Netflix to charge $7 for streaming with ads, ways to improve your credit score, and more business news ICYMI

WASHINGTON (AP) — A small business advocacy group has filed a new lawsuit seeking to block the Biden administration’s efforts to forgive student loan debt for tens of millions of Americans. The suit, filed Monday by the Job Creators Network Foundation, argues the Biden administration violated federal procedures by failing to seek public input on the program. It also argues the program is arbitrary, benefiting some borrowers, but not others. It’s one of a handful of lawsuits filed by conservative business groups, attorneys, and Republican lawmakers in recent weeks as the Biden administration tries to push forward with its plan to cancel billions in debt before November’s midterm elections.

The U.S. Department of Labor is publishing a new proposal on how workers should be classified saying that thousands of people have been incorrectly labeled as contractors rather than employees, potentially curtailing access to benefits and protections they rightfully deserve. The department said Tuesday that misclassifying workers as independent contractors denies those workers protections under federal labor standards, promotes wage theft, allows certain employers to gain an unfair advantage over businesses, and hurts the economy. Shares of major gig companies such as Uber and Lyft plummeted.

NEW YORK (AP) — Credit scores are complicated, so the process of improving them can look different for everyone. Experts have some tips for how you can get started if you need to improve your credit score. The first step is knowing what your score is and what’s showing in your credit report. If you have credit cards, you should use them, but not max them out. If you can’t pay off your card every month, even small payments will help improve your score. And if you don’t have a credit history, you can start safe with secured cards that help you avoid overspending.

WASHINGTON (AP) — Most pets hate visiting the vet. Now it’s becoming a lot more unpleasant for their owners, too. America’s worst bout of inflation in four decades has swollen the cost of your dog or cat’s visit to the animal doctor. Prices for vet services have jumped 10% in the past year, government data shows — the biggest such spike on records dating back two decades. The surging cost of veterinary services illustrates how high inflation has spread well beyond physical goods, such as cars, that became scarce as the economy accelerated out of the pandemic recession, to numerous services of which pet care is one example.

NEW YORK (AP) — Tens of millions of older Americans are about to get what may be the biggest raise of their lifetimes. On Thursday, the U.S. government is set to announce what’s virtually certain to be the largest increase in Social Security benefits in 40 years. The boost is meant to allow beneficiaries to keep up with inflation, and how it’s generated stirs plenty of controversy. Critics say the data used to set the increase doesn’t reflect what older Americans are actually spending. It’s also a one-size-fits-all increase, which means beneficiaries get the same raise regardless of where they live or how big a nest egg they have.

SAN RAMON, Calif. (AP) — Netflix will unveil next month the first version of its video streaming service with ads. The move will give cost-conscious viewers a chance to watch most Netflix shows at a steep discount in exchange for putting up with commercial interruptions. The ad-supported service is scheduled to debut Nov. 3. It comes as Netflix tries to reverse a drop in subscribers. It will cost $7 per month in the U.S. That’s a 55% markdown from Netflix’s most popular $15.50-per-month plan, which doesn’t include ads. The ad option will also be available in 11 other countries. Subscribers choosing the cheaper plan won’t be able to download shows while offline.

WASHINGTON (AP) — What keeps driving inflation so high? The answer, it seems, is nearly everything. Supply chain snarls and parts shortages inflated the cost of factory goods when the economy rocketed out of the pandemic recession two years ago. Then it was a surge in consumer spending fueled by federal stimulus checks. Then Russia’s invasion of Ukraine disrupted gas and food supplies and sent those prices skyward. Since March, the Federal Reserve has been aggressively raising interest rates to try to cool the price spikes. So far, there’s little sign of progress. Thursday’s report on consumer prices in September came in hotter than expected.