Prices (Fares, Fees and Rates)

More stories

  • 113 Shares99 Views

    in Economy

    Harris Economic Plan Focuses on Prices, a Key Vulnerability

    by

    Vice President Kamala Harris has been balancing the challenges of defending “Bidenomics” and charting her own course on the economy.As Vice President Kamala Harris unveiled her economic plans in recent weeks, former President Donald J. Trump has accused her of being a Marxist, a communist and a socialist.When they meet on Tuesday night for their only scheduled presidential debate, Ms. Harris will have the opportunity to rebut those claims and confront Mr. Trump about his record of managing the U.S. economy.She will also lay out her vision, which has been challenging as she tries to defend “Bidenomics” and demonstrate that she has a plan to chart a new course amid widespread economic discontent among many Americans who are struggling with high prices and other affordability issues.In a compressed presidential campaign, Ms. Harris indicated that she would continue many of President Biden’s policies, which aim to raise taxes on companies and punish them for price gouging, while also trying to strike a more business-friendly tone. In some cases, such as her embrace of ending taxation of tips, the vice president has even shown a willingness to adopt the policies put forward by Mr. Trump.How Ms. Harris would ultimately govern if elected will depend largely on the makeup of Congress, but her initial suite of proposals — from taxes to trade to child care — suggests that she would take the economy in a vastly different direction than her Republican opponent.Cost of LivingPerhaps Ms. Harris’s biggest political vulnerability is the run-up in prices that occurred during the Biden administration. Mr. Trump has repeatedly blamed the vice president for causing inflation to surge after the coronavirus pandemic, a phenomenon that stemmed from a mix of factors such as supply chain issues, Russia’s invasion of Ukraine and repeated bursts of fiscal stimulus to keep families and businesses afloat. The higher cost of goods initially hurt Mr. Biden when he was running against Mr. Trump, and Ms. Harris is now facing many of the same concerns from Americans who are feeling negative about a relatively strong economy.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 150 Shares199 Views

    in Economy

    Poverty Increased in 2023 as Prices Rose and Pandemic Aid Programs Expired

    by

    More faced hardship in the United States last year, the Census Bureau said, as inflation and the end of subsidies outweighed higher incomes.The nation’s poverty rate rose last year even as incomes improved, the government reported on Tuesday, reflecting higher prices and the expiration of the last pandemic relief programs.The share of Americans living in poverty as defined by the Census Bureau’s “supplemental” measure, which takes into account a broader range of benefits and expenses than the official poverty rate, rose to 12.9 percent in 2023, from 12.4 percent in 2022. The median household income, adjusted for inflation, rose to $80,610, finally regaining its prepandemic level.Poverty levels have risen anew in recent years after a wave of pandemic relief aid — and an exceptionally strong labor market that lifted the wages of many at the bottom of the pay spectrum — collided with the most rapid inflation in a generation.Stimulus checks, extra unemployment insurance and expanded tax credits for low-income families cut child poverty in half in 2021, to the lowest rate since record keeping began, in 1967. But the expiration of those supports, along with the jump in prices for food and other necessities, reversed the gains in 2022.“You need two kinds of strategies to keep poverty down: One is the economic strategy, and one is the investments in core programs and the safety net,” said Olivia Golden, interim executive director of the Center for Law and Social Policy, a progressive advocacy group. “To me, the idea that policies have high stakes in terms of the lives of families and their material hardship is very vivid as you look over the last few years.”The income gains were particularly pronounced for low-wage households, rural households and men, with the gap between male and female earnings rising for the first time since 2003. Census officials say that may have been because of an increase in the labor force participation of Hispanic women, who tend to earn less.Poverty Rebounded Sharply in 2022 and 2023As pandemic aid expired and prices rose, the share of Americans living below the poverty threshold went back up.

    Data is the “supplemental” poverty rate, which accounts for taxes and subsidies. Gaps in data are due to changes in Census Bureau methodology.Source: Columbia Center on Poverty and Social Policy analysis of U.S. Census Bureau dataBy The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares119 Views

