Personal Finance

When to fight back against workplace retaliation

Published

12 months ago

April 11, 2024

In my last column, I asked readers to share their own experiences with retaliation in the workplace after filing complaints.

Rachel from Colorado, who asked to be identified only by her first name, worked as a ski instructor during a gap year before college. Her 32-year-old supervisor quickly shifted from casual conversations and playful teasing to “intense attention.”

“I was not interested in him and made that clear, but it was weird because he was directly in charge of my shifts, my clients, and suggesting me for pay raises,” Rachel said in an email. She filed a report with HR, who said they would deal with the matter.

“All of a sudden I started getting fewer shifts, worse clients and lessons, and [was] excluded from meetings that I had been invited to before,” Rachel said. Because it was a temporary job, Rachel didn’t pursue the matter further. (Note: Even with short-term jobs, sometimes the fight for worker rights is worth it, as a teen lifeguard appearing in this column discovered.)

In online comments, Washington Post reader Autumn Leaves 523 described a situation in which an executive seemingly tried to enlist HR in his retaliation efforts. After the reader rebuffed his increasingly aggressive attempts at flirting, the executive went to HR himself, presumably to preempt a harassment complaint. Not long after that, the reader’s manager started reprimanding Autumn Leaves 523 for humming, misdirecting a package, and other minor or made-up infractions.

“I endured bullying, stalking, micromanagement, fabricated write-ups, etc. for four-and-a-half months until I was [terminated] for ‘insufficient performance,’” the reader said. (Note: Even though this reader hadn’t officially lodged their own complaint with HR, the EEOC says in an FAQ that it’s “unlawful” to retaliate against an employee for “resisting sexual advances.”)

Autumn Leaves 523 hired a lawyer and eventually received a settlement, thanks in part to the raise and good review they had received just before the bogus performance complaints began. But perhaps even more crucial was the name of a woman with whom the executive had had an inappropriate relationship, provided by a workplace ally.

A reader from Canada, who asked to be referred to only as “E” to avoid violating a nondisclosure agreement, said she was in essence demoted and ostracized after returning from disability leave to the media outlet where she worked. When the employer denied her the assignments and duties she previously had, E filed a complaint.

But the mistreatment increased. Management looked the other way when others introduced mistakes into E’s work, excluded her from staff meetings and communications, and abruptly canceled a work trip she had planned. When management said they wanted to conduct a performance review — the first one in her many years at the company — “that’s when I knew they wanted to fire me,” E said in an email. “Even though I was a star employee, [I was] out of favor with the bosses.”

E documented her mistreatment, hired an employment lawyer who helped her obtain a settlement and took a job with a rival company.

You may have noticed a common element in these stories: The workers all left the workplaces where the retaliation occurred. That’s not how it should work in an ideal world, but as many readers pointed out — and as I should have mentioned in my previous column — targets of retaliation usually end up finding other jobs, regardless of how their complaints turn out.

“Reporting [discrimination and retaliation], as this reader did, makes your legal claim stronger,” commented attorney Tom Spiggle of Spiggle Law Firm on LinkedIn. “But that said, truth is, nine times out of ten, your days at your employer are numbered. Best to use it as leverage to get a good severance, then find a better employer.”

Why would people who have done nothing wrong end up being the ones to leave? For one thing, filing a complaint disrupts the status quo — especially if your company takes it seriously. Investigating discrimination complaints usually involves interviews with potential witnesses as well as the accused and accuser, which some readers noted could account for the “chill” that last week’s advice-seeker noticed. Even if the colleagues didn’t hold it against the writer, they could be struggling to remain neutral, with a dampening effect on camaraderie.

Another hard truth is that whistleblowers are treated less often as heroes and more as troublemakers. And, of course, the retaliation itself may work as intended, causing emotional distress that makes it impossible for the target to carry on there even if the harassment ends. As Washington Post online commenter FlordaTransplant put it: “This does not mean you failed to do the right thing. [But the reality] is no one is going to say, ‘Oh, gee thanks.’”

So despite the original advice-seeker’s hope that “all will be resolved through mediation,” resolution doesn’t mean things will return to a better version of the way they were before. Standing up for your rights changes everything, including you. And once you have undergone that change, you may find that a job you thought you loved is no longer a good fit. But there’s always the hope that you will be leaving behind a place that has changed for the better.

Personal Finance

20 items and goods most exposed to price shocks

Published

21 minutes ago

April 4, 2025

Business Finance News

Employees at a clothing factory in Vo Cuong, Bac Ninh province, in Vietnam.

SeongJoon Cho/Bloomberg via Getty Images

The Trump administration’s plan to slap steep tariffs on goods from dozens of countries is expected to spike prices for consumers. Some items, like leather goods, will see a bigger jump than others.

The overall impact on households will vary based on their purchasing habits. But most families — especially lower earners — are likely to feel the pain to some degree, economists said.

According to an analysis by the Budget Lab at Yale University, the average household will lose $3,800 of purchasing power per year as a result of all President Donald Trump‘s tariff policies — and retaliatory trade actions by other nations — announced as of Wednesday.

