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[David, 01-23-2024, Senate Judiciary Committee, “Questions for the Record from Senator Alex Padilla Senate Judiciary Committee “The Patent Eligibility Restoration Act – Restoring Clarity, Certainty, and Predictability to the U.S. Patent System”,” https://www.judiciary.senate.gov/imo/media/doc/2024-01-23_-_qfr_responses_-_jones.pdf, date accessed, LHG]

How did Alice/Mayo impact patent litigation and how would PERA impact patent

[AON, risk and human capital firm, 7-18-23, AON, “How Current IP Patent Litigation Trends are Changing Risk Exposures,” , accessed: 7-11-24, ES]

1. Lawsuits are Trending Downward

[Julie, 5-6-24, IP Watchdog, “New Data Show There Is a Problem with the U.S. Patent System-But It’s Not Patent Trolls”, , accessed: 7-11-24, AngH]

If the headlines are to be believed, every aspect of American life, from farming to football, is under threat due to excessive patent litigation. While these anecdotes may seem compelling, it is important to look at the underlying data before drawing any conclusions about the state of the U.S. patent system. As an economist and one of the authors of the Federal Trade Commission’s study of patent assertion entities (PAEs), I understand the value data can bring to patent policy debates, and have also seen firsthand the damage evidence-free policymaking has on America’s innovation ecosystem. On World IP Day, Marcum, LLP, a leading accounting and advisory firm, released a report that examines 20 years of patent infringement decisions at U.S. district courts. A careful reading of their report reveals that not only is patent litigation not excessive, but patent owners struggle to enforce their patents against infringers. The report shows that overall patent litigation is declining, injunction grants are low, and litigation by non-practicing entities (NPEs) is not pervasive.

[David Campf, Foreign Policy Association and former communications Director, USAID, 6-16-20, World Politics Review, “How COVID-19 Could Increase the Risk of War,” , accessed 9-22-21]

But that overlooked the ways in which the risk of interstate war was already rising before COVID-19 began to spread. Civil wars were becoming more numerous, lasting longer and attracting more outside involvement, with dangerous consequences for stability in many regions of the world. And the global dynamics most commonly cited to explain the falling incidence of interstate war—democracy, economic prosperity, international cooperation and others—were being upended.

[Elise Labott, Adjunct Professor, School of International Service, American University, “Get Ready for a Spike in Global Unrest,” FOREIGN POLICY, 7—22—21, , accessed 9-22-21]

To call 2021 the summer of discontent would be a severe understatement. From Cuba to South Africa to Colombia to Haiti, often violent protests are sweeping every corner of the globe as angry citizens are taking to the streets.

[Desmond, July 5, 2024, AEIdeas, The Fed Is Blind to Economic Risks, , Accessed July 14, 2024, CT]

History will not judge Jerome Powell’s Federal Reserve kindly. Aside from holding it accountable for a surge in inflation to June 2022’s multi-decade high of 9.1 percent, it will also ask why this year the Fed has stuck to a backward-looking monetary policy of high interest rates when a constellation of major economic risks was in plain sight. History will be particularly harsh if those risks lead to a hard economic landing.

[Damir, July 10 2024, Seeking Alpha, “Powell Warns Of A ‘Two-Sided Risk’, And That’s Bad News”, , Accessed July 14 2024, AMH]

The emergence of the two-sided risk is actually bad news for the stock market.

[David J. Lynch, Yale University, MA in international relations, BA in government, Washington Post Financial writer covering trade and globalization, 6-11-24, Washington Post, “Surprising U.S. economy is powering better global outlook, World Bank says,” https://www.washingtonpost.com/business/2024/06/11/world-bank-us-economy/, accessed: 7-14-24, ES]

Global inflation should ease to 3.5 percent this year, before dropping to 2.9 percent next year. But the decline is proving more gradual than the bank anticipated. And any deterioration that causes monetary authorities to delay cuts in borrowing costs could strip 0.3 percentage points from the forecast growth rates.

[Hal, 1/20/22, Bloomberg, “Inflation’s Biggest Risk Is Geopolitical Unrest”, https://www.bloomberg.com/opinion/articles/2022-01-20/inflation-s-biggest-risk-is-geopolitical-unrest, accessed 7/14/2024, LR]

Inflation isn’t just a domestic problem. Sure, year-on-year inflation hitting 7%, the highest rate in four decades, is threatening to derail Joe Biden’s presidency. As my Bloomberg colleague John Authers has written, the inflationary trend appears broad and durable.

(Sundaram - former economics professor, was United Nations Assistant Secretary-General for Economic Development, and received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought; Popov - former senior economics researcher in the Soviet Union, Russia and the United Nations Secretariat, is now Research Director at the Dialogue of Civilizations Research Institute in Berlin). Jomo Kwame Sundaram and Vladimir Popov. “Economic Crisis Can Trigger World War”, Inter Press Service, February, ,, accessed 7-14-24)

Economic recovery efforts since the 2008-2009 global financial crisis have mainly depended on unconventional monetary policies. As fears rise of yet another international financial crisis, there are growing concerns about the increased possibility of large-scale military conflict.

