This week in 1985, music history didn't just happen; it donned a sequin glove and hit a High C because the hit song "We Are the World" reached the top of the charts in both the US and UK.
Inspired by the UK-based charity single “Do They Know It’s Christmas,” Harry Belafonte and Quincy Jones saw an American opportunity to do more for Ethiopia, which was ravaged by famine at the time. They needed a powerful anthem for relief.
Enter superstars Lionel Richie and Michael Jackson. They penned the song, and in a legendary Los Angeles all-nighter, a who's who of music royalty—from Cindy Lauper to Bob Dylan– set aside their egos and hairspray for a cause greater than themselves.
The stories behind what happened that night are legendary. From Waylon Jennings walking out because Stevie Wonder suggested singing some of the parts in Swahili, to Prince saying he would only show up if he could play guitar by himself in a separate room, there was no shortage of strange demands.
But there was something else: unexpected camaraderie.
Despite the egos, the session became a testament to the unifying power of music. Bruce Springsteen slept on the floor. Jackson, known for his perfectionism, surprised everyone by being incredibly easy-going.
The result? A timeless anthem that raised millions for famine relief and proved that even the biggest stars could come together for the greater good.
This month’s economic indicators are a lot like that—bigger than themselves. That’s because for the first time, Rapid City’s average weekly wage is above the $1,000 mark ($1,024). And for the first time in many years, Rapid City’s wages are greater than Sioux Falls. There are several reasons for this, but the primary reason is that for the last few years, Rapid City’s wages are simply growing faster than in East River. Additionally, Rapid City’s health care and military-based jobs are adding higher-paying jobs to Rapid City’s economic base.
However, we shouldn’t ignore what’s now the monthly elephant in the room: the continued macro environment of high-interest rates combined with continued higher-than-expected inflation. It puts the Fed in quite the box. Raise interest rates and you crush inflation, but you also throw the economy into a recession. Lower interest rates and inflation continues to dog families at the gas pump and grocery store.
Combine this with a nudge-up in unemployment, a nudge-down in labor force participation, and continued weakening of occupancy rates, we’re not sure how much longer the economy can sing in harmony.
Stay safe and God-speed.
Tom
