Obama has upped his campaign game on energy in the past week, while conceding there is little he can do to combat the rising gas prices before November. The president has been advocating an "all of the above" response to gas prices, including pushing more domestic oil production and stricter fuel-efficiency standards.
The White House plans to release guidelines for internet companies to help them protect consumers' privacy today. However, the rules are voluntary, which means the web will likely remain an information free-for-all. The Federal Trade Commission will only police companies who agree to the administration's Consumer Privacy Bill of Rights. The only real incentive for companies to agree to the rules is to boost consumer confidence.
Obama is stealing the spotlight from Mitt Romney—who plans to announce a new economic plan on Friday—by announcing his framework for simplifying the corporate tax code. The White House is asking Congress to lower the top corporate tax rate to 28 percent, while ridding the code of any loopholes and subsidies.
Early today, eurozone finance ministers finally approved the €130 billion rescue package to prevent Greece from defaulting, a move that will hopefully keep the country off the precipice before its bond repayment comes due March 20.
Foxconn Technology—responsible for assembling iPhones, Xbox 360s, and Dell computers—announced a 25 percent pay raise for its employees at Chinese factories on Saturday. News of the raise comes after weeks of increased scrutiny of the working conditions at the plants, which together employ 1.2 million workers who work as much as 14 hours a day. The pay raise comes with a limit on overtime hours. “This is the way capitalism is supposed to work,” said David Autor, a MIT economist, to The New York Times. “As nations develop, wages rise and life theoretically gets better for everyone.