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      Biden’s economic legacy could decide the presidential race in Scranton

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      From the north, motorists pull into Scranton via the Joseph R Biden Jr Expressway. Cutting through the scenic Pocono Mountains, now at the start of autumn color season, they are greeted with a towering, electric billboard, blaring an encapsulating – if divisive – message to this working-class town: “Democrats for Trump,” it reads. “Economy,” it continues, with a green checked box next to the word.The sign in Biden’s hometown is the perfect fall 2024 welcome mat in this crucial swing state filled with voters whose economic anxiety or satisfaction will decide next month’s election.The US has staged a remarkable recovery since the pandemic and Biden has successfully pursued an economic agenda, Bidenomics, that should benefit Scranton and the state – $13bn has been earmarked from his infrastructure bill for repairing highways and bridges alone. But poll after poll shows deep-seated worries about the economy – worries that could sink Democrats’ chances of keeping the White House come November.Like many mid-sized upper midwest cities that have faced post-industrial decline, Scranton, a longtime Democratic stronghold, has grown more conservative in recent elections. With the city’s native son leaving office, and pocketbook issues top of mind, some believe Trump could finally take Scranton – a more-than-symbolic win.But with Kamala Harris, Biden’s successor, and Donald Trump tied in the polls, guessing who will take Scranton, Pennsylvania, and the White House is a fool’s errand. And this politically split town shows why the race is so close. On the street, one person’s economic reality may be entirely different to the next.The complicated political mix of fears about the local economy, faith and mistrust in both Harris and Trump and shifting political allegiance was evident at the Marketplace at Steamtown, a downtown mall filled with local mom-and-pop shops.Pete, 78, a swing voter who declined to provide his last name, said inflation had been a problem over the last four years, but added prices were coming down, the stock market was high, and said he didn’t blame Biden for the economic challenges.“Every president is stuck with what happened before, and the pandemic happened, so Biden was in a hole to begin with,” Pete said. But the veteran added the main issue driving him to Harris was Trump disrespecting veterans: “He called us suckers and losers.”The argument for Trump’s economics is ironclad, said Lori Higgins with a scoff: “Look at the last four years – everyone is paying more for everything. What more do you need to know to make a decision?” Now 52, she voted for Democrats until Trump convinced her to switch sides in 2016.Even on the most basic details, there is disagreement: Pete said he had just paid $2.99 for gas, citing it as evidence that inflation was coming under control. Two Trump supporters said they paid as much as $3.50 for gas, evidence, they said, that inflation is still squeezing Scranton.Trump and Harris have made close to 50 visits to Pennsylvania so far this election cycle and poured nearly $1bn into ads – a record spend that reflects how crucial its 19 electoral votes, the biggest prize of any battleground, make the keystone state. Trump made his second visit to Scranton in as many months last week. “Go get everyone you know and vote immediately,” he urged rallygoers.But persuading any part of the deeply divided electorate to swap their vote looks difficult.View image in fullscreenHarris may yet hold Scranton, said Berwood Yost, a Pennsylvania pollster, but that is “surprising” given the level of economic discontent in the city and the county. “The dissatisfaction with Biden is really high and views on personal finances are very negative, so Trump should be clearly ahead,” Yost said. And yet polling averages show Harris ahead by a point in Pennsylvania, (firmly within the margin of error) which “speaks in part to some voters’ concerns about Trump and his personal character”.Since 2000, Democrats have won the county with as much as 63% support, but Hillary Clinton narrowly won with less than 50% of the 2016 vote. Biden’s home-field advantage may have buoyed Dems in 2020 – he was born and raised in Scranton until the age of 10, when his family moved to Delaware, and he has name-checked the city throughout his long career and is still nicknamed “Pennsylvania’s third senator”. Biden beat Trump in the county by 53.7% to 45.3%.Still, Scranton has become “ground zero for demonstrating the appeal of Trump and the Maga movement, and places that traditionally voted Democrat and ended up changing their stripes in a significant way”, Yost said.