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Are We Really in a Recession? 5 Reasons We Are

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5 reasons we are in a recession

The economy is a bit of a mess right now, and there is a lot of debate over the title of what we are going through. Many say we are in a recession, while others are hesitant to use the term. There is a pretty dark connotation associated with the word “recession,” but we can’t let that keep us from the rational discussion.

It is vitally important that we are being straight with ourselves when it comes to the economy. We cannot recover unless we have an accurate picture of where things are now. So, what is the truth? While there are arguments on both sides, today we will argue in the affirmative. So, here are 5 reasons we are in a recession.

1. Textbook Definition

This one is pretty easy– the textbook definition of a recession may imply that we are in one. The typical definition taught to economists is that once the country has seen 2 consecutive quarters of shrinking GDP, we are in a recession. While we are still awaiting the data to prove this is the case, all signs point to that being the truth. The coronavirus pandemic along with the strong and inconsistent responses throughout the country have really thrown the economy into a downward spiral.

While the stock market has seemingly recovered, for the time being, job numbers continue to lag behind. When it comes to production, you need people working in order to grow the economy. There are really not too many ways around a dramatically diminished workforce. So, odds are that we will see those two consecutive quarters of GDP losses.

2. Massive Unemployment

The issues regarding unemployment have been historic in nature. As mentioned above, one of the most significant predictors of economic growth is the size of your workforce. Without people to produce, your overall production is obviously going to hurt. While these titanic unemployment figures are probably temporary, they still spell a certain level of doom for the time being.

3. Federal Reserve Bank of Atlanta Prediction

The Federal Reserve Bank of Atlanta has a pretty upsetting prediction for the U.S. economy. Its shocking figure for a decrease in U.S. GDP is 40 percent. Again, it is important to address the obviously temporary reasoning for this, but it doesn’t make it any less relevant. A 40 percent decrease will be quite the hole for us to dig out of, but it definitely isn’t possible. Luckily, setting that low a bar means that expansion should be not too far behind.

4. National Bureau of Economic Research Declaration

The NBER is an authority when it comes to U.S. economics, and its declaration of a U.S. recession makes it all but official. It marks February 2020 as the peak of U.S. economic activity in regard to the expansion that started in 2009. This means that we have begun a recession, and we will officially be in that recession until we begin to see a consistent expansion of GDP. One can only hope that the next expansion lasts as long as the one before it, and it doesn’t take too long to get there.

5. We Aren’t Alone

The United States is not the only one reeling from this pandemic. Almost every country on the planet has been hit in a major way when it comes to economics. The World Bank states that beginning in 1870, the world has seen 14 global recessions. This one, it predicts, will be a pretty significant one to add to the list. While the U.S. is definitely unique, it would seem we are not exempt from the economic woes that affect the world-at-large.

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8 Helpful Apps to Navigate the Coronavirus

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apps for navigating coronavirus

The coronavirus outbreak has altered the daily lives of the masses. Everything from our finances to our family time have turned into something right out of a sci-fi novel. Navigating this unique situation is challenging, especially for those under stay-at-home orders. Luckily, there are numerous apps that can make it easier. Here’s a look at eight helpful apps to navigate the coronavirus outbreak.

  1. Google News or Apple News

Depending on your smartphone platform, Google News or Apple News can each be a wise addition. They don’t cost a dime and ensure you can follow the latest stories. Additionally, you can view news by categories, giving you the ability to focus on specific kinds of information.

Using these services also enables you to track news from numerous sources. You aren’t limited to a single news outlet or online publisher. At times, this can give users a more holistic view of a given situation, as they can review several perspectives from a single app.

  1. Pocketcasts

If you love podcasts, Pocketcasts makes it easy to keep up with your favorites. All of your audio will be in one place, which is incredibly convenient.

Plus, searching for new-to-you podcasts is also a breeze. You can find newscasts from a variety of major publications, including The New York Times, CNBC, and more. It can be a great way to track new information during times when reading isn’t convenient.

  1. Smiling Mind App To Help Navigate The Coronavirus

For many, the coronavirus pandemic has caused their stress levels to skyrocket. The outbreak fundamentally altered daily life and led to widespread unemployment. All of that increases anxiety.

