Welcome to another Wednesday, Daily Money readers! Jayme Deerwester back with you.
I’ll start today’s newsletter with some good news for Taco Bell lovers. If you didn’t get a chance to enjoy the brief return of Mexican Pizza this summer, you’ll get another shot in the fall. The dish – seasoned beef and refried beans layered between two tortilla shells with a “Mexican Pizza sauce,” a three-cheese blend and diced tomatoes – is returning to the fast food chain’s menu for good starting Sept. 15.
Earlier this week, we warned you that inflation has driven up the prices of school supplies by 8% compared to last year. Well, you can mitigate those costs a little by timing your back-to-school shopping to coincide with you state’s tax holiday, a brief window in which sales tax is suspended on books, computers, clothing and other school supplies. See if your state has a tax holiday and when it’s scheduled.
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Do you still need a COVID test for a cruise? If your trip is a week or more, you may still need to get swabbed.
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.