That’s a “meaningful amount,” said Ernie Tedeschi, the lab’s director of economics and former chief economist at the White House Council of Economic Advisers during the Biden administration.

The analysis doesn’t include the 34% retaliatory tariff China announced Friday on all U.S. exports, set to take effect April 10. The U.S. exported nearly $144 billion worth of goods to China in 2024, the third-largest market for U.S. goods behind Canada and Mexico, according to the Census Bureau.

Clothing prices poised to spike

The garment industry is among the most susceptible to tariff-related price shocks.

Prices for clothing and shoes, gloves and handbags, and wool and silk products will all increase by between 10% and 20% due to the tariffs Trump has so far imposed, according to the Yale Budget Lab analysis. Tedeschi noted that some of these price increases could take 5 years or more to unfold.

Srdjanpav | E+ | Getty Images

The bulk of apparel and shoes sold in the U.S. is manufactured in China, Vietnam, Sri Lanka and Bangladesh, said Denise Green, an associate professor at Cornell University and director of the Cornell Fashion + Textile Collection.

Under the “reciprocal tariffs” Trump announced Wednesday, Chinese imports will face a 34% duty. Goods from Vietnam, Sri Lanka and Bangladesh face tariffs of 46%, 44% and 37%, respectively.

Taking into account the pre-existing tariffs on China totaling 20%, Beijing now faces an effective tariff rate of at least 54%.

“The tariffs are disastrous for the apparel industry worldwide, but especially for smaller countries with highly specialized garment manufacturing,” Green said.

A lot of clothing production has moved overseas over the last 50 years, Tedeschi said, but it’s “very unlikely” clothing and textile manufacturing will return to the U.S. from Asia in the wake of the new tariffs.

“People will still import clothing to a large extent, and they’ll have to eat the price increase,” he said.

Car prices are another pain point

Various Mercedes-Benz vehicles assembled in the “Factory 56” production hall.

Picture Alliance | Picture Alliance | Getty Images

The duties announced Wednesday are on top of other tariffs Trump has imposed since his second inauguration, including duties on automobiles and car parts; copper, steel and aluminum; and certain imports from Canada and Mexico.

The cost of motor vehicles and car parts could swell by over 8% according to the Yale Budget Lab analysis.

Bank of America estimated that new vehicle prices could increase as much as $10,000 if automakers pass the full impact of tariffs on to consumers.

“Rising car prices are already a major pain point for the vast majority of Americans who live in an area where they need a car to get to work, school, their kids’ activities, and medical appointments,” said Erin Witte, director of consumer protection for the Consumer Federation of America.

“These tariffs will make it much worse, and will significantly reduce Americans’ choices about what car they want to buy,” she said.

Tariffs on specific commodities like aluminum and steel affect consumers indirectly, since the materials are used to manufacture a swath of consumer goods.

White House spokesman Kush Desai pushed back on analyses that prices will spike because of Trump’s tariff policy.

“Chicken Little ‘expert’ predictions didn’t quite pan out during President Trump’s first term, and they’re not going to pan out during his second term when President Trump again restores American Greatness from Main Street to Wall Street,” Desai said in an e-mailed statement.

Trump’s second-term tariffs are orders of magnitude larger than his first term, however.

The first Trump administration put tariffs on about $380 billion worth of goods in 2018 and 2019, according to the Tax Foundation. The tariffs so far imposed in Trump’s second term affect more than $2.5 trillion of U.S. imports, it said.

There’s also evidence that the first-term tariffs raised prices for some consumers.

Retail prices for the typical washing machine and clothing dryer rose by about 12% each — about $86 and $92 per unit, respectively — due to 2018 tariffs on imports of washing machines, according to a study by economists at the Federal Reserve Board and University of Chicago. The increased cost to consumers totaled $1.5 billion a year, the study found.

Tariffs are expected to raise the U.S. inflation rate

Economists also expect the overall U.S. inflation rate to jump due to tariffs.

American businesses that import goods from abroad will be the ones on the hook for paying the cost of tariffs, and economists anticipate that companies will pass at least some of those costs on to consumers.

The tariffs are disastrous for the apparel industry worldwide, but especially for smaller countries with highly specialized garment manufacturing.

Denise Green

director of the Cornell Fashion + Textile Collection

An environment of rising prices for foreign goods may give U.S. businesses cover to somewhat raise their prices, too.

As a result, the consumer price index could jump to 4.5% later in 2025, Capital Economics estimated Thursday. That’s up from 2.8% in February, and roughly double the Federal Reserve’s long-term inflation target.

Personal Finance

What to know before trying to ‘buy the dip’ amid tariff sell-off

Published

52 minutes ago

April 4, 2025

Business Finance News

Anchiy | E+ | Getty Images

As the stock market continues to fall, some investors are eager to “buy the dip,” or purchase assets at temporarily lower prices. Financial advisors, however, urge clients to stick with long-term investing plans amid the latest volatility.

U.S. stocks plunged on Thursday after President Donald Trump issued sweeping tariffs on more than 180 countries and territories. The sell-off continued Friday after China unveiled plans to impose a 34% retaliatory tariff on all goods imported from the U.S.

