Economics are complicated and confusing
Book signing scheduled for Saturday in Saratoga Springs
The Front Page
Morning Update
Friday, November 5, 2021
By Ken Tingley
It wasn’t really news that the main issue for voters this year was the economy. I can’t remember too many elections when it wasn’t the main issue.
I thought it might be a good time for us all to reflect on economics.
For most of my life I have described myself as a “fiscal conservative.” That’s been my personal philosophy. I’ve always had savings built into my budget and if I had an unexpected bill, I spent less. Other than a mortgage and car loads, I have ran away from debt. I paid off the credit card charges each month and, I confess, I’ve thought that government should work the same way.
But over the years I earned governments can’t really be run like a business or our personal household. Government itself is a major player in the economy and its spending is a stimulus both locally and nationally.
And the economy is complicated with businesses and governments interconnected around the world. We’d like to believe that our political leaders have all the answers for a good economy, but they don’t. No one person controls the fortunes of the stock market or the prices of goods.
I remember buying into President’s Reagan’s theories on trickle down economics. He believed a tax cut would lead to more money being pumped back into the economy and that would create more jobs. My tax cut was just a couple bucks a week and from what I remember, the economy didn’t get much better.
But then President Bush - the first one - raised taxes and it helped avert a recession and led to a booming economy in the Clinton years. Of course, the dawn of the internet age helped, too.
Even the smartest economists disagree over fiscal policy. But “supply and demand” theory still make a lot of sense when considering why prices fluctuate.
There has always been a lot of angst about the national debt which continues to grow unchecked no matter who is in office. For decades, I’ve heard how the national debt needs to be paid down or it will have dire ramifications. First, it would be on me in my old age and now on my children.
So far, those dire ramifications have not come to pass.
The question we should ask ourselves is what do we want from our government. What services should they provide to the general population. Where should all our hard-earned tax dollars be spent.
This debate has current ramifications as well as Congress debates the Build Back Better plan.
As I near the age of 65, I was surprised to learn that Medicare does not include dental or vision coverage. Should it? It seems like it should.
Most working class families need to have two paychecks to maintain a decent standard of living. With that in mind, should those families get an extra tax break? Should they get help with child care so both parents can continue working?
When I first started working 40 years ago, my entire health insurance was paid for by my employer. That’s not the case anymore. Individuals have to pitch in a third of the bill if their employer offers insurance at all. Wouldn’t a simple solution be to require corporations pay for at least 90 percent of the health insurance? Or maybe it should be paid for by the government?
What about paid family leave? As the boomers get older, it might be important to give their children a hand in taking care of their parents.
The sad reality of our democracy is that if business slumps, we throw out the current leaders even if it was not their fault.
I’ve come around to the thinking that government should be a partner in making life better for its citizens. I wish it could do it better without wasting money and corruption, but it is still needed.
Maybe we shouldn’t be voting on leaders, but voting on what should be funded in the budget.
Imagine a checklist of priorities with a percentage of the budget attached:
Climate change.
Health care.
Infrastructure.
Social Security and Medicare.
It would be nice to hear a conversation about how the government should spend money without some politicians screeching that it is all “socialism.”
Social Security and Medicare are both forms of socialism and neither has put capitalism in jeopardy.
How economies rise and fall is a complicated business. Let’s make a list of what is important to us and tell our politicians that is where we want it spent.
When you give a corporation a tax break, there is no guarantee of where that savings is spend. But if you spend it on something for regular people, that is something we can all share.
Glens Falls mayor
Bill Collins, the mayor-elect of Glens Falls, has the unusual distinction of becoming mayor without having to sell himself to the voting public.
Because he was running unopposed, voters didn’t get to hear much about what Collins hoped to accomplish as mayor. Collins wrote to me that he was disappointed about not having that opportunity.
We hope to get together in the near future and talk about the future of Glens Falls.
Book Signing
Really enjoyed my visit with folks over at the Moreau Community Center on Thursday. We had a great time talking about newspapers, community and my collection of columns.
Really looking forward to Saturday’s book signing at Northshire Books in Saratoga Springs. Northshire has been the go-to independent book store in the region for years. One recent Saturday, the store was just packed with people. Great to see that kind of interest in books.
I can remember when I first came to Glens Falls in the late 1980s and discovering Northshire’s bookstore in Manchester, Vt. It was always a must stop when we visited Manchester.
I will be signing books from 1 to 2 p.m. on Saturday.
What’s the hurry?
Drivers in a hurry continues to be one of my pet peeves. On Thursday, a driver roared up behind me, then swerved into the other lane to pass, got caught behind another car, then swerved behind me again.
She didn’t make any progress on Upper Glen because of all the lights. I found her in front of me and saw her turn into McDonald. That’s why she was in such a hurry?
Politics/politicians sorry to say I have lost faith in.
“a driver roared up behind me, then swerved into the other lane to pass, got caught behind another car, then swerved behind me again.”
Drivers like that on Quaker led me to the term “Lane Change Wizard” a la Tommy the pinball wizard.