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Fearing a Recession, Many Express Misgivings about a Looming Downturn

NNPA NEWSWIRE — “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.

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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 had 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, inflation 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 file 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 Act 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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IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78

NNPA NEWSWIRE — Born on September 4, 1945, in Los Angeles, California, activist Ramona Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

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

Once upon a time, Black Americans were simply known as colored people, or Negroes. That is until Ramona Edelin came along. The activist, renowned for her pivotal roles in advancing civil rights, education reform, and community empowerment, died at her D.C. residence last month at the age of 78. Her death, finally confirmed this week by Barnaby Towns, a communications strategist who collaborated with Dr. Edelin, was attributed to cancer.

Born on September 4, 1945, in Los Angeles, California, Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.

Edelin’s contributions to academia and activism were manifold. She was pivotal in popularizing the term “African American” alongside Rev. Jesse L. Jackson in the late 1980s.

Jackson had announced the preference for “African American,” speaking for summit organizers that included Dr. Edelin. “Just as we were called Colored, but were not that, and then Negro, but not that, to be called Black is just as baseless,” he said, adding that “African American” “has cultural integrity” and “puts us in our proper historical context.”

Later, Edelin told Ebony magazine, “Calling ourselves African Americans is the first step in the cultural offensive,” while linking the name change to a “cultural renaissance” in which Black Americans reconnected with their history and heritage.

“Who are we if we don’t acknowledge our motherland?” she asked later. “When a child in a ghetto calls himself African American, immediately he’s international. You’ve taken him from the ghetto and put him on the globe.”

The HistoryMakers bio noted that Edelin’s academic pursuits led her to found and chair the Department of African American Studies at Northeastern University, where she established herself as a leading voice.

Transitioning from academia to advocacy, Edelin joined the National Urban Coalition in 1977, eventually ascending to president and CEO. During her tenure, she spearheaded initiatives such as the “Say Yes to a Youngster’s Future” program, which provided crucial support in math, science, and technology to youth and teachers of color in urban areas. Her biography noted that Edelin’s efforts extended nationwide through partnerships with organizations like the National Science Foundation and the United States Department of Education.

President Bill Clinton recognized Edelin’s expertise by appointing her to the Presidential Board on Historically Black Colleges and Universities in 1998. She also co-founded and served as treasurer of the Black Leadership Forum, solidifying her standing as a respected leader in African American communities.

Beyond her professional achievements, Edelin dedicated herself to numerous boards and committees, including chairing the District of Columbia Educational Goals 2000 Panel and contributing to the Federal Advisory Committee for the Black Community Crusade for Children.

Throughout her life, Edelin received widespread recognition for her contributions. Ebony magazine honored her as one of the 100 Most Influential Black Americans, and she received prestigious awards such as the Southern Christian Leadership Award for Progressive Leadership and the IBM Community Executive Program Award.

The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

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Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues

NNPA NEWSWIRE — Recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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

Tennessee State University (TSU), the state’s only public historically Black college and university (HBCU), faces a tumultuous future as Gov. Bill Lee dissolved its board, a move supported by racist conservatives and MAGA Republicans in the Tennessee General Assembly, who follow the lead of the twice-impeached, four-times indicted, alleged sexual predator former President Donald Trump. Educators and others have denounced the move as an attack on diversity, equity, and inclusion (DE&I) and a grave setback for higher education.

Critics argue that TSU’s purported financial mismanagement is a manufactured crisis rooted in decades of underinvestment by the state government. They’ve noted that it continues a trend by conservatives and the racist MAGA movement to eliminate opportunities for Blacks in education, corporate America, and the public sector.

Gevin Reynolds, a former speechwriter for Vice President Kamala Harris, emphasizes in an op-ed that TSU’s financial difficulties are not the result of university leadership because a recent audit found no evidence of fraud or malfeasance.

Reynolds noted that the disbanding of TSU’s board is not an isolated incident but part of a broader assault on DE&I initiatives nationwide. Ten states, including Tennessee, have enacted laws banning DE&I policies on college campuses, while governors appointing MAGA loyalists to university trustee positions further undermine efforts to promote inclusivity and equality.

Moreover, recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.

The actions echo historical efforts to suppress Black progress, reminiscent of the violent backlash against gains made during the Reconstruction era. President Joe Biden warned during an appearance in New York last month that Trump desires to bring the nation back to the 18th and 19th centuries – in other words, to see, among other things, African Americans back in the chains of slavery, women subservient to men without any say over their bodies, and all voting rights restricted to white men.

The parallels are stark, with white supremacist ideologies used to justify attacks on Black institutions and disenfranchise marginalized communities, Reynolds argued.

In response to these challenges, advocates stress the urgency of collective action to defend democracy and combat systemic racism. Understanding that attacks on institutions like TSU are symptomatic of broader threats to democratic norms, they call for increased civic engagement and voting at all levels of government.

The actions of people dedicated to upholding the principles of inclusivity, equity, and justice for all will determine the outcome of the ongoing fight for democracy, Reynolds noted. “We are in a war for our democracy, one whose outcome will be determined by every line on every ballot at every precinct,” he stated.

The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

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Braxton Haulcy and the Expansion of Walker|West Music Academy

May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.

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May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …

The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.

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