‘Way more optimistic’Once a powerhouse city in the nation’s coal capital, Scranton’s economy is now driven by small business, retail, healthcare, education and the service sector, said Satyajit Ghosh, a University of Scranton economist. Though there is no shortage of empty storefronts downtown, it is noticeably livelier than many similar Rust belt urban cores.University of Scranton’s surveys of downtown businesses found owners in April had concerns about the current economic climate but were decidedly more optimistic about the next six months: “Way more optimistic than they were a year ago,” Ghosh said.View image in fullscreenYost’s most recent polling put Harris up three points statewide and found the economy to be the top issue for 34% of residents. Other recent polling found 60% of Pennsylvanians said their economic situation was worse compared with 40% who say it was better or no different.James Simrell is part of the latter group. As he closed up his boxing gym in Steamtown, the lifelong Democrat was upbeat about Scranton’s economy. His gym is just one of his three businesses, and all stay busy – he also designs jewelry and runs a small farm that produces butternut squash and pumpkins. He sells pumpkins to Blackwatch Cafe, and squash to Abe’s Delicatessen, which uses it in their soup. “Everyone is doing well,” Simrell said.In contrast, the Trump economy was “falling apart” as the former president left office amid a poorly managed pandemic, Simrell said. He has other reasons for not voting for Trump. His two adopted children are Black and Trump is “a little bit prejudiced – it drives my wife crazy”.Echoing longtime Democratic voters’ sentiment, he added: “My mom and dad were Democrats and I follow what they believe, and Kamala’s the best person to be president – she’s not crazy.”But lingering inflation is still a drag for Eric Flesher, who runs a collectibles and vintage store, Rock-N-Models. He likened the economy to a “tightening sphincter”.skip past newsletter promotionafter newsletter promotionHe declined to talk about politics, but said everything remained expensive: “I’m in a business that sells stuff that nobody needs unless they have disposable income, so it gets much more difficult” when there is inflation, Flesher said.Flesher added that he disagreed with the “mindset here that I should vote for someone because that’s how my mom and dad voted – then you’re just voting for a party and not a person”, he added.‘She’s not the kind you can trust’The economic indicators in Scranton track those of the wider US. Inflation, which peaked at an annual rate of 9.1% in mid-2022, has eased to 2.4%. Prices are similarly down in Scranton, the economist Ghosh said. Unemployment in the region was 4.8% in August, above the 4.1% national average but down from 9.2% when Biden took office in January 2021.“In this area, which I’ve covered for many years, I really haven’t ever seen this strong of a performance in terms of employment,” said Ghosh. Still, there’s an after-effect of inflation that consumers feel, Ghosh added, and some high prices, like those for rent or food, are still hurting.Outside a Walmart in Dickson City, a retail hub just north of Scranton, husband and wife John and Carol Gardner still feel the pinch. The Mount Cobb residents used to pay $150-$200 a month on groceries, and now they pay twice that. Carol is out of a job on disability, while John assembles buffet trays for $12 an hour to make ends meet, even though he said he should be retired.View image in fullscreen“Trump at least made sure we could go shopping, and Biden is making sure we can’t,” Carol said. “I hope the lady doesn’t get in because we’re going to go straight downhill – she’s not the kind you can trust.”The view is different at Bethel AME, a 153-year old Black church on downtown’s west side. Pastor Mark Alexander sees an improving economy, and blames inflation on Trump.“Inflation was more so because of Covid, and how the former president handled that situation, because when you have supply chain interruptions and poor leadership guiding the nation, it exacerbates things,” he said.The Federal Reserve, not the president, decides rates, Alexander noted, and he pointed to low unemployment, the Chips Act – which is pouring billions into domestic research and manufacturing of semiconductors – and Biden’s infrastructure bill as evidence of the president’s economic success.Moreover, at Bethel AME, there is “excitement for someone who looks like us and has experienced some of things we have gone through and comes from a middle-class upbringing”, Alexander added. “As opposed to a billionaire who has no clue what it is like day to day for middle-class people,” he said. That’s especially true with younger people because Harris “speaks their language”, Alexander added.For others, neither candidate is appealing. Mike Gilson owns a flooring business, a maintenance company, and manages artists and chefs. He said the economy was strong locally because its economic backbone was made up of longtime small businesses, and it fared better during the last session than most other areas because of that composition.View image in fullscreenBut the city’s relatively strong economic standing is not persuading Gilson to vote for Harris. He said the president was a “ceremonial position” and big corporations run the nation. “If the president actually wielded the power that people think they do then voting would make a lot more sense to me,” Gilson said.History will decide which of Scranton’s many voices will decide this election. Right now it is unclear whether the legacy of the city’s most famous son will be enough to carry Harris over the line or finally hand Scranton and the state to Trump.With the race essentially a toss-up at this point, the key for either party is going to be turnout, Yost said. But in that battle, Trump may have an advantage – people who are less likely to vote have in recent elections voted for Trump.“Democrats have to counter that by getting their voters to the polls,” Yost said. “Think about the election as a mosaic – there are many pieces and some are bigger than others, but they’re all going to matter.” More

