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JPMorgan CEO Jamie Dimon says remote work 'doesn't work in our business'

Posted by radioetoilefm — Wed, 12 Mar 2025 02:46 GMT

JPMorgan Chase CEO Jamie Dimon defended his position against remote work to a group of college students, telling them that telework "doesn't work in our business." Dimon, 68, said he "had enough" of virtual working when speaking to students at Stanford University's Graduate School of Business last week. A student asked the bank executive about his leaked and expletive remarks from a company town hall addressing the firm's end of hybrid work, which has become a common workplace practice in recent years, particularly after the coronavirus pandemic. He was asked by the student for advice on how to address the issue of virtual work. JPMORGAN CEO JAMIE DIMON ON DOGE EFFORTS: 'HOPING IT'S QUITE SUCCESSFUL' Dimon responded that the only group of people frustrated with the return to the office are "the people in the middle," such as corporate office workers. "If you work in a restaurant, you've got to be in," he said. "You all may not know this, but 60% of Americans worked the whole time." "Where did you get your Amazon packages from? Your beef, your meat, your vodka? Where did you get the diapers from?" he continued, referring to people who have never had the option to work remotely, even during the pandemic. Dimon added: "You got UPS and FedEx and manufacturers and agriculture and hospitals and cities and schools and nurses and sanitation and firemen and military. They all worked." Some workers in both the government and the private sector who have been permitted to work remotely since the pandemic have been critical of return-to-office mandates in recent years. JPMORGAN CHASE MAKES MOVE TO PREVENT RELIGIOUS, POLITICAL 'DEBANKING' There have been some who have even quit over the return to the office requirement, which Dimon said he respects. "We have 10% of our people working at home full-time," Dimon said. "We put virtual call centers in Baltimore and Detroit. We did it to see if they'd be effective. They're highly effective. They work from home. They're mostly minorities. That's why we did it. It's a home run. So I'm not against it where it works ... I also completely defend your right to say, 'I don't want to.'" "But I don't defend your right to tell me what JPMorgan's gonna do," he added. "So you have a free market. You can do one thing, I can do another. That's what's called a free market." JPMorgan Chase had earlier announced that employees must return to the office five days a week, beginning this month. Dimon also said he wanted people back in the office because "younger people are being left behind." GET FOX BUSINESS ON THE GO BY CLICKING HERE "It's not like the first month you're working," he said. "It's by the second year you have less people, you're put on less assignments, you know less what's going on, you have less conversations at the water cooler or in the cafeteria. So it's leaving them behind. I won't do that. And to have the younger people coming in but not their bosses, I have a problem with that too. And then people say to me always, 'well, it works for me.'" He also stressed the importance of communication with coworkers in the office that may not be possible with remote work. "As a management tool, when we meet in the morning, we talk, we have these debates, all day long we're talking. 'Hey, no, I checked on that, you're right about that, here's what I think we should do.' All day long, constant update, constant share of information. So I tell you, it doesn't work in our business. And for culture, you talk about culture, it's impossible to do culture," Dimon said. Dimon also said people are often distracted by their phones during Zoom meetings. via: https://www.foxbusiness.com/economy/jpmorgan-ceo-jamie-dimon-says-remote-work-doesnt-work-our-business

Trump's 25% tariff increase on all steel, aluminum imports takes effect

Posted by radioetoilefm — Tue, 11 Mar 2025 23:37 GMT

President Donald Trump's 25% tariff increase on all steel and aluminum imports officially took effect on Wednesday, the latest move in the administration's plans to reshape global trade norms in favor of U.S. manufacturing. Trump's action to bulk up protections for American steel and aluminum producers restores effective global tariffs of 25% on all imports of the metals and extends the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans. The run-up to the tariff deadline came with some drama on Tuesday as Trump threatened Canada with doubling the duty to 50% on its steel and aluminum exports to the U.S. He backed off those plans after Ontario Premier Doug Ford agreed to suspend his province's decision to impose a 25% surcharge on electricity exports to the states of Minnesota, Michigan and New York until earlier U.S. tariffs were removed. CLICK HERE TO GET FOX BUSINESS ON THE GO This is a developing story. Check back for updates. Reuters contributed to this report. via: https://www.foxbusiness.com/politics/trumps-25-percent-tariff-increase-all-steel-aluminum-imports-takes-effect

LARRY KUDLOW: Elon Musk is a dedicated patriot

Posted by radioetoilefm — Tue, 11 Mar 2025 16:45 GMT

I interviewed Elon Musk yesterday in the Indian Treaty Room at the Old Executive Office Building, across the street from the White House. He was open, honest, transparent, and committed to preventing this country from falling deeper into an entitlement state that will wind up in bankruptcy. He has been subjected to extraordinary criticism from Democrats and their left-wing allies. But President Donald Trump, time and again, has given Elon his full and complete backing. And although Musk is not really a political man, he understands perfectly well that the entitlement state - shot through with waste, fraud, and corruption - is essentially the Democratic Party feeding at the taxpayer trough, and attracting illegal immigrants. Spot-on analysis from a non-politician. Musk is a man on a mission. I asked him if he heard a call to action. He easily agreed, and told me his wake-up call was seeing that America's interest payments on the debt now exceed the entire military budget. The mission is simple - keep America from going bankrupt. Musk's team at DOGE numbers a hundred so far, but he intends to drive it up to 200. Their audit has already spread to most of the federal agencies according to Elon, something I did not realize. He's got a website at DOGE.gov, which ensures the total transparency of his operation. If you want to look under the hood at what Elon and his team are doing, just go to his website, where they are reporting line-by-line every contract they cancel, every lease they tear up, and score each agency based on how much they've cut. As he said to me, if you disagree with our recommendations, just tell us exactly which line you object to. We've had government audits before. For example, the GAO last year did an audit that estimated over $500 billion in waste, fraud, and abuse. But no one ever actually acted on this. Musk is aiming for $1 trillion. And Office of Management and Budget Director Russell Vought told me that the DOGE savings will be implemented into a rescission package that will strike out Congressional authorizations - an action that needs only simple majorities in the House and Senate in order to enact. Musk told me he's acting as a consultant to the Cabinet secretaries throughout the government. Just recently, Secretary of State Marco Rubio adopted over 80% of the DOGE recommendations to cancel most of USAID. And here's the thing: Musk has taken tremendous criticism, undoubtedly because Democrats and their allies don't want to lose their foothold in the permanent ultra-liberal bureaucracy that Mr. Musk is tearing down. Here's what he said: Meanwhile, his life has been threatened on the Internet, several of his electric charging stations have been set on fire, at least one Tesla dealership got shot up with live bullets - though fortunately no one was there at the time. Other Tesla dealerships have been subjected to protests and demonstrations. Even he acknowledges that his businesses have probably suffered, while he spends his time in the White House. But he remains committed. He told me he was going to go at least another year, maybe longer. And then, finally, I put a question to him that had nothing to do with DOGE. I simply asked if he will bring back our astronauts, left stranded in space by Joe Biden. His answer? No hesitation: yes. We're going to get them back. Wow. A dedicated patriot, indeed. via: https://www.foxbusiness.com/politics/larry-kudlow-elon-musk-dedicated-patriot

Trump buys red Tesla Model S at White House alongside Elon Musk: 'I like signing a check!'

