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“Oh America, how often have you taken necessities from the masses to give luxuries to the classes…” That’s from Dr. Martin Luther King, Jr and this week was an example of that.
It came out that 2024 was a record-setting year on Wall Street, with the S&P 500 clinching 57 records which means it was one of the top five years all-time [ [link removed] ]. At the same time, homelessness is at an all time high [ [link removed] ].
We need to change how we talk about the economy. I know the economy is complicated but here are three things to think about:
First, according to Fair.org, media that benefit from inequality prefer to talk about other things [ [link removed] ]. You can see how “economics” was covered in 2023 on CNN, Fox and MSNBC.
Second, a good chunk of income inequality comes from policy decisions. So where are our lawmakers? They’re dialing for dollars, spending more time talking to rich donors than legislating [ [link removed] ].
Third, not all economists are the same. On the right, you have a whole swarm of economists that defend trickle-down economics. And on the left, there are a lot of good economists but you also have Larry Summers who, among many other things, wrote a memo to the World Bank saying that "the economic logic behind dumping a load of toxic waste in the lowest-wage country is impeccable [ [link removed] ]."
And Jason Furman, who while serving as Obama’s Council of Economic Advisers published a paper titled “Wal-Mart: A Progressive Success Story [ [link removed] ].” In reality, new research suggests that the company makes the communities it operates in poorer—even taking into account its famous low prices [ [link removed] ].
Until we get the powers that be addressing income inequality and economic concentration while mentioning the economy, we will continue to get screwed…
YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:
Big Ag
The story of a Missouri chicken farmer that has sued Tyson reveals a variety of ways the meat giant uses its market power to squeeze farmers, including colluding with the largest egg producer Cal-Maine. The story also touches on a complicated reality, that operations referred to as “factory farms” are run by family farmers stuck under the thumb of our consolidated system. [ [link removed] ]
Stock Market Concentration
The S&P 500 has experienced back to back years of 20% growth and that is good news for the roughly 58% of American households that own stock [ [link removed] ]. However, anyone arguing that the stock market is an indicator for broad prosperity has forgotten this headline from early last year [ [link removed] ].
Big Banks
Ski Monopolist
The ski patrol at Park City Mountain Resort in Utah, part of Vail Resorts sprawling and continually growing monopoly, are on strike. In response Vail has been flying in workers from other resorts to cross the picket line [ [link removed] ]. The company has engaged in $725 million in stock buybacks over the past three fiscal years, according to union leaders [ [link removed] ].
Amazon
While the retail giant promised not to raise fees on third-party sellers in 2025, it has announced new ways it will squeeze businesses reliant on the platform. [ [link removed] ]
SOME GOOD NEWS
CFPB Targets Mortgage Kickback Scheme
The Consumer Financial Protection Bureau has filed a lawsuit that alleges Rocket Homes has been providing kickbacks to real estate brokers and agents in exchange for steering homebuyers to Rocket Mortgage for lending. [ [link removed] ]
States and the Future of Antitrust
A reminder of the upcoming event hosted by the Institute for Local Self Reliance and State Innovation Exchange. [ [link removed] ]
Khan Fireside Chat
While it is not good news that Federal Trade Commission Chair Lina Khan’s tenure is coming to an end, she will be participating in a fireside chat with the Brookings Institution next week. You can follow this link to find out more. [ [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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