Current Events in March 2022

Robinhood, the free stock trading app that rocked the stock market through much of 2021, is offering a new financial product aimed at millennials and others who are new to stock trading.

The company is launching a debit card that gives users the option of rounding up each purchase to the next dollar and depositing the change in an account that goes toward the purchase of an investment asset.

The company said it is introducing the Robinhood Cash Card as a means to help a new generation start investing while they are purchasing the things they need.

“The Cash Card builds on our mission to democratize finance for all by giving debit card customers the same benefits and rewards that were once reserved for credit card holders,” Robinhood wrote in a blog post.

Free stock proved popular

The company’s early efforts to entice young customers appear to have paid off. It recently launched a promotion that awards new account holders with a free share of stock – a promotion that resonated with Eric, of Winston-Salem, N.C.

“I like the fact that you get a free stock, but I would like to see some kind of tutorial or introduction to stocks,” Eric wrote in a ConsumerAffairs review. “For those of us who don't know anything about it but want to try it out. I really don't use it much anymore but it is a good platform to learn on your own without losing a ton of money. Most importantly it's free!!!” 

Jennifer, of Fresno, Calif., told us she thinks Robinhood is a good platform for investors, whether they are new to investing or not.

“What I think the best part is that they tell you whether professional analysts think it’s a good time to buy, hold or sell and what percentage of said analysts think so,” Jennifer wrote in her review. “For that reason, I give it two thumbs up.”

Cryptocurrency is included

Juan, of Astoria, N.Y., is generally pleased with Robinhood’s current offerings, especially information that might help make a good investment decision.

“They also show news about the economy and about the stocks you are buying, which is very helpful for deciding when to buy or sell, but the crypto market is very limited so may not be the right app for people looking for crypto,” Juan wrote.

Juan may be pleased to learn that the new debit card not only allows investments in equities but also in cryptocurrencies. Other benefits include a weekly bonus of 10% to 100% of the accumulated investment cash, capped at $10.

Robinhood gained popularity in early 2021 when stock traders, communicating on Reddit message boards used the app to bid up several beaten-down stocks like Gamestop, AMC, and Hertz.

The moratorium on student loan payments enacted two years ago expires in May. At that point, millions of borrowers will have to resume monthly payments.

But a report by the Federal Reserve Bank of New York raises a cautionary flag. Economists say lifting the moratorium is almost certain to result in a rise in loan delinquencies.

When Congress placed the moratorium on Direct federal loan payments in March 2020, about 37 million borrowers were able to suspend their loan payments. Through next month, the Fed estimates that borrowers have been able to put off about $195 million in payments.

Fed researchers say these borrowers slowed their paydown over the last two years, with very few making voluntary payments on their loans. At the same time, student loan borrowers with loans from banks and private institutions – not covered by the moratorium – struggled to make payments.

‘Borrowers will face rising delinquencies’

The report also found that private student loan borrowers who were not able to suspend their payments generally had trouble paying their bills, with 33% showing higher rates of delinquency on other debt, excluding mortgages, than those who did.

“The difficulties faced by these borrowers in managing their student loans and other debts suggest that Direct borrowers will face rising delinquencies once forbearance ends and payments resume,” the authors write.

The report has produced calls for the moratorium to be extended. The Wall Street Journal reports that the Biden administration is under pressure from Congressional Democrats to extend the moratorium indefinitely. 

Some lawmakers, including Sen. Elizabeth Warren (D-Mass.), have renewed their calls for a portion of federal student loans to be forgiven. They have been joined by Anthony Noto, the CEO of Sofi, a major player in refinancing student loans.

Noto has issued a public appeal to the Biden administration to forgive up to $10,000 in federal student loan debt to help millions of borrowers get out from under a heavy economic burden that could take decades to pay off.

“We need the administration to take a stand,” Noto told Yahoo Finance. “Kicking the can down the road is not currently going to suit all the needs of the American people."

While recent studies have found that blood pressure readings may vary depending on where they’re taken, a new study conducted by researchers from the American Heart Association focused on the risks associated with higher blood pressure when consumers stand up. 

According to their findings, consumers who experience a spike in blood pressure when they go from sitting to standing may have a higher risk of having a heart attack. 

“This finding may warrant starting blood pressure-lowering treatment including medicines earlier in patients with exaggerated blood pressure response to standing,” said researcher Dr. Paolo Palatini. 

Long-term heart attack risk

For the study, the researchers analyzed data from over 1,200 people enrolled in the HARVEST study. This Italy-based dataset started in 1990, and collected information on adults between 18 and 45 who were diagnosed with – but not being treated for – stage 1 hypertension. All of the participants had their blood pressure taken in six positions lying down and six positions standing up. The team then followed their health outcomes over the course of nearly 20 years. 