Posted by radioetoilefm — Tue, 11 Mar 2025 16:11 GMT

President Donald Trump bought a Tesla vehicle outside the White House on Tuesday afternoon during an event with Tesla CEO Elon Musk. Speaking in front of reporters, Trump told Musk that he would write him a check to buy the Tesla Model S in full. "I like a check better than this modern system of, all of a sudden, there's money in your account," Trump said. "I like signing a check!" "I know he'd give me a discount, but honestly, I don't want to ask for one," Trump also told the press gaggle. "You know, I'm president, and so I want to pay full price." TRUMP SAYS HE WILL BUY A TESLA TO SUPPORT ELON MUSK AND HIS 'BABY' Before purchasing the vehicle, Trump said that his top reason was because the Tesla vehicle was "a great product, as good as it gets." "And number two, because this man [Elon Musk] has devoted his energy and his life to doing this," Trump continued. The Republican went on to praise Musk, saying that he's "been treated very unfairly by a very small group of people." "And I just want people to know that he can't be penalized for being a patriot," Trump said. "And he's a great patriot. And he's also done an incredible job with Tesla." Trump also confirmed that he would not test-drive the car, saying that he "[likes] to drive cars, but [is] not allowed to," and that he also bought a Cybertruck for his granddaughter Kai. TESLA VEHICLES, CHARGING STATIONS TARGETED AS PROTESTERS DENOUNCE DOGE, ELON MUSK "The Cybertruck I bought for a very special young woman," Trump said. "I'm sure you've never heard of her, Kai, and she's a great golfer, and she puts the clubs in the back." He also confirmed that his new Tesla vehicle will be driven by White House staff, including communications advisor Margo Martin. "My whole staff is so excited because I told them they're going to safely use them, and they can't believe it," Trump said. "Margo, she's going to use it. They're all going to be using it and they're going to have a good time using it. " Musk thanked Trump "for his support," telling the president that it "means a lot." "[I want to] thank everyone out there who is supporting Tesla," Musk continued. "It's really terrible that there's so much violence being perpetrated against people at Tesla, Tesla supporters, Tesla owners, Tesla stores. These are innocent people who have done nothing wrong." Video posted by the Rapid Response 47 X account shows the president marveling at the red, white and blue vehicles and hopping in the driver's seat of a red Model S. Sitting in the Model S, Trump joked about former President Joe Biden. GET FOX BUSINESS ON THE GO BY CLICKING HERE "You think Biden could get into that car? I don't think so," he said to reporters. via: https://www.foxbusiness.com/politics/trump-buys-red-tesla-model-s-white-house-alongside-elon-musk-i-like-signing-check

Lyft to launch feature for elderly passengers later this year

Posted by radioetoilefm — Tue, 11 Mar 2025 15:45 GMT

Rideshare giant Lyft is launching a service geared toward elderly riders later this year, FOX Business has learned. Dubbed Lyft Silver, it will feature a simpler design with easy access to support for its riders. "We're actively exploring fresh ways to enhance the Lyft experience for an even wider range of riders," a Lyft spokesperson told FOX Business, adding that the waitlist for the new offering opened Tuesday. LYFT UNVEILS FEATURE TO HELP RIDERS AVOID SURGE PRICING Users who sign up will be notified when the service arrives in their area. The new feature highlights the ongoing battle between Lyft and Uber. Both companies have consistently rolled out similar features that are better tailored to customers in a bid to capture more market share. Last May, Uber launched Uber Caregiver, which is designed specifically for caregivers to request and monitor rides and deliveries for loved ones as well as arrange payments using health benefits. GET FOX BUSINESS ON THE GO BY CLICKING HERE Last September, Lyft announced it was launching a feature to help lock in ride prices. The feature, which costs $2.99 per month, is aimed at helping daily commuters avoid surge pricing. Similarly, Uber is in the midst of rolling out its own version. Price Lock Pass, also at $2.99 per month, helps riders lock in prices for routes they take consistently at the same time. The service is in select markets in the U.S. Both companies have also launched features aimed at easing the stress of airport travel. via: https://www.foxbusiness.com/lifestyle/lyft-launch-feature-elderly-passengers-later-year

Tesla rebounds after Trump defends Musk, brings EVs to White House

Posted by radioetoilefm — Tue, 11 Mar 2025 14:56 GMT

Tesla's stock rebounded on Tuesday following a steep decline to start the week after President Donald Trump published a post on social media defending the company's CEO Elon Musk amid his work for the administration - even bringing a Tesla to the White House. Tesla stock declined more than 15% on Monday in the wake of sluggish sales in the U.S. and abroad, as well as uncertainty surrounding Elon Musk's focus on the company, given his involvement with the Trump administration and other companies like SpaceX and his social media platform X. Tesla stock was up about 4.8% as of 1:30 p.m. ET during Tuesday's trading session. Trump wrote in a post on his social media site, Truth Social, that Musk is "'putting it on the line in order to help our Nation, and he is doing a FANTASTIC JOB! But the Radical Left Lunatics, as they often do, are trying to illegally and collusively boycott Tesla, one of the World's great automakers, and Elon's 'baby,' in order to attack and do harm to Elon, and everything he stands for." "They tried to do it to me at the 2024 Presidential Ballot Box, but how did that work out? In any event, I'm going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American," Trump wrote Monday. "Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???" TRUMP SAYS HE WILL BUY A TESLA TO SUPPORT ELON MUSK AND HIS 'BABY' Musk was a prominent backer of Trump's presidential campaign and proposed creating the Department of Government Efficiency (DOGE), which he is leading in its efforts to cut what the administration views as fraud, waste and abuse. The billionaire's political involvement has prompted pushback from protesters who have held demonstrations and, in some cases, vandalized Tesla vehicles, charging stations and dealerships. TESLA VEHICLES, CHARGING STATIONS TARGETED AS PROTESTERS DENOUNCE DOGE, ELON MUSK Last Thursday, The Associated Press reported that a Tesla dealership in Oregon near Portland was targeted with gunshots, damaging multiple cars and shattering windows. A man was also recently arrested after Molotov cocktails were thrown at a Tesla dealership in Salem, Oregon, the Statesman-Journal reported. Several Tesla charging stations have also been set on fire in Massachusetts. Brookline police recently arrested a Boston man caught on video allegedly tagging Tesla vehicles with Musk decals and sharing the footage on X. GET FOX BUSINESS ON THE GO BY CLICKING HERE Last week, federal prosecutors in Colorado charged 42-year-old Lucy Grace Nelson, also known as Justin Thomas Nelson, after police found a number of explosives and concerning messages at a Colorado Tesla dealership. Fox News Digital's Alexandra Koch contributed to this report. via: https://www.foxbusiness.com/politics/tesla-rebounds-after-trump-defends-musk

Ontario premier backs down, suspends electricity surcharge on US after Trump tariff threats on Canad

