Money Matters

Being

Fiscally Fit in Turbulent Times

Coronavirus (COVID-19) is no respecter of persons— uninfluenced by rank, power, wealth, etc. COVID-19 has no consideration for the toll that the pandemic will take—the businesses it will destroy, the jobs it will wipe out, the retirement nest eggs it will crack and shatter. That there will be economic pain is evident. Many people already see their incomes cut as their work hours are slashed, or they are told simply to stay home. Workers most at risk include millions in the leisure and hospitality industries, transportation services, and the energy sector. We know we are in for a period of severe economic pain and when we get through this issue, we want to know that we can come out on the other side.

If there is any hope, it is likely that the federal government has more power to soften the economic blow than it does to con

tain the virus. Unlike the last financial crisis in 2008 and 2009, both political parties are in consensus about the scope of the fiscal response required, deficits be damned! People who have lost jobs or who have seen their hours cut dramatically need fast money to buy food and stay in their homes. In contrast, businesses need funds to stay afloat and postpone layoffs as much as possible.

There is a genuine risk of families losing income and businesses of all sizes suffering, as a result of the negative impact COVID-19 will have on slowing economic growth. During the last recession, minorities suffered the most when the economic downturn caused the unemployment rate to soar. By October 2009, the unemployment rate for Blacks was 13.1%. Currently, the unemployment rate for African Americans is 5.5%, a number that’s likely to rise to an anticipated 20%. It is also noteworthy that the top 1% captured 85% of post-recession income growth from 2009 to 2013.

Knowing that your money matters, as of the writing of this article, there is a proposal that would send one-time payments of $1,200 to individuals earning up to $75,000 a year (those amounts double for married couples) and an extra $500 per child. Please do not get too excited! This is not the first time this has happened. The Federal Government has sent checks to Americans before. In 2008, individual taxpayers received up to $600, and married couples up to $1,200, in a $168-billion tax-rebate program by the Bush administration to battle the economic downturn. Research has shown that such direct payments are spent quickly, especially by households with little savings and wealth. Thus it can be useful in giving a short-term lift to the broader economy. This time there’s likely to be less bang for the buck. That’s because large portions of the American economy have been shut down, cut off from higher consumer spending power. Although wages for lower-income workers have been growing faster in the last couple of years as unemployment has fallen, many of them still live paycheck to paycheck. Economists are worried whether the cash payments for people who are laid off will be enough to pay rent, buy food, and keep their family afloat.

Even when life returns to some semblance of normalcy, the economic trauma will not be over. The Government is also pushing for a significant expansion of Unemployment Benefits and other measures that would more directly help laid-off workers and low-income Americans who are most vulnerable to an economic shock. How quickly the economy can recover likely depends on time. Still, we know that for many Black families in America, this stimulus is not the final answer. There are other resources that we should be looking at during this time. Carolyn Austin, District Aide to Florida State Representative Bruce Antone, has been a valuable source of information regarding those resources. I have listed some of them in the chart below.

The truth is, we will have to go with the flow as the Coronavirus continues one. The future remains unknown, but we are a resilient people. We will come out on the other side. We always have and always will! Be safe and be well! Your Money Matters, but more important is your health, for that is one thing that money cannot buy. Bruce Antone

If your employment has been negatively impacted as a result of the coronavirus mitigation efforts in Florida, you may be eligible to receive re-employment assistance. www.floridajobs.org.

Many utility companies around the state have suspended service disconnects due to nonpayment until further notice.

Joint information Center on COVID-19 for the State of Florida, call 850-815-4940 or visit ESF 14 at www.FloridaDisaster.org.

Department of Health’s dedicated COVID-19 webpage https://floridahealthcovid19.gov

Centers for Disease Control and Prevention webpage www.cdc.gov

For more information and current travel advisories www.travel.state.gov.

Commissioner Nikki Fried Activates 2-1-1 call/text line for free children’s meals during COVID-19. https://summerbreakspot.freshfromflorida.com

MICHELLE OBAMA BOOK DOCUMENTARY ON NETFLIX

“Becoming” is tied to Michelle Obama’s 2018 best-selling book of the same name. The film, directed by Nadia Hallgren, follows Obama across 34 cities for her book tour. It features the former first lady as she speaks to everyday Americans and shares what she learned during her husband’s two terms as president.

“Those months I spent traveling - meeting and connecting with people in cities across the globe - drove home the idea that what we share in common is deep and real and can’t be messed with. In groups large and small, young and old, unique and united, we came together and shared stories, filling those spaces with our joys, worries, and dreams,” she wrote in a press release. “We processed the past and imagined a better future. In talking about the idea of ‘becoming,’ many of us dared to say our hopes out loud.”

