Trouble in Radio Land: Layoffs and Pay Cuts

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We are praying for all during this crisis in the world. It will get worse before it gets better. I heard from my friend Dan Dobson of KWOA Radio in Worthington, Minnesota yesterday. Dan retired on Monday after being in radio since 1975. Dan said it is going to be very tough for many stations to make it through this crisis. Main street America has been hit a severe blow. The radio industry has been changing like everything like else over the last several years, like Downsizing, voice tracking, elimination of jobs, elimination of news departments, consolidation of stations. it became for many owners, ALL ABOUT THE MONEY. I beleive if a station does live shows, solid local news and sports and local play-by-play, community programming and involvement, ownership in person involvement in the area it is to serves, it will survive. Consolidation of stations and voice tracking, elimination of local talent, no local ownership big reasons for radios trouble. FGGAM will continue its radio ministry on the stations in Minnesota as long as the Lord says. I have been in radio since 1978, It sadden me when began to see several years ago big money take over radio in America and push the local owners out, much like WalMart did to main street America. GREED. Radio has lost its way like many Christians have lost the road to Jesus and His Church. Radio used to be, as we said in the day, “The theater of the mind” I do not listen to the radio at all for many days….if I do its K-Love or Family Life Radio. There is no longer good talk/news radio here in Albuquerque. One of the biggest errors of Christian Radio and TV is not having local news departments. I always asked myself when I managed KKIM, “If we do not report the news through a Biblical Lens, a Biblical worldview, who will?” I had a staff of 5 to 6 Pastors that were on our news team. Here at FGGAM, we report the news 24/7! Christian Radio and TV have relied on PAID PROGRAMMING to survive far too long! They should have devolved first class sales and marketing teams like we had at KKIM!  Inside Radio Report 
(By Ed Ryan) COVID-19 has now infected 785,000 people globally, claiming 37,686 lives. In the United States 3,000 people have died, 900 of them in New York. CNBC is reporting that the unemployment rate in the United States could top 30%. Commerce has come to a screeching halt, every industry is being impacted. Radio is no different. [read more]
One thing that Washington D.C. has avoided for years is the out of control Federal deficit. Please, just realize we have no money. America is so far in debt, our money is monopoly money. We have been playing that game for a long time as the politicians, both Republicans and Democrats have been very bad stewards! Hrere is what God’s Word says about stewardship: Now it is required that those who have been given a trust must prove faithful. 1 Corinthians 4:2. This is one of many issues in this country that both parties are as guilty as sin.Current U.S. Federal Budget Deficit
That check many will be getting in the mail is monopoly money because of the lack of stewardship of the people that have been elected. I have spoken about this for years and reported on it here at FGGAM. I have heard nothing for several years but crickets from D.C. on this issue. Now America is stuck between a rock and a hard place…..an economy struck by a crisis with nothing but monopoly money. We did not save for a rainy day. Very troubling. GREED is a huge problem in America.
Then he said to them, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” Luke 12:15

With the U.S. stock market having lost over 20 percent of its value and the U.S. government passing a historic $2 trillion stimulus package, WalletHub today released a report on the State Economies Most Exposed to Coronavirus, as well as accompanying videos.

To identify which states are most vulnerable economically, WalletHub compared the 50 states and the District of Columbia across 10 key metrics. The data set ranges from the share of employment by small businesses to the share of a state’s GDP coming from highly affected industries and increases in unemployment insurance claims. Below, you can see highlights from WalletHub’s report as well as a Q&A with WalletHub analysts.

States with Most Exposed Economies States with Least Exposed Economies
1. Louisiana 42. Arkansas
2. Rhode Island 43. Nebraska
3. Nevada 44. Alabama
4. Maine 45. South Dakota
5. New Hampshire 46. Wyoming
6. Pennsylvania 47. Utah
7. Montana 48.Oregon
8. New Jersey 49. Alaska
9. Massachusetts 50. California
10. Illinois 51. Georgia

Key Stats

  • Rhode Island has the highest increase in number of initial unemployment insurance claims (2020 vs 2019 – 12th week), 4,574.93 percent, which is 90.6 times higher than in Utah, the lowest at 50.52 percent.
  • Montana has the highest share of employment from small businesses, 65.20 percent, which is 1.6 times higher than in Nevada, the lowest at 42.00 percent.
  • Mississippi has the lowest share of the population working from home, 2.30 percent, which is 3.3 times lower than in Colorado, the highest at 7.70 percent.
  • Mississippi has the lowest share of households with a broadband internet subscription, 46.80 percent, which is 1.7 times lower than in New Hampshire, the highest at 78.80 percent.

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/state-economies-most-exposed-to-coronavirus/72631/

WalletHub Q&A

What’s the fastest way for state economies to rebound?

“Based on what has played out in other countries, the answer is pretty obvious: We need a very aggressive federal lockdown for as long as necessary to bring new infections down to near-zero levels. At the same time, we need to massively ramp up the production of N95 masks so that the general public can wear them whenever leaving the home. We also need to provide significant assistance to small businesses and consumers throughout. If we can manage that, we could have coronavirus in the rearview mirror by summertime,” said WalletHub CEO Odysseas Papadimitriou.

Why does Louisiana have the most exposed economy?

“Louisiana’s economy is most exposed to coronavirus hardship because it has a high share of employment from impacted industries, including tourism and oil, and one of the worst infrastructures for working from home,” said WalletHub analyst Jill Gonzalez. “The state is also emerging as one of the country’s COVID-19 hotspots, particularly New Orleans.”

Why does Georgia have the least exposed economy?

“Georgia’s economy is less exposed to ill-effects from the coronavirus than any other state because it has one of the smallest shares of employment from small businesses. It also had the second lowest unemployment increase so far,” said WalletHub analyst Jill Gonzalez. “Major events like the Masters being postponed will definitely hurt areas of the state such as Augusta, but Georgia is in better shape than other states overall.”

What makes one state’s economy more exposed to coronavirus than another state’s economy?

“This pandemic has hit a number of industries so hard that they are furloughing at least 90 percent of their employees and going to zero revenue. Some states have a higher concentration of jobs in those industries or a higher share of state GDP from those industries than others,” said WalletHub analyst Jill Gonzalez. “WalletHub’s study used 10 core metrics to measure the impact of COVID-19 on state economies, with the most weight going to the share of each state’s GDP and workforce that are from highly affected industries, along with the rate at which initial unemployment insurance claims are being made. Highly affected industries include accommodation and food services; arts, entertainment and recreation services; retail businesses and others.”

More from WalletHub

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