E A

E A

  • Joined: July 9, 2024
  • Articles: 975

Gig Economy Boom 2025: Freelancing the Future Amid Inflation

In 2025, the gig economy and side hustles are growing fast as more people turn toward freelance and independent work due to economic uncertainty and high inflation. Because of changing job markets and challenging economic conditions, many businesses prefer hiring temporary freelancers instead of full-time employees. Platforms like Upwork and Fiverr have become popular for connecting professionals with short-term projects and flexible job opportunities. This approach benefits companies by reducing costs and giving them quick access to specialized skills, while workers gain the flexibility to earn additional or even main income by taking on gig jobs or creating their own small businesses.

Senate Moves Forward on Landmark Tax Shake-Up Amid Economic Uncertainty

In July 2025, the U.S. Senate moved ahead with major tax policy changes as tax cuts from the Trump era were nearing expiration. The Senate's proposed bill includes reducing taxes for middle-class families by eliminating federal taxes on tips and overtime income, placing new limits on itemized deductions, and authorizing significant new borrowing that could total up to $5.3 trillion through 2034. These changes aim to ease financial pressure on American households dealing with recent economic challenges, such as inflation and uncertainty about the economy. The Senate's actions follow the House's approval of a similarly ambitious plan focusing heavily on major tax cuts, setting the stage for major negotiations on the budget and tax policy between lawmakers in the coming months.

Spend Less, Live More: How Gen Z and Millennials Embrace the No-Buy Year

The "No-Buy Year" or "2025 Spending Detox" has become increasingly popular among younger Americans due to ongoing economic uncertainty, rising costs, and lingering inflation. Many teens and young adults, especially Millennials and Gen Z, are participating in this movement, which encourages people to limit their spending to essential items like housing, transportation, groceries, and healthcare for an entire year. Participants typically avoid non-essential purchases such as clothes, electronics, restaurant meals, and subscription services. By becoming more aware of their spending habits, individuals aim to save money, reduce financial stress, and break away from impulsive shopping habits. Social media influencers have played a major role in boosting the movement's popularity by sharing their own experiences and financial tips.

U.S. Inflation Cools, Yet High Mortgage Rates Linger

Recent economic data from July 2025 shows inflation in the United States finally beginning to slow down after several challenging years. The Core Personal Consumption Expenditure (PCE) index, a key measure of inflation excluding housing costs, has dropped closer to its lowest level since early 2021. This shows that prices for certain important goods and services are no longer rising as sharply as they once were. With core inflation dipping below the Federal Reserve's target rate of 2%, the economy seems to be stabilizing. Despite this good news, interest rates on home mortgages, such as the average 30-year fixed rate, continue to remain unusually high, making it more costly for consumers to borrow money and buy homes. This lingering issue poses challenges for buyers and creates uncertainty in financial decisions.

AI Deception: America’s New Scam Crisis

Amid ongoing economic struggles and political divisions, America faces a concerning rise in scams powered by artificial intelligence (AI). Over the past year, reports of these sophisticated scams have increased fourfold, affecting everyday individuals and small businesses alike. Cybercriminals leverage powerful AI techniques, such as "deepfake" videos, to convincingly impersonate trusted people like company executives. In one dramatic case, scammers used AI-generated video calls to pose as company officials, successfully persuading an employee at a major engineering firm to transfer more than $25 million overseas. This alarming trend highlights the dangers of advanced AI tools when used to exploit vulnerabilities, pushing experts to advocate for greater public awareness and stricter security measures to protect Americans from these increasingly convincing scams.

Navigating High Interest: Smart Moves for Your Money

With interest rates remaining high but expected to drop toward the end of 2025, Americans are encouraged to approach their finances carefully. Borrowing money for big purchases—such as buying a home, a car, or doing renovations—is expensive right now, causing many people to hold off on these decisions. Financial experts recommend using this time wisely—to check budgets, build up savings, and research different lending options carefully. Savings rates are currently high, meaning it could be a good moment to lock in strong returns before rates go down. Taking these steps now will help consumers get the most out of their money as interest rates begin to shift.

Side Hustle Surge: Thriving in 2025’s Digital Economy

In 2025, many people are adapting to a challenging economy by finding innovative ways to boost their income. With mortgage rates around 7% and ongoing concerns about inflation, popular income strategies include creating and selling digital products such as e-books, online courses, and design templates. These products let people use their existing skills to start businesses without much upfront cost, since there's no need for physical inventory or delivery. Another popular method is freelancing or teaching online. Using websites like Upwork, Fiverr, and Udemy, individuals can offer services or teach valuable skills to others, allowing them to grow their careers and earn extra income in a flexible way.

Maryland’s Wealth Shift: Higher Taxes Target High Earners and Digital Economy

On July 1, 2025, Maryland introduced significant tax changes aimed at raising money from wealthier households and the digital economy. Under the new rules, the state added two extra income tax brackets, increased taxes on capital gains by 2% for homes making over $350,000 per year, and started reducing itemized deductions for those with incomes above $200,000. Additionally, Maryland now applies a 3% sales tax to digital products and technology services. These moves come amid nationwide conversations about how states should manage their finances and raise funds to provide important public services. Maryland's actions reflect a broader trend of states carefully reshaping their tax policies to meet changing economic realities and societal priorities.

Social Security Boost Sparks Retail Revival Amid Economic Uncertainty

In July 2025, an increase in Social Security payments is set to influence consumer spending patterns significantly across the U.S., especially during a time of economic uncertainty. With inflation remaining high and economic indicators offering mixed signals, consumers who rely on Social Security payments will likely use these boosted checks promptly to cover basic living expenses like food, housing, and utilities. Businesses, particularly retailers, are closely tracking these spending surges to adjust their strategies—such as offering targeted promotions or increasing inventory at critical times—to meet anticipated customer demand. This cycle of spending could support retail activity and provide relief for households experiencing financial stress but also reflects underlying concerns over affordability and economic stability in the current economy.

Inflation Holds Firm: Prices Rise, Rates Stay Steady

As of June 30, 2025, inflation continues to affect the U.S. economy, posing challenges for families dealing with rising costs. The Core Personal Consumption Expenditures Price Index (Core PCE), a key measure used by policymakers, rose to 2.7% in May. This marked increase from the 2.6% seen in April indicates that prices for goods and services, excluding food and energy, continue to move above the Federal Reserve's ideal 2% target. Meanwhile, the Federal Reserve has kept interest rates unchanged for the fourth time in a row, hoping to avoid adding further uncertainty due to ongoing trade tensions. This ongoing situation means Americans could continue feeling pressure on their wallets from rising prices, while borrowing costs remain steady, at least for now.

Trending now

Budgeting and Saving
Debt Management
Side hustle ideas to boost income
Investing basics for beginners