Americans are still eager to spend on barbecues this Fourth of July, even if their wallets are a little stretched. Overall, Americans are expecting to spend a whopping $9.4 billion on food alone this July Fourth. https://yhoo.it/3RP6PFy
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Kamala Harris announced plans to stop “price gouging” on groceries at a speech on Friday. This plan could lead to price controls for groceries for the first time since the 1970’s. Every time I go to the store, I’m shocked at the total. Harris isn’t wrong that there’s a problem. But her solution will destroy this country. Price controls will result in empty shelves and hunger. “Come on Francis, you’re exaggerating, right?” Well, let’s take a little trip southward to Venezuela and see how their price controls are working. Prices at government-run stores in Venezuela are really low. But the problem is, there’s nothing to buy. Venezuelans stand in line for hours. When they’re finally let inside, the shelves are bare. If they’re lucky, they get to take a couple cans of sardines and a few diapers. One mother NPR met in Caracas had to put back one of her cans of sardines — you’re only allowed two. I cannot imagine the heartbreak she felt at putting back that little can of food. With no food in the stores, most Venezuelans go hungry. For millions, the solution has been emigration. Where will Americans go? More below... #election #politics https://lnkd.in/exYv_RZs
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Bean-counter’s magic illusion --- One of the (legendary) Bonanza TV series is about a tax collector who comes to the farm. He counted all the acres, the horses, the chickens, the ducks, the cows, the pigs, the hays, the logs, the fields, the fruits… Everything he can count, he counts. The dad is furious. But I still remember either Michael Landon (my family’s favourite), or big brother Hoss saying that he never thought the family had more than they thought. Well, they tax you even for your unborn chicken. - Bean-counters can appear to make money when they’re often just sowing the seeds of future destruction. Goes on all the time. Small businesses always get fuzzy, companies get fat and sloppy. The new bean-counters arrive and find and cut the fat and slop. The trouble is they don’t know how to do anything but cut. Their entire toolbox consists of knives. And if all you’ve got is a knife, everything looks like something to be cut. And cut some more. They can make themselves look brilliant with their spreadsheets, showing all the fat and slop cut, and the temporarily improved bottom line to their masters in the boardroom or at the bank. But they have no idea where to stop. They serve no purpose but this. If they are left there in power or, worse, gain power, they just keep cutting and cutting and cutting. Saving a dollar has a lot of merit. Recapturing a truly wasted dollar is a lot better than making one. But, when a dollar is saved at the expense of crippling the business’s growth, damaging its relationship with and holding on to its customers, or killing its spirit – it's a dollar saved with a future cost of 10 or 100. Bean-counters don’t grasp these distinctions. To them, a penny saved is a penny earned, period. Anybody who thinks that is very dangerous. #directmarketing #emailmarketer #emailmarketingfundamentals #storymarketing
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25+ ys' exp.: Capital Raising | M&A | Strategic Planning | Restructuring | Buy-side for International Investors | Mentoring for start-ups
Inflation is definitely the most pervasive of taxes! It affects everyone, but the non-affluent population suffers the deepest with it. This article, although stating that items haven't increased "as much", still proves they increased - 44% for fries... There will always be changes in consumption habits whenever there is inflation. #Distressed #restructuring #turnaroundmanagement #distresseddebt #distressedinvesting #corporarefinance #NPL #turnaround #operationalimprovement #financialimprovement #nonperformingloans #bankruptcy #chapter11 #corporaterestructing #cashisking
McDonald's hits back about its prices
restaurantbusinessonline.com
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Americans hate high prices, and Kamala Harris says she plans to combat them by banning price gouging in food and groceries. But, depending on what form it takes, economists could hate her plan. Vice President Harris, who will formally accept her party’s nomination at the Democratic National Convention in Chicago this week, has laid the blame for high food prices at the feet of businesses. Surveys conducted by Harvard University economist Stefanie Stantcheva show that many people—Democrats in particular—believe that corporate greed is to blame for inflation. The food industry has pushed back hard on that belief, arguing that the rise in prices has to do with the extraordinary economic reordering caused by the pandemic, which snarled supply chains, pumped government money into the economy and spiked demand. GOP candidate Donald Trump, who has frequently complained about high food costs, especially the price of bacon, last week described her plan as “Communist price control.” Harris’s team has offered few details so far. But here is what economists say about price gouging, what it is, and whether it is ideal—or even possible—to try to curb it. While food inflation has eased some recently, prices remain much higher than they were before the pandemic. As of July, consumer prices for food at home were 26% higher than they were at the end of 2019, whereas the prices for goods excluding food and energy items were up just 14%. Food prices hit hard psychologically too—people take frequent trips to the grocery store, and can skimp only so much on what they eat. Ernie Tedeschi, formerly on the staff at President Biden’s Council of Economic Advisers, now director of economics at the Budget Lab at Yale University, points out that margins at food and beverage retailers have remained elevated relative to before the pandemic, while margins at other retailers, such as clothing and general merchandise stores, haven’t. That could, he cautions, be a reflection of consumer choice—customers might have changed their preferences to items that are more profitable, such as private-label brands. Regardless, “economists need to be curious about this and figure out what is going on,” Tedeschi said. Rules against price-gouging can in effect become price controls. Standard economic theory shows that imposing a price ceiling on a product can discourage sellers, reducing the amount of a product that gets sold, leading to shortages. Rent-control policies are an example of a price ceiling that has become a staple of introductory economics textbooks, and as a group, most economists think rent control is a bad idea. “It can be very hard to create any price control that is not gameable,” said Michael Sinkinson, an economist at Northwestern University’s Kellogg School of Management who was also on Biden’s Council of Economic Advisers. “How do you set a price control? What is the right benchmark?”
