Current Events in June 2022

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    Cryptocurrency scams are continuing to grow, FTC reports

    The agency says around a quarter of all scammed money now comes from these schemes

    The Federal Trade Commission (FTC) says scammers have become so enthralled with the results of using cryptocurrency as a way to get people’s money that it now accounts for one in every four dollars lost. The agency recently found that the median amount that someone’s been tricked out of using Bitcoin, Tether, and Ether is $2,600.

    For many, the world of cryptocurrency is probably an enigma. The reason many scammers are drawn to it is that there is no bank or centralized authority to flag a suspicious transaction and stop it from being completed. Unlike a credit card charge, cryptocurrency transfers can not be reversed. 

    Many scammers are doubling down by piggybacking their ruse on social media. The FTC says nearly 50% of people who lost cryptocurrency to a scammer since 2021 were tricked by a simple post, ad, or message on a social media platform

    Most of the losses that people reported from social media were investment scams. The agency said $575 million of cryptocurrency scam losses were about bogus investment opportunities since 2021. That's far more than any other fraud type. 

    “The stories people share about these scams describe a perfect storm: false promises of easy money paired with people’s limited crypto understanding and experience. Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto 'investments' go straight to a scammer’s wallet,” the agency wrote in its report. 

    “People report that investment websites and apps let them track the growth of their crypto, but it’s all fake. Some people report making a small ‘test’ withdrawal – just enough to convince them it’s safe to go all in. When they really try to cash out, they’re told to send more crypto for (fake) fees, and they don’t get any of their money back.”

    Spotting cryptocurrency scams

    What are the telltale signs of a cryptocurrency scam? Perhaps one of the most common is a message or pop-up that supposedly comes from a major company or government agency that claims there’s a problem or security breach on a person’s account. They might ask for personal information or suggest transferring money into a cryptocurrency account, but it's all a ruse that's meant to defraud the victim.

    Here are some other things that the FTC says consumers should keep in mind:

    • Beware of offers that seem too good to be true. Know that only scammers guarantee big payouts or fast, easy money. These lies get you to “invest," but you won’t get any of your money back.

    • Don’t mix online dating and investment advice. If a new online love interest wants to show you how to invest in cryptocurrencies, it’s likely a scam.

    • Spot the scammers asking you to send cryptocurrency. Real companies and government agencies will never tell you to buy cryptocurrency to sort out a problem or protect your money.  

    For help spotting cryptocurrency scams, the FTC suggests that consumers check out more of its findings and advice here.

    The Federal Trade Commission (FTC) says scammers have become so enthralled with the results of using cryptocurrency as a way to get people’s money that it...

    Most credit card issuers are failing to meet expectations, survey finds

    Consumers want more digital help to meet growing economic challenges

    There’s no question we are in turbulent economic times. Inflation is at a 40-year high, and shortages of everything from cars to baby formula are keeping consumers on edge. 

    A new survey suggests that consumers expect help from their credit card companies and digital payment apps but don’t feel they are getting it. According to a series of recent studies of bank and credit card mobile apps and online users by J.D. Power, overall satisfaction with most digital channels has declined as usage has increased.

    The studies tracked overall customer satisfaction with banking and credit card providers’ digital offerings. Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, said they reveal a lot of volatility in customer satisfaction scores.

    “Based on their experiences with other consumer apps and websites that anticipate their needs and offer a highly personalized customer experience, bank and credit card customers are expecting more from their digital solutions,” White said. “The tough economic climate has amped up the urgency of those expectations.”

    Decline in financial health

    In less than a year, the percentage of consumers who could be defined as “financially healthy” has dropped 10 percentage points, to 43% from 53%. The percentage of consumers identified as “financially vulnerable” has increased to 32% from 25%. Bank customer satisfaction scores are 113 points lower, on average, among financially vulnerable customers than among financially healthy customers, the survey found.

    Customers appear to be more satisfied with banks’ websites than with their apps. Website satisfaction scores improved slightly, but satisfaction with apps plunged by 17%.

    Among national banks, Capital One ranked the highest in banking mobile app satisfaction, followed by Chase and Wells Fargo. Discover ranked the highest in credit card mobile app satisfaction, followed by American Express.

    ConsumerAffairs reviewers weigh in

    Among consumers posting reviews at ConsumerAffairs, here’s how reviewers generally rate those five companies using our 5-star rating system:

    • Capital One - 3.8 stars
    • American Express - 3.3 stars
    • Wells Fargo - 3.2 stars
    • Chase - 3.0 stars
    • Discover - 3.0 stars

    Nathaniel, of Sayre, Penn., recently posted a ConsumerAffairs review of Capital One that reflects what the JD Power surveys found.

    “I would start by saying Capital one is the best card company out there for the middle-class struggling trying to repair their credit,” Nathaniel told us. “I found them to be the best for me. No annual fee. A little high on the interest side but approved is what we all want. A fresh start. A chance for the hardworking American. I have always been approved when others say sorry.”

    The J.D. Power surveys identified one key area where banks can improve their scores. The authors recommend that banks need to find ways to increase personalization for app users.

    Among retail bank customers who visit their bank’s branch, 73% say they have a personal relationship with that bank. Among those who primarily use the bank’s digital channels, that percentage falls to 53%.

    There’s no question we are in turbulent economic times. Inflation is at a 40-year high, and shortages of everything from cars to baby formula are keeping c...