The former president and first lady signed a deal with Netflix and began their own production company, Higher Ground, in 2018. Prior to Becoming, the pair released their first film “American Factory,” which won the Best Documentary Feature Oscar. They were also involved in Nicole Newnham and James LeBrecht’s documentary about camp teens with disabilities, “Crimp Camp.”

Obama talked about what she hoped the release of her documentary would do for everyone self-isolating during the COVID19 pandemic.

“I treasure the memories and that sense of connection now more than ever, as we struggle together to weather this pandemic, as we care for our loved ones, tend to our communities, and try to keep up with work and school while coping with huge amounts of loss, confusion, and uncertainty,” she said.

Kayla Gately, COED Media

GLENN JONES IS BACK WITH CAPTIVATING NEW MUSIC!

Glenn Jones, Grammy-nominated recording producer, artist and one of the music industry’s extraordinary vocalist, is at the top of the list as a love song balladeer capturing audiences’ hearts with his own unique style and voice. His new company, Talent Room Entertainment & Publishing, Inc., with Prince Levy as president and CEO, will release his next project, “Love By Design EP” this summer. The first single, “Love By Design” features Grammy-award winner Regina Belle, and is written by James Day and produced by Chris “Big Dog” Davis. It topped Billboard Smooth Jazz charts as “#1 Most Added Smooth Jazz Vocal Record In The Nation.” The newest single, “Trust In Me” will be released during Black Music Month in June. Its soulful, inspirational melody gets you out of your seat praising and giving thanks. Additional singles to be released later in the fall include “Cook-Out” and “Family Time.” Both are co-written and produced by the multi-talented artist Chuckii Booker. Visit Glenn’s website for more information www.glennjonesmusic.com and www.talentrooment.com. Marianne S. Eggleston

FREE SUMMIT FOR COLLEGE STUDENTS INTERESTED IN ENTERTAINMENT

Culture Creators, an exclusive platform established to cultivate and highlight the achievements of diverse professionals in entertainment, has announced that its second installment of the C2 Summit Series will take place online as a virtual conference Monday, May 18 through Thursday, May 21, 2020.

Confirmed speakers include leaders from William Morris Endeavor, Live Nation, Morgan Stanley, MasterCard, Atlantic Records, Motown Records, Will Packer Films, Rap Snacks, and more. Steve Pamon, President/COO of Parkwood Entertainment will host the Summit’s first Culture Chat on Monday, May 18 at 8:00 pm. A special discussion on college students and mental health during the pandemic will also take place.

Following the success of last year’s inaugural event in Washington, D.C., Morgan Stanley returns as a Summit partner to provide HBCU students with a four-day digital experience that includes panel discussions, one-on-one interviews, speed mentoring, culture chats and a pitch competition. Attendees can take advantage of employment opportunities as well as unparalleled access to job recruiters and seasoned influencers with various backgrounds in business, entertainment, technology, finance, and lifestyle.

New sponsor Microsoft & Microsoft Stores will deliver the C2 Summit virtual experience via Microsoft Teams -- the hub for collaboration. Breakout sessions and activities will take place through Microsoft Teams and Channels, and keynotes will be hosted on Microsoft Teams Live Events. In addition to accessing professional development opportunities, Summit guests will receive guidance on using Microsoft Teams for their future careers.

The C2 Summit is FREE for college students. Sign up now at aka.ms/cc2020.

Jackie Bush, One 35 Agency

ARETHA FRANKLIN BIOPIC TO OPEN IN DECEMBER

While many studios jockey to launch their awards-season fare in the thick of autumn, a movie can still go in the tail-end holiday season to garnish buzz and bucks, i.e., “American Sniper,” “1917” and “Hidden Figures,” all of which were blockbusters and Oscarlauded movies.

“Respect” is directed by Liesl Tommy and stars “Dreamgirls” Oscar winner Hudson as Franklin, Forest Whitaker as C.L. Franklin, Marlon Wayans as Ted White, Mary J. Blige as Dinah Washington, and Tituss Burgess as Rev. Dr. James Cleveland.

“Respect” was set to go wide October 9 and moves away from 20th Century Studios’ Kenneth Branagh’s Agatha Christie feature adaptation “Death on the Nile” and Warner Bros’ “The Witches.”

On December 25, Respect is the only exclusive release, though next to 20th Century Studios’ limited opening of “The Duel” (which could likely move since production was stopped due to the coronavirus outbreak).

The wide entries on January 15 currently include Sony’s Kevin Hart movie “Fatherhood,” Universal’s Simon Kinberg action thriller 355, Warner Bros’ “Mortal Kombat” and United Artists Releasing’s untitled Guy Ritchie film.

Kassandra Collado, Allied Global Marketing