The R-Word Looms - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue


Today the Bureau of Labor Statistics reported that 159,000 jobs were loss. The last time the employment rate slipped by that much (in 2003) the country was climbing out of the recession of 2001.


The word recession has been swirling in the air for more than a year now. The employment rate is slipping, the credit markets are frozen and wage growth is decreasing. Isn’t that proof enough?


Not exactly. A recession occurs when the gross domestic product contracts for two straight quarters. That has yet to happen. The GDP increased at an annual rate of 2.8% in the second quarter of 2008 and by 0.9% in the first, according to estimates from the bureau of economic analysis. When the next GDP reading occurs on October 30, at the end of this third quarter the nation will get an inkling of what’s to come.


The $700 billion bailout signed by President Bush into law today is supposed to stave off a recession. The theory is that once banks can write off their bad loans with taxpayer financed cash, they will begin to extend credit to consumers to shop for the holidays and to businesses that need to buy materials to make the products. But many people aren’t entirely sure that the rescue plan will pull us out of the quick sand.


What if consumer confidence is too low? What will happen if banks continue to lower credit limits on credit cards so that even if already over extended consumers want to shop, they can’t?


As long as the word recession stays on air as a part of the 10 pm or 11 pm news; employers continue to slash their payroll and decrease their manufacturing schedule; and the price of milk continues to be a hefty percentage of one’s hourly wage, then America just might find that the rumor of a recession has become reality.


Marcia A. Wade is the interactive reporter of BlackEnterprise.com.

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Marcia Wade Talbert

Marcia is a multimedia content producer focusing on technology at Black Enterprise Magazine. In this capacity she writes and assigns stories to educate readers about social media; digital integration; gadgets, apps, and software for business and professional development; minority tech startups; and careers in STEM (Science, Technology, Engineering, and Mathematics). In 2012, she received two Salute to Excellence Awards from the National Association of Black Journalists and was recognized by Blacks in Technology (BiT) as one of the Top 10 Black achievers in the tech arena for 2011 at SXSW in Austin, Texas. She has spoken about technology on panels for New York Social Media Week, at The 2012 Rainbow/PUSH Wall Street Summit, as well as at Black Enterprise’s Entrepreneurs Conference and Women of Power Summit. In 2011, SocialWayne.com chose her as one of 28 People of Color Impacting the Social Web, and through crowdsourcing she was listed as one of BlackWeb2.0's/HP's 50 Most Notable African American Tastemakers in Social Media and Technology for 2010. Since taking on the role of Tech editor in September 2010, she has conceived and produced five cover stories on Technology and/or STEM and countless articles, videos, and slideshows online. Before joining BlackEnterprise.com as an interactive general assignment reporter in 2008, she freelanced with Black Enterprise beginning in 2003 while working as the technical editor at Prepared Foods magazine. There she further honed her writing skills and became an authority on food ingredients, including ingredients used in food fortification and enrichment. Meanwhile, her freelancing with Black Enterprise and BlackEnterprise.com helped her stay current on issues pertaining to the financial and business welfare of African Americans. As a general reporter for Black Enterprise she attended and reported on the Democratic and Republican National Conventions, where she interviewed Valerie Jarrett, senior advisor and assistant to President Barack Obama and U.S. Attorney General Eric Holder. Marcia has a Bachelor of Science degree in Agriculture with an emphasis in food science from the University of Minnesota, and a Master of Science degree in journalism from Roosevelt University in Chicago. En route to her secondary degree, she served as the editor-in-chief of the Roosevelt University Torch, a weekly, student-run newspaper. An avid photographer and videographer, Marcia is one of several employees at BLACK ENTERPRISE who interned for the publishing company as a college student. She lives in New Jersey with her husband, a food scientist; her seventeen-month-old daughter; and “The Cat”, but still considers Chicago home.


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