All articles tagged with #hidden costs
The article highlights how poverty incurs hidden costs that make it more expensive to live in a system where everything is costlier for the poor, revealing 25 ways in which being poor is more costly than commonly recognized.
Hertz is selling 20,000 EVs due to high repair costs, serving as a warning about the "hidden" expenses of electric vehicle ownership, including expensive repairs, charging infrastructure, insurance, maintenance, and depreciation. EVs, particularly Teslas, are found to be more costly to repair than gas-powered cars, and charging infrastructure and maintenance can also add to the overall ownership expenses. While federal incentives can make EVs more affordable, potential buyers should consider these hidden costs before making the switch from gas to electric.
The United Nations' Food and Agriculture Organization (FAO) has released a report revealing that the hidden costs of the world's food system amount to $12.7 trillion annually, equivalent to around 10 percent of global GDP. The report highlights the impact on health, society, and the environment embedded in the current food system. The largest hidden costs are associated with diets leading to obesity and non-communicable diseases, followed by environmental impacts. The costs vary significantly between countries, with low-income countries experiencing higher costs related to poverty. The FAO emphasizes the need for government action, individual choices, and responsible behavior from the food industry to address these hidden costs.
California has passed legislation to ban "junk fees," hidden costs that inflate prices for goods and services. The new law, effective from July 1, 2024, prohibits drip pricing and regulates how companies can advertise or display costs. Junk fees, which exceed the actual cost of the service, are estimated to cost Americans at least $29 billion annually. The move comes as the Biden administration also seeks to crack down on these fees, and federal lawmakers introduce a bill to address the issue. Consumer advocates have praised the law, emphasizing the need for transparent pricing information to enable informed purchases.
The true cost of extreme weather events in the US goes beyond the staggering financial figures, with countless hidden costs that are often overlooked. These include mental and physical trauma, environmental damage, and supply-chain disruptions. Rising temperatures and volatile weather patterns are leading to increased healthcare costs, reduced labor productivity, and devastating impacts on industries such as farming. Flooding, the most frequent and costliest natural disaster in the country, has long-lasting effects on communities and individuals. Inaction on climate change will only exacerbate these costs, while taking action to curb emissions and build resilience could create a world where extreme weather events are more manageable.
A TikTok video by a Holiday Inn worker has gone viral, calling out hotel guests who try to sneak snacks. The video shows the worker warning guests that he saw them stealing snacks and that he will charge them to their room. Fellow hotel workers chimed in, with one saying that the snacks cost $42 at their hotel. The parent company of Holiday Inn, IGH Hotels, stated that they expect their employees to represent their brand values positively. Hidden costs at hotels, such as mini bar charges and towel replacement costs, are also mentioned.
Moving to a new home or apartment can be very costly, and many people end up overpaying due to simple mistakes like not being ready when the movers show up or not having clothing in wardrobe boxes. Other hidden expenses that can add up include boarding pets, hiring a cleaning crew, and buying takeout food. To save money, experts recommend purging items you don't need, tracking down free packing materials, and moving during the week instead of a busy weekend.
While government aid and organizations can ease the burden of major losses caused by floods, disaster victims are burdened by small expenses to rebuild their lives. These smaller expenses are often overlooked and rarely reimbursed, even though they can take a significant toll on an individual or family bank account. The costs quickly add up, including expenses for food, hygiene supplies, and pet care, among others. Many families in Kentucky, who were affected by the floods, are struggling to rebuild their lives due to the hidden costs of rebuilding after a flood.