Posted by radioetoilefm — Tue, 11 Mar 2025 14:51 GMT

The premier of Ontario, Canada, Doug Ford, has agreed to suspend its 25% surcharge on electricity exported to Michigan, Minnesota and New York. Ford and U.S. Secretary of Commerce Howard Lutnick issued a joint statement on the matter Tuesday, saying the two of them had a productive conversation about the economic relationship between the U.S. and Canada. "Secretary Lutnick agreed to officially meet with Premier Ford in Washington on Thursday, March 13, alongside the United States Trade Representative, to discuss a renewed USMCA [United States-Mexico-Canada Agreement] ahead of the April 2 reciprocal tariff deadline," Ford shared in a post on X. "In response, Ontario agreed to suspend its 25 percent surcharge on exports of electricity to Michigan, New York and Minnesota." The agreement came after President Donald Trump threatened to impose further tariffs on Canadian steel, aluminum, electricity and vehicles on Tuesday. TRUMP THREATENS FURTHER TARIFFS ON CANADIAN STEEL, ALUMINUM, ELECTRICITY, VEHICLES In response to Ontario placing a 25% tariff on electricity coming into the U.S., Trump said he instructed Lutnick to add another 25% tariff on all steel and aluminum coming into the United States from Canada. The new 50% tariff was scheduled to go into effect Wednesday morning. Trump made the announcement on Truth Social, deeming Canada "ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD." CANADIANS FEEL 'UNDER ECONOMIC ATTACK,' FRUSTRATION WITH US OVER TRUMP TARIFFS, ANNEXATION TALK: AMBASSADOR Ford imposed 25% tariffs on electricity exports from the Canadian province to the U.S. states of Michigan, New York and Minnesota on Monday. Speaking to reporters in front of a podium that read "Canada is not for sale," Ford said the surcharge would cost families and businesses in those states up to $400,000 every day. On average, Ontario's premier said it would add about $100 per month to "the bills of hardworking Americans." TRUMP SAYS HE PAUSED SOME TARIFFS TO 'HELP' MEXICO AND CANADA TO A 'CERTAIN EXTENT' "Let me be clear: I will not hesitate to increase this charge," Ford said at the time of the announcement. "If necessary, if the United States escalates, I will not hesitate to shut the electricity off completely. Believe me when I say I do not want to do this. I feel terrible for the American people because it's not the American people who started this trade war. It's one person who's responsible. That's President Trump." GET FOX BUSINESS ON THE GO BY CLICKING HERE In a follow-up post later on Tuesday, Trump asked, "Why would our Country allow another Country to supply us with electricity, even for a small area?""Who made these decisions, and why," Trump added. "And can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat? They will pay a financial price for this so big that it will be read about in History Books for many years to come!" Fox Business' Danielle Wallace contributed to this report. via: https://www.foxbusiness.com/politics/ontario-premier-backs-down-suspends-electricity-surcharge-us-trump-tariff-threats-canadian-metals

Musk announces Tesla will double vehicle output in US within next 2 years: 'Act of faith in America'

Posted by radioetoilefm — Tue, 11 Mar 2025 14:41 GMT

Tesla CEO Elon Musk announced on Tuesday that Tesla will double its vehicle output in the United States within the next two years. He called it "an act of faith in America" and said he was making the commitment because of "the great policies of President Trump and his administration." The billionaire tech mogul made the announcement alongside President Donald Trump at the White House. Trump said earlier Tuesday in a post on Truth Social that he'd purchase a new Tesla vehicle as protests against Musk continue nationwide. TRUMP SAYS HE WILL BUY A TESLA TO SUPPORT ELON MUSK AND HIS 'BABY' Several Tesla vehicles were parked just outside the White House on Tuesday. The different models, including a Cybertruck, were noticeably red, white and blue. Tesla stock rebounded on Tuesday, rising over 5% a day after the stock dropped more than 15% amid soft demand for EVs, while critics have also taken issue with Musk's political involvement. Musk was a prominent backer of Trump's presidential campaign and proposed creating the Department of Government Efficiency (DOGE), which he is leading in its efforts to cut what the administration views as fraud, waste and abuse in the federal budget. TESLA SHARES SLIDE AMID MARKET SELL-OFF ON RECESSION WORRIES, TARIFF UNCERTAINTY The billionaire's political involvement has prompted pushback from protesters who have held demonstrations and, in some cases, vandalized Tesla vehicles, charging stations and dealerships. Last Thursday, the AP reported that a Tesla dealership in Oregon near Portland was targeted with gunshots, damaging multiple cars and shattering windows. A man was also recently arrested after Molotov cocktails were thrown at a Tesla dealership in Salem, Oregon, the Statesman-Journal reported. Several Tesla charging stations have also been set on fire in Massachusetts. Brookline police recently arrested a Boston man caught on video allegedly tagging Tesla vehicles with Musk decals and sharing the footage on X. GET FOX BUSINESS ON THE GO BY CLICKING HERE Last week, federal prosecutors in Colorado charged 42-year-old Lucy Grace Nelson, also known as Justin Thomas Nelson, after police found a number of explosives and concerning messages at a Colorado Tesla dealership. Fox News Digital's Alexandra Koch contributed to this report. via: https://www.foxbusiness.com/politics/musk-announces-tesla-double-vehicle-output-us-within-next-2-years-act-faith-america

White House says Ontario's Doug Ford is acting 'egregious' and 'insulting' with threat to cut off el

Posted by radioetoilefm — Tue, 11 Mar 2025 13:46 GMT

Ontario Premier Doug Ford is acting "egregious" and "insulting" with his threat to cut off electricity to Americans over tariffs, the White House said Tuesday. White House Press Secretary Karoline Leavitt made the remark after Ford imposed 25% tariffs on electricity exports from the Canadian province to the states of Michigan, New York and Minnesota on Monday. He also said "If necessary, if the United States escalates, I will not hesitate to shut the electricity off completely." In response, Trump said on Truth Social that he instructed Commerce Secretary Howard Lutnick to add another 25% tariff on all steel and aluminum coming into the United States from Canada. That new 50% tariff will go into effect Wednesday morning. "As for the tariffs, the president made his position on this quite clear with the statement that he put out. And it was a retaliatory statement due to the escalation of rhetoric that we've seen out of Ontario, Canada. The president saw the premier, Doug Ford, make an egregious and insulting comment -- threatening to shut down electricity for the American people, for hardworking American families," Leavitt said Tuesday. TRUMP THREATENS FURTHER TARIFFS ON CANADIAN STEEL, ALUMINUM, ELECTRICITY, VEHICLES "He made that threat. The president saw that and has an obligation and a responsibility to respond accordingly and represent the interests of the American people," she continued. "So he has made the decision to add a 25% tariff, so now steel and aluminum tariffs will come into effect tomorrow at the rate of 50%. And our steel and aluminum industries have actually applauded these tariffs because again, they know it's going to grow their industry here. It's going to allow them to export more steel that is made right here in the United States, with American workers," Leavitt concluded. She also said Tuesday to "Think about what the tariff policy long term will do for our country." "I think, many of us probably grew up in small towns. I know, at least I did. And the main street in my small town looks a heck of a lot worse than it probably did decades ago, before I was alive at least, my parents and grandparents tell me so. And I know many Americans feel that same way," Leavitt told reporters. ALUMINUM GIANT SOUNDS ALARM OVER TRUMP'S NEW TARIFF THREAT "What the president envisions for this country is for the United States of America to be a manufacturing superpower, where there are American factories and businesses owned by Americans producing goods that we are exporting to the rest of the world," she declared. "Those revenues will stay here. It will increase wages for people here in our great country. It will ensure our national security, and it will boost the morale of the American people to have thriving industries again." Speaking to reporters in front of a podium that read "Canada is not for sale," Ford said Monday that the electricity surcharge would cost families and businesses in Michigan, New York and Minnesota up to $400,000 every day. On average, Ontario's premier said it would add about $100 per month to "the bills of hardworking Americans." CLICK HERE TO READ MORE ON FOX BUSINESS "Let me be clear: I will not hesitate to increase this charge," Ford said. "If necessary, if the United States escalates, I will not hesitate to shut the electricity off completely. Believe me when I say I do not want to do this. I feel terrible for the American people because it's not the American people who started this trade war. It's one person who's responsible. That's President Trump." FOX Business' Danielle Wallace contributed to this report. via: https://www.foxbusiness.com/politics/white-house-says-ontarios-doug-ford-acting-egregious-insulting-threat-cut-off-electricity

