You're Probably Getting Screwed

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.

With the first presidential debate being over, let’s talk about the American Dream.

While one candidate seemed like he spends way too much time online, l want to dive into Vice President Kamala Harris’s plan to grow small businesses and invest in entrepreneurs, that you can find on her website.

This is part of her “Opportunity Economy agenda” and the highlights are 1) setting a goal of 25 million new business applications by the end of her first term and 2) expanding the startup expense tax deduction for new businesses from $5,000 to $50,000.

And personally, I like that they mentioned “including rural areas” because I worry about what I am seeing here in Iowa. I see generational businesses selling to out of state and even foreign companies, like recently Wells Blue Bunny and Kum & Go. I am not blaming them, I just worry about the community when things are no longer locally owned.

My grandpa had a little seed and feed business in his small town and those don’t really exist anymore. Also, we see small town grocers becoming extinct while Dollar General continues to expand. In both cases, it’s a common theme of a large corporation coming in, undercutting the local folks until they go out of business, jacking up the prices and creating an extraction economy.

In order to create a Main Street economy, not just a Wall Street one, an economy that works for more people and an economy that allows for more people to achieve the American Dream, we need policies like Kamala Harris’ Opportunity Economy agenda.

YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:

Uber and Lyft

A More Perfect Union put 7 Uber & Lyft drivers in one room and had them open their apps.They found the companies paying different drivers different amounts for the same ride.

Billionaires Whining

Not to be outdone by their peers in Silicon Valley, Wall Street billionaires that have donated to VIce President Kamala Harris’ campaign are joining the calls for Harris to fire Federal Trade Commission Chair Lina Khan if she is elected in November because Khan won’t let these whiney monopolists act with impunity. 

Congress

Data shows child poverty increased again in 2023 after spiking in 2022. This is directly the result of the expanded Child Tax Credit expiring in 2021, which had dramatically reduced the number of children living in poverty. 

NetChoice

The Big Tech front group was successful in getting a judge to issue a temporary injunction on a new law in Utah that would protect the personal privacy of children and limit their use of social media platforms. The intense lobbying by Big Tech against modest measures like this demonstrates that these companies are committed to not giving an inch when it comes to reducing their grip over society. 

Some Good News

Stopping the Super Wealthy Tax Evaders

The IRS has collected $1.3 billion from high-wealth tax dodgers since last fall, the agency announced Friday, crediting spending that has ramped up collection enforcement through President Joe Biden’s signature climate, health care and tax package signed into law in 2022.

Maine Cracks Down On Utilities

The Maine Public Utilities Commission announced last week it will draft rules that prohibit utilities from billing ratepayers for spending on advertising, lobbying and political expenses and require spending disclosures to the state.

Prairie Populists Re-Emerging

An interesting story in The American Prospect about several Senate candidates in red states running on economically populist platforms. 

SOME COOL STUFF

Sonja Trom Eayrs will soon be out with a new book “Dodge County, Incorporated” that tells the story of a fight against Big Ag monopolists in rural Dodge County in Minnesota. The book will be released in November.  

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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