After President Gail Moseley called the meeting to order with the Pledge of Allegiance, Carrie Malotte followed with an invocation about the past, present and future. Gail then welcomed our speaker, Jesse Hurst and thanked Steve Dunton and Dave Renninger for getting us checked in.
CELEBRATIONS:
Birthday: Ron Taggart is celebrated his birthday on Monday.
Wedding Anniversary: Elizabeth and Chip Eaken will celebrate their 28th anniversary on Saturday.
HAPPY BUCKS: Dave Christman stated that his daughter, Emily Christman is now Leader of Outpatient Therapy for Speech Pathology at Children's Hospital Medical Center.
Don Coughlin, in a not so happy buck, thanked everyone for their support at the sudden death of his daughter-in-law, Elizabeth. (Beth). A Go-Fund-Me account has been set up for her medical expenses. To reach the site, go to gofund.me/a11a514e, if you would like to help.
RAFFLE: Carrie's table had the winning number but pulled the 8 of clubs. The rest of us have another chance.
ANNOUNCEMENTS:
Board Meeting will be this Friday, June 9 at 7:15 a.m. at City Hall. Minutes of the May meeting are attached to these minutes.
Golf Outing: Scott Miller said that there are now 25 foursomes for the golf outing on the 16th, The committee meets tonight at the FOP Building in Silver Lake. Volunteer lists are next to the badges. Dinners are available for non-volunteers at $30 each. Contact Scott if you are interested. The guess is that dinner will be in the 1:30-2:00 time frame. Thanks to everyone who has helped or donated. It looks like it will be a great success. Now everyone needs to pray for great weather.
Fourth of July: Dinah Henderson said that for the Fourth of July parade, they are looking to promote Rotary and the Stuff the Bus campaign by having a small bus in the parade. Rotarians are needed to ride the bus and wave to the crowd. Fliers will be available for the Stuff the Bus drive.
People Who Built the Original Skip Playground are invited to ride on the large float which will lead the parade. In 1991 a large group of volunteers, especially Rotarians, built the playground in 5 days. If you or someone you know, participated in the construction, call Parks and Recreation to say that you will ride on the float. John Pribonic says there will be T-shirts for participants.
Foodbank: Last month the volunteers sorted packets for cocoa mix. The sorting will translate into over 36,000 cups of hot chocolate. Amazing. For June, our date is June 28 and the time is 4:30-6:30. Sign up as you sign in.
A.Z. Baker Award: Andy Denton announced that she and Karen Monbeck have been working on compiling the points for the criteria. For a club our size we need to have 5500 points to achieve the award and we have over 10,000 points. This proves that we are a very active and involved club. Thank you to everyone!!!!!
PROGRAM: Carrie Malotte, Program Host, introduced our speaker, Jesse Hurst who is a certified financial planner who founded Impel Wealth Management. He has been honored as a Best-In-State Wealth Advisor for Ohio by Forbes Magazine. He is also deeply involved in community service, is a dad of three children and lives in Stow with his office in Cuyahoga Falls.
Jesse began his talk by talking about his long-time relationship with Keith Redmon and how through his blog, he did a special tribute to Bruce Redmon.
He went on to discuss: the debt ceiling, inflation and the Federal Reserve Bank, the new banking crisis and recession fears. A bottom line in all of this seemed to be that everything is changing and things that were once financially predictable, now are less predictable due to continually changing world events. He explained that with all of the fighting that went on in Congress to address the debt ceiling, 70% of the budget is mandatory spending, so they were doing all the arguing over 30% of the budget. The national debt went from $20 trillion to $30 trillion between September of 2017 and February of 2022. Social Security needs to be adjusted for the 20 and 30 year olds or will run out of money between 2033 and 2034. When people are out of work, they do not pay into Social Security so a slow economy impacts FICA payments to social security.
Several things have impacted inflation. COVID and COVID spending changed much of the predictability of inflation. For instance, $3trillion was spent on managing the results of COVID in relation to the economy. The Federal Reserve is trying to put some controls on the economy by raising the interest rates as they have done several times. Whey they see that banks are in trouble, they pull back on lending and this puts less money into the economy. Almost every indicator points to the idea that we are headed for a shallow recession. The Leading Index of Economic Indicators dropped 13 months in a row and we have never not had a recession when this happens.
In all, we are in uncertain times and need to watch carefully what is going on with the economy. Mr. Hurst said that more information can be found at impelwealth.com.
DATES TO REMEMBER:
Friday, June 9, 7:15 a.m., Board Meeting at City Hall.
Wednesday, June 14, 7:30 a.m. morning meeting at Bellacinos
Friday, June 16, Golf Outing at Fox Den
Wednesday, June 28, 7:30, morning meeting at Bellacinos for our Installation Breakfast
Wednesday, June 28, 4:30 to 6:30 Foodbank Volunteer time
Wednesday, October 11, Reverse Raffle/Silent Auction in the evening.
Andrea Denton
330-474-7265
330-414-1934