Ex-Anheuser-Busch executive blames DEI for company's missteps

Posted by radioetoilefm — Tue, 11 Mar 2025 13:01 GMT

Former Anheuser-Busch executive Anson Frericks wrote in the New York Times on Tuesday that the large-scale embrace of Diversity, Equity, and Inclusion (DEI) initiatives at his former employer and in corporate America in general was destined for failure. "The massive corporate embrace of D.E.I. was always destined to fail, in large part because the movement was never well defined to begin with," Frericks wrote in his Times guest essay, noting that he left the beer giant in 2022. "Anheuser-Busch became the poster child of what went wrong with the D.E.I. movement." In the piece, headlined "Working at Anheuser-Busch, I Saw What Went Wrong With the D.E.I. Movement," Frericks detailed where he thinks the company went wrong in its partnership with transgender influencer Dylan Mulvaney, as well as its focus on DEI. "I believe Anheuser-Busch, like many companies, stands at a crossroads. It can struggle under a polarizing policy, or it can help lead American business back to the principles that made it great in the first place - principles that unite rather than divide, that reward results rather than identity," Frericks continued. BUD LIGHT PARENT ANHEUSER-BUSCH TO HELP DISTRIBUTORS AMID MULVANEY CONTROVERSY Frericks said that when he worked at Anheuser-Busch, he believed the company could make millions if it agreed to distribute canned coffees made by Black Rifle Coffee Company, a veteran-owned company with a very pro-military message. "The proposal was rejected. It was early 2022, two years after the George Floyd protests, and I was told that being associated with Black Rifle was too politically provocative, especially in progressive circles," he wrote. "I should have seen it coming. Many corporations were flexing their credentials in the growing diversity, equity and inclusion movement. But for me, the incident was a particularly telling example of what was going wrong with Anheuser-Busch - and an early sign that too many American corporations had forgotten who their customers were," Frericks continued. Frericks noted that the company couldn't win after Mulvaney went viral. Progressives, in addition to the conservative backlash, were upset with the company for not being more vocal in its support for Mulvaney. TRANS ACTIVIST DYLAN MULVANEY BREAKS SILENCE ON BUD LIGHT CONTROVERSY: 'I GREW UP IN A CONSERVATIVE FAMILY' "But the D.E.I. movement demanded that companies pursue the same progressive goals, regardless of their mission and culture. When Anheuser-Busch embraced D.E.I., the partnership felt inauthentic. And that's why it backfired," the former Anheuser-Busch executive wrote. Anheuser-Busch did not immediately respond to a request for comment from Fox News Digital. Frericks also described other ways Anheuser-Busch pushed DEI. "Then the company created annual performance targets linked to the company's environmental, social and governance strategy, of which D.E.I. was one component, for thousands of employees. It was clear to me that if teams didn't check the right boxes, managers could be punished. Promotions could be withheld. Bonuses could be lost. That year, senior executives, including me, attended weekly meetings to discuss D.E.I. initiatives," he wrote. He said that many companies' commitment to DEI was "performative," pointing to how fast they pulled back their DEI policies. CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE In a December op-ed for Fox News Digital, Frericks wrote that Trump's re-election could allow "corporations can once again unapologetically focus on delivering value for shareholders." CLICK HERE TO GET THE FOX NEWS APP "Companies wasted billions of dollars on stakeholder-favored ESG and DEI programs that didn't deliver shareholder value, and in many cases, destroyed it. Nor was society any better off. Inflation was high, wage growth was low, and consumer confidence was muted. Society was more polarized than ever heading into the election," he wrote. via: https://www.foxbusiness.com/media/ex-anheuser-busch-executive-blames-dei-companys-missteps

Aluminum giant sounds alarm over Trump's new tariff threat, outlines where higher prices will be fel

Posted by radioetoilefm — Tue, 11 Mar 2025 12:59 GMT

The CEO of an aluminum giant warned FOX Business viewers that President Donald Trump's imminent 50% tariffs on steel and aluminum imports could soon give Americans a spell of sticker shock when shopping for certain items. "A 50% tariff will increase the price of aluminum across the board. It happens nearly immediately," Alcoa CEO Bill Oplinger told Lauren Simonetti on Tuesday. Alcoa owns two of the four smelters in the U.S. and relies heavily on aluminum imports from Canada. The company is seeking an exemption from Trump's tariffs. "[Higher aluminum prices will] get reflected in higher prices in our customers' products. Whether that's cars, beer cans, [the tariffs] will get reflected as a higher price." TRUMP THREATENS FURTHER TARIFFS ON CANADIAN STEEL, ALUMINUM, ELECTRICITY, VEHICLES While Oplinger said it's "hard to say" whether consumers can handle the jump, he added that Alcoa imports 85% of its aluminum from outside the U.S. When asked if he was "worried" about the 50% tariff going into effect on Wednesday morning, he said, "We're running a global company. We will ensure that we have our trade flows go to the right places." He added that the situation highlights the need for a "critically important" comprehensive energy policy in the United States. "The retaliatory nature of these tariffs is really based on energy, and it's important for us to have low-cost, long-term energy in order for us to make aluminum in the United States, and we hope it gets resolved quickly." TRUMP TO PUT TARIFF EXEMPTIONS ON CERTAIN GOODS FROM CANADA, MEXICO Oplinger had already expressed concerns over proposed 25% tariffs on steel and aluminum imports from Canada before that number doubled on Tuesday. He told Simonetti in an earlier segment of "Varney & Co." that, while Trump's "drill, baby, drill" plan surrounding natural resources is "absolutely supportive of having lower energy prices," high energy costs have kept aluminum production at bay in the U.S. "As energy costs come down, we would certainly consider the U.S. as a place for further investment in the future, but it won't be based on tariffs." Trump instructed Commerce Secretary Howard Lutnick to double the tariffs to 50% after Ontario Premier Doug Ford placed a 25% tariff on electricity coming into the U.S. states of Michigan, New York and Minnesota the day prior. GET FOX BUSINESS ON THE GO BY CLICKING HERE FOX Business' Danielle Wallace contributed to this report. via: https://www.foxbusiness.com/media/aluminum-giant-sounds-alarm-over-trumps-new-tariff-threat-outlines-where-higher-prices-will-be-felt