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      Trump vows to impose tariffs as experts warn of price hikes and angry allies

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      Donald Trump doubled down on his promise to levy tariffs on all imports in a bid to boost American manufacturing, a proposal that economists say would probably mean higher prices for consumers while angering US allies.“To me, the most beautiful word in the dictionary is ‘tariffs’,” Trump said in an often-combative conversation with John Micklethwait, editor-in-chief of Bloomberg News, at the Economic Club of Chicago on Tuesday. “It’s my favorite word.”Trump was grilled on the potential impacts of tariffs, and often dodged questions about the tangible impacts of the levies on inflation and geopolitics. Trump is proposing an at least 10% blanket tariff on all imports, with tariffs as high as 60% on goods from China.“You see these empty, old, beautiful steel mills and factories that are empty and falling down,” Trump said. “We’re going to bring the companies back. We’re going to lower taxes for companies that are going to make their products in the USA. And we’re going to protect those companies with strong tariffs.”

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      Though speaking in Chicago, Trump repeated many of the claims he made at the Detroit Economic Club last week. At the time, Trump bashed the city, saying it has a high crime rate and few job opportunities.“We’re a developing nation, too,” he said on Tuesday. “Take a look at Detroit.”Trump centered the auto industry, claiming that tariffs would encourage car manufacturers to build plants in the US – an assertion some economists have suggested amounts to wishful thinking.“The higher the tariff, the more you’re going to put on the value of those goods, the higher people are going to have to pay,” Micklethwait told Trump.“The higher the tariff, the more likely it is that the company will come into the United States and build a factory,” Trump said in response, to applause from the audience.Micklethwait pointed out that economists have estimated Trump’s economic proposals would add $7.5tn to the US deficit, twice the amount as Kamala Harris’s proposals. He also pointed out that the tariffs would also be targeting American allies.“Our allies have taken advantage of us, more so than our enemies,” Trump said.When asked whether he had talked to Vladimir Putin after the end of his presidency, Trump said that he doesn’t “comment on that, but I will tell you that if I did, it’s a smart thing”.“If I’m friendly with people, if I can have a relationship with people, that’s a good thing, not a bad thing,” he said.Trump was also asked about his stance on the Federal Reserve, specifically on comments he has made against Fed chair Jerome Powell, whom Trump first appointed in 2018.“I think if you’re a very good president with good sense, you should at least get to talk to [the Fed],” Trump said. “I think I have the right to say, as a very good businessman … I think you should go up or down a little bit.“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether or not interest rates should go up or down.”Even a recommendation from the White House as to what the Fed should do with interest rates would amount to a significant step away from the central bank’s long-established independence.Trump frequently made personal jabs at Micklethwait, saying “I know you’re an anti-tariff guy” and at one point: “This is a man who has not been a big Trump fan.” More

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      This is the future for Kamala Harris: unless she solves this economic mystery, Trump wins | Aditya Chakrabortty