The researchers found an interesting relationship between blood pressure upon standing and the risk of a heart attack. The study identified a group of participants who experienced a significant increase in systolic blood pressure upon standing; on average, blood pressure shot up 11.4 mm Hg. Participants in this group were nearly twice as likely to have a heart attack despite showing no other cardiovascular-related health concerns at the start of the study. 

“The results of the study confirmed our initial hypothesis – a pronounced increase in blood pressure from lying to standing could be prognostically important in young people with high blood pressure,” Dr. Palatini said. “We were rather surprised that even a relatively small increase in standing blood pressure (6-7 mm Hg) was predictive of major cardiac events in the long run.” 

Aside from this pattern with standing blood pressure, the researchers found that participants in this group showed favorable health outcomes. They had better cholesterol levels than other study participants, exhibited comparable physical activity levels, had no family history of cardiovascular issues, and had healthy BMIs. 

However, the study showed that these participants were more likely to be smokers than those without this sharp uptick in blood pressure upon standing. This group also had higher overall blood pressure readings over the course of 24 hours. 

The researchers hope these findings identify patients who may have a higher risk of serious heart health issues – particularly those who are younger and may not present with any other major cardiovascular risks. 

“The findings suggest that blood pressure upon standing should be measured in order to tailor treatment for patients with high blood pressure, and potentially, a more aggressive approach to lifestyle changes and blood-pressure-lowering therapy may be considered for people with an elevated [hyperreactor] blood pressure response to standing,” Dr. Palatini said. 

A new study conducted by researchers from the University of Vermont explored how exposure to phthalates may affect kids’ long-term health. 

While the chemical is used in many everyday goods -- including perfumes, detergents, and fast food packaging -- the study findings show that exposure to phthalates may also increase children’s risk of cancer. 

“These results add to a growing body of evidence suggesting that these ubiquitous chemicals have a negative impact on human health,” said researcher Thomas Ahern, Ph.D. “Our study characterized phthalate exposure based on prescription fills for phthalate-containing medications. While such exposures are typically much higher magnitude than what we would call ‘background’ environmental exposure, our findings warrant concern.” 

Assessing children’s cancer risk

For the study, the researchers analyzed data from 1.3 million children born in Denmark between 1997 and 2017. They also looked at information from the Danish National Prescription Registry to understand how children were exposed to phthalates through prescriptions both in the womb and during childhood. The team compared both datasets to understand how phthalates affected kids’ cancer risk. 

The study showed that exposure to phthalates during childhood was linked with a 20% higher risk of cancer. The risk of lymphoma was twice as high for those exposed to higher levels of phthalates, and the risk of osteosarcoma was three times as high for those with the highest phthalate exposure. 

The team explained that the chemical significantly affects hormone levels. This can affect the function of several important organs over time, which may increase the risk of childhood cancer. 

“Although more studies are needed, exposure to phthalates has been linked to thyroid, breast, and other solid tumors,” said researcher Frances Carr, Ph.D. “Phthalates, like other plasticizers such as bisphenol A (BPA), are ubiquitous in the environment; age of exposure, as well as chronic low dose exposures, are significant risk factors for adverse health effects.” 

The researchers say the goal now is to work to minimize health risks by limiting kids’ exposure to phthalates. They hope to do more work in this area to better understand which specific chemicals pose the biggest risk to kids’ health. 

“While no direct correlation has been made between phthalates in our region and increased cancer risk, this study highlights the importance of environmental exposures and their relationship to cancer risk,” said researcher Dr. Randall Holcombe. “Ultimately, research like this will lead to a better understanding of how to mitigate the risks of environmental phthalates.” 

Boyd Specialties of Colton, Calif., is recalling approximately 1,634 pounds of ready-to-eat jerky.

The products may be contaminated with Listeria monocytogenes. There have been no confirmed reports of adverse reactions.

A list of the recalled items, produced on February 23, 2022, and bearing establishment number “EST. 40269” inside the USDA mark of inspection, may be found here.

The recalled products were shipped to retail locations in Alabama, California, Connecticut, Michigan, New Jersey, North Carolina, Pennsylvania, and Texas.

What to do

Customers who purchased the recalled products should discard or return them to the place of purchase.

Consumers with questions may contact the firm at (909) 219-5120.

The last two years of the COVID-19 pandemic have completely transformed the U.S. housing market, according to a new report from real estate marketplace Zillow.

Zillow reports that the number of homes for sale continued to fall in February and is now 48% below 2020 levels. Home prices are still rising and are, on average, 32% higher than two years ago.

Meanwhile, rents have accelerated in the last year of the pandemic. Zillow estimates that a one-year lease would cost almost $3,400 more per year than one signed two years ago.

