👷‍♂️ Child labor on rise

Plus: DeSantis moves on Disney | Monday, February 27, 2023

Open in app View in browser     Axios Closer By Hope King and Nathan Bomey · Feb 27, 2023 Monday ✅. Today's newsletter is 695 words, a 2½-minute read. 🔔 The dashboard: The S&P 500 closed up 0.3%. Biggest gainer? Union Pacific (+10.1%), the railroad operator, following the announcement that CEO Lance Fritz will step down. Biggest decliner? Dish Network (-8.1%), the TV and wireless company, as it deals with an ongoing service outage.     1 big thing: Child labor incidents rise The Department of Labor released this photo of an unidentified child who was allegedly employed by Packing Sanitation Services at a U.S. meat processing plant. Photo: Department of Labor   Child labor is often dismissed as a problem of the past, but several recent incidents show it's still happening in the U.S. — and the federal government says it's on the rise, Nathan writes. Why it matters: It's illegal to employ kids in certain conditions, in dangerous jobs or for more than a specified amount of time, and research shows it can jeopardize their health and stunt development. Driving the news: The Department of Labor today announced a crackdown after tracking a 69% increase in illegally employed kids since 2018. In the last fiscal year, 835 companies employed more than 3,800 children illegally, it said. Details: A variety of employers in different sectors — from meatpacking to metal stamping plants — have been caught or were accused of employing underage children in recent weeks. Meanwhile, the New York Times reported Saturday that it interviewed "more than 100 migrant child workers in 20 states who described jobs that were grinding them into exhaustion" and feared "they had become trapped." Threat level: The strong job market has put upward pressure on wages and made it difficult for many employers to hire adult workers. Companies guilty of employing underage kids often do so by contracting with a third party to bring in workers, potentially making it easier for them to deny awareness of their employees' ages, Aaron Sojourner, a labor economist at the W.E. Upjohn Institute for Employment Research, tells Axios. Go deeper.     2. Charted: 401(hey!) Data: Fidelity; Chart: Axios Visuals We're about back to where we were five years ago, Nathan writes. By the numbers: The average 401(k) balance was $103,900 at the end of 2022, according to Fidelity. That's only $1,000 more than it was in the first quarter of 2018. The bottom line: The stock market run-up in 2020 and 2021 feels like a distant memory.     3. What's happening 🏰 DeSantis signed a bill to take over Disney World's special district. (Axios) 💊 Pfizer is reportedly in early talks to acquire $30 billion cancer drug developer Seagen. (WSJ) 🧚‍♂️ Even the Tooth Fairy is pulled by inflation. (Axios)     A message from Axios Your personal deals analyst     Axios Pro analyzes every critical deal and trend affecting your industry, sharpening every business decision you'll make this year. Use code PRO100 at checkout to get $100 off your subscription.     4. CFPB's fate in court's hands Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images   The Consumer Financial Protection Bureau — long the ire of conservative lawmakers and business groups — may be facing the most serious challenge yet to its decade-plus existence, Axios' Emily Peck writes. Catch up fast: The CFPB was founded in the wake of the 2008 financial crisis to more closely regulate financial companies' dealings with everyday Americans. Driving the news: The U.S. Supreme Court today said it would take up a case that challenges the agency's funding. The court will look at an October decision from the conservative-leaning U.S. Court of Appeals for the 5th Circuit that held that the CFPB's funding was unconstitutional. Be smart: The CFPB is directly funded by the Federal Reserve and not subject to congressional appropriations. As a financial regulator, this structure is not unique. The FDIC is also not subject to appropriations. The implications: Consumer advocates say a decision upholding this case would invalidate all of the agency's prior rule-making and enforcement actions and jeopardize the funding of other regulators. Go deeper.   Share Axios and earn rewards If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. Be a good friend and share   5. The printer conundrum Ron Livingston, David Herman and Ajay Naidu take their ultimate revenge on their dreaded copy machine/printer in a scene from the 1999 cult classic "Office Space." Photo: Getty Images   Ink cartridges. Paper packages. Bulky electronics — the printer is still the bane of our existence, Nathan writes. Managing, finding or buying a printer comes with its challenges — some of them pure mental obstacles — which is why this Wall Street Journal headline hits home: "No One Wants a Printer, but Everyone Wants to Print." The intrigue: "Much of the world" has moved in a paperless direction, but many, if not most, of us still need a printer from time to time, WSJ reports. But reliable printer access is treated as a luxury for apartment seekers and office-goers, even though new, brand-name printers can be had for less than $100 these days. 💭 Nathan's thought bubble: The real challenge is figuring out which ink cartridge goes with your printer.     6. What they're saying "AMU values free speech. ... But we will never support any commentary rooted in discrimination or hate." — Andrews McMeel Universal chair Hugh Andrews and CEO Andy Sareyan in a joint statement. The media company severed its relationship with "Dilbert" comic strip creator Scott Adams following his racist rant during a livestream of his YouTube show.     A message from Axios Your personal deals analyst     Axios Pro analyzes every critical deal and trend affecting your industry, sharpening every business decision you'll make this year. Use code PRO100 at checkout to get $100 off your subscription.   Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. ✏️ Was this email forwarded to you? Sign up here to get Axios Closer in your inbox. Why stop here? Let's go Pro. Join the thousands of professionals using Axios Pro to keep up with the companies, deals and trends changing their industries.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. 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