    in Economy

    Trump’s Promises to Cut Inflation Are Unrealistic, Many Economists Say

    by

    Economists and analysts are dubious of Trump’s promises to slash gas prices or prod interest rates lower.As he seeks to return to the White House, former President Donald J. Trump has pledged to cut Americans’ energy costs in half in the span of a year, part of a plan to reduce inflation and drive mortgage rates back toward record lows.But economists and analysts — and Mr. Trump’s own record from his first term — suggest that it is unlikely that Mr. Trump can deliver on those promises.Mr. Trump’s vow to dramatically reduce Americans’ cost of living hinges in part on his plans to quickly expand oil and gas drilling and reduce government impediments to power plant construction, which he says would slash energy bills by “more than half.” As prices fall, he regularly states, interest rates will come down, along with mortgage rates.But Mr. Trump has not cited modeling or other economic analysis to support his assertions. Economic research and historical experience suggest that presidents have only a limited effect on locally regulated electric utilities or on the cost of oil, which is a globally traded commodity.“He doesn’t really have the tools to lower oil prices enough to cut gasoline prices in half,” said Steven Kamin, a senior fellow at the conservative American Enterprise Institute and former Federal Reserve economist.In all, experts and past evidence suggest that Mr. Trump is over-promising on key economic issues related to prices and interest rates. And that fits with a pattern he established during his earlier campaigns — one in which he emphasizes big, catchy outcomes with little attention to costs or how he might make good on his pledges.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 150 Shares139 Views

    in Economy

    Has the Spread of Tipping Reached Its Limit? Don’t Count on It.

    by

    Americans are being asked to tip more often and in more places than ever before: at fast food counters and corner stores, at auto garages and carwashes, even at self-checkout kiosks. That has rankled many customers and divided both employers and tipped workers.It may soon get worse. Both major-party presidential candidates have embraced proposals to eliminate income taxes on tips, a move that would, in effect, subsidize tipping and prompt more businesses to rely on it.Economists across the political spectrum have panned the tax idea, arguing that it is unfair — favoring one set of low-wage workers over others — and could have unintended consequences. Even some tipped workers and groups that represent them are skeptical, worrying that over the long term the policy could result in lower pay.But the debate alone underscores how service-sector workers have emerged from the pandemic as an economically and politically potent force. The spread of tipping in recent years was, in part, a result of the intense demand for workers, and the leverage it gave them. The presidential candidates’ dueling proposals signal that they see the nation’s roughly four million tipped workers as a constituency worth wooing.“I do think it’s a reflection of this change in which people are finally hearing and recognizing that these workers matter,” said Saru Jayaraman, president of One Fair Wage, an advocacy organization. “Tipped workers had never seen their needs named in any way by any presidential candidate, ever.”Ms. Jayaraman isn’t a fan of the tax exemption idea, though she is optimistic that the attention being paid to the issue could lead to policies she considers more important. One is the elimination of the subminimum wage, which allows businesses in some states to pay workers as little as $2.13 an hour as long as they receive enough in tips to bring them up to the full minimum wage.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 63 Shares189 Views

    in Economy

    Harris and Trump Embrace Tariffs

    by

    Both Democrats and Republicans are expressing support for tariffs to protect American industry, reversing decades of trade thinking in Washington.When Donald J. Trump ran for president in 2016, there was not much love for tariffs in Washington. Many Republicans and Democrats believed that putting levies on imports created economic inefficiencies and that freer trade was the best recipe for growth.That view has largely fallen out of fashion in 2024. While Mr. Trump and Vice President Kamala Harris, the Democratic nominee, differ greatly in their campaign proposals, both of their parties are increasingly embracing tariffs as an essential tool in protecting American manufacturers from Chinese and other global competitors.It has been a sharp reversal from previous decades, when most politicians fought to lower tariffs rather than raise them. But the loss of American manufacturing jobs as a result of globalization and China’s focus on churning out cheap exports have created a bipartisan backlash against more open trade. Given that Mr. Trump’s 2016 win capitalized on such sentiments, Democrats have been striving to avoid losing voters opposed to free trade.“On economic policy and trade issues, you have both major parties moving in the same direction,” said Nick Iacovella, a senior vice president at the Coalition for a Prosperous America, which advocates tariffs and domestic investments in industry.Mr. Iacovella said that Mr. Trump would most likely go further on tariffs than Ms. Harris would, but that no matter who won the election “it’s still going to be a tariffs administration, and an industrial policy one.”Ms. Harris has sought to differentiate herself from Mr. Trump’s trade proposals, which include tariffs of 10 percent to 20 percent on most imports, as well as levies of more than 60 percent on China. Many economists say that level of tariffs would drive up prices for consumers, since companies would be likely to pass on higher import costs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares179 Views

