What the Increasing National Debt, Deficit Could Mean for You

If you’d like to see a snapshot of what’s going on with national debt versus revenue, check out the U.S. Debt Clock. While there’s a lot moving on one screen, you can take a look at individual blocks to see how much the U.S. takes in via tax revenues compared to what it pays out…

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The Future of Retail Raises More Questions Than Answers

Will we learn to live with less? Some lessons were learned when the U.S. initially closed up shop and told everyone to stay home. For example, we can live without extra-soft, double-ply toilet paper and go a whole weekend without shopping at a store or eating at a restaurant — but we’d rather not. Yet…

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Drug Prices Amid the Coronavirus Pandemic

A study published in May in the Journal of Virus Eradication reported on nine potential medications that could be used to treat the coronavirus. Based on how much these drugs currently cost, researchers projected prices for a generic version. For example, in the case of sofosbuvir (a drug used to treat hepatitis C), the price…

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Health Care: What Lies Ahead

In 1960, the average American spent about $147 a year on health care expenses. In 2017, that number was $10,739. In the ’60s, the health care industry represented 5% of GDP. In 2017, it was nearly 18%.1 Unfortunately, annual incomes have not increased on par with this particular cost of living. As a result, more…

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Post-Pandemic Job Market

It will be interesting to see how the job market fares over the next few months. While millions of workers have been laid off due to the coronavirus pandemic, many of those employers will be reopening and may or may not rehire those let go. Much depends on the direction of the outbreak: If it…

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The Perks and Pitfalls of Self-Employment

Sole proprietors in the U.S. caught a huge break in April. The Paycheck Protection Program, borne out of the economic hardship caused by the COVID-19 pandemic, became available to solo entrepreneurs and independent contractors on April 10, 2020.1 According to a 2017 survey, 36% of U.S. workers are part of the gig economy.2 With so…

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Beware of Coronavirus Scams

After a press conference in which President Trump mentioned scientists were testing the potential of using disinfectants as a coronavirus cure, poison control centers across the country reported a spike in calls. In Maryland alone, the Emergency Management Agency fielded more than 100 calls asking about the president’s suggestion. In less than 24 hours of…

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Where the Banking Industry Stands Today

The Great Recession of 2008 was largely compounded by weaknesses in the U.S. banking system, making it vulnerable to economic and market declines. In an effort to shore up the system, Congress passed the Dodd-Frank Act of 2010, which levied sweeping reforms on the financial sector.1 As a result, the banking system is far stronger…

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How Businesses Can Stay Afloat

Pandemic or not, America’s businesses clearly need a plan to survive an economic downturn. If the owner of a small business has not delegated authority, a health issue affecting the owner could derail that business. The closing of a town’s major employer can drive customers of small businesses out of town to work elsewhere. Damage…

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Ways the Pandemic May Change the Future of Employment

About 8.5% of U.S. households are headed by a self-employed person. While self-employed households tend to earn higher income than salaried households, research shows they also tend to take the biggest hit during an economic downturn.1 The emergence of independent contractors and the gig economy helped make self-employment a more viable option for Americans after…

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