War is hell and there’s no way to minimize that (we aren’t going to try.)
Big conflicts come with a big cost to human life. We’re talking about death, homes lost, and displaced people (not to mention famine, destruction, and the list goes on and on.)
You might not be getting sent out to war but you will probably still feel the impact of a conflict like what’s happening in Ukraine.
In fact, one BIG downside to our globalized world is that when 💩hits the fan on the other side of the world, even the big ole’ US of A is impacted.
Here’s the five things you need to know about how the Ukraine/Russia conflict affects your Paycheck:
- 🤔🙅What even is this war about? Putin looked at the ethnically Russian people just over the Ukrainian border and said “Hey you! Yeah you! Wanna be (officially) Russian?” Then he sent over some of his "peacekeepers.” It’s a power play under the guise of fighting for freedom. Now there’s violence and death.
- 🔨🏛️The White House Dropped the Hammer (and sickle) - President Biden has already imposed sanctions against Russia by cutting them off from banking with Western powers.
- ⛽📈Paycheck Pain at the Fuel Pump - Thank goodness gas hasn’t been expensive lately *eye roll.* Because now Russia, being the second largest oil supplier in the world, has their oil and gas pipeline blocked and production could be threatened by ongoing conflict.
- 😬🧾High Energy Prices Make Inflation Worse - If energy prices continue to rise then we could likely see 10% inflation by the end of the year (the highest it’s been since October 1981).
- 🐌🏭Uncertainty, Conflict, and inflation Slow Down Job Growth - There’s this thing called a pandemic that we’re only just beginning to think about recovering from – A conflict that stifles the flow of goods and materials is just about the last thing we need. And if the Federal Reserve tries to help… Interest rates will increase and it will be more difficult to borrow money. Say goodbye to buying new homes or taking out business loans.
🔥Bottom line: Any war that involves one of the world’s largest oil producers AND nuclear superpowers is going to be bad for Paychecks. We want stability, peace, and safety. Thankfully, we still have a working democracy and we can make an impact on the local level by voting, shopping, and working together in our communities.
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