The Daily Money: The not-so-great escape from a recession

There may be one way to avoid a recession, but it is pretty. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Tuesday, December 27 Welcome back, Daily Money readers! We hope you enjoyed the holiday time (rain, blizzard or for the very lucky ones out there, warm sunshine).  If you made money through selling goods on Etsy, eBay or collected funds through PayPal, Venmo or CashApp, here's some good news: The IRS reversed a rule that was set to go into effect in 2023 requiring anyone who made at least $600 from an e-commerce platform to file a 1099-K, an income tax form. But to avoid confusion and smooth the transition the IRS said it would extend the rule's effective date by a year. This means that the 2021 threshold of $20,000 in earnings from 200 transactions will carry over to 2022 for taxes filed in 2023. The way to escape a recession isn't pretty  Have you ever found yourself in a really ugly dilemma where both options seem equally as bad? Well then you can relate to what the U.S. economy is experiencing right now. It may be able to avert a recession but that could mean stagnant wage growth.  Already wages are starting to cool down. Average annual wage gains dipped to 5.2% in the third quarter from 5.7% early this year, according to the Labor Department's Employment Cost Index. But that's still well above the average of 3.3% before the pandemic and about 2% in the decade before the health crisis. Slowing wage growth is good if your chief concern is a recession because it signifies that the Federal Reserve has a greater grasp on inflation where employers don't need to keep increasing workers' pay to keep up with inflation. The more wage growth slows the less likely the Fed will be to raise interest rates. Downside: good luck getting a raise if you're struggling to make ends meet.  📰 More stories you shouldn't miss 📰 Blood pressure tablets: Many were recalled over potential cancer risk, FDA announces Adidas scrambling: The company is stuck with $530 million in Yeezys after cutting ties with Ye Not just for the wealthy: Prenuptial agreements and what couples need to know about them. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. How can the economy dodge a recession in 2023? Slow wage growth. The key to avoiding a recession next year? Slowing strong wage growth, which would reduce inflation, economists say. But it won't be easy. How GM is re-defining the 'corner-office philosophy' in post-COVID... Toyota's failure of vision betrays the Prius' historic stature America needs its older workers. But we don't treat them like we do. OPINION N.C. Chick-fil-A fined after paying workers with meals, Labor Dept.... Can an employer require workers to speak English only at work? Ask HR Anxiety-producing? College students worry about having business attire Racers, mechanics, tinkerers converting classic cars to EVs Facebook to pay $725M to settle Cambridge Analytica case How Ishbia parlayed basketball passion, wealth into Suns, Mercury...   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102