These trends are making it harder for renters to become homeowners, especially since interest rates are also starting to rise. Tabitha Mazzara, director of operations at mortgage lender MBANC, says the lack of available homes is the main driver of prices. She says prices may level off at some point but will not go down over the next six months.

“Although we're seeing a lot of volatility in some sectors of the economy -- gas prices, the stock market -- basic law of supply and demand will preclude any downward trend in home prices,” Mazzara told ConsumerAffairs. “There's a low supply of housing, and ongoing supply chain issues mean that isn't going to be resolved quickly by homebuilders. Further, inflation is raising the price of building materials.”

Real estate investors are doing just fine

While the short-term future may pose challenges for buyers, investors may have never had it so good. People who have invested in real estate since the start of the pandemic have seen the value of their properties appreciate faster than most other assets.

Jawad Nayyar, co-founder of DAO PropTech, a company assisting real estate investors, says investors are well-positioned to weather inflation.

“Asset markets usually have a growth rate higher than the inflation rate over longer periods, so it is a great hedge against inflation over longer periods even in adverse economic conditions,” Nayyar told us. 

‘Rising at unfathomable rates’

Zillow economist Nicole Bachaud agrees that a lack of inventory has been the major force shaping the real estate market over the last two years. She notes that there are roughly 730,000 houses currently for sale in the U.S., compared to 1.4 million in February 2020. 

"We've seen strong demand for homes and prices rising at previously unfathomable rates,” Bachaud said. “A wave of millennial and baby boomer buyers have depleted housing inventory that was never really replenished following the Great Recession."

Looking ahead, Zillow economists expect annual home value growth to continue to accelerate through the spring, peaking at 22% in May before gradually slowing to 17.8% by February 2023. Sales in 2022 are forecast to rise 4.8% above levels in 2021, which would be the best year for sales since 2006.

For buyers, that means moving quickly. When a home is listed for sale, it doesn’t last very long. Zillow estimates that homes now go under contract within 11 days of appearing on the market, six days faster than a year ago.

Okta, an authentication services provider, announced that it has suffered a data breach. The company told Reuters that hackers have already gone as far as posting screenshots of parts of Okta’s internal company environment.

If the hack is real, the snowball effect could be large. Okta claims to serve more than 15,000 brands by securing their digital interactions with consumers and employees. T-Mobile, Albertson’s, FedEx, Sonos, and Nasdaq are all clients of the company -- and those companies are potentially loaded with a cornucopia of personal data.

The hackers appear to be from a group called Lapsus$ – the same extortion group that took responsibility for the Samsung Galaxy breach earlier this month. The group claims that it has had “Superuser/Admin” access to Okta’s systems for more than a month; however, the hackers said their focus was “only on Okta customers.”

In a statement, Chris Hollis, a Senior Manager of Security and Crisis Communications at Okta, said the breach might be related to a previous incident in January that the company previously addressed.

"We believe the screenshots shared online are connected to this January event," he said. "Based on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January.”

Putting consumer’s data security on heightened alert

With the possibility of the Russia-Ukraine conflict spilling over into a cyberattack on Americans and U.S. businesses, President Biden is not leaving anything to chance. In a roundtable discussion with CEOs on Monday, he said one of the tools Russia is most likely to use is cyberattacks. 

“The private sector, all of you, largely decides the protections that we will or will not take in order to protect your sources,” the president warned.

“But let me be absolutely clear about something: It’s not just in your interests that are at stake with their potential use of cybersecurity … the national interest is at stake."

How do consumers protect their data?

Mark Kapczynski of OneRep – a company that assists the public in removing their private data from the web –  says many people use careless internet habits and run the risk of compromising their own privacy.

“Remember that cool site with a giveaway that you gave your personal information to? Well, more than likely they sold it to a larger data aggregator like TransUnion, which pulls in millions of consumer data points and then sells all of our consumer personal information in bulk to these people search sites,” he said.

Kapczynski says consumers should take advantage of different privacy tools to ensure that their personal information stays secure.

“If you are going to share your information online with various sites, use some of the new email and phone number hiding tools within your iPhone, and/or get an email address and phone number that is dedicated only for your online activities and can easily be deleted or discarded. Most importantly, never give out personal data to online sites unless you know them to be trustworthy and respect consumer privacy,” he suggested.

The District of Columbia’s Attorney General, Karl Racine, has filed a lawsuit against Grubhub over allegations that the company offered consumers delivery services from more than 1,000 Washington, D.C., restaurants without getting those restaurants’ consent.

On top of that, Racine claims that Grubhub charged consumers higher prices than what the restaurants did, then misrepresented the number of fees consumers were charged.

If Grubhub had been watching Racine’s previous moves against delivery companies, it likely knew that a lawsuit like this was possible. The attorney general has previously filed lawsuits against DoorDash and Instacart.

