MoneyMatters
On the Money The Skyrocketing Cost of Pet Care
California Seeking To Pass Net Neutrality Legislation
S
tates around the country are rushing to restore the net neutrality rules developed under President Obama and rolled back by the Trump Administration. In California, State Senator Scott Wiener's legislation, SB 822, would restore internet confor safeguards nection Californians that the Federal Communications Commission (FCC) reversed at your expense by shifting the cost from wealthy internet providers to consumers. This is particularly concerning because it hurts those who can least afford an increase in their cable bills, expands the current wealth inequity, and impedes access to technology. “We believe we have a strong argument that California under our police powers has the ability to protect consumers,” said Wiener (D- San Francisco), who sponsored the bill. “This is a comprehensive and aggressive bill in terms of protecting net neutrality. We’re trying to adopt the protections that the FCC abandoned.” According to Fight for the Future, a pro-neutrality advocacy organization, more than 53,000 California residents petitioned their representatives to approve the SB 822. More the 200 small businesses and 60 tech startups also signed petitions urging state legislatures to take action. The bill passed through the senate with a vote of 2312, with ISPs like Comcast, Verizon, and AT&T are fighting aggressively to defeat the measure, spending nearly $1 million during the first quarter to lobby against SB 822 and other bills in California. The bill now advances to the State Assembly, where a vote is expected this fall. Assemblyman Miguel Santiago characterized the net neutrality issue as a way to resist the Trump’s administration policies. “At no time in history, do we need an open and free internet like we need it now. Now more than ever, we need to be able to tell stories and empower people with information that is accurate.” Adding that “denying freedom of information is a direct attack on our democracy, and it’s essential we fight back.” The original goal of "net neutrality" was that internet service providers and governments would treat all data on the internet equally and not discriminate or charge differently based on the user, services, website, application, or device – in other words, it would provide an open internet. The bill has been met with some skepticism though, one of the bill’s provisions would ban popular free data
offers, like streaming movies and music that do not count against data plans. These free data plans, also known as zero-rated plans, are discounts used by millions of consumers to stream popular online content like video or music. Data shows that this act disproportionately hurts poor to middle-income earners who have a significantly higher reliance with their smartphone as their only form of internet access. These consumers will get hit with higher monthly costs when they exceed their data caps, or they’ll have to throttle their own internet use. The problem is that consumers rely on their internet access to get jobs and healthcare information and whether consumers pay an extra $10, $15, or $20 per month, it’s not affordable for many low-income people. This amounts to a regressive tax, which wasn’t in the Obama net neutrality rules. On the positive side, budding entrepreneurs and small businesses with limited financial resources would still be allowed to build an online presence for little to no additional cost, and local governments would be authorized to service and protect their residents. Currently the bill is going through committees in the Senate where controversy has risen around the integrity of the bill in its current state, as lawmakers go back and forth adding and subtracting amendments, which critics say, “weakens the bill.” “The legislative process always has twists and turns,” Wiener commented. “It’s never a completely linear process. All that matters is that we get to the right place.” Lawmakers have since returned to the bargaining table and negotiations have again closed gaping loopholes through which internet service providers could theoretically block web traffic and excise exorbitant fees, aided by Assemblyman Rob Bonta of Oakland and Sen. Kevin de Leon of Los Angeles. Notably, S.B. 822 once again prohibits ISPs from charging unreasonable “access fees” and stops them from congesting web traffic at the point of interconnection. It also prohibits ISPs from enabling companies like AT&T (which now owns CNN) from choosing which online services subscribers can use without impacting their data limits. While significant hurdles have been overcome, a considerable challenge awaits the lawmaker’s efforts to ensure net neutrality for every Californian. “It’s going to be a dogfight,” Wiener says. “Internet service providers, telecoms, cable companies, they are fierce advocates.” He added, “They’re absolutely going to fight us to death on this bill.”
