Articles by Timothy Flacke
As the coronavirus pandemic unfolds, public health authorities are encouraging people to stay home if they're sick. But for many U.S. workers – especially those with lower-incomes and gig economy jobs – taking a sick day is unpaid, so staying home has serious financial implications. Timothy Flacke at Commonwealth highlights this challenge, and discusses how innovative savings solutions can help.
Though the U.S. economy is experiencing a historic expansion, stock market jitters and other recent developments have some economists predicting a recession. And according to Mariel Beasley at Common Cents Lab and Timothy Flacke at Commonwealth, cracks have been forming beneath the surface of the economy for a long time. They explore the surprising financial insecurity facing American households, and explain why short-term, liquid savings could help mitigate the effects of a future recession before it begins.
There should be huge returns to helping more Americans raise the range of their cash positions – their financial zone of operation, writes Timothy Flacke of Doorways to Dreams. In some cases, moving that range even $500 or $1,000 higher might mean less frequent use of costly short-term credit - which could help prevent short-term borrowing from becoming chronic debt, as is so often the case with payday loans. But how?