He accused DoorDash of misrepresenting how tips paid by consumers would be distributed to couriers. Instacart faced a separate lawsuit over its check-out screen, which Racine claimed was designed to deceive customers about the reasons behind a service fee.

Grubhub responds to lawsuit

In comments emailed to ConsumerAffairs, Grubhub refuted that it defied District of Columbia laws.

“We work hard to support DC restaurants and diners, and we continually review and enhance our operations to better serve them and meet their expectations," a Grubhub spokesperson said. 

“During the past year, we've sought to engage in a constructive dialogue with the DC Attorney General’s office to help them understand our business and to see if there were any areas for improvement. We are disappointed they have moved forward with this lawsuit because our practices have always complied with DC law, and in any event, many of the practices at issue have been discontinued. We will aggressively defend our business in court and look forward to continuing to serve DC restaurants and diners.” 

One of the lines that Racine claims Grubhub crossed was related to a promotion called “Supper for Support” – an offer made to consumers “as a way for them to save money, while at the same time supporting local independent restaurants that had been affected by the decline of business due to the Covid19 pandemic.”

The issue Racine has with the promotion was that it didn’t actually support restaurants at all. In fact, he said the restaurants were responsible for paying Grubhub commissions on the full, non-discounted price of the food total.

The Grubhub spokesperson said the Supper for Support promotion is no longer running but that it did, in fact, do “many things to support residents and restaurants in DC and across the country throughout the pandemic.”

“The terms of the Supper for Support program were clearly disclosed to restaurants, and they could decide if they wanted to participate or not,” Grubhub told ConsumerAffairs.

“In addition, diner-facing promotions for Supper for Support in no way stated or implied that participating restaurants were not financially obligated for the discounts. In promotions moving forward, Grubhub will disclose to diners when a diner promotion is funded by the restaurant.”

COVID-19 ‌tally‌ ‌as‌ ‌‌compiled‌‌ ‌by‌ ‌Johns‌ ‌Hopkins‌ ‌University.‌ ‌(Previous‌ ‌numbers‌ ‌in‌ ‌parentheses.)‌

Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 79,781,016 (79,735,691)

Total‌ ‌U.S.‌ ‌deaths:‌ 972,710 (971,198)

Total‌ ‌global‌ ‌cases:‌ 472,551,124 (470,949,009)

Total ‌global‌ ‌deaths:‌ 6,095,933 (6,078,815)‌

Some experts worry about virus resurgence

There is no denying the numbers. New cases of the coronavirus are down sharply from January’s recent high. At the same time, cases have surged in other countries.

Several health experts have begun to warn that the U.S. could be vulnerable to another wave of the virus, especially since most states have scaled back or eliminated their virus mitigation mandates and their data collection practices.

"Comprehensive case data is critical to an effective response. As we have seen throughout the pandemic, lack of data leads to poor decision making and ultimately costs lives," Dr. John Brownstein, an epidemiologist at Boston Children's Hospital, told ABC News.

Federal COVID-19 funding measure expires today

Last week, Congress failed to reach an agreement on new COVID-19 relief funding, which was included in the budget bill that President Biden signed. That means the program that covers the cost of testing, treatment, and vaccines for individuals without health insurance is coming to an end today. 

The White House said there is no other source of money to keep the program going. After tonight, health care providers will not be able to claim reimbursements after testing or treating someone for COVID-19 who does not have health insurance. 

COVID-19 increases diabetes risk, study finds

Since the beginning of the pandemic, scientists have found that the virus that causes COVID-19 has many quirks. In the latest finding, scientists writing in the journal The Lancet said people who recovered from COVID-19 were 40% more likely to be diagnosed with diabetes.

Most of the new diabetes patients were diagnosed with Type 2 diabetes, not Type 1. The scientists suspect that the virus may trigger an entirely new type of diabetes in which certain cells mistakenly start to raise, rather than lower, blood sugar. 

The researchers conclude that their study just adds to growing evidence of an increased risk among COVID-19 survivors of cardiometabolic conditions, such as diabetes and heart and kidney issues.

Around the nation

• Connecticut: Gov. Ned Lamond reports that his state continues to make improvements in its COVID-19 metrics, recording only 603 new cases last week. The state’s test positivity rate last week was 2.49% and hospitalizations totaled fewer than 100.

• California: Community clinics across California say the state government owes them millions in reimbursements for COVID-19 vaccinations administered to low-income residents. Without the funds, officials at St. John’s Well Child and Family Center in South Los Angeles said they will have to shut down vaccination efforts by April 1.

• Colorado: While Colorado was one of the first states to report a sharp decline in new COVID-19 cases, it is now reporting just the opposite. The state logged just 74 new cases on March 13, the lowest since the first days of the pandemic. But it reported 400 new cases two days later.

