Kickstart: The debt ceiling, politics and plastics

With just eight days between now and a potential default by the U.S. government over the debt ceiling, Plastics News Economics Editor Bill Wood says he still expects Republicans and Democrats to find some compromise.

"I can't see the upside for either party [if there's no settlement]," he said during the May 23 Numbers That Matter Live webinar. "I don't see how going into default accomplishes any goals."

A default won't benefit anyone, at least economically, he said, although some in Washington may be more focused on political than economic goals. As a result, it may take every hour between now and June 1 to come up with a plan.

"I think there's a lot of incentive [politically] to take it to the 11th hour, but I don't think there's any incentive to take the country into default — no economic reason," he said.

Failure to raise the debt ceiling likely won't directly impact plastics processors, but it will have a ripple effect as consumers stop shopping for plastic products.

"Plastics does well when the economy does well and it doesn't do well when the economy doesn't do well," he said.

For more on Bill's take on current economic issues, and why he still sees a "viable path" to avoid recession, PN subscribers can see the entire webinar here.

Kraft Heinz Co.'s sliced American cheese is getting a makeover that will include a new film in packaging so that individual slices that are easier to open.

The food giant says the update to its Kraft Singles is intended to improve its connections with Gen Z and millennial shoppers while also addressing a common complaint.

"The individual slices of the cheese product will have a thicker, textured flap to make it easier to find and open without tearing," our sister paper Advertising Age writes.

Kraft leads the market in the processed cheese industry, but after a big increase in sales early in the COVID-19 pandemic — due to consumers reaching for comfort foods — it saw its sales drop 6.6 percent during the one-year period ending in April 2023, Ad Age writes.

When the flag drops to start the Indy 500 race in Indianapolis on May 28, the cars on the oval track will be running on tires made in part with recycled plastics.

Tire maker Bridgestone produced the Firestone Firehawk line of tires for the race using ISCC mass balance certified synthetic rubber made with recycled plastics feedstock.

The tires "will incorporate ISCC recycled-attributed butadiene, a monomer produced with recycled post-consumer plastic waste, to create the synthetic rubber in the tire," Bridgestone said in a news release. "The new monomer will replace the fossil-based monomer and will be supplied by Shell, the race series' official fuel, oil and lubricant sponsor."