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      The defining question in US politics was asked 44 years ago this month. One week before the 1980 presidential election, Ronald Reagan and Jimmy Carter squared up to each other for a televised debate. A former Hollywood actor, Reagan was also proving a lethal Washington aphorist. At the close, he spoke into the camera: “Next Tuesday, all of you will go to the polls. You’ll stand there in the polling place and make a decision.” Watching at home were more than 80 million Americans. “When you make that decision … ask yourself: are you better off than you were four years ago?” Is it easier to buy things, he asked, is unemployment lower?A few days later, voters gave their answer, handing Reagan a 44-state landslide. Every presidential contest since has been framed in large part by his simple, deadly question. Ask it in the final stretch of this election and you get to the great mystery of why the race remains so close.Are Americans better off than they were four years ago? Pretty much every mainstream economist would say: you bet. Many go further. “I’ve hesitated to say this at the risk of sounding hyperbolic,” wrote Mark Zandi, the respected chief economist at Moodys, just a few days ago. “But … there is no denying it: this is among the best performing economies in my 35+ years as an economist.” Growth: up. Jobs: up. Wages: rising. The value of your home: up. Share prices: booming. Inflation: falling. Borrowing rates: dropping.In 2020, Donald Trump warned that his defeat would produce “a depression”. Today, even while Germany and Japan face recession, magazines toast the US economy’s “superstar status”. Yet ask Americans if they feel better off, and many answer: no.Under Reagan’s law, this election ought to be in the bag for Kamala Harris. As Joe Biden’s number two, she can claim co-authorship for this boom. Instead, she is neck and neck with a convicted criminal (never forget: three weeks after polling day, a judge will decide if Donald Trump should be jailed over the hush money paid to Stormy Daniels). On the economy, Trump regularly polls ahead of Harris. The issue that ought to be winning for her is instead losing.How come? It ranks among the most consequential questions of our time, yet, however hard they scratch their heads Washington’s finest can’t give a good answer. Many on the centre left paint it as a PR problem: that Biden has failed to claim the credit or that voters are too dumb to realise how good things are. But another suggestion emerges in a new report from a progressive thinktank, the Democracy Collaborative. And its argument should be heeded by Keir Starmer and the European left.The authors examine much the same economic dashboard as everyone else – growth, jobs, wages – but over a far longer timeframe. Behind each graph lies the implicit question: are you, your family, your community better off than you were not four years ago, but two, three, four decades ago? And for many people the numbers say: no.Take the biggest one: pay. For teachers, clerical workers, sales reps and the great bulk of US employees, whether white or blue collar, wages have flatlined – not for four or even 20 years – but for most of the past half century. Strip out inflation and average hourly earnings for seven out of 10 US employees have barely risen since Richard Nixon was in the White House.For the average US employee, and their families and their towns, the economy has kept on tanking whoever wins the White House, whichever judges make it to the supreme court, whether the analysts decree it to be boom or bust.Biden has spent trillions on boosting the economy and adapting to the climate crisis. He has bolstered unions and intervened in strikes. The graphs show it has had an impact – but it is a tiny uptick at the end of a line that otherwise points remorselessly down. Americans are better off than they were four years ago, it’s just that many were in distress in 2020.Reagan destroyed their unions, Bill Clinton threw open their trade barriers, George Bush Jr dispatched their kids to fight and die abroad, Barack Obama bailed out Wall Street and Trump ran a glorified protection racket. Only in 2020 did real wages for “production and non-supervisory employees” rise above where they were in 1973. This was not because they were unproductive: the US economy continues to do more with less almost every year. It’s just that most of the gains from that have gone to the top.“Even if Trump loses, America remains very vulnerable to a far nastier imitation winning next time,” says Joe Guinan, president of the Democracy Collaborative. The only way to see off Trump, JD Vance and the pluto-populists is to make the economy more equal, to give workers more of a stake in the riches they produce.To see how that plays out, I checked in on Mike Stout. We first talked in a diner in Pittsburgh in 2012, the year Obama won re-election. Mike and his wife, Steffi, had worked in Pennsylvania’s steel industry, with good union pay and pensions. They’d gone to Washington for the first inauguration of Obama, and stood in the freezing January cold. They had hopes.The Stouts did everything right. Worked hard and saved, and spent $50,000 to get their kids through university. In 2012, their daughter Maura was working in a downtown hotel for $14 an hour, the same as her father had earned in 1978. Even then she doubted whether she and her husband would ever enjoy the same standard of living as her parents.She’d lost that hotel job during the pandemic, said Mike, and was working from her one-bedroom flat. Her job was chasing people for their debts, even though at $18 an hour she was only just keeping her head above water. Now in her 30s, she’d split from her husband, and Mike thought much of the blame lay in money problems. As for his son, Mike, he was looking after his wife, who has stage 4 cancer, and their kids. Mike has health insurance, which counts as good fortune in the US, but the top-up fees are eye-watering, and now he works two jobs.“They are teetering on a ledge 60 floors up,” said Stout. “The slightest nuance – a recession or prices going up again – and they’re pushed out of the window.”Life for the Stouts has been frozen for years. At the root of democratic capitalism is an old promise: tomorrow will be better than today. But that promise was broken long ago for Mike’s family and many of his friends’ households, too. He knew plenty of former steelworkers in this swing state who next month would vote Trump. Sure he was a liar, “but at least he lies to their faces, rather than ignoring them”.And what about Mike? “Trump or Harris: it’s just one big uni-party,” he said. “It’s Wall Street that runs this country.”