• Wisconsin: Even though cases are on the decline across the state, health officials say they will continue to monitor wastewater for increases in the virus. “It can kind of give us a kind of an early peek at what we may be seeing later on, with cases that are diagnosed and reported to public health,” said Dr. Jonathan Meiman or the Wisconsin Department of Health Services.

• Nebraska: Health officials say the number of new cases in Nebraska continues to decline, and an analysis by the Omaha World-Herald shows just how much. The newspaper reports that cases of the virus fell by nearly 50% last week, from 650 to 354, the lowest in nine months.

The three credit reporting agencies – Experian, Equifax, and TransUnion – have announced a change to consumers’ credit reports. All three companies will change the way they report medical debt collection.

If medical debt has been turned over to collections but is later repaid, the debt will be removed from the consumer's credit report. Under current practices, it remains as part of the consumer's credit history.

According to the Kaiser Family Foundation, two-thirds of medical debts are the result of a one-time or short-term medical expense arising from an emergency or sudden medical need. After two years of the COVID-19 pandemic and a detailed review of the prevalence of medical collection debt on credit reports, the credit agencies said they are making changes to help people focus on their personal wellbeing and recovery.

“Medical collections debt often arises from unforeseen medical circumstances. These changes are another step we’re taking together to help people across the United States focus on their financial and personal wellbeing,” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion, in a joint statement. “As an industry, we remain committed to helping drive fair and affordable access to credit for all consumers.”

Widespread issue among consumers

An analysis of reviews posted at ConsumerAffairs shows that medical bills are a persistent source of financial trouble and a major drag on credit scores. In a review of Credit One Bank, Melissa, of Millsboro, Del., told us she was unhappy with the bank’s credit card because of an annual fee. However, she knew canceling it would harm her already damaged credit.

“Unfortunately, my credit is just being rebuilt because of medical bills and I have no choice but to pay the fee and keep the card for now,” she wrote in her review.

Shasta, of SeaTac, Wash., said she was in the same situation when she was unable to raise the limit on her Citi card because her previous 800-plus credit score was in a downward spiral.

“This was also the score range I maintained before losing my job and incurring medical bills beyond my ability to re-pay, resulting in being forced into bankruptcy,” Shasta told us.

Effective July 1

The change in credit reporting at all three agencies will go into effect on July 1, 2022. After that date, paid medical collection debt will no longer be included on consumer credit reports. 

The credit bureaus say they are also taking an additional step. The time period before unpaid medical collection debt would appear on a consumer’s report will now be increased from six months to one year to give them more time to work with insurance and/or health care providers to address their debt before it is reported on their credit file. 

In the first half of 2023, Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $500 on credit reports.

The Consumer Financial Protection Bureau (CFPB) has been critical of the way credit agencies have reported consumers’ medical debt, noting that millions of Americans have unexpectedly been hospitalized for COVID-19 and are taking on debt while they receive needed care. 

CFPB research has shown that Americans have accumulated at least $88 billion in medical bills since June, making medical debt the most common entry on credit credits. Independent research has also shown that medical debt is a major contributor to bankruptcy.

Several studies have highlighted the longevity benefits associated with regular exercise, and now a new study conducted by researchers from the Physiological Society explored other health benefits linked with long-term physical activity. 

According to the findings, consumers who exercised for most of their lives experienced significant improvements to their muscle health. The team found that they were less likely to lose muscle mass and muscle function, and their bodies produced more muscle stem cells; all of these factors are beneficial to long-term muscle regeneration and preventing nerve decay. 

“This is the first study in humans to find that lifelong exercise at a recreational level could delay some detrimental effects of aging,” said researcher Casper Soendenbroe. “Using muscle tissue biopsies, we’ve found positive effects of exercise on the general aging population.” 

Slowing down the aging process

To understand the effect of lifelong exercise, the researchers divided 46 male participants into three groups: elderly sedentary, young sedentary, and elderly lifelong exercise. The researchers analyzed muscle biopsies and blood samples from each of the participants and also had them complete a muscle function test. 

The study showed that those who had exercised for their whole lives had greater muscle health than those who had sedentary lifestyles. Participants who engaged in consistent recreational exercise were less likely to lose muscle mass and muscle function, and they were less likely to experience muscle fatigue. 

The researchers also learned that lifelong exercise helped produce more muscle stem cells, which are important to overall muscle health – especially as consumers age. With more stem cells, the muscles are able to continue growing in older age and are better able to fight off degeneration. Over time, this can also lower the risk of nerve decay. 

It’s important to note that there was no specific kind of exercise that was most successful at boosting participants’ muscle health. Any kind of physical activity proved to be beneficial at slowing the muscular aging process. 