    Coffee may lower risk of acute kidney problems, study finds

    Researchers are adding to the growing evidence that drinking coffee is good for your health

    Previous studies have already shown that there are some health benefits associated with drinking coffee. Now, a new study conducted by researchers from Johns Hopkins Medicine has discovered an additional health benefit connected to the beverage. 

    According to their findings, coffee drinkers may have a lower risk of developing acute kidney injuries (AKIs) when compared to non-coffee drinkers. 

    “We already know that drinking coffee on a regular basis has been associated with the prevention of chronic and degenerative diseases including type 2 diabetes, cardiovascular disease, and liver disease,” said researcher Dr. Chirag Parikh. “We can now add a possible reduction in AKI risk to the growing list of health benefits for caffeine.” 

    Benefits of drinking coffee

    For the study, the researchers analyzed data from over 14,200 participants between the ages of 45 and 64 who were enrolled in the Atherosclerosis Risk in Communities Study. Participants were surveyed seven times over the course of two and a half decades to determine how many cups of coffee they typically drank each day; the team then tracked the participants’ health outcomes over the course of the study. 

    The team identified a link between coffee consumption and a lower risk of AKIs. Drinking any amount of coffee was associated with a 15% lower risk of kidney injuries. When the team accounted for health factors that may make AKIs more likely -- such as diabetes status, high blood pressure, and high body mass index scores (BMI) -- coffee drinkers still had an 11% lower risk of kidney injuries. 

    “We suspect that the reason for coffee’s impact on AKI risk may be that either biologically active compounds combined with caffeine or just the caffeine itself improves perfusion and oxygen utilization within the kidneys,” said Dr. Parikh. “Good kidney function and tolerance to AKIs is dependent on a steady blood supply and oxygen.” 

    The team plans to do more work in this area to understand how different caffeinated beverages affect consumers’ kidney health and to get a better idea of the precise ways that coffee affects AKIs. 

    “Caffeine has been postulated to inhibit the production of molecules that cause chemical imbalances and the use of too much oxygen in the kidneys,” Dr. Parikh said. “Perhaps caffeine helps the kidneys maintain a more stable system.” 

    Previous studies have already shown that there are some health benefits associated with drinking coffee. Now, a new study conducted by researchers from Joh...

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      President Biden invokes Defense Production Act to bolster U.S. clean energy

      The administration says investing in clean energy will help save consumers money

      President Biden has taken another step in his quest to make the U.S. a leader in clean energy. On Monday, he invoked the Defense Production Act (DPA) in hopes of lowering energy costs, strengthening the power grid, and creating more lucrative jobs.

      “Today’s clean energy technologies are a critical part of the arsenal we must harness to lower energy costs for families, reduce risks to our power grid, and tackle the urgent crisis of a changing climate,” the White House said in an announcement. 

      “Since President Biden took office, the private sector has committed over $100 billion in new private capital to make electric vehicles and batteries in the United States. We have made historic investments in clean hydrogen, nuclear, and other cutting-edge technologies. And companies are investing billions more to grow a new domestic offshore wind industry.”

      What the latest action means for the consumer

      This most recent move follows previous efforts by the administration to create more wind farms and produce more electric vehicle batteries. Biden feels there’s enough positive momentum in Congress’ interest on clean energy investments and tax cuts that his newest effort will create a “bridge'' to an American-made clean energy future.

      The White House said the latest use of the Defense Production Act would rapidly expand American manufacturing of five critical clean energy technologies:

      • Solar panel parts (such as photovoltaic modules and module components)

      • Building insulation

      • Heat pumps

      • Equipment for making and using clean electricity-generated fuels, including electrolyzers, fuel cells, and related platinum group metals

      • Critical power grid infrastructure (like transformers)

      The Biden-Harris Administration said all jobs that come as a result of this move will encourage the use of strong labor standards and make sure all wages are set at or above the prevailing rate and include local hire provisions. 

      What’s to gain vs. what’s to lose

      Biden’s team says his initiatives will lead to more domestic manufacturing, construction projects, and good-paying jobs, all of which will contribute to energy savings for families and a stronger utility grid. 

      In its announcement, the White House said consumers will suffer if Congress fails to pass tax cuts or approve the investments that are necessary to advance U.S. clean energy. 

      “Failing to take these actions would deny consumers access to cost-cutting clean energy options, add risks to our power grid, and stall domestic clean energy construction projects that are critical to tackling the climate crisis,” the administration stated. “At the same time, President Biden will keep using his executive authority to take bold action to build an American-made clean energy future."

      President Biden has taken another step in his quest to make the U.S. a leader in clean energy. On Monday, he invoked the Defense Production Act (DPA) in ho...

      Spanking children increases risk of experiencing future physical abuse, study finds

      Experts are warning parents against spanking their kids to control their behavior

      A new study conducted by researchers from the University of Michigan explored the long-term risks associated with parents spanking their children. According to their findings, children who are spanked may be more likely to become victims of physical abuse. 

      “Nearly one-third of children under five in low- and middle-income countries (LMICs) experience spanking,” the researchers wrote. “Studies from North America suggest that spanking is associated with heightened risk of physical abuse.” 

      Understanding the risks of spanking

      For the study, the researchers analyzed over 156,000 responses to the UNICEF Multiple Indicator Cluster Surveys. All of the children involved in the study were between the ages of 1 and 4, and they came from 56 LMICs around the world. 

