Biden’s ‘Time is Money’ initiative picks the perfect fight with corporations

The legislation that was spun out of that package — including the Inflation Reduction Act, the massive infrastructure bill and the CHIPS and Science Act — were major investments in the country’s future. At first glance, the “Time Is Money” initiative that Biden and Vice President Kamala Harris announced Monday could be seen as relatively insignificant. In fact, in setting his White House’s sights on the ways corporations sap Americans’ time and money, Biden is making an argument that there’s plenty the federal government can do to improve the way we live. The new effort from the Biden-Harris administration is focused on “the corporate practice of giving people the run around, wasting their precious time and money,” according to the White House’s fact sheet. In particular, the aim is tackling the seemingly minor inconveniences that add up to major hassle at the expense of consumers: Americans know these practices well: it’s being forced to wait on hold just to get the refund we’re owed; the hoops and hurdles to cancel a gym membership or subscription; the unnecessary complications of dealing with health insurance companies; the requirements to do in-person or by mail what could easily be done with a couple of clicks online; and confusing, lengthy, or manipulative forms that take unnecessary time and effort. Companies often deliberately design their business processes to be time-consuming or otherwise burdensome for consumers, in order to deter them from getting a rebate or refund they are due or canceling a subscription or membership they no longer want—all with the goal of maximizing profits. Given how long it generally takes for a proposed federal rule to go from concept to policy, many of the changes listed won’t be felt until after the election. By the same token, though, it’s important that the process to get these rules into place begin sooner rather than later. The only finalized policy among those listed as part of the “Time Is Money” initiative is the Transportation Department’s much-lauded (and promoted) rule that requires airlines to provide automatic refunds for canceled flights. Next furthest along are the Federal Trade Commission’s proposed rules that would require that companies make it as easy to cancel a subscription as it is to sign up for one. Another proposed rule from the FTC would “stop marketers from using illicit review and endorsement practices such as using fake reviews, suppressing honest negative reviews, and paying for positive reviews,” which would make online shopping much easier after years of decline. The remaining policies listed are more requests than rules, including a call from the Department of Health and Human Services to have health insurance providers make the process to submit claims far less cumbersome. These time-wasters are also a (literally) rich target for Biden politically, as you’d be hard-pressed to find someone who hasn’t had gripes about them. It also brings to mind Biden’s calling out companies for “shrinkflation” and the perennial call for the government to tackle the out-of-control number of spam calls reaching our phones. Beyond the consumer protection side of things, I’d argue there’s a worker protection component to these policies, as well. In leveraging the government’s weight against these businesses, Biden is both providing a more equal playing field for purchasers and acting as a relief valve for those workers. Reuters reported Tuesday that she’ll deliver a policy-centered speech this week focused on plans “to lower costs for middle-class families and take on corporate price-gouging.” In doing so, Harris will be able to provide a sharp contrast between the GOP ticket’s dark plans for America and a brighter future — one in which canceling your gym membership no longer feels as taxing as a workout. – This Summarize was created by Neural News AI (V1). Source: https://www.msnbc.com/opinion/msnbc-opinion/joe-biden-business-policy-election-2024-time-is-money-rcna166397