The team hopes these findings encourage consumers to stick with an exercise plan, as there are important long-term benefits to staying active. 

“The single most important message from this study is that even a little exercise seems to go a long way, when it comes to protecting against the age-related decline in muscle function,” Soendenbroe said. “This is an encouraging finding which can hopefully spur more people to engage in an activity that they enjoy. We still have much to learn about the mechanisms and interactions between nerves and muscles and how these change as we age. Our research takes us one step closer.” 

Specialized Bicycle Components of Morgan Hill, Calif., is expanding its earlier recall of Sirrus, Sirrus X, and Sirrus Sport Bicycles with alloy cranks to a total of 55,000 bikes.

The crank arm can disengage and cause the rider to lose control, posing fall and injury hazards.

The firm has received 30 reports involving the crank arm disengaging on model year 2021 or 2022 Sirrus X 3.0 and 4.0 bicycles. No injuries have been reported.

This expanded recall involves model year 2021 and 2022 Specialized Sirrus X 3.0 and 4.0 bicycles. The prior recall involved 2019 and 2020 model year Sirrus, Sirrus X, and Sirrus Sport bicycles.

“Sirrus” or “Sirrus X” is printed on the top tube of the bicycle and the model name (e.g. “3.0”) is written on the seatstay of the bicycle. The bicycles were sold in various colors. A list of the models included in the expanded recall may be found here.

The bicycles, manufactured in Taiwan, were sold at authorized Specialized retailers nationwide and online from July 2020, through March 2022, for between $850 and $1,700.

What to do

Consumers should stop using the recalled bicycles immediately and contact their nearest authorized retailer for a free repair. Specialized Bicycle Components is contacting all known purchasers directly.

Consumers may contact Specialized Bicycle Components at (800) 808-8154 from 8 a.m. to 6 p.m. (MT) Monday through Friday, by email at ridercare@specialized.com, or online for more information.

If you’ve eaten out at a restaurant lately, you may have noticed that there have been some menu changes – particularly with the prices of your favorite foods.

What began with a chicken shortage that came into play when the COVID-19 pandemic hit the U.S. has continued to shift over the last two years. Diners have seen everything from changes to food delivery to growing inflation and supply shortages caused by the war between Russia and Ukraine.

Restaurant Business reports that menu price inflation is at its highest point in 40 years, and it's consumers who are paying the price. According to Mazars’ Food and Beverage Industry Outlook, 78% of companies have passed at least some of their inflation costs on to customers, and 2% were able to pass on 100% or more.

Changing prices and portion sizes

In addition to higher menu prices, consumers are also getting less to eat when they dine out due to smaller portion sizes. For example, the U.S.’ biggest Burger King franchisee has reportedly cut down its portion sizes due to higher costs related to inflation.

“In some cases, restaurants are decreasing the portion size and trying to keep the price the same hoping they can hold out long enough until inflation starts to come back down. Other restaurant groups I’m aware of are just opting to break even or even lose money in the short term hoping that inflation comes back down,” James Philip, founder of growth strategies consultancy firm Daggerfinn, told ConsumerAffairs.

“It’s very tough out there right now. If you’re in the hospitality sector, you’re trying to figure out what to do over the next 6 to 12 months to not go bankrupt while also keeping hold of the customer base that you might’ve spent five or 10 years building,” Philip said.

COVID-19 ‌tally‌ ‌as‌ ‌‌compiled‌‌ ‌by‌ ‌Johns‌ ‌Hopkins‌ ‌University.‌ ‌(Previous‌ ‌numbers‌ ‌in‌ ‌parentheses.)‌

Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 79,735,691 (79,732,549)

Total‌ ‌U.S.‌ ‌deaths:‌ 971,198 (970,116)

Total‌ ‌global‌ ‌cases:‌ 470,949,009 (469,983,184)

Total ‌global‌ ‌deaths:‌ 6,078,815 (6,076,070)‌

FDA to consider second booster shot

The U.S. Food and Drug Administration (FDA) has announced plans to convene its Vaccines and Related Biological Products Advisory Committee on April 6 to consider whether Americans need a second booster shot against COVID-19. Both Moderna and the partnership team of Pfizer and BioNTech made formal applications to the FDA last week.

The agency said the group will discuss considerations for future COVID-19 vaccine booster doses and the process for selecting specific strains of the SARS-CoV-2 virus for COVID-19 vaccines to address. Officials from other federal health agencies will also participate.

"As we prepare for future needs to address COVID-19, prevention in the form of vaccines remains our best defense against the disease and any potentially severe consequences," said Dr. Peter Marks, director of the FDA's Center for Biologics Evaluation and Research. "Now is the time to discuss the need for future boosters as we aim to move forward safely, with COVID-19 becoming a virus like others, such as influenza. 