      The biggest takeaway from the study was that spanking children was linked with a higher risk of physical abuse. The risk of physical abuse for children who weren’t spanked was under 10%, whereas the risk of physical abuse was 22% for children who were spanked. 

      The team created a hypothetical model of 100 children to better understand the impact that spanking can have on their physical well-being. Based on their findings, approximately 32 of the 100 hypothetical children were spanked; physical abuse would then be prevalent in seven of those 32 children. 

      The team noted that physical abuse would affect four fewer children in the hypothetical model if spanking was eliminated. In the national population, eliminating spanking would lower the risk of physical abuse by over 30%. 

      “Child welfare advocates should discourage caregivers from using spanking, in order to prevent physical abuse,” the researchers wrote. 

      A new study conducted by researchers from the University of Michigan explored the long-term risks associated with parents spanking their children. Accordin...

      Weight loss from bariatric surgery may lower consumers' risk of cancer, study finds

      The procedure is also linked with a lower risk of cancer-related death

      A new study conducted by researchers from Cleveland Clinic explored how consumers’ weight may affect their cancer risk. According to their findings, losing weight following bariatric surgery may lower the risk of developing cancer. 

      “According to the American Cancer Society, obesity is second only to tobacco as a preventable cause of cancer in the United States,” said researcher Dr. Steven Nissen. “This study provides the best possible evidence on the value of intentional weight loss to reduce cancer risk and mortality.” 

      Long-term health benefits

      For the study, the researchers analyzed data from participants enrolled in the Surgical Procedures and Long-term Effectiveness in Neoplastic Disease Incidence and Death (SPLENDID) study. There were over 5,000 adults with obesity who underwent bariatric surgery between 2004 and 2017. The researchers compared those participants' results to outcomes from 25,000 adults with obesity who didn't have the procedure.

      The study showed that weight loss as a result of bariatric surgery was associated with a lower risk of cancer and cancer-related death. Under 3% of the participants who had the procedure and lost weight developed cancer, and less than 1% of the group died as a result of cancer. On the other hand, roughly 5% of the participants who didn’t have the surgery developed cancer, and 1.4% of that group died from cancer. 

      “Patients can lose 20 to 40% of their body weight after surgery, and weight loss can be sustained over decades,” said researcher Dr. Ali Aminian. “The striking findings of this study indicate that the greater the weight loss, the lower the risk of cancer.” 

      Overall, the study identified a nearly 50% lower risk of dying from cancer for participants who underwent bariatric surgery. The team hopes these findings highlight the importance of consumers following a healthy lifestyle in an effort to potentially lower their risk of cancer. 

      “Based on the magnitude of benefit shown in our study, weight loss surgery can be considered in addition to other interventions that can help prevent cancer and reduce mortality,” said researcher Dr. Jame Abraham. “Further research needs to be done to understand the underlying mechanisms responsible for reduced cancer risk following bariatric surgery.” 

      A new study conducted by researchers from Cleveland Clinic explored how consumers’ weight may affect their cancer risk. According to their findings, losing...

      Honda recalls CR-Vs with inaccurate fuel gauges

      The problem could cause drivers to unexpectedly run out of fuel and get into a crash

      American Honda Motor Co. has issued a recall for 212 model year 2020 CR-V vehicles. 

      The company says a clip for the absorber inside the fuel tank was not properly secured and may detach. This could cause an inaccurate fuel gauge reading that results in drivers unexpectedly running out of fuel or stalling, increasing the risk of a crash. 

      What to do

      Honda says dealers will replace the fuel tank in affected vehicles free of charge. Owner notification letters are expected to be mailed on July 5, 2022. 

      Consumers may contact Honda customer service by phone at 1-888-234-2138 for more information. The automaker’s number for this recall is RCB. 

      American Honda Motor Co. has issued a recall for 212 model year 2020 CR-V vehicles. The company says a clip for the absorber inside the fuel tank was n...

      Paul Brothers recalls cheese products due to possible listeria contamination

      The products were produced in early May

      Paris Brothers, Inc., of Kansas City, Missouri, is recalling several specific cheese products listed below because they have the potential to be contaminated with Listeria monocytogenes, an organism that can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. 

      Shipping cartons with the affected product are identified by the lot codes 05042022, 05052022, or 05062022. Individual retail outlets may have relabeled the individual consumer packages as:

      • Cottonwood River Cheddar

      • D'amir Brie Double Crème French Brie

      • Milton Prairie Breeze White Cheddar Style

      • Milton Tomato Garlic Cheddar

      • Paris Brothers Mild Cheddar

      • Paris Brothers Colby Jack

      • Paris Brothers Pepper Jack

      • Cervasi Pecorino Romano

      The products were delivered to wholesalers for distribution in grocery stores in Kansas, Missouri, Arkansas, Iowa, Oklahoma, Nebraska, South Dakota, one store in Mississippi, and one store in Florida.

      Products that were produced between May 4, 2022, and May 6, 2022, are the only products in the recall. It was issued following routine sampling by the FDA, which revealed the presence of Listeria monocytogenes.

      The company said no illnesses have been reported to date. Although healthy people may suffer only short-term symptoms -- such as high fever, severe headache, stiffness, nausea, abdominal pain, and diarrhea -- listeria infections can cause miscarriages and stillbirths among pregnant women.

