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Yahoo
5 days ago
- Business
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Navigating Now: How parents can shield their families from tariff-driven inflation
To combat higher prices due to tariffs, consider shopping secondhand online or seeing what your community offers. Avoid panic-buying in reaction to rising prices. Instead, a better move may be to put that money toward your emergency savings. Don't pull the trigger on a major purchase if you can't afford it, even if you feel compelled to buy it in anticipation of rising prices. This year, Paige Connell, a 35-year-old in Massachusetts, expects to pay more in child care for her four children than ever before — around $70,000 in total, nearly a quarter of her pre-tax household income. Adding to that stress, Connell was laid off from her job in apparel last year, during a time when she and other white-collar workers were facing a difficult job market due to slow wage growth and high unemployment. To keep her family afloat, she pivoted and turned her content creation side hustle into a full-time job. The layoff demonstrated how important it was to Connell and her husband that they continuously bring in sufficient income to raise their children. '(Child care is) always something I'm considering when we think about our employment,' Connell says. 'For a lot of families, it limits us in being able to save financially for the future.' Like many parents, Connell faces the challenge of spending eye-watering amounts for her children's expenses (including child care), maintaining a lucrative full-time job and still finding room in her budget for other financial goals. The median child care costs for one child alone can be between 8 percent and 19.3 percent of a family's income, taking into account variation in median family income across U.S. counties, according to 2022 data from the U.S. Department of Labor. And the price of child care doesn't stop there — as Connell puts it, as her children age out of day care, those costs are simply replaced by after-school care, extracurricular activities and more. Parents are certainly feeling squeezed, as 31 percent of parents or guardians of children younger than 18 say they're living paycheck to paycheck on their current salary, according to Bankrate's June 2024 Living Paycheck to Paycheck Survey. What's more, only 34 percent of parents (compared to 44 percent of people without children) would pay for a major unexpected expense, such as a $1,000 emergency room visit or car repair, from their savings, according to Bankrate's Emergency Savings Report. Instead of using savings, the non-ideal alternatives they'd turn to would be financing the expense with a credit card and paying it off over time, taking out a personal loan, borrowing from family or friends or reducing their spending on other things. Parents are already feeling the pressure, but costs could rise even higher, as the Trump administration's newest tariff policies could increase the prices of common goods like electronics, apparel and automobiles. Between high costs and a difficult job market for both private and public sector workers, parents are in a bind. Many will have to find creative solutions to balance their budgets — or risk having their spending spin out of control. In today's economic landscape — marked by market volatility, inflation concerns and tenuous job security — financial decisions have never felt more consequential. Our Navigating Now series cuts through the noise with expert guidance and targeted advice for diverse financial situations —whether you're struggling to build savings amid rising costs, protecting retirement funds during market volatility or securing your income in an uncertain job landscape. Other articles in the series: How to protect your small business from the latest round of tariffs How to save for the future when you don't make enough today The Trump administration's tariffs on imports from countries like China are set to hike up prices significantly for shoes, apparel, toys, motor vehicles and other goods, according to an analysis by Yale University's Budget Lab. The analysis, which incorporated all tariff announcements from January 1 to April 2, states that American families can expect to pay a little over 18 percent more on leather products (which includes all shoes) and nearly 17 percent more on apparel. Ernie Tedeschi, the director of economics with the Budget Lab, adds that toy prices would go up 18 percent as a result of the tariffs. These price hikes are coming as Americans — especially lower-income and middle-income families — may already have difficulty paying the rising cost of essential goods. 