As of Friday afternoon, the Dow Jones Industrial Average was down more than 1,700 points following a 1,679.39 drop on Thursday. Meanwhile, the S&P 500 was off 4.8% after losing 4.84% the previous day. The tech-heavy Nasdaq Composite slid by 4.9% after plummeting 5.97% on Thursday.

If you’re looking for buying opportunities while assets are down, here are some things to consider, according to financial advisors.

Timing the market is ‘impossible’

When asset values fall, there’s often chatter in online communities like Reddit about whether to “buy the dip.” Typically, investors aim to buy at a discount and expect an eventual recovery, which could lead to future gains.

While buying cheaper investments isn’t a bad idea, the strategy can be tricky to execute since, of course, no one can predict stock market moves, experts say.

“We never recommend timing the market, mostly because it is impossible to do without simply getting lucky,” said certified financial planner Eric Roberge, CEO of Beyond Your Hammock in Boston.

Instead, you should “stick to a thoughtful, rules-based investment strategy designed to get you through to your long-term goals,” he said.

Keep a ‘disciplined approach’

When buying assets during a market downturn, you need a “disciplined approach,” according to CFP Jay Spector, co-chief executive officer of EverVest Financial in Scottsdale, Arizona.

For example, some investors linger in cash while waiting for rock-bottom prices. But no one can predict the bottom of the market, experts say.

Waiting on the sidelines can be costly because the best returns can follow the biggest dips, according to research from Bank of America.

Rather than trying to time the bottom, you should consider “dollar-cost averaging,” which systematically invests your money at set intervals, Spector said. The strategy can capture lower prices while reducing risk, he said.

Investing in uncertain times: Here's what investors should know

Personal Finance

As college costs soar, Ivy Leagues boost financial aid packages

Published

4 hours ago

April 4, 2025

Business Finance News

Fstop123 | E+ | Getty Images

While most people agree that a college education is worthwhile, fewer say it’s worth the high cost.

However, as college costs continue to rise, many top schools are responding by offering more generous financial aid packages to ensure affordability for qualified students, with some even covering the entire cost for low-income families.

College tuition has surged by 5.6% a year, on average, since 1983, significantly outpacing other household expenses, a recent study by J.P. Morgan Asset Management found.

For the 2024-25 school year, tuition and fees plus room and board for a four-year private college averaged $58,600, up from $56,390 a year earlier. At four-year, in-state public colleges, it was $24,920, up from $24,080, according to the College Board.

Despite the rising costs, financial aid has not kept pace: Families now shoulder 48% of college expenses with their income and investments, up from 38% a decade ago, J.P. Morgan Asset Management also found.

The new, simplified Free Application for Federal Student Aid form, which first launched in 2023, was meant to improve access by expanding Pell Grant eligibility to provide more financial support to low- and middle-income families.

But even Pell Grants have not kept up with the rising cost of a four-year degree. Currently, the maximum Pell Grant award is $7,395, after notching a $500 increase in the 2023-34 academic year.

“Aid continues to not be enough and that’s the reality,” said Tricia Scarlata, head of education savings at J.P. Morgan Asset Management.

Taking on too much debt was also the No. 1 worry among college-bound students, according to a recent survey by The Princeton Review.

Top colleges expand financial aid awards

This also comes amid President Donald Trump’s plans to dismantle the U.S. Department of Education and transfer the country’s $1.6 trillion student loan portfolio to the Small Business Administration.

“While the federal student loan program is in a state of flux, a lot of students are getting money directly from colleges,” said Eric Greenberg, president of Greenberg Educational Group, a New York-based consulting firm.

Education as a state responsibility: Breaking down President Trump's executive order

To bridge the affordability gap, some of the nation’s top institutions are boosting their financial aid awards to attract top students wary of sky-high college tab.

“There’s a trend of colleges with money using it as opposed to sitting on it,” Greenberg said.

Harvard University was the latest school to announce that it will be tuition free for undergraduates with family incomes of up to $200,000 beginning in the 2025-26 academic year.

Nearly two dozen more schools have also introduced “no-loan” policies, which means student loans are eliminated altogether from their financial aid packages.

Acceptance rates hit all-time lows

Schools with the financial wherewithal to expand their no-loan aid programs are giving students a tremendous benefit, Scarlata said. “I think it’s wonderful — you still have to get into Harvard though.”

Coming out of the pandemic, highly selective colleges and universities experienced a record-breaking increase in applications, according to a report by the Common Application.

Now the acceptance rates at Ivy League schools are near rock bottom. Harvard’s acceptance rate is just under 4%, down from more than 10% two decades ago; at Princeton and Yale, it’s about 5%, down from 12% and 10%, respectively.

“The arms race for financial aid is setting up an extreme crescendo for college admissions,” said Jamie Beaton, co-founder and CEO of Crimson Education, a college consulting firm.

More generous aid packages and tuition-free policies remove the most significant financial barrier to higher education and attract even more applicants, he said — at schools that were already among the most difficult to get into.