      Those who have purchased the affected products are encouraged to return them to the place of purchase for a full refund. Consumers with questions may contact the company by phone and ask for the FDA contact, Doug Schnell, at 816-455-4188 Monday through Friday from 8 a.m. to 5 p.m. CST.

      Paris Brothers, Inc., of Kansas City, Missouri, is recalling several specific cheese products listed below because they have the potential to be contaminat...

      Coronavirus update: Getting a booster may increase chance of breakthrough infection, study finds

      The economy added 390,000 jobs in May

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

      Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 84,550,392 (84,449,947)

      Total‌ ‌U.S.‌ ‌deaths:‌ 1,008,063 (1,007,717)

      Total‌ ‌global‌ ‌cases:‌ 531,040,445 (530,832,620)

      Total ‌global‌ ‌deaths:‌ 6,296,853 (6,295,090)‌

      Boosted Americans at risk of breakthrough cases

      Government health officials have urged all eligible Americans who are vaccinated against COVID-19 to get a booster shot. But a new study appears to suggest that people who get the booster shot are more likely to suffer a “breakthrough” coronavirus infection.

      The federal study found that the rate of breakthrough COVID-19 infections in April was worse in boosted Americans when compared to those who were only fully vaccinated. At the same time, the rates of deaths and hospitalizations remained lowest among people who had been boosted.

      In an interview with CBS News, John Moore, a professor of microbiology and immunology at Weill Cornell Medical College, said the Omicron variant and its subvariants seem to be able to easily break through antibody protection and cause infections. However, these cases are mostly mild among the boosted population.

      The economy added 390,000 jobs in May

      Evidence continues to show that the job market is continuing to get stronger as the COVID-19 pandemic fades into the rearview mirror. The Labor Department reports that the U.S. economy added 390,000 jobs last month and that the unemployment rate remained steady at 3.6%, only slightly higher than before the pandemic.

      Travel and leisure businesses saw the strongest job growth in May. Employment in leisure and hospitality increased by 84,000, with about half of those jobs being created at bars and restaurants. However, employment in the industry is still down nearly 8% when compared to before the pandemic.

      Hiring also accelerated in the transportation and warehousing sector, which may be a positive sign for the supply chain. A shortage of truck drivers and warehouse workers during the pandemic has made it harder for stores to keep shelves fully stocked.

      Feds adopt test-to-treat strategy to contain the virus

      When someone tests positive for COVID-19, days may pass before they receive any kind of treatment for the virus. The U.S. government has adopted a test-to-treat strategy that is designed to treat infected Americans immediately.

      The government has set up the first test-to-treat clinic in Providence, R.I., where people can go to be tested; if the test is positive, they receive immediate treatment with an antiviral drug. White House COVID-19 Coordinator Dr. Ashish Jha appeared virtually with Rhode Island Gov. Dan McKee to kick off the program, which will be duplicated in other states.

      “I think it is an innovative idea that Dr. Jha and his team have looked at and Rhode Island is so fortunate to be leading the nation in this effort with vaccines and boosters also being available at these sites,” McKee said.

      Around the nation

      • New York: New York City’s streets weren’t deserted during the pandemic just because of lockdowns. It turns out that a lot of people moved out of the city and the state. Information tracked by the federal government suggests that, while the rate of decline is slowing, more people are continuing to leave or die than are being born or moving into the Big Apple, resulting in a declining population.

      • West Virginia: While older people are most vulnerable to death from COVID-19, the virus can also kill young people. The West Virginia Department of Health and Human Resources (DHHR) reports that a 15-year-old girl from Raleigh County has become the youngest coronavirus-related death so far.

      • South Dakota: New cases resulting from Omicron subvariants have often been fairly mild, but that’s not the case in South Dakota. State health officials report that severe cases resulting in hospitalizations surged over the last week, rising 73%. At the same time, there were no new deaths.

      • Virginia: The state health department reports that 582 COVID-19 patients across the state were hospitalized as of Thursday with confirmed or test-pending cases of COVID-19. That’s down slightly from 588 on Wednesday.

      • Alaska: The Alaska Housing Finance Corporation has announced that nearly 11,000 Alaska households that have been economically impacted by COVID-19 will receive some form of financial aid through the federal Homeowner Assistance program. The program aims to prevent mortgage delinquencies that can turn into foreclosures.

      COVID-19 ‌tally‌ ‌as‌ ‌‌compiled‌‌ ‌by‌ ‌Johns‌ ‌Hopkins‌ ‌University.‌ ‌(Previous‌ ‌numbers‌ ‌in‌ ‌parentheses.)‌Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 84...

      Tropical storm to hit Florida over the weekend as hurricane season begins in earnest

      The CDC is providing consumers with tips on how they can prepare

      It may not matter too much for folks in Nebraska or Nevada, but for people up and down the Atlantic side of the U.S., it’s officially hurricane season.

      Going into the weekend, the National Hurricane Center is predicting that Florida will be hit by a tropical storm on Saturday. That will be followed by a barrage of showers and thunderstorms that analysts say will kickstart above-average hurricane activity for the year. 

      Experts predict that we will see as many as 21 named storms, 10 hurricanes (with winds of more than 74 mph), and as many as six “major” hurricanes (with winds of 111 mph or higher).