Smiling Mind is a free app that focuses on mindfulness and stress reduction. It has options that can help adults and children navigate daily stresses with greater ease, including meditations.

  1. Marco Polo

Staying connected with loved ones can be challenging during times like these. With Marco Polo, it can be much easier, especially for those who can’t stop to chat at a moment’s notice. The app allows users to record and send video messages. It’s essentially video-chatting, but not in real-time.

The benefit is that people can see the person and then respond with a video message at their leisure. Additionally, messages can be saved, so you can always go back and rewatch your favorites.

  1. CDC

Yes, the Centers for Disease Control and Prevention (CDC) has its own app. If you want information that can make keeping your family healthy easier, it’s a great option. The content is all scientific, and automatic updates ensure you have access to critical public health information as soon as possible.

  1. Zoom

This quintessential video conferencing software for business is also great for personal use. Setting up private calls is a breeze, and downloading it is completely free. Plus, the group video meetings can support up to 100 participants at once. That’s a ton of capacity.

  1. COVID Symptom Tracker

If you want to help track the spread of the coronavirus, get tips on how to slow it down, or get local area estimates, COVID Symptom Tracker can help you do just that. Plus, you can provide details that can help the healthcare system track the pandemic and prepare, ensuring areas can request the right equipment when it’s needed.

User data gives scientists a leg up in the fight against the coronavirus. Additionally, the information you provide could ensure that others who may be at risk are identified sooner, supporting earlier intervention.

  1. Doctor on Demand

Virtual doctor visits help keep communities safer, reducing the risk to patients, physicians, and others in the local area. Doctor on Demand makes virtual appointments simple. You can get urgent care assistance, emotional support, and care for chronic conditions. Even preventative health concerns can be addressed, all from the comfort of your home.

Doctor on Demand takes a wide variety of insurance. Additionally, those without insurance only pay a $75 flat fee for medical (not including psychiatric) visits.

 

Can you think of any other apps to navigate the coronavirus outbreak? If so, tell us about them in the comments below.

 

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Barnes and Noble Holiday Return Policy

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Barnes and Noble holiday return policy

When holidays come around, everybody struggles over what to buy. Family members and friends want to get you a great gift, but sometimes they miss the mark. When that happens, it is always good to know the return policy at the location they bought it. Barnes and Noble offers more than just books. Many people purchase decorations, toys, and other memorabilia there to give as gifts. With so many different ways to go, maybe your gift-giver didn’t quite nail your taste. If that is the case, here is everything you need to know about the Barnes and Noble Holiday return policy.

The Usual Policy

Before looking at the holiday alterations on it, let’s go over the typical return policy of B&N. First off, anything bought in-store can be returned within 30 days. This qualifies for any physical items including, but not limited to, books, toys, shirts, and board games. Anything that is bought and carried out is eligible. In addition, anything bought on its website, or from its “other seller” list, can also be returned within the same timeframe with proof of purchase (though items from “other sellers” must be returned to the seller from which you bought it). Pretty much the only things that can’t are digital items, as they are too easy to reproduce. These cannot be returned at all and are yours forever.

Holiday Changes

Every holiday is different, and Barnes and Noble does not have any set-in-stone holiday policies. They do, however, have a gift policy. As long as you have a gift receipt, you get an extra 30 days added on to the regular return timeframe. This means that you can return gifts with said receipt up to 60 days after the initial purchase. This helps make up for the time it took the gift to actually make it into your hands. Again, though, this does not apply to digital products. If somebody buys you an e-book, you’re sort of stuck with it (sorry!).

Most of the time, Barnes and Noble will have special holiday policy changes that they create on the fly. Make sure you check out its website to see if they have anything to help you in your situation. With that said, I hope this information helps you pick something you’re going to love. Enjoy!

How Do You Budget With Irregular Income?