      Aditya Chakrabortty is a Guardian columnist More

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      Warren and Dean demand Coke, Pepsi and General Mills stop ‘shrinkflation’

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      It’s becoming a common experience for Americans going to the grocery store: your bag of chips seems lighter, your favorite drink comes in a slimmer bottle, and you’re running out of laundry detergent more quickly than usual. And yet things are staying the same price.On Monday two Democratic lawmakers launched an attempt to get to the bottom of the phenomena, accusing three major companies, Coca-Cola, PepsiCo and General Mills, of shrinking the size of products while charging consumers the same price – a price-gouging practice known as “shrinkflation”.Senator Elizabeth Warren and US representative Madeleine Dean allege in letters to the CEOs of the three companies that they have participated in shrinkflation, subtly decreasing the size of cereals and sodas sold in stores.General Mills decreased its box of “family size” Cocoa Puffs from 19.3 ounces to 18.1 ounces over the last few years, the letter alleges. Meanwhile, PepsiCo downgraded the size of Gatorade bottles from 32 ounces to 28 ounces.Companies often say that decreases in size can be attributed to changes in packaging that are unrelated to pricing or the economic environment. PepsiCo told NBC News in July that their 28-ounce bottle has been around for years and that the company had planned to widen its distribution as part of a long-term strategy.But many remain skeptical at the widespread variety of products that seem to be shrinking.“Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it’s exploitation,” Warren and Dean said in a statement. “Unfortunately, this price gouging is a widespread problem, with corporate profits driving over half of inflation.”People on social media have been talking about the slimming down of products for months, with users posting about their shrinkflation experiences with side-by-side pictures of products before and after shrinking.“Major corporations are trying to gaslighting us, trying to make us believe that what we’re seeing is not real,” said TikTok user Melissa Simonson in a video from March, where she points out the sizes of drinks, cereals, chips, orange juice, gum and laundry detergent, among other grocery store items, have gotten smaller.Coca-Cola, PepsiCo and General Mills did not immediately respond to requests for comment on the letters.skip past newsletter promotionafter newsletter promotionThe Bureau of Labor Statistics, which calculates the US inflation rate each month, says its economists try to incorporate any instances of shrinkflation into its inflation calculations. For example, if a tub of 64-ounce vanilla ice cream was priced at $5.99 in January, then the price-per-ounce is $0.093. If in February, the tub remains the same price, but shrinks to 60 ounces, the price-per-ounce has gone up, representing a kind of price increase.Warren and Dean also used the letters as an opportunity to blast the companies for paying less taxes on higher profits after Donald Trump’s corporate tax cuts in 2017. The lawmakers cited a recent report from the Institute on Taxation and Economic Policy that said Coca-Cola, PepsiCo and General Mills all paid taxes at a rate of 15% or under from 2018 to 2022, despite making billions in profit.“We strongly oppose these corporate tax giveaways, and have fought to pass tax increases on big corporations, including the 15 percent minimum tax on billion-dollar corporations,” the lawmakers said in their statement. “No corporation should pay a lower tax rate than working Americans – especially when that same corporation turns around and gouges consumers on the other end through shrinkflation.” More

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      Kamala Harris decries Trump’s abortion comments in first solo TV interview