      Prepare to hunker down

      It doesn't matter what federal agency you ask; they all say that getting out ahead of a storm is key. Once a storm is imminent, stores, gas stations, and other businesses will be besieged by folks who waited until the last minute to get necessary items. Anything that can be done in advance will put a person in a more advantageous position to escape the storm successfully and safely.

      To help consumers prepare, the Centers for Disease Control and Prevention (CDC) provides a list of essential tips that storm area residents can take to keep them out of harm’s way. Those include: 

      • Phone numbers: Write down emergency phone numbers and keep them on the refrigerator or near every phone in your house. Program them into your cell phone too.

      • Emergency kits: Prepare an emergency supply kit that includes everything from emergency power sources (like flashlights) to personal ID documents. The American Red Cross has suggestions for what the public should put in those kits.

      • Shelters: Locate the nearest storm shelter and know the different routes you can take to get there from your home. If shelter locations in your area have not been identified, learn how to find them in the event of a storm.

      • Pet owners: Pre-identify shelters, a pet-friendly hotel, or an out-of-town friend or relative where you can take your pets in the event of an evacuation. Local animal shelters may be able to offer advice on what to do with your pets if you are asked to evacuate your home. Pet owners should also consider making a separate emergency kit specifically for their pets.

      • Unplug your appliances: Turn off the gas, electricity, and water to your home to prevent additional damage if the storm hits your home.

      • Fill clean water containers with drinking water: Do this in case you lose your water supply during the storm. You can also fill up your sinks and bathtubs with additional water.

      • Clear your yard: Make sure there’s nothing that could blow around during the storm and damage your home. Move bikes, lawn furniture, grills, propane tanks, and building materials inside or under shelter.

      Another suggestion that ConsumerAffairs found is to add some emergency/disaster apps to your phones. Verizon and AT&T have their own lists of suggested apps, and T-Mobile provides "emergency alerts" of its own.

      Beware of scammers after a storm

      The last thing anyone should have to worry about in a disaster situation is someone who's trying to scam them or fleece them for an extra buck or two, but that's the world we live in now. 

      Teresa Murray, who is a consumer watchdog at the U.S. PIRG, says con artists have posed as federal employees, insurance agents, and housing inspectors to steal information and money after past disasters. She also noted that consumers may receive fake flood robocalls that promise victims money in exchange for providing personal information. 

      Murray advises anyone who is in disaster safety mode to ask for appropriate identification from anyone who contacts them.

      "Don’t give out personal information such as Social Security numbers, bank account information, policy numbers or anything else to someone you didn’t contact independently," she suggests. "And don't pay in cash or with a wire transfer or gift card."

      It may not matter too much for folks in Nebraska or Nevada, but for people up and down the Atlantic side of the U.S., it’s officially hurricane season....

      Home inventory levels are rising, industry report shows

      Home buyers suddenly have more choices

      Home prices have posted record gains in recent years, in part because of a lack of homes on the market. But after hitting new record lows earlier this year, a report from Realtor.com suggests that this trend is reversing.

      Housing inventory, which is a measure of available homes for sale, recorded the first year-over-year increase in May since June 2019. Danielle Hale, Realtor.com’s chief economist, says there are probably a couple of reasons for that.

      "Among key factors fueling the inventory comeback are new sellers, who are listing homes at a rate not seen since 2019, as well as moderating demand, with pending listings declining year-over-year in May," Hale said.

      But buyers continue to face headwinds. Despite the increase in available homes and a recent jump in mortgage rates that has made a home purchase less affordable for many, sellers continue to push the envelope when it comes to listing prices.

      The Realtor.com report shows that the median listing price hit an all-time high of $447,000 in May. That’s a 17.6% increase when compared to May 2021.

      Tapping equity to counter inflation

      While these conditions present a challenge for people who hope to purchase a home, it continues to be good news for current homeowners regardless of whether they plan to sell or not. Steve Resch, vice president of Retirement Strategies at Finance of America Reverse, says more homeowners are tapping the equity in their homes as inflation continues to increase the cost of living.

      "Americans are adjusting budgets due to rising costs for food, energy, and just about everything else,” Resch told ConsumerAffairs. “One overlooked asset that could help combat rising costs is real estate, which in many parts of the country, has skyrocketed at rates that far exceed consumer inflation rates. For seniors, who currently control over $10 trillion in home equity, this could be the key to balancing their budgets and safeguarding their retirement plans.”

      Resch says homeowners have several options when it comes to accessing home equity. They could refinance their existing mortgage, though with rising mortgage rates that’s less attractive right now. They can also take out a home equity line of credit.

      “For retirees who intend to stay in their homes for the long term, however, an alternative to traditional financing could also be a reverse mortgage,” Resch said.

      With a reverse mortgage, the borrower doesn’t make payments as long as they live in the home. For tax purposes, Resch says the loan proceeds aren’t considered income.

      “This can go a long way towards balancing a budget and supplementing income," he said.

      Home prices have posted record gains in recent years, in part because of a lack of homes on the market. But after hitting new record lows earlier this year...

      Ford CEO announces plan to shift all electric vehicle sales online at fixed prices

      The executive says non-negotiated prices will become the new standard

      How consumers buy electric vehicles could be in for a big-time evolution if Ford has its wish. In a speech made Thursday at an IBM conference, CEO Jim Farley said his company’s electric vehicles may shift completely away from a showroom and move solely online – and at haggle-free, fixed prices.