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budget with irregular income

Sometimes it feels like the only thing I write about is budgeting. This is something I am extremely proud of. Budgeting is one of the most valuable disciplines one can master in life, and it can bring balance and peace to so many other aspects of life. Some people, though, struggle to get a solid monthly budget plan because they have no idea when or what they will be paid. Commission workers, small business owners, and independent contractors all have widely varying payment schedules and amounts. This can cause stress when coming up with a monthly budget when there is no real solid “monthly income” figure. No need to fret, though; we are here to help. there are ways to strategize and work around this obstacle, and we have some ideas. So, without further adieu, this is you budget with irregular income.

Cost Deduction Method

The Cost Deduction Method is really a fancy name I am using to flip the roles on traditional budgeting. Where your monthly income is usually the anchor to your budget, cost deduction makes your monthly expenses the new focus. Instead of subtracting figure after figure from your monthly total income, you add up your expenses starting with your needs. The way this works in practice is you mark down the bare necessities, and you dedicate all of the money you make to those until your income surpasses them. After which, you check those off. Then, as the income starts to move past those expenses, you move to the traditional strategy of deducting from income, except you use the difference between the cost of your needs and your total income for that month.

Priority List Method

This one is much simpler. The priority list method involves making a list, in descending order from most important to least important, and marking down their costs next to them. As your income comes in, you start to check things off of that list, and you stick to the order. The great thing about this method is that you organize your priorities when you are in a logical and rational mental space. After doing this, it is pretty much on autopilot. You have already decided how you are going to spend your money, and once you have exhausted the list, everything is extra to be saved! This one is similar to the first in the sense that you are using expenses as your anchor point, which takes the stress out of trying to predict what your monthly income will be.

In Summary

Despite the fact that there are only two options here, I really think there is something for everybody. Budgeting should be simple, and these are two very simple ways to get it done. I’m not going to try to make you do financial gymnastics, as that is really the fear assigned to budgeting in the first place. Just pick a method, and let the tools do the work. This will make your finances feel much less unpredictable, and bring a lot more stability in your life.

Want to Save Money on Your Electric Bills? Follow These 3 Tips!

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Want to Save Money on Your Electric Bills Follow These 3 Tips!

Depending on where you live, your electric bill could vary pretty widely. For many in the US, though, it becomes a major burden on a monthly budget. With summer coming down the line, a triple-digit bill in the mail is a reality for a solid portion of the population. With so many looking down the barrel of this issue, it is important to know how to cut these costs without living like a caveman. We don’t want anyone sweating like mad in their living room, and we aren’t gonna have you unplug everything in your place when you aren’t using it. With that said, here are our 3 tips on how to save money on your electric bills:

Get a Smart Thermostat

This one benefits you in two ways. The first is that many electric and gas companies will give bill credits for customers that buy a qualifying smart thermostat. These credits can pay for a substantial amount of the cost incurred by getting the device, and make sure to check how and if your providers participate in this kind of program before buying. The second way is the more obvious one: they are smart. These thermostats give you the ability to change and monitor home temperature from anywhere. They also often use a function that automatically turns off your climate control when you get far from home and turn it back on when you get back inside of the “geofence” radius. All of these functions work in the background to save you money on your electric bills. Not only are smart thermostats convenient, but they also save you some serious cash.

Use Your Windows

Sometimes when your house gets a little stuffy, it is still reasonably comfortable outside. The instinct to hit the thermostat is a strong one, but before you do, pop outside for a second. If it is still pretty nice and cool outside, consider just opening windows and sliders to get some airflow in. Use a fan in or near one of these windows, and see if that does the trick. Oftentimes this will serve the same purpose as the AC without the same hit to the budget. Not only that but it also just feels better to get some fresh air in the home, as stagnant air can often feel far more stuffy and muggy than what comes in from the window.

The “Dark Hour”

A really useful technique, financially and otherwise, is to take an hour every day to turn everything off. If it has to happen at night, a light or two is fine. The point of this time is to get off the screens, shut down all the tech and sit and enjoy your family. If you live alone, take some time to read a book or clean the place up a little bit. Hell, shut off the lights in the bathroom and take a relaxing candle-lit bath and just relax. This can be beneficial in so many different ways, so much so that the financial benefit is really just a bonus. this one is my favorite, as it costs nothing and really helps you connect with yourself and your family.