'When we think about the most disadvantaged families, the reason why tariffs affect them in a disproportionate way is that (their) consumption, especially of basic goods, is a much larger share of their total income (than wealthier families),' says Gustavo Flores-Macias, a professor of government and public policy at Cornell University. Complicating matters, avoiding raised prices by buying 100 percent domestically-made goods might be harder than many people expect. Dani Morin, a content creator and licensed child safety expert, says that while many baby product companies advertise themselves as 100 percent American-made, that doesn't mean that their parts are all produced in the U.S. Some products are labeled American-made because they're assembled in the U.S., even though some or all of their parts are sourced from other countries. With few domestically-made baby products on the market, parents may have no choice but to pay for expensive foreign goods. When prices rise outside your control, it can be challenging to manage your budget in reaction. Bankrate talked to four experts in economics and personal finance to share what you and your family can do to mitigate rising prices. Normally, a straightforward solution for those looking to save money on clothing and cars is to buy from secondhand stores. But tariffs might cause used goods to skyrocket in price, too, according to Tedeschi. 'Just go back to Econ 101,' Tedeschi says. He points to used cars specifically: 'If everybody now is responding to higher auto tariffs by looking to used cars as an alternative, the demand for cars is going to go up. And that means higher prices.' To save on clothing, toys and school supplies, you can still consider buying secondhand through online platforms like Facebook Marketplace or Craigslist, which may offer lower prices than in-person secondhand stores. You can also check social media for Buy Nothing groups, which are neighborhood groups for people to donate or trade their used goods. Additionally, if you have older children or relatives with children, hand-me-downs for clothes and toys will save you a lot of money in the long run. Keep in mind: Morin advises that parents avoid Facebook Marketplace or Buy Nothing groups for car seats, cribs and other items that are regulated for safety standards. It's not always obvious if a car seat or crib is damaged, and sellers aren't always honest if the product was damaged or involved in a crash. Using damaged products could be a safety risk for your child. If you need a car seat or crib on a tight budget, check if your county hosts baby item giveaways. Many counties give away car seats and other items to families in need, and Morin says the programs are often underutilized. Additionally, check with your maternal health care provider or local hospital to see if they donate cribs to parents in need. Tariffs aren't a new concept, but the idea of sweeping, sky-high tariffs can be anxiety-inducing. To get ahead of high prices, you may think to stock up on shelf-stable goods like diapers and formula for your family now, but Bankrate Financial Analyst Stephen Kates, CFP, advises against it. 'Don't let the threat of tariff-induced inflation scare you into hoarding anything and everything,' Kates says. 'We are unlikely to see the rate of inflation rise anywhere near what we saw in 2022.' If you still feel nervous about high prices, Kates advises padding your emergency fund rather than panic-buying. Common personal finance advice recommends keeping three to six months of expenses saved for emergencies. But if you're concerned about a potential job loss or rising prices, it may be smart to save more than that, such as six months to a year's worth of expenses. You should also consider keeping the funds in a high-yield savings account, which can provide a rate of return as high as 4.3 percent, which will help your savings grow over time. 'You can earn a decent return and that cash will be more flexible for your future needs than a pantry full of cans,' Kates says. Many high-yield savings accounts (HYSAs) have interest rates higher than the inflation rate, which is currently 2.3 percent as of April 2025. That's great news for savers. Bankrate explains how HYSAs can help grow your savings, despite inflation. Read more Tariffs on essential imported materials like metals and lumber means that big-ticket purchases, such as a home, appliances or automobiles may become more expensive, according to Steven Durlauf, a professor and director of the Stone Center for Research on Wealth Inequality and Mobility at the University of Chicago. Your instinct might be to rush to purchase that new dishwasher or try to pull together funds for a down payment now, but that would be a mistake, according to experts. 'In environments of radical uncertainty, sometimes it's good to wait and see,' Durlauf says. 'In other words, delay the decision and see how it works out.' If you have the funds today and you absolutely need a new appliance, you might want to pull the trigger on that purchase before tariffs affect prices. But only pull the trigger on that purchase if you have the funds readily available; don't go into debt to buy something new. 'If you hadn't been thinking about a new fridge until you heard costs might go up, then it probably doesn't make sense to manufacture a reason to upgrade,' Kates says. 