October 13th, 2024

Fearing a Recession, Many Express Misgivings about a Looming Downturn

The silver lining now is that, unlike in previous downturns, the Federal Reserve and the U.S. government have already taken action by making critical adjustments to fiscal and monetary policies to regulate economic activity.

By Stacy M. Brown
NNPA Newswire Senior National Correspondent
@StacyBrownMedia

In the past, it hasn’t always been clear when a recession loomed, let alone when it has already begun.
However, the silver lining now is that, unlike in previous downturns, the Federal Reserve and the U.S. government have already taken action by making critical adjustments to fiscal and monetary policies to regulate economic activity.
“The United States currently has certain interim policies and tools, such as automatic stabilizers like the Earned Income Tax Credit and Unemployment Insurance that are automatically triggered to inject funds into the economy and don’t require any government action to take hold in the event of a downturn,” said Mila Garcia, a finance expert, and the founder of iPaydayLoans.
“And while such programs have proven effective, they should have an even stronger effect with congressional action being taken alongside them. So, if a downturn does hit, we can at least expect to be less vulnerable to economic troubles than before,” Garcia stated.
Amid rising inflation and concerns of a looming recession, many have shared their fears and what America should learn from the pandemic-induced economic downturn.
“Given that Americans are struggling to pay their medical bills, inflations is rising quickly at a pace of 9 percent, and gas and food prices are at all-time highs, this subject is one of the most popular and alarming ones for all Americans,” said Rinor Zejna, a digital public relations specialist.
Zejna offered some findings from research regarding bankruptcy in the United States, noting that one in three Americans struggle to pay medical bills and 750,000 files for bankruptcy each year.
“Medical debt is the number one cause of bankruptcies,” Zejna offered. “And 58 percent of Americans live paycheck to paycheck.”
Home sales and building have dropped substantially over the past year, and consumer confidence has fallen to its lowest point since the pandemic’s beginning.
Still, President Joe Biden remains optimistic.
“Coming off last year’s historic economic growth and regaining all the private sector jobs lost during the pandemic, it’s no surprise that the economy is slowing down as the Federal Reserve acts to bring down inflation,” Biden said in a statement.
“But even as we face historic global challenges, we are on the right path, and we will come through this transition stronger and more secure,” the President continued.
He insisted that the job market remains historically strong, with unemployment at 3.6 percent and more than 1 million jobs created alone in the second quarter.
“My economic plan is focused on bringing inflation down without giving up all the economic gains we have made,” Biden asserted.
“Congress has a historic chance to do that by passing the CHIPS and Science Act and Inflation Reduction At without delay.”
Still, corporations have experienced a decline in sales and earnings during recessions and continue to fear what may come.
According to reports, the average U.S. corporation’s after-tax profit margin is around 16 percent.
In traditional recessions, the rate drops down to single digits.
Meanwhile, those corporations are collectively sitting on a record level of over $4 trillion in cash.
“Companies may have raised these funds during the era of easy money and low-interest rates over the past decade,” Vishesh Raisinghani wrote for Yahoo Finance.
“Now, this cash is acting as a buffer and could allow companies to retain staff despite the economic slowdown.”

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October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit www.edwardsforhouston.com

As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.

Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.

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