U.S. 28-day infection rates still falling

For much of the last two years, the U.S. has led the world in the total number of coronavirus cases -- and in fact, it still does. But Johns Hopkins University now ranks nations by the number of cases recorded in the last 28 days. Using that metric, 10 nations are ahead of the U.S with more new cases.

South Korea leads the world in 28-day cases with 7.5 million. Vietnam and Germany are next with 5.1 million cases each.

The U.S. now ranks 11th in the world over the last 28 days, just behind Italy. By the latest count, the U.S. has recorded just 1.2 million cases over the last four weeks. 

Vaccine makers see falling demand, crowded market

Moderna and the partnership team of Pfizer and BioNTech were the first out of the gate with COVID-19 vaccines in the U.S., and they were soon followed by Johnson & Johnson. But that hasn’t stopped other drug manufacturers from working on vaccines of their own.

Novavax and a partnership featuring Sanofi and GSK are the latest to finalize testing of their own vaccines. Meanwhile, millions of Americans have been vaccinated and the virus appears to be in retreat in much of the country.

“We think there’s likely going to be long-term ongoing demand for Covid vaccines, for boosters at least,” Matt Linley, analytics director for Airfinity, a London-based health analytics company, told the medical publication STAT. “But it will be a lot smaller than it is. We believe it’s kind of peaked.”

Around the nation

• Illinois: Federal health officials report that all 102 Illinois counties are listed as having a low level of community transmission. That’s a significant improvement from two weeks ago when one-third of Illinois counties were listed as having a medium or high level of community transmission.

• Massachusetts: While COVID-19 cases and hospitalizations are steadily declining, that’s not the case in the state’s deer population. A federal study has found that the virus is present in about 15% of the state’s whitetail deer population. Deer-to-human transmission has only been confirmed in one case so far.

• Oklahoma: There appears to be a discrepancy in federal and state accounting of Oklahoma nursing home deaths from COVID-19. A comparison of federal data with state health department reports shows that the state has records of 512 fewer deaths, a gap of 27%.

• Utah: In another sign that COVID-19 cases are rapidly declining, the Utah National Guard's COVID-19 Joint Task Force has announced it is ending its support after being on the ground at hospitals around the state for two years. Guard officials say the decision is based on declining needs.

• Virginia: An update from federal health officials shows that only four localities in the state have high enough transmission rates to warrant the continued wearing of masks in indoor public spaces. All four of the regions are in rural Southwest Virginia.

Home mortgage rates have started the week above 4%, making it even more expensive to purchase a home. To compensate, analysts say some buyers are using a risky tactic that helped blow up the housing market more than a decade ago.

Because higher home prices and higher interest rates combine for higher monthly mortgage payments, an increasing number of buyers are foregoing a 30-year fixed-rate mortgage and instead are selecting an adjustable-rate mortgage (ARM). Data firm CoreLogic has shown that the share of mortgages that have adjustable rates rose to 10% in January.

Buyers on the very edge of affordability sometimes select an ARM because the rate is significantly lower than a fixed-rate mortgage, at least at the beginning. While the rate on a 30-year fixed-rate mortgage has risen to over 4%, rates on ARMs can be a full point lower.

ARMs can be attractive because they offer an initial low rate for several years. The term might be as few as three years or as much as 10 years. After that, the rate adjusts about once a year to reflect prevailing rates. If they adjust higher, the monthly payment goes up.

‘Hoping and praying’

Last summer Joyce, of Trinity, Texas, took out an ARM with Finance of America Reverse. She tells us that she was very happy with the experience but has concerns about how high the rate could eventually go.

“I'm hoping and praying that they're not going to rapidly increase the rate and terms because it's an adjustable rate,” Joyce wrote in a ConsumerAffairs review. “It's already gone up once but I'm glad there is a cap. If there had not been the 7% cap, we would not have accepted the mortgage at all.”

And therein lies the concern some housing experts have with ARMs. Until very recently, mortgage rates have been low and stable. As long as that scenario prevails, ARMs carry less risk.

Changing environment

But in a rising interest rate environment, it is hard to predict how high rates might go. Joyce’s loan caps at 7%, but that is probably more than twice the rate she started with.

In the early 2000s, millions of borrowers took out subprime mortgages with low “teaser” rates that quickly escalated to double digits. Because many borrowers couldn’t really afford the low rates to begin with, the increase in monthly payments created a wave of foreclosures that tanked the housing market.

No one is suggesting history is about to repeat itself, but a new generation of homebuyers, too young to remember the 2008 housing crash, should be aware of the pitfalls. Nadia Evangelou, senior economist and director of forecasting at the National Association of Realtors, says buyers should be mindful of borrowing costs.

