say was that jail officials and McKinsey consultants had fixed the game, moving inmates they believed were less violent into the units ahead of the period of study. The reality was the opposite of McKinsey’s report: violence actually rose by nearly 50% since the firm had been working at Rikers. The city government dumped McKinsey, but not before paying it more than $27m.Then there’s the Department of Justice case, which found the firm’s invisible hand reached into virtually every opioid manufacturer and distributor. While McKinsey was advising the opioid manufacturers and distributors, the lawsuit noted, it was also advising the US Food and Drug Administration’s drug-approval department.So why does McKinsey still get hired? Because it sells what business wants.According to McDonald, in The Firm, McKinsey “certainly made the world a more efficient, rational and objective place than it might otherwise have been”. Eighty-five per cent of McKinsey’s work is repeat business, which would seem to show that the company provides useful counsel.But McKinsey also shields weak leaders from accountability. After a preventable shop floor accident or before big layoffs – known as “efficiency consulting”, McDonald notes – a McKinsey report can shield a company from an angry plaintiff or its soon-to-be former workers. Its presence offers the plausible deniability that layoffs were just a business decision, one recommended by a respected, external party. In the Rikers Island case, McKinsey’s contract let city administrators say they had tried their best, since they had only requested proposals from consultants on a pre-approved list from the previous administration.The durability of firms like McKinsey points to festering weakness in business’s upper reaches: today’s leaders either don’t have the skills to meet the accelerating world around them, can’t effect change within their own organizations, or are too afraid to make a mistake and fail.But if they succeed? Well, that’s what was supposed to happen, just as what we heard in Tokyo was preordained.I later asked a colleague from a GE business who also attended the Tokyo meeting what they had heard. Our own ideas, they replied: McKinsey had surveyed our own people and customers for ideas, then tried selling them as their own.It’s unlikely that McKinsey will change. After all, the firm’s partners ousted former CEO Kevin Sneader not for being too weak on compliance failures, but for being too tough. “Mr Sneader’s letter to employees about the [opioid] settlement was blunt in criticizing the firm’s behavior,” the Wall Street Journal noted, and “[s]ome partners felt that language was too strong.”Today’s business leaders should look within themselves and determine why they don’t trust their own people to make tough decisions. They need to find out why they are afraid to fail on their own terms. Making yourself accountable can be more painful than hiring a consultant to be accountable for you, but it’s likely to be more rewarding.Nearly 20 years after that meeting in Tokyo, I am also a consultant. And while my small firm didn’t earn the record $16bn that McKinsey did last year, we also didn’t get kicked out of Mongolia.

      Peter O’Toole is principal of Objective Lab and on the adjunct faculty at Georgetown University. He was a speechwriter in the Clinton administration and a senior executive at GE and Pfizer More

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      Elizabeth Warren introduces Senate bill to hold capitalism ‘accountable’

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      The senator Elizabeth Warren will introduce a bill in Congress on Wednesday aimed at shifting corporations away from “maximizing shareholder value” and towards giving more support to workers and other stakeholders.The Accountable Capitalism Act proposes a series of reforms to increase corporate responsibility, strengthen the voices of workers and others in corporate decisions and shift companies away from their focus on shareholders.In the 1980s, the largest corporations in the US dedicated less than half of profits to shareholders, reinvesting the rest into the company, according to a fact sheet on the bill provided by Warren’s office to the Guardian.But over the past decade, more and more profits have gone to shareholders rather than workers or long-term investments. During the same period, worker productivity has risen, with only modest increases to real wages for the median worker, while income and wealth inequality have soared.“Workers are a major reason corporate profits are surging, but their salaries have barely moved while corporations’ shareholders make out like bandits,” said Senator Warren in a statement on the bill “We need to stand up for working people and hold giant companies responsible for decisions that hurt workers and consumers while lining shareholders’ pockets.”Given that 93% of all stocks in the US are owned by the wealthiest 10% of the population, with over 50% of all US households owning no stock at all, Warren argues the corporate policy of maximizing shareholder value is predicated on “making the richest Americans even richer at all costs”.The bill would mandate corporations with over $1bn in annual revenue obtain a federal charter as a “United States Corporation” under the obligation to consider the interests of all stakeholders and corporations engaging in repeated and egregious illegal conduct can have their charters revoked.The legislation would also mandate that at least 40% of a corporation’s board of directors be chosen directly by employees and would enact restrictions on corporate directors and officers from selling stocks within five years of receiving the shares or three years within a company stock buyback.All political expenditures by corporations would also have to be approved by at least 75% of shareholders and directors.She first introduced the bill in 2018 to the US Senate, with the congressman Mark Pocan of Wisconsin introducing a companion bill in the House.The bill faces tough opposition in Congress, especially with an incoming Republican administration. Business leaders have considered similar proposals. In 2019 the Business Roundtable, the US’s lead business lobby, called for a redefinition of the purpose of a corporation away from a focus on shareholders to an “economy that serves all Americans”. But that redefinition now seems to have been dropped. More