'Your ability to pay for these items without debt is critical, because high lending rates will cost you more in interest than you'd save by front-running the tariffs.' Each state has its own financial assistance program for child care as well as services for children with disabilities — you can search for your state on and see what programs are available near you. You can also use your state or city site to check if a daycare you're interested in is licensed or if it's ever received citations. If you're not eligible for local assistance, consider other options like child care co-ops, which are typically in-home or professionally-run cooperatives that care for multiple children at a time; nanny shares, where nannies watch children from multiple households at once; or nonprofit community centers like the YMCA. Of course, if it's an option, living near grandparents or other family who can watch your child while you work will always be the most affordable choice for parents. But if that's not an option for you, programs like child care co-ops and nanny shares could be more affordable options than paying for a day care or nanny on your own. Whatever you choose, make sure the provider is licensed and vetted by other parents. Your local library is a great resource for parents looking to save money on books, streaming subscriptions and daytime activities. Most libraries allow you to check out books, DVDs, video games and board games, and many offer activities like story time, craft projects and summer camps to keep your little ones busy all day long. Additionally, your local community center can be a great resource for athletic programs and summer camps. These programs are typically low-cost or free, and many also offer equally low-cost gym memberships and adult programming for further savings. Do-it-yourself solutions will also save you money when you're looking to cut costs. Consider making your own baby food, buying craft supplies in bulk and creating memorable staycations for your kids instead of expensive vacations. Backyard camping, picnics, and local passes for museums, parks and attractions are all great options for parents who want a break from work and school without the cost of an expensive getaway. The biggest certainty about tariffs is that no one is certain how they will play out. Tariff announcements have come at a rapid — and at times contradictory — clip, making it difficult to make long-term plans now based on the news. If you have the funds readily available, you may want to consider replacing expensive household items, but the safest course of action right now is to protect your savings and budget. Go over your budget with a fine-toothed comb if you haven't already, and look for ways to eliminate unnecessary spending, such as unused memberships or subscriptions. Keep a close eye on your spending in the coming months to track which items are rising in price, and look for ways to trim your budget to make room. If you're still concerned about rising prices, focus your efforts on increasing your emergency savings. Not only will it give you a higher rate on your return than panic-buying, it will give you peace of mind in an uncertain economic period. Bankrate's guide to making a budget will make creating a first-time budget a snap. Read more Expert contributors to this article Steven Durlauf, professor and director of the Stone Center for Research on Wealth Inequality and Mobility, the University of Chicago Steven N. Durlauf is a leading scholar in inequality research. He is the founding Director of the University of Chicago's Stone Center for Research on Wealth Inequality and Mobility and the Frank P. Hixon Distinguished Service Professor at the Harris School of Public Policy. He is known for integrating sociological ideas into economic theories of inequality, poverty, and intergenerational mobility as well as for research that elucidates how statistical analysis can reveal the mechanisms underlying various dimensions of inequality. Gustavo Flores-Macias, professor of government and public policy, Cornell University Gustavo Flores-Macías is Professor of Government and Professor of Public Policy at Cornell University. His research and teaching interests include a variety of topics related to political and economic development. His most recent book is Contemporary State Building: Elite Taxation and Public Safety in Latin America, published with Cambridge University Press. Stephen Kates, CFP, Bankrate Financial Analyst Stephen Kates is a CFP® professional and personal finance expert specializing in financial planning and education. He is a Financial Analyst for Bankrate, providing strategic insights on economic trends, wealth management, retirement planning, and personal finance. With over 15 years of experience in the financial industry, Stephen focuses on creating targeted consumer finance solutions for individuals, families, and business owners. He leverages his passion for financial literacy by simplifying complex topics and making financial planning accessible to everyone. Ernie Tedeschi, director of economics, the Budget Lab at Yale University Ernie Tedeschi is the Director of Economics at the Budget Lab at Yale. Until March 2024, Ernie was the Chief Economist at the White House Council of Economic Advisers. Prior to CEA, he was Managing Director and Head of Fiscal Analysis at Evercore ISI, a macro advisory firm. He was also previously an economist at the U.S. Department of the Treasury. Ernie completed his undergraduate studies at Stanford University and graduate work at the University of California at Berkeley. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Politics
