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Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people.
Good news from the Federal Trade Commission this week promoting competition by announcing a new rule that bans non-competes.
Corporations like noncompete agreements so they can restrict workers from seeking employment with a competitor or from starting a competing business. These agreements can help companies protect confidential information, but they can also lead to less job mobility and lower wages for workers [ [link removed] ].
According the the FTC Chair Lina Khan (my new bff) “The FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market [ [link removed] ].”
What’s not to like about that?
Not shockingly, the huge corporations that implemented noncompetes don’t like this rule. An through the national US Chambers of Commerce, they’re suing the FTC over this rule [ [link removed] ].
And to be clear, the entity that’s for “free markets” are against a free market for labor [ [link removed] ]…
The FTC estimates that more innovation will lead to 17,000-29,000 more patents a year.
More startups with over 8,500 new businesses a year.
Lastly, American workers’ earnings will increase by $400-$488 billion over the next decade.
This will impact over 30 million American workers, from fast food workers to meteorologists to doctors and more.
When Congress isn’t doing much these days, it’s good to know that the FTC is addressing us getting screwed.
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YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:
The Chamber of Commerce
Before the ink could dry on the FTC’s new rule banning noncompetes, corporate America’s top lobbying group filed a lawsuit in Texas against the rule [ [link removed] ]. Not only does the lawsuit claim banning noncompetes is beyond the FTC’s authority, but that the FTC Act, which created the agency in 1914, is unconstitutional. As we said in last week’s newsletter, this litigation underscores the importance of states following the FTC’s lead and banning these contracts. 
Big Tech
A recent report on digital advertising [ [link removed] ] in the US shows Facebook and Google continue to grow their advertising monopolies. Of the $225 billion in digital ad spending in 2023, those two collected 77% of revenue. This is why local news is dying. 
Also Big Tech
Google doesn’t like legislation in California [ [link removed] ] that would require them to pay money to news publishers for profiting off their content and in response has started blocking news links. 
Oh and Big Tech-funded Economists
An economist at the International Center for Law and Economics, which receives lots of money from Google and the Koch Brothers, compared noncompetes to marriage….. 
The Tax Code
Workers are getting the shaft and this was before Trump’s tax cuts for the rich.  
Hormel
One of the nation’s largest pork producers has agreed to a $11 million settlement in a class action lawsuit [ [link removed] ] that accuses various companies in the pork industry colluded to increase prices on restaurants, wholesalers and consumers. Hormel’s settlement follows previous settlements with JBS, Tyson and Smithfield. 
Rental Prices
We have written a lot in this newsletter about Real Page and its use of algorithmic price fixing, but the good folks at More Perfect Union have a new video out on the topic worth watching. 
 
Sports Teams
The Chicago Bears unveiled a proposal for a new domed stadium yesterday and surprise, surprise, they want taxpayers in Chicago and Illinois to help foot the bill [ [link removed] ]. 
SOME GOOD NEWS
UAW Wins Historic Victory
In an overwhelming vote this weekend, workers at Volkswagen’s plant in Chattanooga chose to join the United Auto Workers [ [link removed] ], making it the first plant in the South to unionize via election since the 1940s and the first foreign-owned plant in the South to do so. Below is an insightful discussion with a worker that went from being opposed to unionizing to supporting it.
  
Secretary Pete cracking down
Transportation Secretary Pete Buttigieg announced a new rule this week [ [link removed] ] requiring airlines to provide automatic refunds to passengers in the event of a cancellation or delay. 
New FTC Portal
Healthcare is chock full of monopolists and anticompetitive practices (for a future newsletter) and the FTC has now created a new portal [ [link removed] ] where people can report that conduct.  
The States
A couple of examples of state policymakers joining the fight against corporate power: 1) The Colorado House passed a bill providing more transparency for gig workers [ [link removed] ]. 2) North Carolina Treasurer Dale Folwell issued support for the FTC’s effort to block a healthcare merger [ [link removed] ]. 
BEFORE YOU GO
Before you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you.
Standing Tall for All, 
J.D. Scholten

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