Welcome to another Wednesday, Daily Money readers. Jayme Deerwester back with you.
The fallout from the reversal of Roe v. Wade continues: Georgia’s revenue department has just announced that a taxpayer who “has an unborn child with a detectable human heartbeat” after July 20 can claim the embryo as a dependent on their 2022 state taxes. Each embryo will be worth a tax deduction of $3,000.
“Under Title VII and under the caselaw as developed by the Supreme Court and the lower courts, there is an obligation by the employer to provide a reasonable accommodation” for bona fide religious belief,” said Merrick Rossein, a professor at City University of New York School of Law.
The situation, Rossein said, might get more dicey in rural areas where it could be harder to find another pharmacist. And there’s a fair amount of wiggle room in what “reasonable accommodation” means. But Rossein and other experts say it’s more likely a question of when – not if – the Supreme Court will move the law further in favor of religious freedom and religious accommodation.
More stories you shouldn’t miss
Meet the new meme stock: AMTD Digital stock surged more than 100% Tuesday.
Rejoice, Taco Bell fans: Mexican Pizza is back to stay starting Sept. 15.
‘Yeezy Day’ 2022: Sale on new shoes continues through Wednesday.
Robinhood layoffs: Investment site cuts 23% of staff as fewer people trade.
State tax holiday calendar: See when you can save on school supplies.
As recession concerns grow, consider these silver linings
After two straight negative quarters, the economy now has entered what many observers consider recession territory. But will you suffer financially as a result? Not necessarily, as recessions help to ease inflationary pressures and other imbalances, laying the seeds for future growth. And while few people welcome economic downturns, but there are a few potential silver linings:
- Job losses might not be severe. Coming off today’s low jobless levels, at a time when millions of Americans don’t want or need to work, we may see less than the usual amount of hand-wringing.
- Money will keep flowing in. Social Security and pension recipients will continue to receive their benefits and the vast majority of workers will remain employed.
- Prices will stabilize and possibly drop. A recession also would likely put a damper on inflation. This is, after all, the main objective of recent Federal Reserve interest-rate hikes. It may already be working: Gas prices dropped 14% over the six weeks through July 22.
Asset prices will fall, then rebound. Stock prices invariably make up more ground following recessions than they lose – usually, a lot more. And they start advancing before the storm clouds lift.
🎧 Mood music 🎧
In honor of Mexican Pizza’s return, I’ve chosen Rhett and Link’s “Fast Food Folk Song,” which name-drops the dish.
“Mmmm, mmmm, Mexican Pizza. We’ll take two of those, But please hold the diced tomatoes. And I admit, I’ve always felt like I’m in love with the Meximelt.”
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. It even comes with its own Spotify playlist. It features nearly every song quoted here.