- Yahoo
Trump admin's pause on Job Corps could hurt certain Mesa County residents, Weiser says
MESA COUNTY, Colo. (KREX) – Job Corps in Collbran – the only center in Colorado – is facing an uncertain future after the U.S. Department of Labor announced freezing the program. Colorado Attorney General Phil Weiser, along with 17 other AGs, urged a federal court to protect the national program that provides career training and housing for those with a low-income background. Although operations at the center in Collbran will continue, its future remains in doubt, Weiser said. 'Despite facing financial hardship and other adversity in their lives, the students who enroll in Job Corps and live at centers like the one in Mesa County are working to improve their lives by learning important skills like carpentry, masonry, or even wildland firefighting,' said Weiser. 'This reckless decision will rob hardworking young people of a chance to better themselves and their communities, and risks leaving thousands of vulnerable young people homeless. I am urging the court not to allow the Trump administration to continue with this cruel and illegal plan.' A bipartisan group and U.S. Rep Jeff Hurd have asked the Trump administration to keep Job Corps running. According to Weiser, many students were either homeless or living in foster care. They also do not have another place to go if the center closed, the Colorado attorney general said. In a brief filed Friday, Weiser and the other AGs said, 'in the 60 years since Congress created Job Corps, millions of young Americans from low-income backgrounds have been served by the program's unique combination of education, training, housing, health care and community.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-06-2025
- Yahoo
Iowa restaurant chain paid its servers only tips, U.S. Department of Labor claims
The Mexico Lindo Grill & Cantina at 1857 Lower Muscatine Road in Iowa City is one of three Iowa restaurants accused of wage-and-hour violations by the U.S. Department of Labor. (Photo via Google Earth) A chain of Iowa-based Mexican restaurants is being sued by the federal government for allegedly paying some of its workers only the tips collected from customers. In a lawsuit filed in U.S. District Court for the Southern District of Iowa, the U.S. Department of Labor is alleging that Rocio Correa-Mata, 33, of Iowa City, as the sole owner and primary manager of the Mexico Lindo Grill & Cantina restaurant chain, violated the Fair Labor Standards Act of 1938. Mexico Lindo Grill & Cantina has locations in West Branch, Iowa City, and North Liberty. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The department alleges that certain servers at the restaurants were 'only paid via direct cash and credit tips from customers' and did not receive the federal minimum wage rate of $7.25 per hour. The chain also is alleged to have 'willfully and repeatedly' paid employees less than the statutory overtime rate of 1.5 times the workers' regular wages for all hours worked in excess of 40 hours per week. In addition, the department claims Mexico Lindo paid its 'back-of-the-house employees' – a term typically used to describe kitchen workers — a cash salary that was insufficient to compensate them for any overtime hours. According to the lawsuit, Mexico Lindo then failed to create and preserve accurate records of employees' hours and failed to document each worker's full name and Social Security number. The department alleges defendant Correa-Mata has actively managed and supervised Mexico Lindo's operations and employees from June 2015 through the present, overseeing the chain's daily operations, hiring and firing employees, establishing work schedules, and setting rates of pay at each location. The Department of Labor is seeking a court order enjoining Correa-Mata and the chain from 'continuing to withhold employees' unpaid minimum wages and overtime compensation,' as well as an order finding them liable for any unpaid wages, plus an equal amount in liquidated damages, payable to 25 different employees of the three Mexico Lindo locations. The Iowa Capital Dispatch was unable to reach Correa-Mata at home or at any of the Mexico Lindo restaurants. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
11-06-2025
- General
- Yahoo
Pinellas Job Corps students, faculty hold solidarity event as future remains unknown
