The Dow hit a document excessive. So did the Higher Cleveland Meals Bank.
CLEVELAND — Though the Dow Jones Industrial Common hit the 30,000 level mark this week for the primary time in historical past, it does not inform the entire story of an economic system nonetheless affected by the COVID-19 pandemic. Living proof: demand for the providers of the Higher Cleveland Meals Bank continues to ascend at unprecedented ranges, amounting to a brand new document of households served on the meals bank’s meal distribution final week.
Kristin Warzocha, the CEO of the Higher Cleveland Meals Bank, mentioned there was a skyrocketing want for emergency meals providers in Northeast Ohio because the pandemic began. This fiscal yr, the meals bank has served greater than 400,000 native households, which is greater than 100,000 further households over final yr.
“One in 4 Northeast Ohioans have been served by the meals bank or one among our associate businesses during the last yr,” Warzocha mentioned. “The necessity is rising. That is an actual concern.”
It’s a staggering juxtaposition with the rising confidence on Wall Street. Buoyed by a number of waves of optimistic information on the COVID-19 vaccine entrance and a sign by President Trump that he’ll switch energy to President-elect Biden within the coming weeks, traders and merchants have a bullish view of the long run. Nevertheless, what the Dow document set this week does not present is the ache nonetheless being felt on Essential Streets nationwide.
“For people working within the quick time period that may’t make a hire fee, cannot make a automotive fee, or cannot put meals on the desk, it’s nonetheless actually actually painful,” mentioned Michael Goldberg, an affiliate professor of design and innovation on the Weatherhead College of Administration at Case Western Reserve College. “There are such a lot of small companies which can be on the market that aren’t publicly traded: the restaurant proprietor, the native chain proprietor. They aren’t mirrored out there indices. You possibly can see financial ache on the native degree.”
Though leaders on Capitol Hill have expressed a want in assembling and passing a second stimulus bundle, Democrats and Republicans have but to agree on the ultimate measurement and scope of such a aid bundle. Goldberg mentioned a second stimulus bundle is sorely wanted by native economies with a view to bridge the hole between now and widespread vaccinations.
“And not using a second stimulus and a few aid for employees, I feel it may be actually actually onerous to make it by way of this era,” Goldberg mentioned. “There may be this dichotomy of parents in lengthy traces at meals banks and people going again on unemployment with enthusiasm with the markets.”
No matter what the long run holds, Warzocha mentioned the GCFB might be there to assist.
“We noticed the necessity for meals rise extra shortly than we’ve ever seen in our 40-year historical past,” Warzocha mentioned.
To assist the meals bank present meals to space households, Warzocha encourages residents to donate their time or cash. Donations may be made on-line by way of the meals bank’s web site.
Folks needing help are inspired to name the meals bank’s assist middle at 216-738-2067.
Market information on CNN.
Dow Jones – The Dow hit a document excessive. So did the Higher Cleveland Meals Bank.