Economists suggest Oklahoma may be at risk if recession hits
(KTEN) — Some economists are anticipating a recession in the United States, and multiple financial service companies are also predicting this could have an impact on the Sooner State.
The Center on Budget and Policy Priorities took a look at Oklahoma’s reserves. According to their analysis, if there’s nothing left in reserve funds, states might have to cut funding in other areas to make ends meet… which means they could dig into the pockets of schools or public health, for example.
"One of the things that makes Oklahoma at risk is just simply the employment rate as well as the amount of debt associated with Oklahoma residence," finance expert Mary Jo Terry said.
Big tech companies like Microsoft are already laying off thousands of employees, which is why now is the time for families to prepare.
"I know usually at the end of the year, the beginning of the year, is really when you see layoffs,” Terry said. “But at the same time we don't want you to end up in a position where you can't pay your mortgage or your rent."
Drawing up a plan to handle a recession doesn't always require drastic changes.
"It could be fast food; it could be your coffee shop; it could be your subscriptions,” Terry said. “Really take a look. If you take two weeks and you just write down everything you spend, you'll find places to save $25, $50."
Even if you don't think you'll be affected, you can always use this exercise as an excuse to lean into that New Year's resolution to keep track of your finances.
"All of this sounds really complicated, but genuinely, it could take you 15 to 20 minutes to write all this down or put it in an Excel spreadsheet, or go snatch an app for your phone where you can do it at your lunchtime," Terry said.