This week in 1995, rap artist Coolio scored his first #1 single with the choir-infused, synth-layered, mega-hit “Gangsta's Paradise.” If you’re like me, you’ve spent more than a few minutes bopping your head to the song’s infectious chorus: “been spendin’ most their lives livin’ in the gangsta’s paradise.”
Or perhaps you’ve seen the movie Dangerous Minds, which made the song famous.
Even if you’ve never heard the song, you’re probably familiar with one of the funniest parodies ever made: Weird Al Yankovic’s “Amish Paradise.”
What you might not know, however, is the song itself is a virtual beat-box copy of Stevie Wonder’s 1976 song, “Pastime Paradise,” which is about someone looking to a better future instead of living in an unhappy past. Wonder never saw his version of the song rocket up the charts, but without it, the other versions would have never seen the light of day.
This month’s economic indicators are a bit like that—a better version of the month before. Take, for instance, consumer spending, which is up from the previous month and pushing nearly $900 million. The same is true of wages and population growth, where Rapid City’s MSA increased by a thousand people. Additionally, inflation fell by .6%, and housing costs dropped in the ‘02-zip code. Throw in a labor force participation rate greater than the national average, and you are looking at a Rapid City economy as robust as it’s ever been, even in the face of rising interest rates.
The chorus remains the same, however. A slowdown is coming, a recession is coming, and the stock market is falling. Even the Treasury Secretary thinks avoiding a recession will take some luck. This may be true nationally, but Rapid City is still singing its own tune right now.
Stay safe and Godspeed.
Tom