You only need to have a pet to know that the cost of animal health care has soared over the past two decades. Experts say it’s jumped about 60 percent, which is at a faster rate than for humans. According to an annual survey by the American Pet Products Association, Americans spent $15.4 billion on veterinary care in 2015 for anywhere from an average teeth cleaning, that can set an owner back anywhere from $200 to $700 depending on the condition of the dog’s teeth to a simple stomach upset ($268). But that’s just the small stuff. Three days after one woman adopted an adorable six-week old rescue, the pup was diagnosed with Parvo and hospitalized. A week later, the owner was finally able to take the dog home after paying a whopping $1700. Diseases such as Cancer and Diabetes management for dogs can range anywhere from $5,000 to upwards of $30,000 and with an estimated 62% of all American households owning at least one pet,the total American pet industry expenditure in 2017 reached $69.36 billion. That’s up from $66.75 billion in 2016. Why so high? Industry insiders attribute it to rising veterinarian costs (incomes), advanced and more costly medical treatment and then there’s the growing number of owners who consider their pets as members of the family and not property. There is however a limit to what most pet owners will shell out in medical fees before opting to have their pets euthanized. That number was $1704 in 2012. Ironically, the ASPCA estimates that the annual cost of owning a dog now averages as much as $1,843. Listed before are the top ten surgical conditions in dogs and the average cost to treat them.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Benign skin mass -- $999 Skin abscess, inflammation, or pressure ulcer -- $458 Tooth extraction -- $829 Torn cruciate ligament/cartilage -- $2667 Malignant skin mass (cancer) -- $1434 Cancer of the spleen -- $1875 Cancer of the eyelid -- $717 Bladder stones -- $1231 Cancer of the liver -- $8539 Aural hematoma (blood filled ear flap) -- $296
Biz News Briefs Jay-Z, Will Smith and Kevin Durant Invest In Life Insurance Startup
Hip-hop superstar and business mogul Shawn Carter aka Jay-Z is adding another business to his already impressive portfolio of investments. His entertainment company Roc Nation along with the family funds of actors Will Smith, Robert Downey Jr., and recent NBA Champion and Finals MVP Kevin Durant have participated in a new round of funding for the life insurance startup, Ethos, led by one of the world top venture firms, Sequoia Capital, in a total offering worth $11.5 million. Licensed in 49 states, Ethos bills itself as a company that is making life insurance accessible, affordable and simple with its availability to consumers who have college debt, mortgages, spouses and children. Ironically, since 1989, the number of life insurance poli-
cies have dropped 17% nationwide. Whether it’s because no one trusts companies to actually pay out or because Americans are putting their faith in anti aging technologies, people are just not buying life insurance the way that they used to. When potential investors see this type of decline, the assumption is there is room for new companies to come in and provide a better service to the market. Ethos’ aim has been to make the life insurance process much more seamless. Whereas it traditionally takes up to ten weeks to get approved, people can apply and qualify for an Ethos policy after a ten minute application. The platform also provides a non-commissioned licensed agent available to give unbiased guidance, and unlike other life insurance plans, more than 99% of Ethos customers have required not medical exam or blood tests to get a policy. “Life insurance is critical for families, but the process is broken for those who want and need it,” says the companies co-founder, Peter Colis. “We are consumer advocates, intensely focused on expanding life insurance accessibility to the millions of U.S. families who have college debt, mortgages, spouses and children to care for, and who want to be financially empowered to live their lives without worry.” Ethos has already acquired thousands of applicants.
Apple Inks Multi Year Deal With Oprah Winfrey The latest expansion in Oprah Winfrey’s media empire—which already includes the Oprah Winfrey Network (OWN), O Magazine and Harpo Productions (Dr. Phil Show)— is a multi-year content partnership with Apple to create original programming to be released as part of Apple’s content lineup. While Apple’s existing content can be streamed on Apple Music, the new original content will be available either through Apple Music or Apple TV. Apple has already reportedly inked deals with Octavia Spencer, Reese Witherspoon and Steven Spielberg for original programming. According to an Apple news release, the esteemed producer, actress, talk show host, philanthropist and CEO of OWN (one of the fastest growing cable networks among women) ”will create original programs that embrace her incomparable ability to connect with audiences around the world.” The deal will include film, TV and books and Oprah will not only create original programming but is expected to make on camera appearances as well. Some of the new content is expected to become available to Apple’s nearly 50 million subscribers sometime next spring.