“While the next few weeks will be unpredictable as markets continue to churn, the outlook is for mortgage rates to rise even higher,” she said in a statement. 

Home shoppers who are considering an ARM might be wise to consult an objective financial adviser who has knowledge of the real estate industry. When shopping for a lender, checking out thousands of verified ConsumerAffairs reviews of mortgage companies will also be helpful.

New car buyers rarely take much notice of the tires that are on a vehicle, as factors like colors and options tend to take precedence. But auto experts say the tires that a manufacturer selects for a vehicle are there for a reason.

“Tires are a highly engineered component of the vehicle, designed to very exact specifications, which influence how that vehicle performs,” said Brent Gruber, senior director of global automotive at J.D. Power. “With tire replacement, there’s a risk of negating some of those key characteristics and product benefits if expert recommendations aren’t utilized.”

In its annual survey of satisfaction with automotive original equipment, J.D. Power concludes that consumers aren’t that satisfied with vehicle tires because they often ignore recommendations by salespeople that would maximize vehicle performance. Instead, they tend to replace their tires with a different brand when it comes time for them to be changed.

“High levels of satisfaction typically yield loyalty, but we’re seeing many owners purchase replacement tires based on a narrow focus, such as solely on appearance or price,” said Gruber.

Brands that stand out

When new car customers do stick with the same kind of tires that came with the vehicle, a few brands stand out. In the luxury segment, customers who stayed with the same brand when it was time to replace their tires often selected Michelin.

On a 1,000-point scale, Michelin scored 830 points with customers. The brand is also popular with people posting reviews at ConsumerAffairs, earning 4 stars in our 5-star rating system. Richard, of Murfreesboro, Tenn., replaced his tires with Michelins and told us the right tires do make a difference.

“Buy the Sports Pilots in whatever size required,” Richard wrote in his review. “Get the lifetime rotate and balance, also the road hazard plan. Drive away. You will think you are in someone else’s car. Tires will last maybe 80k (miles), less with abuse which given the way the handling feels will be difficult not to do.

Goodyear tires were also popular with customers in the J.D. Power survey, finishing second in the luxury category. Goodyear scored 811 points in J.D. Power’s ranking and earned 4.1 stars from ConsumerAffairs reviewers.

“The Goodyear Triple Tread tire has served me well over the last 5 years,” Greg, of Los Alamos, N.M., wrote in his ConsumerAffairs review. “Excellent traction on dry, wet, snow-covered, and icy roads. It's the ONLY tire that's rated by US DOT for ALL 4 seasons.”

Few tire customers follow professional advice

Some other tire brands -- including Pirelli, Firestone, and BFGoodrich -- showed up well in the J.D. Power survey. While the study shows that 36% of respondents believe brand experience is an important criterion for purchasing replacement tires, only 17% of owners said they use the recommendation of experienced sales and service staff.

“It is concerning to see so few owners seek advice from tire sales and service staff, often relying instead on their own experience,” Gruber said. 

Gruber says tire customers appear to be putting themselves at a disadvantage by ignoring how original equipment tires are engineered to enhance their vehicle’s performance and not replacing them with the same type.

A new study conducted by researchers from the University of Texas Health Science Center explored how long children’s natural antibodies last following a COVID-19 infection. According to their findings, kids are likely to have effective antibodies for seven months after testing positive for the virus.

“This is the first study from the Texas CARES survey that includes data from all three time points in the survey,” said researcher Sarah Messiah, Ph.D.

“These findings are important because the information we collected from children infected with COVID-19 didn’t differ at all by whether a child was asymptomatic, severity of symptoms, when they had the virus, were at a healthy weight or had obesity, or by gender. It was the same for everyone.”  

Antibody protection lasts for several months

For the study, the researchers analyzed data from nearly 220 kids between the ages of 5 and 19 enrolled in the Texas CARES study. Participants had their blood drawn at three different points over the course of the study, which the researchers used to measure their antibody levels. 

The study showed that children tested positive for COVID-19 antibodies for several months after infection. More than 95% of the kids involved in the study had strong antibody protection for seven months after testing positive for COVID-19. However, nearly 60% of the participants didn’t have detectable levels of antibodies by the final blood test. 

Although these findings are important to understanding how long kids are likely to have natural antibodies to protect against COVID-19, the study didn’t look at the impact of COVID-19 vaccines. 

“Adult literature shows us that natural infection, plus the vaccine-induced protection, gives you the best defense against COVID-19,” said Dr. Messiah.

“There has been a misunderstanding from some parents who think just because their child has had COVID-19, they are now protected and don’t need to get the vaccine. While our study is encouraging in that some amount of natural antibodies last at least six months in children, we still don’t know the absolute protection threshold. We have a great tool available to give children additional protection by getting their vaccine, so if your child is eligible, take advantage of it.”