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      Kamala Harris sat for her first solo interview as the Democratic presidential nominee on Wednesday, laying out her plan to boost the middle class and condemning her rival Donald Trump on his comments over abortion.During the interview with MSNBC’s Stephanie Ruhle, which was held in Pittsburgh, Pennsylvania, the vice-president painted Trump as a candidate focused on the rich at the expense of the middle class, and herself as better equipped to handle the economy.“The top economists in our country have compared our plans and say mine would grow the economy, [and] his would shrink it,” she said during the interview.On his economic record, Harris said: “Donald Trump made a whole lot of promises that he did not meet.”Harris also showed disdain over Trump’s comments over abortion, expressing he needs to trust women to make their own reproductive decisions. Her comments came after Trump, at a Pennsylvania rally, called himself a “protector” of women, claiming American women will not be “thinking about abortion” if he is elected.“Donald Trump is also the person who said women should be punished for exercising a decision that they, rightly, should be able to make about their own body and future,” Harris said.On a lighter note, Harris confirmed that she worked at McDonald’s, pushing back against Trump’s allegations that she did not.“Part of the reason I even talk about having worked at McDonald’s is because there are people who work at McDonald’s who are trying to raise a family,” she said, alluding to her economic policy plan to help working-class families.“I think part of the difference between me and my opponent includes our perspective on the needs of the American people and what our responsibility, then, is to meet those needs,” Harris added.The interview comes at a time when Harris faces harsh criticism over the lack of media interviews she has done. Earlier this month, Axios reported that the Harris-Walz campaign has so far given fewer interviews than any other candidates in modern history.Trump and JD Vance, the Republican vice-presidential pick, have used it as ammunition during their campaign speeches. On X, Vance responded to news of Harris’s interview by saying: “This is legitimately pathetic for a person who wants to be president. Ruhle has explicitly endorsed Harris. She won’t ask hard Qs. Kamala runs from tough questions because she can’t defend her record. If you want open borders and high groceries, vote for status quo Kamala.”In August, Harris was interviewed on CNN alongside Walz. The interview was hosted by Dana Bash and was aired as a one-hour primetime special. After the interview, Republicans criticized the joint interview with Walz for being pre-recorded and not live.Since then, Harris has given a handful of interviews, mostly with local outlets or more niche forums, including an appearance with Stephanie “Chiquibaby” Himonidis, a Spanish-language radio host and podcaster.Harris also appeared in a live-streamed “Unite For America” event with supporters hosted by Oprah Winfrey last week. More

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      Price-gouging is illegal in 37 US states. Let’s make it 50 | Bob Casey

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      Over the past few years, Erin Wiggle has approached every trip to the grocery store with a sense of dread. During each visit, the retired army veteran, small business owner and mother from Worcester Township, Pennsylvania, has seen her budget stretched thinner and thinner as prices keep ratcheting up for the goods her family relies on. Erin’s burden has grown heavier despite pandemic-related supply chain issues subsiding, and she has a growing sense that the companies making the products she needs are padding their profits at the expense of her family.Erin is right. Under the cover of inflation, companies have raised the prices of everyday household items to rake in record profits at the expense of American families. As my investigation into what I’ve called “greedflation” shows, from mid-2020 to mid-2022, corporate profits rose by 75% – five times as fast as inflation. In fact, corporate profits jumped so much that they played a major role in causing inflation – according to the Federal Reserve, corporate profits accounted for all the inflation from July 2020 through July 2021 and 41% of all inflation from July 2020 through July 2022.We should not let powerful corporations use a crisis to jack up prices way beyond what is necessary to make a profit. In fact, many states across the country have already steeled themselves to fight the most egregious examples of this shameful practice. Laws against price-gouging are on the books in 37 states and the District of Columbia, giving state attorneys general the power to investigate and prosecute companies that excessively raise prices during emergencies. In the US Senate, I’ve introduced legislation with my colleagues Elizabeth Warren and Tammy Baldwin to give the federal government power to do the same.In recent weeks, after Kamala Harris embraced our bill as a part of her economic agenda, the legislation has come under fire from various defenders of corporate greed. These critics appear to have missed the fact that the federal legislation is modeled on laws that are already in effect across the nation, where capitalism is still alive and well. In Texas, for example, where the attorney general has the power to take on companies that unfairly exploit state residents, the governor regularly touts the state as the best place to do business in the country.Similarly, the critics are ignoring the very real protections these laws have offered for consumers. In Pennsylvania, where a price-gouging ban was enacted in 2006, the office of the attorney general investigated hundreds of cases of businesses taking advantage of Covid-19 to price-gouge desperate consumers. The investigations ultimately led to fines and to restitution for many consumers who were taken advantage of in the early days of the pandemic, including hundreds of thousands from just one seller alone.Bans on price-gouging protect victims from companies that would take advantage of different crises to rip off scared consumers. In New York, the state was able to punish Walgreens for taking advantage of customers during the infant formula crisis when supply chain issues reduced the availability of baby formula across the country. In North Carolina, the attorney general won a series of cases against companies that gouged consumers following hurricanes. In both Kentucky and Idaho, companies were held accountable for artificially forcing up gas prices in the wake of pipeline closures.These laws don’t just prevent price-gouging on a case-by-case basis; they also send a message to companies about where and when to draw the line. In the 37 states with price-gouging bans, companies can still raise prices, and they can still bring in a healthy profit for their shareholders. It’s only when they seek to take advantage of a crisis to fleece consumers that they can expect the government to step in and stop them. Our bill would apply this standard to massive corporations that exploit consumers while specifically protecting small businesses under $100m in earnings that don’t have the same power to set prices.There are multiple factors that contribute to the high cost of living, but there is no question that corporate greed plays a role. While companies have a right to turn a profit – even a substantial one – American consumers deserve to pay fair prices. That means holding giant corporations accountable when they go too far to make a buck.Giving the federal government the power to investigate and prosecute large companies that price-gouge isn’t a campaign gimmick, nor is it the beginning of the end of capitalism in America. It’s simply a way of ensuring that when corporations are using a crisis as an excuse to jack up prices on consumers, we will not surrender – instead, we will fight back.