Kamala Harris Wants to Ban Price Gouging. What Do Economists Say?
wsj.com
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Americans are really feeling the pain of inflation when they go to the grocery store. Pennsylvania has experienced an 8.2% increase in food prices over the last year. Do you know a grocery store owner in Pennsylvania? If so, I’d like to partner with one or more to ease the pain of inflation for Pennsylvanians by having a gift card giveaway. Please message me privately if you have any interest in partnering with me. Grocery inflation is hitting some states twice as hard. Are you winning or losing? Prices keep climbing — how fast depends on where you live and what you buy.Read more about food 🍱 inflation here .👇🏼 https://lnkd.in/d_FY3jfG #inflation #grocerystores #grocery #foodprices #pennsylvania
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Consultant: A&E System Engineering Expert for all types of transportation, UAV and A/C. Components Manufacturer/Supply Chain Mgt/Marketing & Brands Strategist.INT-ENTREPRENEUR. Specialist on Energy and Control (ÉTS-IGÉE)
Finally, the Quebec Government started listening to our complains about our stolen money (80k$ by Turkey...Police officer 'Mom district 42, 165k$...), taxes of goods what don't exists here, but I want both governments puy back our stolen money by the previous 2 governments (Quebec and Federal) paying taxes left and right...at least for 5 years. People struggled with bancs interests...etc We have proofs (Walmart, COSTCO, IGA, Super C, Metro...), and I want our money back even for organic food imported from USA and sold here 3 times the price like Almonds from California...etc. Walmart in USA is selling gluten free for same price as normal food while here we pay in the same Walmart 3 times of a Gluten free Pizza, flour, ...etc of the same product (My young niece 7 years old) and the government pay back only 182$ per month. The federal gov doesn't care about handicap people (Celiac) giving 0 $ back for their food. Worse than that, they let stores abusing handicap kids and adults feeling bad seeing that their parents spending too much money on them. Most of time, families are eating all Gluten free to not expose their kids to danger (dying of Diarrhea, intestines cancer with time...etc) 😥 . Still removing glue stickers from food what can cause cancer. Europe are very advanced on how to protect the customers. The STDs used for wheat is 100 times The rule is clear: We pay taxes only for good what we don't have here. That's that's all. Ontario model is the best one to follow. My Gold 2000$ is free of taxes while in YUL, the agent was asking me to pay 800$ for 24-26 Caras. 😂. I didn't pay of course because I'm not a Sheeeeeep. Again, many thanks to the minister Simon Barette for his PL 72! 🤗 🤗 🤗 https://lnkd.in/g9mFGuZa HT, CAQ of sure this time 😍
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CEO at Bright!Tax | 40 under 40 CPA | US Expat Tax Expert | Passionate Traveler & Mom | Empowering Americans Abroad
I let my 7-year-old make our Sunday morning pancakes. 🥞 That 1/4 teaspoon of baking soda turned into a 1/4 cup. The pancakes? They tasted like pretzels. She’ll never make that mistake again. It reminded me of the time I forgot to calculate NY city tax on a client’s return. He owed thousands in taxes, penalties, and interest. We paid the penalties. He was mad. I was embarrassed. And I’ll never make that mistake again. Mistakes are tough, but they’re also our best teachers. The truth is, opportunities to improve aren’t always as obvious as alkaline-tasting pancakes or a tax notice. But consistently reflecting and finding ways to improve is key. How do you turn small stumbles into success? Let’s talk about how we can grow from our mistakes. #GrowthMindset #LearnEveryDay
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The headline here: We are spending 11.4% of our "disposable income"--our income minus taxes--on food (groceries and eating out), the most in 30+ years. But the real story? Income still isn’t keeping pace with inflation. The average American family lost more than $1,100 in 2023 in the gap between last year’s raise and the increased cost to feed their families in that same time. **3-year CPI numbers 2021 to 2023 show inflation drove up annual prices in Groceries and Dining Out by a combined 19.6%, including a 5.8% hike in 2023. **January’s BLS ECI report for December 2023 reveals all Wages and Salaries increased by only 4.3% for the year, a 1.5% shortfall. https://lnkd.in/eQsvn8vt
It’s Been 30 Years Since Food Ate Up This Much of Your Income
wsj.com
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Interesting article by the The Wall Street Journal this week. Our most recent MFB research report found similar findings in that despite inflation easing, the costs of groceries remain shockingly high. In fact, we found that as many as 30% of MD households were forced to choose between nutrition and other necessities due to rising costs in 2023. As the Wall Street Journal notes: "The last time Americans spent this much of their money on food, George H.W. Bush was in office, “Terminator 2: Judgment Day” was in theaters and C+C Music Factory was rocking the Billboard charts." Although 2024 is poised to be a challenging year for people trying to overcome food insecurity, the Maryland Food Bank will continue to offer a range of thoughtful strategies to assist neighbors in need. Give the full story a read: https://on.wsj.com/49mbc1t.
It's Been 30 Years Since Food Ate Up This Much of Your Income
wsj.com
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