Elon Musk believes DOGE will reach goal of $1 trillion in savings

Posted by radioetoilefm — Tue, 11 Mar 2025 12:58 GMT

Billionaire Elon Musk said in an interview on Monday that he believes his Department of Government Efficiency (DOGE) will reach $1 trillion in savings. Musk appeared on FOX Business Network's "Kudlow" and touted DOGE's progress, claiming the cost-cutting push has saved billions of dollars per day already. "I'm just here trying to make government more efficient, eliminate waste and fraud, and so far we're making good progress, actually," Musk said. "Our savings at this point exceed $4 billion a day, so it's very significant." Kudlow asked Musk if he thinks the effort will reach its goal of $1 trillion in savings, which was reduced from the initial goal of $2 trillion. Musk replied, "Yeah, I mean, unless we're stopped, we will get to a trillion dollars of savings." DEMS ZERO IN ON MUSK WANTING TO CUT SOCIAL SECURITY, MEDICARE WASTE, WHITE HOUSE RESPONDS DOGE currently claims on its website that it has achieved an estimated savings of $105 billion through what it calls a "combination of asset sales, contract/lease cancellations and renegotiations, fraud and improper payment deletion, grant cancellations, interest savings, programmatic changes, regulatory savings, and workforce reductions." It's unclear how Musk is calculating the $4 billion per day figure given DOGE's claimed savings on its website. The $105 billion in estimated savings that DOE claims would amount to about $287.7 million per day over the course of a year. Dividing the claimed $105 billion in savings by the 50 days since Trump took office and DOGE was established amounts to $2.1 billion in savings per day. ELON MUSK GOES BEHIND-THE-SCENES AT DOGE, UNVEILS BIGGEST SOURCE OF FRAUD In the course of his interview, Musk said that while the inspectors general of federal agencies and the nonpartisan Government Accountability Office (GAO) have conducted audits of spending in various programs, changes haven't been implemented to address problems identified. "There have been many good audits done by inspector generals [sic] and by the Government Accountability Office, they just haven't been implemented. Nothing's been done," Musk said. "I think the GAO identified that there was 17 million dead people in the Social Security database several years ago. It's now 20 million, but we didn't do anything about it," he explained. ACTING SOCIAL SECURITY CHIEF OPENS UP ON DOGE, CLAIMS OF DEAD PEOPLE RECEIVING BENEFITS The Social Security Administration has noted that while there are many people over the age of 100 without a date of death in the Social Security database, those individuals aren't necessarily receiving benefit payments. A 2015 investigation by SSA's inspector general found 6.5 million Social Security number holders aged 112 or older with no death information in the system, but noted that other records suggested the majority of them were deceased. GET FOX BUSINESS ON THE GO BY CLICKING HERE The report found that SSA issued payments to 266 of the number holders, though the IG indicated only 13 beneficiaries were likely age 112 or older, while in the 253 remaining cases there were discrepancies in SSA's records that indicated the beneficiary wasn't actually that old. Following the review, the SSA decided not to proceed with adding presumed death information to the records because it would be costly to implement, provide little benefit to the agency and duplicate other information already available in government data exchanges. via: https://www.foxbusiness.com/politics/elon-musk-believes-doge-reach-goal-1-trillion-savings

Trump threatens further tariffs on Canadian steel, aluminum, electricity, vehicles

Posted by radioetoilefm — Tue, 11 Mar 2025 10:57 GMT

President Donald Trump threatened to impose further tariffs on Canadian steel, aluminum, electricity and vehicles on Tuesday. In response to Ontario placing a 25% tariff on electricity coming into the United States, Trump said he instructed Commerce Secretary Howard Lutnick to add another 25% tariff on all steel and aluminum coming into the United States from Canada. The new 50% tariff will go into effect Wednesday morning. Trump made the announcement on Truth Social, deeming Canada "ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD." The move came after Ontario Premier Doug Ford imposed 25% tariffs on electricity exports from the Canadian province to the U.S. states of Michigan, New York and Minnesota on Monday. Speaking to reporters in front of a podium that read "Canada is not for sale," Ford said the surcharge would cost families and businesses in those states up to $400,000 every day. On average, Ontario's premier said it would add about $100 per month to "the bills of hardworking Americans." "Let me be clear: I will not hesitate to increase this charge," Ford said. "If necessary, if the United States escalates, I will not hesitate to shut the electricity off completely. Believe me when I say I do not want to do this. I feel terrible for the American people because it's not the American people who started this trade war. It's one person who's responsible. That's President Trump." CANADIANS FEEL 'UNDER ECONOMIC ATTACK,' FRUSTRATION WITH US OVER TRUMP TARIFFS, ANNEXATION TALK: AMBASSADOR In a follow-up post Tuesday, Trump said, "Why would our Country allow another Country to supply us with electricity, even for a small area?" "Who made these decisions, and why?" Trump said. "And can you imagine Canada stooping so low as to use ELECTRICITY, that so affects the life of innocent people, as a bargaining chip and threat? They will pay a financial price for this so big that it will be read about in History Books for many years to come!" Trump also said Tuesday that Canada "must immediately drop their Anti-American Farmer Tariff of 250% to 390% on various U.S. dairy products, which has long been considered outrageous." The president said he would soon declare "a National Emergency on Electricity within the threatened area," a move which will "allow the U.S to quickly do what has to be done to alleviate this abusive threat from Canada." "If other egregious, long time Tariffs are not likewise dropped by Canada, I will substantially increase, on April 2nd, the Tariffs on Cars coming into the U.S. which will, essentially, permanently shut down the automobile manufacturing business in Canada. Those cars can easily be made in the USA!" Trump added. Trump has voiced interest in the United States gaining control of Canada through economic pressure, though he ruled out potentially using military force. By contrast, he hasn't ruled out military force regarding his sights on acquiring Greenland and the Panama Canal. The president on Tuesday further charged that Canada "pays very little for National Security, relying on the United States for military protection." TRUMP SAYS HE PAUSED SOME TARIFFS TO 'HELP' MEXICO AND CANADA TO A 'CERTAIN EXTENT' "We are subsidizing Canada to the tune of more than 200 Billion Dollars a year. WHY??? This cannot continue," Trump wrote. "The only thing that makes sense is for Canada to become our cherished Fifty First State. This would make all Tariffs, and everything else, totally disappear. Canadians taxes will be very substantially reduced, they will be more secure, militarily and otherwise, than ever before, there would no longer be a Northern Border problem, and the greatest and most powerful nation in the World will be bigger, better and stronger than ever - And Canada will be a big part of that. The artificial line of separation drawn many years ago will finally disappear, and we will have the safest and most beautiful Nation anywhere in the World - And your brilliant anthem, 'O Canada,' will continue to play, but now representing a GREAT and POWERFUL STATE within the greatest Nation that the World has ever seen!" At his press conference on Monday, Ontario's premier thanked outgoing Canadian Prime Minister Justin Trudeau for his service, while decrying the "uncertainty" brought by Trump. GET FOX BUSINESS ON THE GO BY CLICKING HERE "Until these tariffs are off the table, until the threat of tariffs is gone for good, Ontario will not relent," Ford told reporters. "We need to end the chaos once and for all." via: https://www.foxbusiness.com/politics/trump-threatens-further-tariffs-canadian-steel-aluminum-electricity-vehicles

