money·5 min read

Skimm Money: Summer Travel Snags, The Cost of Gun Violence in the US, and Wedding Budget Tips

A shooting target with money
Design: theSkimm | Photo: iStock
Jul 8, 2022

This week, President Joe Biden awarded the Presidential Medal of Freedom, the highest civilian honor in the US, to a group of icons including Olympic gymnast Simone Biles, former congresswoman Gabrielle Giffords, and Brigadier General Wilma Vaught, one of the most decorated women in US military history. We’re not worthy.

Headlines, Skimm'd

  • Cost of living. Most eviction protections enacted by many states and cities during the height of the COVID-19 pandemic — including the CDC’s federal eviction moratorium — have lapsed. And now, with the pandemic not exactly in the rearview and inflation sending rents through the roof, homelessness may be on the rise. A Washington Post analysis of Census data found a 32% increase in households saying they were at least somewhat likely to lose their homes by eviction or foreclosure in the next two months. 

  • DTR, aka define the recession. The Federal Reserve Bank of Atlanta’s GDP tracker reportedly says the US could be in a recession. Reminder: A recession is an extended period of economic decline, defined by a falling GDP or rising unemployment. While the GDP tracker is a solid indicator, its prediction isn’t definite. See: The labor market, which is in pretty good shape. Data from May shows that, while layoffs slightly increased and job openings fell, there are about two available jobs for every job seeker. And the unemployment rate held steady through June at 3.6%.

  • Party in the USA. Because getting to Europe might not be worth the trouble. The July 4th holiday weekend saw domestic travel return to near pre-pandemic levels. But widespread delays and flight cancellations are still plaguing the air travel industry. Though a historically low euro-US dollar exchange rate might make your dream Eurotrip even more alluring RN, travel woes aren’t limited to the US. Airlines and airports around the world are struggling to hire workers to keep up with demand. *Throws hands up.* 

Let’s Talk About…

The Cost of Gun Violence in the US

Gun violence is a major problem in the US. So far this year (through July 4), there have been over 300 mass shootings across the country. And that’s only counting incidents where more than four people, not including the shooter, were shot or killed. And the price of gun violence isn’t just the loss of human life. Because each shooting comes with monetary costs. To victims’ families, to society, and even to the economy.One study estimates that gun violence costs the US $280 billion per year. Yup, billions. That includes things like $3.5 billion in medical expenses, $10.7 billion in criminal justice costs, and $51 billion in lost work and revenue. Leaving communities less funding for things like education and social services. Want to know more, and how you can get involved? We Skimm’d what gun violence costs the US economy.

Make Good (Money) Choices

Design: theSkimm | Photo: iStock

If you’re planning to say ‘I do’...

Make sure your budget doesn’t object. The average wedding costs over $20,000, but yours doesn’t have to. Because your special day is just that: yours. So you can skip having an Instagrammable backdrop or sending invitations to distant cousins. Because all those things add costs to your wedding that can cut into your budget for your big day must-haves (like a live band or a formal sit-down dinner). Before you book your venue, decide on a wedding budget that works for you. 

Crypto, Decoded

The answers to even the most basic crypto questions require understanding some founding principles. Example: You won’t fully understand NFTs until you understand cryptocurrency. And you won’t fully grasp cryptocurrency until you can explain the blockchain. And to understand blockchain, being a techie can help. But it’s not a requirement. That’s why we Skimm’d how crypto works for non-techies, aka anyone who might still be wondering what Bitcoin or the Bored Ape Yacht Club is (no shame).

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