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Michigan Chronicle

Vol. 85 – No. 28 | March 16-22, 2022

Powered by Real Times Media | michiganchronicle.com

Michigan Chronicle Expands Its Pancakes & Politics “Overdrive” Series By Sherri Kolade The Michigan Chronicle’s Pancakes & Politics season is here with not only a four-part event series (April-June) highlighting business, political, and economic issues concerning Detroit and Michigan, but this season the brand is kicking things up a notch and going into “overdrive.” This year, Pancakes & Politics is deepening its reach even more by expanding its “Overdrive” series that was introduce last year. “Overdrive” will cover engaging, diverse topics throughout the year. The 2022 Michigan Chronicle’s Pancakes & Politics season digital element (sponsored by Business Leaders for Michigan) will bring special guests inside the Michigan Chronicle’s Studio 1452 and throughout the community for exclusive content that will feature business leaders and newsmakers. Opal Maye, vice president of special events & programming for Real Times Media, told the Michigan Chronicle that the Overdrive series was “birthed out of the pandemic” after not holding the in-person events live and successfully navigating virtually produced events until recently. “I think the business model is changing – it’s now a hybrid of what we used to do. Also, now we can bring more content that reaches more people,” Maye said of the Overdrive production offerings. Maye added that content and creativity are the cornerstones of what the Overdrive series topics will be centered around with unique guests and in-depth discussions soon to be had. “The sky is the limit on who we can reach and what the conversation can be about,” Maye said. Michigan Chronicle’s Pancakes & Politics Overdrive will be amplified across all Michigan Chronicle digital platforms, including the Michigan Chronicle’s website at www.michiganchronicle.com, on its social media platforms, and it will be distributed via email. Business Leaders for Michigan, the state’s business roundtable, is interested in making Michigan a Top 10 state for jobs, education, widely shared prosperity, and a healthy economy. The organization comprises the executive leaders of Michigan’s largest companies and universities. Their members drive nearly 40% of the state’s economy, generate over $1 trillion in annual revenue and serve almost half of all Michigan public university students. Find out more at www. businessleadersformichigan.com. The Michigan Chronicle and Real Times Media (RTM) also welcomes Detroit’s business elite back for the first time since last year to Michigan Chronicle’s Pancakes & Politics full season, which kicks off on Friday, March 18. The series is back for 2022, presenting the first in-person season live at the Detroit Athletic Club. The first of the series will highlight meaningful conversations for Detroiters and feature Governor Gretchen Whitmer as the keynote speaker. Hosted by President and CEO of Ignition Media Group Dennis Archer Jr. The other forums are scheduled for April 21, May 19, and June 16 and will host an audience of invited business, political, and community leaders. Each panel will be broadcasted to the public at a later date. Stay tuned to MichiganChronicle.com for broadcast dates.

WHAT’S INSIDE

Time to Pay the Piper? Post-Pandemic Economic Pangs Are Beginning to Hit Hard

By Megan Kirk

T

he coronavirus pandemic and the attempt to return to normalcy continues to hit the economy especially hard. Not exclusive to America, the entire globe is experiencing the financial ramifications as prices and demand for goods hit an all-time high. The largest inflation in 40 years, December prices rose seven percent to end the year. As quarter one of 2022 is underway, there are no signs of the market cooling. This puts business owners at risk for major setbacks, even the potential of closing for good. Since March 2020, economists have paid close attention to the market and how the pandemic would impact the country’s economic and resource stability. Food costs continue to rise as shortages and bare shelves at grocery stores have become the norm. The federal government provided a litany of economic bailouts for businesses and citizens, yet nothing could have prepared customers for the state of this economy. Inflation is causing a direct threat to the nation’s recovery post-pandemic.

“$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and most sustained levels of inflation in U.S. history. While government stimulus spending was intended as a form of relief, and low and middle-income families as well as small business owners were promised that their taxes would not increase, Americans everywhere are now paying a hidden tax called inflation,” said Sen-

ator Rand Paul (R-KY) and Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship. “In recent months, prices on nearly everything from gas, food and clothes to electricity, car prices and rent, have all increased, and unfortunately it’s only going to get worse. Congress needs to realize that further spending at this time of rapidly rising prices is only going to continue the trend of rising prices on this nation’s already vulnerable businesses and families.” For metro Detroiters, inflation is hitting especially hard. Several industries have felt the effects of the pandemic and have been forced to make difficult decisions for their businesses. Even the most unlikely businesses are experiencing rare difficulties in navigating. Ariane Railey, owner of Makeup Is Art, makes luxury cosmetics at affordable prices. Following being laid off as a result of the pandemic in March 2020, Railey launched her makeup brand in June of the same year. Now, the once-thriving business has caused the owner to seek full-time employment to not only sustain her business, but also her life. “Before I was able to not work and sustain with my business, but now I have to work to sustain my business. At some point, I’m going to have to have to be like, okay is this it?” said Railey. Inflation not only drives up the costs of materials, but also greatly impacts the availability of items to make businesses run. Makeup Is Art

it to the

Forefront:

Black-Owned DreSan Fashion Opens in Detroit

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“Everything has gone up. Not only has the shipping price gone up, but it takes so long to get them now. Now, it’s affecting my demand,” said Railey. “I reach my demand sometimes and have to scale back on my content or something so I don’t get a huge influx of orders that I can’t meet.” To compensate, businesses have raised their price points to bring in funds or to simply break even. Still, small business owners are making tough decisions on raising prices or walking away from their dream. “I still believe at the end of the day when you’re an entrepreneur, you still believe in your brand and you definitely don’t want to give it up. So, you are faced with a decision on ‘do I raise my prices a little bit just to stay in business?’ That’s where I’m at now. I’m kind of at a fork in the road,” said Railey. “My business is doing well, but will it do as well if I raise my prices?” This year, officials from the Federal Reserve anticipate four additional interest rate increases in an effort to curb the cost of inflation. Beginning in March, customers and business owners will see the first interest rate hike. Across Michigan, residents are expressing concerns about inflation. The Detroit Regional Chamber polled registered voters statewide and, among other concerns, inflation ranks among the highest with 90 per-

See ECONOMY page A2

Pain Pump AT THE

By Megan Kirk

Bringing

is also experiencing delays in shipping, which has affected the number of orders she is able to produce and send to customers.

dollars per gallon. Now, prices across metro Detroit are topping more than $4 dollars per gallon and leaving Detroiters feeling the pain at the pumps. With no signs of slowing down, drivers are weary of what is to come.

The Ukraine-Russia conflict is having a direct impact on American economies. As many return to work, they are being met with a major increase of gas prices. Quickly spiking, the cost of “Within the last gasoline has more few weeks, gas prices than doubled in just have been going up, a span of several but last week in pardays, leaving those ticular, drivers could who have already had see and notice a to tighten their purse staggering increase Adrienne Woodland strings to search in gasoline prices,” for ways to save money at the said Adrienne Woodland, public pump. relations program consultant At the top of the year, the for AAA, the Auto Club Group national average for gas prices Dearborn. “Here in metro Destood at slightly more than $2 See GAS PRICES page A2


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