USDA offers relief from record-high egg prices, but beware of a new round of sticker shock

Posted by radioetoilefm — Tue, 11 Mar 2025 10:54 GMT

Agriculture Secretary Brooke Rollins offered some "good news" to shoppers seeking relief from record-high egg prices, telling FOX Business on Tuesday that prices per dozen have dipped by $1.85 on average. "We believe that... the market has reacted to our plan that we rolled out on February 26th," Rollins said on "Mornings with Maria," referencing a five-prong approach the Trump administration unveiled last month to "immediately" reduce money spent on the dietary staple. Rollins shared key details of the plan on the Fox News Channel at the time, telling "America's Newsroom" co-host Dana Perino that its steps involved "short-term" imports, deregulation, investments in biosecurity, repopulating fowl and investing in vaccines and therapeutic research. EGG SHORTAGE LEADS TO ODD PRICING DISPARITY WITH CAGE-FREE COSTING LESS THAN REGULAR "We've got a long way to go in combating the Avian bird flu. It's not something that we can do overnight. It is a long-term effort," she added on Tuesday. But, with Easter just around the corner, Rollins acknowledged the positive change is likely short-lived and holiday demand could deliver another spell of sticker shock to already fatigued consumers. "We're moving into the highest price egg season without Avian bird flu, and that's because Easter is right around the corner," she explained. EGG SHORTAGES FORCE SOME GROCERY STORES TO IMPOSE LIMITS She assured, however, that the administration is focused on fixing the problem. "We are on it. We have a major plan... it's got five different points, but the piece of... good news is that the price of eggs seem to be coming down, and $1.85 per carton is not insignificant, but we've got a long way to go." GET FOX BUSINESS ON THE GO BY CLICKING HERE via: https://www.foxbusiness.com/media/usda-offers-relief-from-record-high-egg-prices-but-beware-new-round-sticker-shock

CVS opens smaller format stores as industry sees big shift

Posted by radioetoilefm — Tue, 11 Mar 2025 09:13 GMT

CVS Pharmacy is expanding its footprint. But a major focus is on smaller store formats exclusively offering pharmacy services. The shift to small-format stores comes as the industry works to rightsize and reduce costs in response to ongoing challenges, including intense competition and shifting consumer preferences. CVS confirmed to FOX Business that it will open at least a dozen smaller format locations in select communities across the country over the next year. The new pharmacies, which will average less than 5,000 square feet, will feature a full-service pharmacy with limited over-the-counter products available for purchase and will be designed to meet the community's specific pharmacy needs. WALGREENS TO GO PRIVATE IN $10B DEAL "By taking a customized approach to our footprint that is focused on the specific needs of the communities we serve, we're continuing to strategically realign our pharmacy footprint to better support patient and ensure the right geographic coverage," a CVS spokesperson told FOX Business. However, the company said it is still opening up traditional CVS Pharmacy locations, which contain a full front store and pharmacy. In addition to the new small-format pharmacies, the company is planning to open nearly 30 CVS Pharmacy locations, including those inside Target stores, this year. Emarketer senior analyst Rajiv Leventhal told FOX Business that the retail plus pharmacy business model has been difficult for companies like CVS and Walgreens to successfully operate as people increasingly turn to online channels for household items. The growing number of closures at CVS, Rite Aid and Walgreens in recent years highlights how the industry is attempting to right-size itself after rapidly expanding its footprint. CVS has shuttered hundreds of stores and laid off staff in order to re-prioritize its investments and adhere to the changing customer needs. Between 2022 and 2024, it closed 900 stores, and opened 100 new locations. It plans to close an additional 270 in 2025. WHY NEIGHBORHOOD PHARMACIES ARE CLOSING In 2023, Rite Aid filed for bankruptcy and launched a store optimization plan, closing 154 locations. Then, in 2024, Walgreens announced plans to close at least 1,200 stores over the next three years in an effort to reduce costs and turn around its operations. Walgreens has not commented on whether this timeline will change now that the company is going private. Last week, Walgreens, once a $100 billion business, agreed to sell to private equity firm Sycamore Partners in a deal valued at 10% of that, about $10 billion. Leventhal expects this move to accelerate, and potentially increase, the number of store closures. He predicts that major companies like Walgreens and CVS will continue closing many of their stores while focusing more on pharmacy services in the locations they keep open. GET FOX BUSINESS ON THE GO BY CLICKING HERE "Consumers are prioritizing price, speed, and convenience above all. Drugstores locking up items to prevent theft further frustrates shoppers and causes many to abandon in-store purchases," Leventhal said. However, he underscored that CVS' and Walgreens' recent retail pharmacy struggles are much more about the front of the store than behind the pharmacy counter. "Patients will always need their medications, and CVS and Walgreens rank first and second in US pharmacy size as measured by total prescription revenues," Leventhal added. Leventhal believes the CVS' new store formats could help the company become less reliant on front-of-store customer traffic. He also suggests this model could empower pharmacists to play a larger role in patients' healthcare decisions. "Doubling down on the steadier business-prescription and over-the-counter medications-is a savvy play," he said. via: https://www.foxbusiness.com/retail/cvs-opens-smaller-format-stores-industry-sees-big-shift