The Brief Dozens of people showed their solidarity with the program at an event on Tuesday. On May 29, the U.S. Department of Labor announced a pause on all of its campuses. June 4, a federal judge granted the association a temporary restraining order against the DOL, allowing classes to resume. ST. PETERSBURG, Fla. - Pinellas County Job Corps students and faculty hosted a solidarity event as its future hangs in the balance. The backstory Job Corps has 99 campuses nationwide, including one in Pinellas County. It's a one-stop shop for young adults between 16 and 24 years old, some of whom have aged out of foster care and face homelessness. Follow FOX 13 on YouTube The program offers education, housing and job support. Timeline On May 29, the U.S. Department of Labor announced a pause on all of its campuses. Following that, a federal judge granted the National Job Corps Association a temporary restraining order against the DOL on June 4, allowing classes to resume. A preliminary injunction hearing is slated for June 17, where a federal judge will decide whether to extend the temporary restraining order while the legal process plays out. PREVIOUS: St. Pete students, staff face uncertainty amid nationwide Job Corps pause What they're saying The Department of Labor said the closures would be due to the program not achieving its intended outcome, citing a 38.6% graduation rate in 2023. The agency also said there's been a "startling number of instances" nationwide, like acts of violence, drug use and hospital visits. Local perspective On Tuesday, dozens of students, staff and members of the community came out to an event in solidarity with the program at the Arts Xchange stage in St. Pete, across from the Pinellas Job Corps campus. The group shared their support through signs, prayer, songs and testimonials. Trade school student Isaiah Rummell lives on campus and said he wouldn't be where he is today without the program. "My life wasn't going the proper way," he said. "I gave it a shot to not just rebuild my life but help me give meaning back to my life." READ: St. Pete man sailing over 5,500 miles for Ronald McDonald House Charities Isaiah Perez graduated from Job Corps. "I was not looking for Job Corps. Job Corps found me," he added, "I was in foster care, jumping around from foster care, group home to group home. I fully graduated into facility maintenance and I'm going to be enlisted in the United States Army." Askia Aquil is the president of the Pinellas Job Corps Community Relations Council. "The argument for example that the Job Corps program is a bad investment for the taxpayers, I disagree with that wholeheartedly." He said it was heart-wrenching news to hear about the pause. "My position is, if Job Corps needs reforming, reform it, if Job Corps needs to be reevaluated or reassessed, then reassess it," he added. "I don't support at all shutting it down certainly as precipitously as this has been done and casting these young people to the wind." The Source The information in this story was gathered by FOX 13's Jennifer Kveglis. WATCH FOX 13 NEWS: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app:Apple |Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
Yahoo
11-06-2025
- Yahoo
Free attendance: ABQ legal clinic for worker exploitation on Friday
Jun. 10—State and federal labor officials as well as human rights advocates will come together Friday to offer a wage theft legal clinic. The Albuquerque event is free and open to all workers, and will offer informational presentations, resources and complaint assistance for worker exploitation. Employees can also file complaints on-site at the event. Spanish language resources will be available. Wage theft is the largest form of theft in the U.S. Workers across the nation lose billions of dollars annually in unpaid wages, according to the National Employment Law Project. That's why Organized Power in Numbers is hosting the Friday clinic, said Janyce Cardenas, campaign manager for the labor organization serving the South and Southwest. Wage theft can happen unintentionally, like working through lunch or not getting paid for equipment runs, Cardenas said. But that's not always the case, she added. She said Organized Power in Numbers has worked with clients whose bosses threaten deportation as retaliation to an employee speaking up about exploitation. Immigrant communities are especially vulnerable as the Trump administration carries out mass deportations, Cardenas said, pointing to the recent L.A. protests over immigration enforcement and, more locally, immigrant arrests in New Mexico as examples. "So now we have a group of immigrant workers who are afraid to go to work, and ... they're more vulnerable to labor violations because their bosses know that they're less likely to speak up," she said. "This is why events like this are important — so that all workers know, and especially immigrant workers know, that they have rights as workers, regardless of immigration status," she added. Officials with the U.S. Department of Labor, New Mexico Department of Workforce Solutions, city of Albuquerque Office of Equity and Inclusion, New Mexico Center for Law and Poverty, the Mexican Consulate, New Mexico Caregivers Coalition, Border Human Rights Network and Casa Fortaleza will be at the event. Organizers encourage workers attending the event who want to file a labor complaint on-site to bring any receipts or documents related to the case.