[ Paul & Peter, 7/11/24, New York Times, “Is America Getting Interest Rates Wrong?”, https://www.nytimes.com/2024/06/11/opinion/interest-rates.html, accessed 7/14/2024, LR]

Coy: I’d like to get into how high interest rates hurt the poor more than the rich. Most upper-income people own houses. Either they own them free and clear or they refinanced their mortgages at 4 percent or less. Lower-income people who are trying to buy for the first time are looking at 7 percent loans. Credit card rates were up to over 21 percent as of February. That hits people who can’t afford to pay off their cards every month. Four-year auto loans were up to 8.5 percent from under 5 percent two years ago. Etc.

[Patricia & Jack, 7-5-24, The New York Times, “Political Unrest Worldwide Is Fueled by High Prices and Huge Debts,” https://www.nytimes.com/2024/07/05/business/global-economy-debt-inequality.html, 7-14-24, LHG]

National elections in more than 60 countries this year have focused attention on the political process, inviting citizens to express their discontent.

[Dame DeAnne, Published Sept 30 2022 Updated Jan 17 2023, Chatham House, “Where might high inflation lead to? Economic warfare”, , Accessed July 14 2024, AMH]

We may be in the foothills of an economic war between the great powers. The deeper ‘no-limits friendship’ proclaimed by Vladimir Putin and Xi Jinping presents a potent threat to an integrated world economy. Despite their chequered history, Russia and China perceive a common enemy in the West and share a resentment of being treated without the respect they feel they deserve.

[Damir, 07/10/2024, Seeking Alpha, “Powell Warns of A 'Two-Sided Risk', And That's Bad Newshttps://seekingalpha.com/article/4703325-jerome-powell-warns-two-sided-risk-that-bad-news, accessed: 07/14/2024, shl]

Fed Chair Powell warns of two-sided risk facing monetary policy: elevated inflation and risk of recession.

[Heather, July 9, 2024, The Washington Post, ‘Opinion-America’s best recession indicator is flashing yellow’, , accessed July 14, 2024, CT]

The best available recession indicator, known as the “Sahm Rule,” holds that when the unemployment rate rises to at least half a percentage point above its low point in the past year, a recession has begun. Today, this indicator is flashing a warning sign for the United States. It doesn’t indicate a recession will definitely happen soon, but it is an important wake-up call, and the Federal Reserve needs to pay attention.

[Heather, July 9, 2024, The Washington Post, ‘Opinion-America’s best recession indicator is flashing yellow’, , accessed July 14, 2024, CT]

The best available recession indicator, known as the “Sahm Rule,” holds that when the unemployment rate rises to at least half a percentage point above its low point in the past year, a recession has begun. Today, this indicator is flashing a warning sign for the United States. It doesn’t indicate a recession will definitely happen soon, but it is an important wake-up call, and the Federal Reserve needs to pay attention.

[Edward Harrison, journalist, 8-2-22, Bloomberg, “Global Recessions Are Made in the USA. The Next One Will Be Too,” , accessed 6-3-23]

What happens in America rarely stays in America — economically-speaking that is. To the degree that the US economy is losing steam, it’s likely to add to pandemic-related supply chain woes and the war in Ukraine in crimping the global economy. In a worst case scenario, it could end in a global recession.

David J. Lynch, Yale University, MA in international relations, BA in government, Washington Post Financial writer covering trade and globalization, 6-11-24, Washington Post, “Surprising U.S. economy is powering better global outlook, World Bank says,” https://www.washingtonpost.com/business/2024/06/11/world-bank-us-economy/, accessed: 7-14-24, ES]

The World Bank, meanwhile, credited “U.S. dynamism” with helping stabilize the global economy, despite the highest interest rates in years and wars in Ukraine and the Middle East. Employers added 272,000 jobs in May, topping analysts’ estimates, the Labor Department reported last week.

[David J. Lynch, Yale University, MA in international relations, BA in government, Washington Post Financial writer covering trade and globalization, 6-11-24, Washington Post, “Surprising U.S. economy is powering better global outlook, World Bank says,” https://www.washingtonpost.com/business/2024/06/11/world-bank-us-economy/, accessed: 7-14-24, ES]

The global economy is in better shape than it was at the start of the year, thanks largely to the performance of the United States, the World Bank said in its latest forecast Tuesday. But the sunnier outlook could cloud over if major central banks — including the Federal Reserve — keep interest rates at elevated levels.

[Nick, 6/7/2024, Wall Street Journal, “Why the Recession Still Isn’t Here”, , Accessed 7/14/24, GDI JK]

Staying strong