Southwest Airlines announces major change to long-standing passenger perk

Posted by radioetoilefm — Tue, 11 Mar 2025 08:56 GMT

Southwest Airlines is ending its long-standing policy of free checked bags, marking a major shift in its customer-friendly pricing model. The Texas-based carrier on Tuesday outlined several changes that it is making to drive revenue growth and return to a level of profitability that shareholders expect, including its baggage policy. Passengers will be charged for their first and second checked bags for all flights booked on or after May 28, the carrier said in a statement. However, Rapid Rewards A-List Preferred members and customers traveling on Business Select fares will still receive two free checked bags, as the carrier aims to encourage more people to join its loyalty program. SOUTHWEST ENDING ITS OPEN SEATING POLICY Meanwhile, A-List Members and "other select customers" will get one free checked bag. The carrier's website has not yet been updated with the changes. However, the price of a third checked bag is to the tune of $150. Certain overweight bags will cost between $150 and $200, according to Southwest's website. CEO Bob Jordan said the move is part of an effort "to meet current and future customer needs, attract new customer segments we don't compete for today." However, unlike rival carriers, Southwest upheld a policy allowing passengers to check free bags, appealing to a wide range of budget-conscious travelers. The policy, along with open seating, helped the carrier distinguish itself as one of the first to adopt and maintain its low-cost model. However, in recent years, financial challenges have forced the airline to reevaluate its approach. SOUTHWEST AIRLINES EXITS MULTIPLE AIRPORTS AS BOEING TROUBLES WEIGH Southwest officially announced in July that it would begin offering assigned seating and offering premium seating options on all flights - a move designed to boost profits by charging higher rates for premium seats across its entire network. The carrier had maintained a single economy-class cabin with open seating assignments for more than 50 years. GET FOX BUSINESS ON THE GO BY CLICKING HERE Southwest said it plans to offer a premium, extended legroom portion of the cabin and expects roughly one-third of seats across the fleet to offer extended legroom, which is in line with what industry peers offer on narrow-body aircraft. The carrier has not specified a launch date for seat selection and premium seating. However, it will introduce a new basic fare for its lowest-priced tickets purchased on or after May 28, before these changes take effect. via: https://www.foxbusiness.com/fox-news-travel/southwest-airlines-announces-major-change-long-standing-passenger-perk

Dems zero in on Musk wanting to cut Social Security, Medicare waste, White House responds

Posted by radioetoilefm — Tue, 11 Mar 2025 07:39 GMT

Democrats provoked a response from the White House on Monday after arguing that Elon Musk, who is advising President Donald Trump, wants to cut Social Security and Medicare. Former Transportation Secretary Pete Buttigieg was among the Democrats who homed in on Musk's remarks about targeting fraud in federal benefit programs that the billionaire made during an exclusive interview with FOX Business' Larry Kudlow on Monday. "There were howls of protest and denial from the GOP any time we pointed out that Republicans want to cut Social Security," the former Biden administration official said in a post on X. "Now the most powerful official in the White House goes on TV and calls it 'the big one to eliminate.'" The White House responded in a post on X, saying that Musk specified going after fraud in entitlement spending. DEMS THREATENING GOVERNMENT SHUTDOWN OVER ELON MUSK HATE, REPUBLICANS SAY "Pete Buttigieg is Ivy League educated and allegedly smart. So can he not hear Elon say 'waste and fraud in entitlement spending' or is he lying to you?" wrote Alex Pfeiffer, deputy assistant to the president and principal deputy communications director. Musk, who is leading the Department of Government Efficiency (DOGE) under Trump, drew the ire of Democrats when he described federal benefit programs as rife with fraud and suggested they would be a primary target to slash government spending during Monday's interview. "Most of the federal spending is entitlements," Musk said, suggesting that $500 billion to $700 billion in waste needed to be cut. "That's the big one to eliminate." TRUMP SAYS HE WILL BUY A TESLA TO SUPPORT ELON MUSK AND HIS 'BABY' Other Democrats took issue with Musk's responses and argued the Tesla and SpaceX CEO wants to cut Social Security and Medicare. "Musk said the quiet part out loud: he's going after your Social Security and Medicare. Period," Sen. Elissa Slotkin, D-Mich., wrote on X. "Mark my words. They will make you pay in every part of your life." Democrat podcast host Brian Tyler Cohen wrote, "Elon Musk just said he wants to cut Social Security and Medicare, calling them 'entitlements': 'That's the big one to eliminate.'" The White House Rapid Response team also countered Democrats and media reporting on Musk's responses, saying that Musk was "clearly talking about the WASTE in the programs." "Lying hacks. He was talking about waste, fraud, and abuse - of which there is $500+ billion every year," the account posted on X. The billionaire entrepreneur pushed back against those who have criticized DOGE over its access to federal systems, including the Treasury Department's payment system, as well as moves to cancel federal contracts and make cuts at various agencies. GET FOX BUSINESS ON THE GO BY CLICKING HERE "What we're adding here is caring and competence," he said. "There's a massive amount of fraud of, basically, people submitting Social Security numbers for Social Security benefits, unemployment, Small Business Administration loans and medical care. We're trying to put a stop to all of that." Fox Business' Kristen Altus contributed to this report. via: https://www.foxbusiness.com/politics/dems-zero-musk-wanting-cut-social-security-medicare-waste-white-house-responds

Stock futures climb after recession fears hit markets

Posted by radioetoilefm — Tue, 11 Mar 2025 07:35 GMT

U.S. stocks were higher in premarket trading on Tuesday after recession fears roiled markets in the previous session. The Dow Jones Industrial Average was up 50 points, or 0.14%, while the Nasdaq Composite and S&P 500 rose 0.26% and 0.2%, respectively. The major indexes tumbled on Monday, with concerns about the effects of President Donald Trump's tariffs on economic growth spooking investors. The Dow fell 890.01 points, or 2.08%, while the Nasdaq Composite and S&P 500 slid 4% and 2.69%, respectively. The Dow and the S&P 500 saw their worst day since Dec. 18; the tech-heavy Nasdaq had its worst day since September 2022. STOCKS TUMBLE ON RECESSION FEARS, TRUMP TARIFF UNCERTAINTY On Sunday, Trump declined to explicitly rule out a full-blown recession for the U.S. economy this year, telling Maria Bartiromo in a "Sunday Morning Futures" exclusive interview that the country will see a "period of transition" as his policies take effect. "I hate to predict things like that," he said of a recession. "There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing... it takes a little time, but I think it should be great for us." Financial markets have been volatile in recent weeks as rising trade tensions and signs of slowing U.S. economic growth weighed on consumer confidence and business activity. Investors are grappling with a barrage of new policies from the new Trump administration, particularly in trade, where back and forth on tariff policy has increased uncertainty for businesses, consumers and investors. TRUMP SAYS US WILL EXPERIENCE 'PERIOD OF TRANSITION' WHEN ASKED IF ECONOMY COULD SEE A RECESSION THIS YEAR "Many people have been worried about elevated valuations among U.S. equities for some time and looking for the catalyst for a market correction," Dan Coatsworth, an investment analyst at AJ Bell, said on Monday. "A combination of concerns about a trade war, geopolitical tensions and an uncertain economic outlook could be that catalyst." Tech shares bore the brunt of the recent selloff on Wall Street, with Tesla shares in particular tumbling more than 15% on Monday. Tesla's stock is down 41.4% year to date, including a decline of more than 36.6% in the past month. Since Tesla reached its all-time largest market capitalization of $1.5 trillion on Dec. 17, its stock has fallen by more than half to a new market cap of $696 billion as of March 10. TESLA SHARES SLIDE AMID MARKET SELL-OFF ON RECESSION WORRIES, TARIFF UNCERTAINTY UBS cut its forecast for first-quarter deliveries, which contributed to the sell-off, along with broader concerns about the U.S. economy facing a recession and a widening trade war amid Trump's tariff threats. Shares of the electric vehicle maker were up 1.5% in premarket trading on Tuesday. "The narrative changes on a daily basis around tariffs - that's what causing all this uncertainty," said Art Hogan, chief market strategist at B Riley Wealth, said on Monday. "The damage around markets that has everything to do with sentiment is reflected more in the Nasdaq, because technology stocks are certainly more influenced by risk sentiment." GET FOX BUSINESS ON THE GO BY CLICKING HERE Shares of the other Magnificent Seven stocks - Apple, Microsoft, Alphabet, Amazon, Nvidia and Meta Platforms, fell between 2.4% and 5.1% on Monday. FOX Business' Taylor Penley, Eric Revell and Reuters contributed to this report. via: https://www.foxbusiness.com/markets/us-stocks-march-11-2024