      Bob Casey is a US senator representing the state of Pennsylvania More

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      Black US voters’ economic priorities revealed in new advocacy agenda

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      Black Americans strongly support initiatives that would increase the minimum wage to $17, make affordable housing more accessible and create an equitable tax system, according to Black to the Future Action Fund, a political advocacy thinktank. On Thursday, the group released a 55-page economic agenda based on its 2023 survey of 211,219 Black people across all 50 states. The organization hopes that the report will serve as a roadmap for elected officials to address policy holes, and for advocates to generate campaigns that hold politicians accountable.“We have to start imagining what it is that we want and not be so afraid to break out of what is,” said Alicia Garza, founder and former principal of Black to the Future Action Fund, at a Thursday symposium in Atlanta.The agenda suggests a range of policy shifts around worker protections, housing, healthcare, childcare, higher education and taxes, along with examples of successful models already implemented by some state governments and municipalities. “Economic insecurity experienced by Black communities cannot be resolved solely by individual actions like working more hours, getting a college degree or saving money to buy a home,” the agenda’s authors wrote. “These issues are systemic, and government intervention is required to eliminate these inequities and improve outcomes for our people.”Along with increasing the minimum wage to $17, the authors also recommended that elected officials pass labor protections for domestic workers, many of whom are Black women. The expansion of paid family and medical leave laws would help workers care for their household. And on the topic of affordable housing, the thinktank recommended laws that ensure rent payments are incorporated into credit scores so that renters have greater access to obtaining home mortgages.Another suggestion for affordable housing included the development of shared equity programs, which use public or private investments to build or buy homes that are then sold at a reduced rate to low-to-moderate income homebuyers. There are currently 250,000 shared equity models mainly in New York City, according to the agenda. Christopher Towler, a political science associate professor at Sacramento State University and director of the Black Voter Project, called the programs “a really good model to try and get people into the housing market for there to be more first-time homebuyers”.The origins of the US’s persistent racial wealth can be traced back to the transatlantic slave trade, when enslaved Black people were barred from accessing capital generated by their forced labor. During the Reconstruction period after the civil war, then president Andrew Johnson rescinded the 40 acres (16 hectares) of land promised to formerly enslaved Black people.When Black communities did secure economic freedom, they were sometimes violently attacked by angry white mobs, including during the 1921 Tulsa race massacre, where an estimated 300 people were killed. Additionally, banks often denied home loans to Black Americans from the early 20th century until the passage of the 1964 Civil Rights Act that outlawed housing discrimination.View image in fullscreen“The failures of Reconstruction have yet to be made up,” said Towler. “And a large part of that is the continued residential segregation and how Black Americans have been locked out, not only of the housing market, but of the resources, the wealth, the opportunity that comes along with where you live and your access to community.”The legacy of systemic inequality has a continued impact on Black workers today, who earn less than US workers overall, according to 2022 Bureau of Labor Statistics data cited by Pew Research Center. The median weekly earnings of Black full-time wage and salary workers is $878, compared to $1,059 for all US workers, according to Pew.During Thursday’s symposium, the actor and activist Kendrick Sampson, the singer and songwriter Trae Crockett, and the digital storyteller Conscious Lee spoke with Garza about the need for Black communities to brainstorm needed solutions and to band together to effect political change.“When it comes to healthcare,” said Lee, “a lot of us … have internalized the Black inferiority when it comes to that industry. So for me, it’s really reimagining what it looks like for my grandma to get affordable insulin.”Black census respondents listed a lack of affordable healthcare as their fourth most immediate economic concern. Expanding Medicaid to the 10 states that have not done so under the Affordable Care Act could help keep rural hospitals open. “The communities most affected when these rural hospitals close often have significant Black populations,” the report stated, “and closure means rural residents must drive 25 or more miles to access medical care.”While Towler lauded the agenda as the first one he’s seen that addresses the concerns of Black communities nationwide, he believes that it will be a “tough sell” to mobilize Black voters. “Any sort of policy promises right now are going to be looked at with some hesitations, simply because the Biden administration’s policy agenda, although very numerous in its accomplishments, is still in some ways misunderstood,” said Towler. “There’s not a lot of knowledge with the common voter about how the policies that Biden passed have actually affected their individual lives.”According to his research, Towler said that people are encouraged to be civically engaged when they’re taught how political institutions uphold the status quo to resist change: “If you even want there to be a possibility of reparations, we have to continue to vote, continue to be active and continue to put in place policy makers and legislators that are working towards that.”At the end of the symposium, organizers asked participants to share the agenda with their network and elected officials. In the eyes of the Black to the Future Action Fund, the electorate is capable of shifting policy through mass mobilization.“We are the power,” Sampson said toward the end of the symposium. “If we all are in alignment and we go in the same direction, now we are more powerful.” More

