Local economists weigh in on whether the U.S. is headed for a recession or not
Record-high inflation has contributed to surging prices: Rent is up, gas is still a hefty tab and grocery prices make more of a burden, literally, to put food on the table. Adding pressure: the persistent pandemic, and Russia's ongoing war against Ukraine.
But unless you're an economic expert, you may be completely lost when it comes to what's going on with our nation's finances.
Many major corporations, Tesla, Netflix, and JPMorgan Chase included, are cutting jobs or instituting hiring freezes. Facebook is even struggling, reporting its first-ever revenue decline since it went public.
There are whispers that a recession is coming, some claim we're already in one, after the nation's economy shrunk for two consecutive quarters. The Biden administration says there's no recession because the job market is still strong.
One tool to combat inflation is interest rates, controlled by the Federal Reserve, which continues to raise ratesAnd the Federal Reserve continues to raise interest rates in response to rising inflation.
Now, that's about my extent of knowledge of economics. Fortunately, we have some experts here to shed some light ont he current economic climate and speculate on what's coming and, of course, you, who always have such insightful questions.
Later this hour, we'll meet the new head of the YWCA Greater Cleveland, longtime Cleveland advocate, Helen Forbes Fields.
-Ed Knotek, Ph.D., Senior VP and Associate Research Director, Federal Reserve Bank of Cleveland
-Jonathan Ernest, Ph.D., Assistant Professor, Economics Case Western Reserve University
-Bill Kosteas, Ph.D., Economics Professor and Associate Dean, Cleveland State University
-Helen Forbes Fields, President & CEO, YWCA Greater Cleveland