Newspaper Page Text
OPINION
THE CHAMPION, THURSDAY, AUGUST 4 - 10, 2022 • PAGE 5
Whether it's paying more to gas
up our vehicles, put food on our
tables, provide a roof over our heads
or to dine out for lunch or dinner,
Americans are feeling the pinch of
the highest rate of inflation in more
than 40 years and a cost-of-living
increase of 9.1 percent during the
previous 12 months.
On July 27, the Federal Reserve
increased the rate for borrowing
money by .75 percent. The latest
interest rate increase is the fourth
such increase this year as efforts are
made to stop or slow down what
many experts are saying will soon be
classified as a full-blown economic
recession. This series of interest rate
hikes has not been experienced since
the 1980s according to CBS News.
One day after the interest
rate increase was announced, the
Commerce Department confirmed
that the U.S. economy shrank at a
rate of .9 percent during the second
quarter of the year, marking the
second consecutive quarter of
negative economic growth. Two
consecutive quarters of negative
growth is typically the benchmark
confirmation that an economy is
entering or experiencing a recession.
s impacting everyone
However, the National Bureau
of Economic Research has yet to
declare a recession and probably
won't for several months.
Adding to the financial strain
for many are steadily increasing
credit card interest rates now
averaging 20.82 percent,according
to LendingTree. Matt Schulz, chief
credit analyst at Lending Tree,
recently told CBS "Next month, rates
will almost certainly top 21 percent.
That's about the highest I've seen
in the 14 years I've been watching
credit card rates on a regular basis."
SmallBizTrends.com says that
a recession is not caused by one
specific event but is more of a
collective response to higher rates of
unemployment, decreased consumer
confidence and decreased spending.
As the United States and much
of the world share fears of a global
economic turndown, it may be
helpful to understand the indicators
of a recession and what one may
expect as the stages play out.
The first phase of recession is
an overall slowing of the economy
as businesses produce less and
consumers spend less resulting in
a lack of demand. As the economy
slows, the stock market begins to
lose value and individuals see the
values of their investments fall
drastically.
As the cost of living increases
and there are no increases in wages
or earnings, consumers' purchasing
power is decreased. A decrease in
purchasing power in turn lowers
corporate profits and increases
unemployment as businesses and
manufacturers adjust outputs and
eliminate jobs to cut their costs.
Mark Zandi, chief economist
at Moody's Analytics, has said that
during a recession, the US economy
may lose as many as three to four
million jobs, unemployment can be
as high as 6 percent and stock market
values and housing prices may fall by
5-10 percent.
As we face what many believe
to be an inevitable downtown of
our economy, financial experts have
suggested that households have
enough money saved to cover at
least three months of personal and
household expenses, pay down or
pay off variable interest debts such
as credit card balances, and avoid
entering into long-term financial
obligations such as borrowing money
to buy a new vehicle or other high-
ticket item.
Bottom line is that we don't
know what the next few months
will bring for our economy. There
are far too many factors such as
the ongoing war in Ukraine, supply
chain interruptions, and steadily
increasing costs of almost every item
we purchase that can impact not
only the U.S. economy but the entire
global financial standing. The best
thing we can do is to make every
effort to curtail our spending and
pay down any outstanding debts as
quickly as possible.
Miles of smiles and miracles
My firstborn child was plagued
at an early age by severe cluster
headaches that were often preceded
by dark circles underneath her eyes.
The pain was debilitating and as a
young child, frequently resulted in
her curled up in a fetal position and
weeping.
In daughter Barclay's case, a
multitude of tests would follow
ranging from allergies to a CAT scan
and MRI looking for potential brain
tumors. Those days, which turned
into weeks, awaiting a report and
test results, felt like some of the
longest days in our lives. Eventually
there was a diagnosis of cluster
migraines, which are still part of her
life today. I cannot quite express the
relief I felt when told that her scans
were clean and clear, and there
were no tumors on or near her brain
causing the severe pain.
Many families are not as lucky.
My own first cousin Shaye Sauers
Kilby would almost begin her life
with swelling on her brain. Later, a
series of difficult to remove tumors
and growths on her brain - near the
top of her spine - were discovered.
Multiple difficult surgeries and years
of radiation and chemotherapy
would follow. Shaye's life and health
were permanently impacted, but
she has been cancer free for several
decades and is now happily married
and volunteering at the front desk of
‘One Man’s Opinion’
BILL CRANE
the Egleston Campus of Children's
Healthcare of Atlanta.
Aflac, the insurance giant based
in Columbus, Georgia, would later
make a $5 million naming gift for the
Aflac Cancer and Blood Disorder Cen
ters at Egleston and Scottish Rite as
well as Hughes Spalding Hospitals
in Atlanta. These millions and more
that followed have evolved these
pediatric cancer treatment centers
into the seventh largest in the na
tion, as well as the most successful
at treating blood disorders such as
sickle cell anemia and multiple forms
of leukemia.
Cure rates, once in the low teens
to 20 percent range for the vast
majority of pediatric cancers, are
closing on the 80 percentiles, though
medical personnel and researchers
prefer terms such as "cancer-free"
and "no tissue at the margins" rather
than "cured," as cancers often return
or recur, morphing into attacks on
other vital organs and sometimes
decades after successful treatment.
Though I led or participated in
small fundraisers for CHOA as well
as for Shaye through the years, I am
proudest of my role as a seed planter,
suggesting and arranging for a tour
of the Egleston ward of the Aflac
Cancer Center for legendary radio
newsman and anchor Scott Slade of
WSB Radio. Slade would become the
advocate and founder of the WSB
Radio Care-a-thon, now CHOA's by
far largest annual fundraising event,
benefitting all three campuses of
CHOA and the Aflac Cancer and
Blood Disorder Centers.
Each year, the total raised hs
grown, as has participation by
WSB advertisers and program
sponsors. During the 36-hour radio
telethon, a significant percentage of
time has hours with double-donation
and even triple-donation matches
from grateful patient families,
solid corporate citizens, as well
as public figures, elected officials,
and celebrities auctioning dinners,
event tickets and making personal
appeals. As the 2022 Care-a-thon
came to a close on July 29, with a
Power Hour match of $250,000 made
possible by America's Thrift Stores,
the donations total set a record
of $1,820,440. Total funds raised
to date by the station's efforts are
closing on $30 million.
And as Slade so well noticed all
those years ago, this care is provided
in an atmosphere of family, warmth,
safety, and play. It is not unusual to
see a few small bald warriors racing
down a hallway with their IV poles in
tow, or sick patients and their siblings
together watching a movie or playing
Nintendo during a lengthy chemo
infusion. And one of the most sacred
spots on each of these wards is a bell
hanging from the wall; when that bell
peels, someone has either completed
their cycle of treatments, their cancer
in remission, or is leaving the Cancer
and Blood Disorders Center heading
home much healthier than when
they arrived along with their family,
in that moment of crisis.
The Care-a-thon and CHOA have
paved a lengthening road filled with
miles of smiles, and tears of joy - as
well as gratitude to so many of you.
Those survival chances and odds
improve each year. And for those
children and families yet to receive
that tough diagnosis or phone call,
let's keep it going—for all of us.
Bill Crane also serves as a political
analyst and commentator for Channel 2's
Action News, WSB-AM News/Talk 750
and now 95.5 FM, as well as a columnist
for The Champion, DeKalb Free Press and
Georgia Trend. Crane is a DeKalb native
and business owner, living in Scottdale.
You can reach him or comment on a col
umn at bill.csicranelaigmail.com.