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      Elon Musk’s rumoured $100m donation may just fuel a fresh look at UK political funding

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      Elon Musk has denied he is gearing up to chuck $100m at Nigel Farage’s Reform UK party, as it pushes to take on the Tories. But the very fact the question arose is a reminder of the pressing need for political funding reform on this side of the Atlantic.Musk is the living embodiment of economic power in the modern US: a multibillionaire, with spicy political views, who has bought his way into a role as Donald Trump’s costcutter-in-chief.Part of his motivation seems to be not just slashing spending for the sake of it but the dismantling of regulators that his companies have found irksome.He had previously joined legal action, alongside Amazon’s Jeff Bezos, aimed at having the National Labor Relations Board declared unconstitutional, for example.This is the body, created in 1935, that enforces workers’ rights. It ensured staff at Amazon’s Staten Island warehouse had the opportunity to ballot – successfully – for union recognition (an outcome the giant retailer has continued to challenge).Musk has also said he wants to “delete” the Consumer Financial Protection Agency, suggesting it is “duplicative”.Musk et al’s affront at the very idea that federal agencies have oversight of business is reminiscent of the fury faced by President Theodore Roosevelt and his allies during the so-called Progressive Era, at the turn of the 20th century, when they fought to bust vast monopolies and tame the worst excesses of capitalism.The mega-rich capitalists back then were the likes of JD Rockefeller and JP Morgan but then, as now, there was a clash of principles about the government’s right to oversee corporations. And then, as now, money was used to buy influence over the debate.If Musk and his co-director, Vivek Ramaswamy, succeed in scrapping a whole suite of regulators, it could fundamentally shift the relationship between capital and the individual (which, of course, is exactly his hope).Musk’s deregulatory zeal may yet run into trouble in Congress, and Trump may tire of his fellow egotist and end up wheeling out his catchphrase from the Apprentice to tell the Tesla boss “you’re fired”.But the immense influence Musk has bought, by spending an extraordinary $243m (£190m) on getting Trump re-elected, and using X to pump out pro-Trump propaganda, should sound alarm bells in the UK.We may lack the equivalent of Silicon Valley’s galactically rich donor class, with their screwball libertarianism. But we still have a system where wealthy individuals can effectively give unlimited sums to their favourite political parties.There are spending limits during campaigns, but these are very high: for a party standing candidates in every seat in the UK, it topped £34m at this year’s general election.Party funding rules state that you have to be a UK citizen to give more than £500 – or a UK-registered company, which “carries out business in the UK”.So even if Musk felt so minded, he could not donate as an individual, but would have to channel any donation to Farage’s crew via the UK outpost of Twitter, now known as X.skip past newsletter promotionafter newsletter promotionBut the very fact he could do so in theory highlights the gaping holes in our funding rules.Keir Starmer’s Labour seems at ease with big money. Labour declared three times as much in donations as all other parties combined during this year’s election campaign – more than £9.5m – with big donors including the trade unions, of course, but also wealthy individuals, such as Lord Sainsbury, the former chair of the supermarket chain, as well as the Autoglass founder, Gary Lubner, and the hedge fund manager Martin Taylor.Yet the row over freebies – which led to Starmer being castigated over donations of glasses and gig tickets – revealed a deep public scepticism over the role of private money in politics.Just as with the MPs’ expenses scandal, a practice that Westminster considered perfectly normal was shown to be deeply unpalatable to voters.Labour’s manifesto included a promise to “protect democracy by strengthening the rules around donations to political parties”. It is unclear what that meant, and it didn’t feature in Labour’s first king’s speech, but my colleague Eleni Courea has reported that Labour will look closely at a forthcoming report from the IPPR thinktank, which is expected to recommend a £100,000 annual cap on individual donations.Cross-party talks on political funding have often foundered on Labour’s reluctance to accept any cap on trade union donations. This is a difficult circle to square – Labour is, after all, the party of labour. At the very least, union donations should be democratically endorsed, so that they function as much as possible like a collection of individual members’ subs.On this basis, plans in the employment bill to move to an “opt out” approach for union political funds seem like a backwards step (though the unions would point out that they do hold regular votes on how their political funds are used).Transparency International, which campaigns to drive big money out of politics, recommends a much lower £10,000 cap on donations, and has a slate of other suggestions – including reducing campaign spending limits, which were raised dramatically by the Tories. Labour would be wise to look closely at these, too.Political funding reform should be a worthy aim in itself, without the looming threat of the populist right. But If Elon Musk’s enthusiasm for Nigel Farage helps motivate the UK’s mainstream parties to crack on with cleaning up politics, both men will have made an unexpectedly positive contribution to public life. More