      Farley sees Ford moving away from showroom-laden inventories where consumers can browse for vehicles and kick the tires. The only purpose a dealership would serve in his future vision is being the pickup point for people who bought a vehicle online and as a place to go for repairs.

      The world may be watching gas prices, but EVs are already showing up in Ford’s progress reports. In May, the automaker said its battery electric vehicle sales totaled 6,254 for the month, up 222% over last year and growing almost 4 times faster than the overall U.S. electric vehicle segment. The Mustang Mach-E was the hottest seller, with sales up 166% percent over last May. 

      Separating EVs from gas-powered

      Earlier this year, Ford announced plans to spin electric vehicle production into its own auto division so that it could focus on electric vehicle growth while maintaining strength with its gas-powered vehicles. 

      One of Ford’s emphasis points in the EV market is the battery that drives its cars and trucks. It recently announced plans to build a massive battery factory in rural Kentucky. If you count patents as an indicator of progress, Ford and Toyota were last seen leading all of their automaking peers. An example of that is a patent that Ford filed for a removable, range-extending generator that sits in the bed of a pickup, sort of like a toolbox would.

      FordAuthority says the proposed product has everything a vehicle needs – an engine, fuel tank, exhaust system, and electronics – all in one package. It also has a unique feature that would allow a vehicle to be moved autonomously by using a “Following Mode.”

      How consumers buy electric vehicles could be in for a big-time evolution if Ford has his wish. In a speech made Thursday at an IBM conference, CEO Jim Farl...

      Spending a moderate amount of time online may help teens' mental health, study finds

      Being on social media is important for teens to feel connected, but they also need to find the right balance

      A new study conducted by researchers from Trinity College Dublin explored the link between teens’ social media use and their mental health and well-being.

      Their findings showed that spending too much or too little time on social media can be detrimental to well-being. The team says the goal should be for teens to spend a moderate amount of time on these platforms and to tailor it to their schedule. 

      “There is a simple narrative out there that more is worse,” said researcher Richard Layte. “It’s important to emphasize that online engagement is now a normal channel of social participation and non-use has consequences. Our findings also raise the possibility that moderate use is important in today’s digital world and that low levels of engagement carries its own risks. Now the questions for researchers are how much is too much and how little is too little?” 

      Finding the right social media balance

      The researchers analyzed data from over 6,000 teens who were enrolled in the Growing Up in Ireland study; one cohort of participants was 13 years old, and another group was aged between 17 and 18. The participants answered questions about how much time they spent online, what they typically did when they were online, and their social and emotional wellness. 

      Among all of the participants, spending excessive time on social media was detrimental to mental health and well-being. This was true regardless of age, gender, or any history of mental health concerns. However, participants who spent very little time on social media experienced similar dips to their well-being. For female participants, not spending enough time on social media was also likely to increase problems with their friends. 

      “This study is novel in that it considers the importance of both time and online behaviors when examining associations between digital media and mental well-being,” said researcher Dr. Ross Brannigan. “We found clear distinctions between groups spending similar time online, but differing in their behaviors online. This indicates the importance of considering both time and behaviors online, as well as the quality of these behaviors, for example passive compared to active behaviors, or the types of behaviors, such as social, educational, and entertainment.” 

      The study also looked at a group of 13-year-old participants who reported only using social media a moderate amount of time and only for entertainment purposes – not for any type of school work. This was the only group that didn’t experience worsening emotional symptoms as a result of their social media use. 

      “Digital media usage and online usage is a controversial topic when it comes to its effect on mental health, with no real consistency of results overall,” Dr. Brannigan said. “While these results are not causal or deterministic, our findings are an important first step on the path to revealing why these relationships exist. It will now be important to build on these findings and further investigate why digital media engagement may be related to mental well-being.” 

      A new study conducted by researchers from Trinity College Dublin explored the link between teens’ social media use and their mental health and well-being....

      Three grams of omega-3 fatty acids per day may lower blood pressure, study finds

      Experts say consumers with hypertension see the biggest improvements

      A new study conducted by researchers from the American Heart Association explored the effect that omega-3 fatty acids may have on blood pressure. According to their findings, consuming around three grams of either docosahexaenoic acid (DHA) or eicosapentaenoic acid (EHA) per day can lead to better health outcomes.

      “According to our research, the average adult may have modest blood pressure reduction from consuming about three grams of a day of these fatty acids,” said researcher Dr. Xinzhi Li. 

      Improving blood pressure

      The researchers analyzed data from over 70 clinical trials from 1987 through 2020 that explored the link between omega-3s and blood pressure. This included information on more than 5,000 study participants between the ages of 22 and 86; some of them had high blood pressure and others didn’t. 

      The study showed that sticking to two to three grams per day of either DHAs or EHAs was linked with better blood pressure outcomes. Those with healthy blood pressure levels who incorporated this amount on a daily basis were likely to see a small drop in both diastolic and systolic blood pressure readings. 

      However, for those already struggling with high blood pressure, the benefits were even greater. After eating three grams of omega-3s, the high blood pressure group experienced a greater dip in systolic blood pressure. On the other hand, those without hypertension noted a much smaller drop in blood pressure when increasing their DHA or EPA intake. 

      The researchers explained that they want to do more work in this area, as there was no way to distinguish which participants were using omega-3 supplements and which chose to change their diets to incorporate more omega-3s. Regardless, these findings do point to the benefits of the fatty acid. 