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      Bitcoin price hits six-week high after Trump backs cryptocurrency

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      Bitcoin has hit its highest level in more than six weeks after Donald Trump said at the weekend he would end the “persecution” of the crypto industry if he wins the US presidential election.The cryptocurrency’s price rose by more than 3% on Monday to peak at about $69,745, the highest since 12 June when the currency changed hands at more than $69,800.The increase comes after supportive comments from Trump at the Bitcoin 2024 convention in Nashville, Tennessee, where he said on Saturday he would make the US the world’s cryptocurrency leader and embrace a more pro-bitcoin stance than his rival, Kamala Harris.The former president said: “I pledge to the bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’s anti-crypto crusade will be over … If we don’t embrace crypto and bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is.”He also said he would sack the chair of the US financial watchdog the Securities and Exchange Commission (SEC), on the first day of his presidency if he won the election. “On day one, I will fire Gary Gensler,” Trump said, to cheers of approval from the audience.Gensler is a noted sceptic about cryptocurrencies, despite aiding them in January by approving exchange-traded funds (ETFs) – a basket of assets that can be bought and sold like shares on an exchange – that track the price of bitcoin.The SEC chair said in a statement approving the ETFs that bitcoin was a “speculative, volatile” asset used for illegal activities including ransomware and terrorist financing. Since 2023 the SEC has launched more than 40 crypto-related enforcement actions.Speaking at the bitcoin convention, Trump said he would establish a crypto presidential advisory council and create a national “stockpile” of bitcoin using cryptocurrency the US government held that was largely seized in law enforcement actions.skip past newsletter promotionafter newsletter promotion“Never sell your bitcoin,” Trump said. “If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the bitcoin the US government currently holds or acquires into the future.”The Financial Times also reported on Saturday that Harris’s advisers had approached top crypto companies to try to “reset” the relationship between the Democratic party and the sector. Approaches had been made to the Coinbase crypto exchange, the stablecoin company Circle and the blockchain payments group Ripple Labs, the FT said. More