US Debt Nears $1,000,000 Per American: Where the Money Went and Why It Matters

July 1, 2024 Issue

The US Debt Is Near $1,000,000 Per American: Where the Money Went and Why It Matters

America has a problem: We, as a country, are in a massive money hole. It’s one of many issues the nation is currently facing and attempting to figure out a solution forward. While many nations frequently struggle to maintain balance in a financial standing with lenders and other countries, the United States is facing a staggering number of $1,000,000 worth of debt per citizen. MORE

Source: IMA

US Economic Growth for Last Quarter is Revised Up Slightly to a 1.4% Annual Rate

The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. Consumer spending grew just 1.5%, down from an initial estimate of 2%, in a sign that high interest rates may be taking a toll on the economy. MORE

Source: MN Chamber

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CBO: Deficits And Inflation Higher, But So Is Economic Growth

The fiscal situation has worsened since earlier this year, with spending higher than expected and revenue lower than anticipated, according to the Congressional Budget Office’s latest update of its budget projections. In its semiannual outlook released Tuesday, the CBO now estimates the current fiscal year will end with a deficit of $1.9 trillion — $408 billion or 27 percent more than the $1.5 trillion the agency projected in its February report. And over the next decade, the cumulative deficit also will be higher — $2.1 trillion, or 10 percent more than the agency estimated earlier this year. MORE

Source: Constitution Partners

2024 Exhibitor Booth Registration Continues

All exhibitors who register during the month of June will be assigned a location based on priority points earned via past years of membership and exhibiting.

The initial round of booth placements will be communicated in early July.

Starting July 1st booths will be assigned on a first come first served basis.

Registered exhibitors will receive an email with a link to register your booth staff this month

Visit www.mwfpa.org/convention

Hiring Defied Expectations in May, With 272,000 New Jobs

U.S. job growth burst past expectations last month while the unemployment rate edged up to 4%, presenting a mixed view of a labor market that has generally been cooling without overly troubling most workers. Total nonfarm U.S. jobs increased a seasonally adjusted 272,000 jobs in May, the Labor Department reported on Friday, more than in April and well above the 190,000 that economists had expected. Average hourly earnings also topped forecasts, rising 4.1% from a year earlier. MORE

Source: IMA

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FDA Foods Program Reorganization to Take Effect October 1, 2024

FDA’s proposed reorganization for a new, unified Human Foods Program has been approved by U.S. Health and Human Services and full implementation of the reorganization is set for October1, 2024. The reorganization will combine the functions of the Center for Food Safety and Applied Nutrition, the Office of Food Policy and Response, and key functions from the Office of Regulatory Affairs into one program. MORE

Source: Food NW

The Food and Nutrition Assistance Landscape: Fiscal Year 2023 Annual Report (usda.gov)

The U.S. Department of Agriculture (USDA) administers 16 domestic food and nutrition assistance programs that affect the lives of millions of people and account for roughly two-thirds of USDA’s annual budget. In response to the Coronavirus (COVID-19) pandemic, USDA launched additional temporary programs and implemented numerous policy changes that expanded the scope and coverage of existing programs. Together, these programs contributed to $166.4 billion in spending on food and nutrition assistance programs in fiscal year (FY) 2023 (October 1, 2022–September 30, 2023). This report uses preliminary data from USDA, Food and Nutrition Service (FNS) to examine program trends and policy changes

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in USDA’s largest domestic food and nutrition assistance programs through FY 2023. It also summarizes two 2023 USDA, Economic Research Service (ERS) reports including one that examines the prevalence of household food insecurity in the United States in 2022 and another that documents the share of households with school-aged children reporting that paying for school meals made it difficult to pay for other expenses after pandemic waivers allowing schools to serve free meals expired in 2022.

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Almost All of Wisconsin Could Have Access to Broadband by 2030, PSC Chair Says

The leader of the state Public Service Commission estimates that almost every underserved or unserved area in Wisconsin could have broadband access by 2030, calling that a “conservative estimate.” At a WisPolitics luncheon last Thursday, PSC chair Summer Strand said the agency anticipates rolling out a $1.1 billion federal grant program in early 2025. That money is in addition to the roughly $200 million the state has spent on broadband expansion since 2019, Strand said. MORE

Source: WisPolitics

Ocean Spray Says, "Just Add Cran"

Ocean Spray Cranberries has debuted a campaign featuring a new farmer Johnny character and "Just Add Cran" tagline, which is running across streaming TV, supported by social and in-store media and display and online video. One 15-second spot, "Dating," shows Johnny as a contestant on a dating show obsessed with Craisins, while "Video Call," shows Johnny interrupting a video meeting to tell everyone to "Just Add Cran" with the brand's Cran x Mango and Cran x Pineapple drinks. MORE

Source: CBA

How Conagra Leverages Generative AI

Conagra Brands is fusing IT with business strategy, accelerating decision-making and improving production and marketing outcomes by partnering with Microsoft and Ernst & Young on generative AI projects, shared Tracy Schaefer, chief information officer. MORE

Source: CBA

Lakeside Foods Supports Food Pantries and Feeding Programs

Over the past year, Lakeside Foods has supported community food pantries and regional feeding programs with more than 300,000 pounds of in-kind food donations. In volume, that equates to more than seven semi-truck loads of canned and frozen vegetables and meats. MORE

Source: WMC

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Richard “Dick” Mier Obituary

A friend of the industry passed on the news of Dick Mier’s passing earlier this year to MWFPA. His story is highlighted below.

Richard Daniel Mier (August 16th, 1932-March 18th, 2024) passed away peacefully at the age of 91at the Baldwin Care Center on March 18th, 2024, surrounded by family members. He was born in Rayne, Louisiana on August 16th, 1932, to Camille and Edes Mier. Dick enlisted in the Air Force in 1951 and served 4 years active duty, 4 years reserve and 19 years in the National Guard. When Dick returned from active duty, he enrolled at the University of Southwestern Louisiana, where he earned a bachelor’s degree in Vocational Agriculture.

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After graduating, he used that degree to work under USDA as a commodity grader, going wherever they needed him until eventually landing at Friday canning in 1965 where he put down roots. He and his wife of 64 years, Joy Mier, have lived in New Richmond ever since. MORE