      “Our study supports the FDA guidance that EPA and DHA omega-3 fatty acids may reduce the risk of coronary heart disease by lowering high blood pressure, especially among people already diagnosed with hypertension,” Dr. Li said. “However, while our study may add a layer of credible evidence, it does not meet the threshold to make an authorized health claim for omega-3 fatty acids in compliance with FDA regulations.” 

      A new study conducted by researchers from the American Heart Association explored the effect that omega-3 fatty acids may have on blood pressure. According...

      Gas price increases hit the accelerator this week

      The average price jumped 17 cents a gallon

      Motorists found no relief at the gas pump this week. With higher demand because of the Memorial Day weekend and surging oil prices, gas prices are setting daily record highs.

      The AAA daily fuel price survey shows that the national average price of regular gas is a record $4.76 a gallon, an increase of 17 cents over last Friday. That’s about 56 cents a gallon higher than a month ago. The average price of premium gas is $5.39 a gallon, a 14-cent gain over a week ago. The average price of diesel fuel is $5.58, just five cents a gallon higher than last week.

      A handful of states suspended their state gas tax this week, providing residents some immediate relief. Drivers in New York saw the price of regular drop by 11 cents a gallon.

      But in most of the country, prices were moving higher. The statewide average price surged by 37 cents a gallon in Michigan, 31 cents in Illinois, 19 cents in Nebraska, 17 cents in Oklahoma, 15 cents in California and Kansas, 14 cents in Arizona, Arkansas, and Missouri, 13 cents in Nevada, and 10 cents in Oregon.

      On Thursday, GasBuddy’s Patrick DeHaan reported on Twitter that U.S. gasoline inventories had ended May at their lowest level since 2014, suggesting that there will be no letup in pain at the pump.

      States with the most expensive gas

      These states currently have the highest prices for regular gas, according to AAA:

      • California ($6.24)       

      • Hawaii ($5.46)     

      • Nevada ($5.37)  

      • Washington ($5.28) 

      • Oregon ($5.28)   

      • Illinois ($5.27)   

      • Alaska ($5.25)

      • Arizona ($5.06)  

      • Michigan ($4.93) 

      • Indiana ($4.92)      

      States with the cheapest gas

      AAA reports that these states currently have the lowest prices for regular gas:

      • Georgia ($4.20)

      • Mississippi ($4.25)

      • Arkansas ($4.25)       

      • Oklahoma ($4.27)  

      • Kansas ($4.27)   

      • Louisiana ($4.29)  

      • Missouri ($4.31)    

      • South Carolina ($4.31)

      • Nebraska ($4.37)      

      • Tennessee ($4.36)       

      Motorists found no relief at the gas pump this week. With higher demand because of the Memorial Day weekend and surging oil prices, gas prices are setting...

      Communicorp recalls Aflac plush promotional ducks

      The products violate federal phthalates and lead content bans

      Communicorp of Columbus, Ga, is recalling about 600,000 6-inch Aflac plush promotional lifeguard ducks.

      Components of the recalled promotional ducks contain levels of certain phthalates that exceed the federal phthalate content standard. A component of the promotional fishing duck also contains a level of lead that exceeds the federal lead content standard.

      Phthalates and lead are toxic if ingested by young children and can cause adverse health issues. No incidents or injuries have been reported. This recall involves plush ducks that were distributed by Aflac to consumers as a promotional item.

      The six-inch, plush, Aflac promotional ducks include Accident Duck, Business Duck (only with no model number printed on the sewn-in tag are included in this recall), Fishing Duck, Police Duck, PGA Duck, One Day Pay Duck, Heisman Duck, and Lifeguard Duck.

      The plush ducks, sold directly to Aflac employees and licensed agents from February 2009, through March 2021, for between $5 and $8, were distributed as a promotional free giveaway item to customers.

      What to do

      Consumers should immediately stop using and dispose of the recalled plush promotional ducks. Communicorp is contacting Aflac employees and licensed agents who purchased these plush promotional ducks directly.

      Consumers may contact Communicorp online or by phone at (800) 642-3522 from 8 a.m. to 5 p.m. (ET) Monday through Friday for more information.

      Communicorp of Columbus, Ga, is recalling about 600,000 6-inch Aflac plush promotional lifeguard ducks.Components of the recalled promotional ducks con...

      Coronavirus update: Drug firms seek to vaccinate very young children

      Airlines want to end pre-travel testing

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

      Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 84,449,947 (84,218,910)

      Total‌ ‌U.S.‌ ‌deaths:‌ 1,007,719 (1,007,059)

      Total‌ ‌global‌ ‌cases:‌ 531,567,231 (530,201,825)

      Total ‌global‌ ‌deaths:‌ 6,297,253 (6,293,029)‌

      Vaccine approval requested for very young children

      Pfizer and BioNTech say they will ask the U.S. Food and Drug Administration (FDA) to clear their COVID-19 vaccine for children between the ages of six months and four years, the only age group not yet eligible to be vaccinated.

      An FDA advisory committee will consider the request. After analyzing data from clinical trials, it will make a recommendation to the FDA before the end of this month.

      The FDA could give its approval for doses of the vaccine for the age group within days of a positive recommendation from the committee. The Centers for Disease Control and Prevention (CDC) would also need to give the green light, as the agency has done for all other age groups.