    in Economy

    Kroger and Albertsons Confront a Skeptical F.T.C. in federal court

    by

    The Federal Trade Commission, which is trying to block Kroger’s plan to acquire Albertsons, said in court that the merger of grocery giants would also hurt workers’ pay and benefits.A trial that could determine whether the two largest supermarket chains in the United States can merge opened in Portland, Ore., on Monday, pitting the grocery giant Kroger against regulators who argue that its takeover of Albertsons would eliminate competition at the expense of consumers and workers.Before Judge Adrienne Nelson of U.S. District Court, the Federal Trade Commission and the supermarket chains laid out their arguments in court for the first time, as union representatives and workers protested the deal on the courthouse steps. Less competition, the agency’s lawyers said, would give Kroger more leverage to raise prices on millions of consumers.The highly anticipated proceedings, set to last three weeks, come as high food prices have become a critical focus in the presidential race. Vice President Kamala Harris, the Democratic presidential nominee, has backed a federal ban on price-gouging in the food and grocery industries to combat high grocery costs.Kroger and Albertsons defended the $24.6 billion deal, which would be the biggest supermarket merger in U.S. history, saying it would bolster their leverage with suppliers and improve competition against major retailers like Costco, Amazon and Walmart. But the F.T.C. — backed by a chorus of unions, consumer advocates, politicians and independent grocery chains — reiterated its position that the merger would probably result in higher prices for groceries and worse conditions for workers.The deal “would eliminate the competition that shoppers and workers depend on in one fell swoop,” Susan Musser, the F.T.C.’s chief trial counsel, said in her opening statement. “This lawsuit is part of an effort aimed at helping Americans feed their families.”In bringing the case, the F.T.C. has been joined by the attorneys general of eight states, including California and Illinois, as well as the District of Columbia. It’s part of a regulatory push under the Biden administration to rein in corporate consolidation in an array of industries, including airlines, Big Tech, book publishing and pharmaceuticals.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 163 Shares119 Views

    in Economy

    Stocks Rise as Fed Chair Powell Signals Rate Cuts in Jackson Hole Speech

    by

    Jerome H. Powell made it clear that the Federal Reserve will cut rates on Sept. 18, as the central bank turns the corner in its fight against inflation.Speaking in his most closely watched speech of the year, Jerome H. Powell, the chair of the Federal Reserve, clearly signaled on Friday that the central bank was poised to cut interest rates in September.And while Mr. Powell stopped short of giving a clear hint at just how large that move might be, he forcefully underscored that the central bank stands prepared to adjust policy to protect the job market from weakening further and to keep the economy on a path for a soft landing.“The time has come for policy to adjust,” Mr. Powell said during the Kansas City Fed’s annual conference at Jackson Hole in Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks.”He then added: “We will do everything we can to support a strong labor market as we make further progress toward price stability.”Mr. Powell’s speech was his firmest declaration yet that the Fed is turning a corner in its fight against inflation. After more than a year of holding interest rates at 5.3 percent, the highest level in more than two decades, officials finally have enough confidence to change their stance by cutting rates at their Sept. 17-18 meeting.Policymakers have been using those high rates to try to cool the economy and, by doing so, wrestle down rapid inflation. But as price increases slow substantially and the job market shows signs of wobbling, officials no longer need to hit the brakes quite so hard.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares179 Views

    in Economy

    U.S. Plans to Accuse RealPage of Enabling Collusion on Rents

    by

    The Justice Department is set to file an antitrust suit against the real estate company RealPage alleging illegal price-fixing facilitated by algorithms.The Justice Department plans to file an antitrust lawsuit as soon as Friday against the real estate software company RealPage, claiming its software enabled landlords to collude to raise rents, two people with knowledge of the lawsuit said.The suit, which will be joined by California, Colorado, Minnesota, North Carolina, Washington and other states, was expected to accuse RealPage of facilitating a price-fixing conspiracy that boosted rents beyond market forces, according to the people, who spoke on the condition of anonymity because of the sensitivity of the case.The suit would escalate the government’s efforts to regulate what it sees as misuse of technology. Officials have sued Google, Amazon, Meta and Apple over what they said were monopolistic behaviors that harm consumers.RealPage’s YieldStar product, which gathers confidential real estate information, has been at the heart of the government’s concerns. Landlords, who pay for the software, share information about rents and occupancy rates that is otherwise confidential. Based on that data, an algorithm generates suggestions for what landlords should charge renters, and those figures are often higher than they would be in a competitive market, according to allegations in prior lawsuits against RealPage by state attorneys general.A spokeswoman for the Justice Department declined to comment.Owned by the private equity firm Thoma Bravo, RealPage has advertised its software to landlords as a tool that can help them outperform the market by 3 percent to 7 percent. It says its software is used in metro areas around the country.RealPage did not immediately respond to requests for comment. A spokesperson for Thoma Bravo did not immediately respond to a request for comment.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More