Americans' tax refunds larger than last year so far: IRS

Posted by radioetoilefm — Tue, 11 Mar 2025 06:00 GMT

New data from the Internal Revenue Service (IRS) shows that the average tax refund received by American taxpayers in the 2024 tax filing season so far is higher than those disbursed a year ago. IRS data through Feb. 28, 2025, show that the average tax refund amount for tax returns filed through that date was $3,382. That's about 6.3% higher than the average refund of $3,182 through Mar. 1, 2024. The data also showed that the total number of refunds and amount refunded to taxpayers thus far is outpacing last year. Through Feb. 28, the total number of refunds issued is up 1.7% from last year to a little more than 36.9 million issued to date in the 2024 tax filing season. The total amount refunded has seen a larger increase so far, with $124.8 billion refunded - up 8.1% from last year. WILL YOU GET A TAX REFUND THIS YEAR? EXPERTS HAVE IDEAS ON HOW TO USE THE MONEY The vast majority of taxpayers receive their refunds through direct deposit - of the 36.9 million refunds issued, over 36.1 million, or roughly 98%, were paid via direct deposit. The total number of direct deposit refunds is also up 2.2% from a year ago, while the total amount refunded has increased by nearly $10 billion, or 8.2%, to $124 billion through Feb. 28. Average tax refunds issued through direct deposit have also increased in size from a year ago, rising from $3,244 at this stage of the filing season last year to $3,436 this year - an increase of 5.9%. TRUMP ADMIN IRS CUTS 'DON'T ADD UP,' FORMER COMMISSIONERS WRITE IN OP-ED The IRS issues refunds to taxpayers who have paid more in taxes than they owe. Refunds can be issued by direct deposit into a checking, saving, or retirement account - including by being divvied up into as many as three different accounts. The IRS may also mail paper checks to taxpayers, while other options include prepaid debit cards, some mobile payment apps, or deposit into an individual retirement account (IRA). FORMER IRS CONTRACTOR WHO LEAKED TRUMP TAX RETURNS ALSO SPILLED INFO ON 405K OTHERS Taxpayers who expected direct deposit refunds but received a paper check may have gotten the paper check because the direct deposit account isn't under their name, their spouse's name or a joint account; because the financial institution rejected a direct deposit; or more than three electronic refunds were requested for one account. Taxpayers can check on the status of their tax refund by using the IRS' "Where's My Refund" tool to see the status of their refund. Information appears about 24 hours after a taxpayer submits a current year return, or 4 weeks after they file a paper return. For prior year returns, it takes about 3 or 4 days to appear in the system. GET FOX BUSINESS ON THE GO BY CLICKING HERE The IRS updates the Where's My Refund tool once a day overnight and is generally unavailable each morning between 4 and 5 a.m. Eastern while the updates are processed. To use the Where's My Refund tool, taxpayers need their Social Security or individual taxpayer ID number, their filing status, and the exact refund amount on their return. via: https://www.foxbusiness.com/economy/americans-tax-refunds-larger-than-last-year-so-far-irs

Ways and Means chair: 'Repeat verification for people who are on Medicaid would save almost $200B'

Posted by radioetoilefm — Mon, 10 Mar 2025 17:27 GMT

Ways and Means Committee Chairman Rep. Jason Smith, R-Mo., told Maria Bartiromo on "Mornings with Maria" on Monday that requiring states to repeat verification for people on Medicaid would save the United States almost $200 billion. "I'm not going to touch Social Security, Medicare, Medicaid. Now, we're going to get fraud out of there," President Donald Trump told Bartiromo in an exclusive interview on "Sunday Morning Futures." While the Trump administration maintains their commitment to eliminating fraud and government inefficiency from social programs, Smith confirmed on Monday they will not cut Social Security, Medicare or Medicaid. But Smith said the government can go "line by line" through each program to find serious savings. "Just requiring states to do repeat verification for people who are on Medicaid would save almost $200 billion. That's not cutting anyone off. That's just making sure that people that should be on the program are on the program. Eliminating the ridiculous nursing home mandate that the unions pushed through in the Biden administration would save $25 billion. There's a lot of easy savings that Congress must do." DOGE SAYS $312M IN LOANS WERE GIVEN TO CHILDREN DURING COVID PANDEMIC Democrats have been sounding the alarm on the threat of Medicaid cuts since Trump returned to the White House. The nonpartisan Congressional Budget Office (CBO) found that the House budget resolution would need to reduce Medicaid in order to reach its spending goal. DOGE-INSPIRED BIPARTISAN BILL SEEKS PAYMENT TRANSPARENCY TO 'CLEAN UP WASHINGTON' "I would challenge what CBO and the House Democrats have been pushing that these would be Medicaid cuts. The Energy and Commerce Committee's jurisdiction is much larger than just Medicaid, for example, commerce and spectrum. You could go line by line," Smith said. As chairman of the Ways and Means Committee, Smith leads the oversight of congressional tax, trade and economic policies, including Social Security, Medicaid and Medicare. Smith says he welcomes the Department of Government Efficiency (DOGE) investigating individual programs and identifying overpayments and inefficiencies. "I welcome DOGE looking at Social Security, Medicare, Medicaid, the IRS. They need to be audited. They need to look at their efficiencies, and they need to analyze any kind of fraud within the programs. If people say that there's not fraud in it, I would look at just CBO's scores saying medical overpayments within just Medicare and Medicaid. This happens. These are efficiencies that need to be rectified. I think DOGE is leading the effort in that." A report by the Government Accountability Office (GAO) found federal agencies have reported an estimated $2.8 trillion in improper payments since 2003, which includes improper payments on two of the fastest-growing programs: Medicare and Medicaid. DOGE has inspired local leaders and agencies across the country to conduct their own investigations of government spending. Lawmakers have also proposed legislation that would streamline oversight of government payments. Rep. Dan Meuser, R-Pa., is sponsoring the Payment Integrity Information Reform Act (PIIA) to target overpayments by the federal government. Meanwhile, Sens. Pete Ricketts, R-Neb., and Jacky Rosen, D-Nev., introduced a bill last month that would require the annual presidential budget to include data on improper payments to federal agencies. Trump signed an executive order establishing the DOGE on Inauguration Day, directing Musk to lead the federal government's efforts "to maximize governmental efficiency and productivity." The Trump administration has since directed government agencies to comply with DOGE's departmental investigations. DOGE's audits have led to mass layoffs and departures from the federal workforce and cut federal programs to uncover billions of dollars in savings. Many Democrats have consistently protested Trump's executive actions as Republicans have tended to embrace the federal shake-up. via: https://www.foxbusiness.com/politics/ways-means-chair-repeat-verification-people-who-medicaid-would-save-almost-200b