      Airlines push for an end to pre-travel testing

      Travel industry officials used a meeting this week at the White House to press the Biden administration to end the requirement that vaccinated international travelers take a COVID-19 test before leaving for U.S. destinations.

      Airline trade group Airlines for America pressed its case, arguing that the requirement no longer matches the current threat from the coronavirus. The group also claimed that the requirement is reducing international travel and hurting the U.S. economy.

      "Quite frankly, the only impact the pre-departure testing requirement is having is a chilling effect on an already fragile economy here in the U.S.," Airlines for America CEO Nick Calio said in a statement.

      Dogs can sniff out COVID-19, researchers say

      When a COVID-19 test isn’t readily available, maybe your dog can tell if you have the virus. It’s not a farfetched idea, researchers say.

      A study published in the journal Plos One presents evidence that dogs can be trained to detect the coronavirus in humans. The dogs tested in the research accurately identified 97% of positive cases after sniffing human sweat samples. Researchers say that’s more accurate than some rapid antigen tests currently in use.

      Previous research has suggested that dogs can detect the presence of some other diseases, such as cancer.

      Around the nation

      • Michigan: State health officials are reporting a sharp drop in new COVID-19 cases. Last week, there were 73 outbreaks, down from 120 the previous week.  But doctors are still concerned about schools.  The Department of Health and Human Services reports that 16 of the outbreaks were at K-12 schools.

      • Ohio: Statistics from the Ohio Department of Health (ODH) show a 22.1% increase in alcohol-related death from 2019 to 2020, and health officials attribute it to the effects of the pandemic. The 2021 numbers are still preliminary, but officials say it appears that the upward trend is continuing.

      • Florida: Cases are rising across the state, driven largely by the proliferating Omicron subvariants. The CDC has placed nine Florida counties — including the Tampa Bay and South Florida regions — in the high risk for COVID-19 transmission category.

      • California: The surge in new COVID-19 cases caused by Omicron subvariants hasn’t resulted in much of an increase in hospitalizations – until now. Health officials say hospitalizations have spiked across the state in the last week; in San Francisco, they have doubled over the course of the last month.

      • Texas: State employment officials report that COVID-19 has increased employee benefit costs. They say the number of workers’ compensation claims reported to the Texas Department of Insurance, Division of Workers’ Compensation (DWC) increased 20% during the first 27 months of the COVID-19 pandemic. Most of the claims involve corrections officers and first responders.

      COVID-19 ‌tally‌ ‌as‌ ‌‌compiled‌‌ ‌by‌ ‌Johns‌ ‌Hopkins‌ ‌University.‌ ‌(Previous‌ ‌numbers‌ ‌in‌ ‌parentheses.)‌Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 84...

      Consumers driving flex-fuel vehicles are paying a lot less to fill up

      But even with record-high gas prices, automotive experts say the alternative fuel has little future

      At gas stations that sell E85 fuel, or flex-fuel, consumers who are filling their tanks may be shocked at the price difference between their purchase and those who are paying for regular or premium fuel. 

      At some stations, the difference between E85 and regular is around 70 cents a gallon, meaning a 20-gallon fillup costs around $14 less. But unless you’re driving a vehicle specifically made for the cheaper fuel, using it can cause engine damage.

      “Flexible Fuel Vehicles (FFV) are very similar to traditional gas-powered vehicles in most ways,” Mia Bevacqua, chief mechanic at CarParts.com, told ConsumerAffairs. “However, the engine management system in an FFV must be designed to monitor the fuel concentration so that engine operating parameters can be adjusted accordingly.”

      Automakers embraced the technology around 2008, the last time gasoline prices hit record highs. With today’s emphasis on electric vehicles, you don’t hear much about the older technology.

      Automakers unlikely to step up production

      Karl Brauer, an executive analyst at iSeeCars.com, says it’s highly unlikely that automakers would pivot to turning out more FFVs, even in today’s record-high fuel price environment. Even if they wanted to, they would encounter more of the same challenges they now face.

      “There’s more technology going on inside the engine compartment than with a standard car and there are more microchips involved, more advanced sensors and technology under the hood,” Brauer told ConsumerAffairs. “Just like electric cars are more difficult to make in this environment because they use more microchips, flex-fuel cars present more challenges to carmakers than traditional vehicles.”

      Bevacqua agrees. While it’s true that the U.S. would be less dependent on oil if more vehicles used E85 fuel, automakers are highly unlikely to move back to the technology.

      “Even though E85 might cost less per gallon than regular gasoline, FFVs tend to have a lower fuel economy rating than traditional vehicles,” she said. “E85 contains less energy than regular gasoline, resulting in higher fuel consumption. In addition, E85 is often derived from corn and other crops, which are valuable food sources.” 

      FFVs in demand

      Bevacqua says cars with electric powertrains will also reduce the country’s dependency on oil but without tapping valuable food sources.

      Consumers can still find FFVs on dealer lots, but the vehicles are likely in demand now and will carry a premium price. In addition to the reduced fuel economy, Brauer says drivers could end up buying a lot of regular gas since the availability of E85 could be an issue.

      “I’m not sure how many stations sell high ethanol fuel,” he said. “Again, it’s probably similar to electric cars when it comes to infrastructure. It’s certainly not going to be as common as standard gas stations.”

      At gas stations that sell E85 fuel, or flex-fuel, consumers who are filling their tanks may be shocked at the price difference between their purchase and t...