The economic impact of our collective voices

I get asked a lot about my thoughts on the economy. Will there be a recession? How are rising interest rates affecting borrowing? What may be the lasting economic impact of today’s global instability? I’m always happy to share my perspective, and I also enjoy hearing the perspective of others.

I’ve been open about my feelings that a recession is coming soon, and it will hit many people, families, and businesses hard when it does. Despite the efforts of the Fed to scale back inflation by raising interest rates, prices of goods and services continue to remain at a more than 40 year high, and it’s hurting family budgets across the country. A?recent survey?found that 38% of workers have started to look for a second job, while an additional 14% have plans to do so. That certainly doesn’t inspire optimism heading into the new year.

Every election cycle we hear that the most important issue to voters is the economy. Yet, as I listen to candidates on the campaign trail and watch their ads, I’m disappointed by the lack of clarity around their fiscal policy positions. At the same time, I hear very few people asking candidates where they stand on fiscal issues and what kinds of policies they would support. Isn’t the economy supposed to be the most important issue?

Simply voting for the party not in power because of how you feel about the economy is not in any way a guarantee that things will improve. When we fail to understand where elected officials stand, we get narrowly focused fiscal policy that then has negative, indirect implications on many--or all--of us. A great example is what we are starting to see with student loan forgiveness.

There’s no doubt that we have a growing student loan debt problem in this country. The cost of a college education is astonishing. So, I understand the desire to help people burdened by these costs. But as exciting as it may be to have your student loan forgiven, you may not realize the indirect impact of this increased liquidity in the economy, which will likely drive up the cost of things like gas and milk even more.

We see time and time again that our elected officials aren’t always good stewards of our capital. The best way for us to avoid bad fiscal policy in the future is to be informed. Enhance your fiscal knowledge. Understand the long-term implications of not having a sound budget. Research candidates’ positions. Have open conversations with people about the economy and how it’s impacting them and you.

What makes election day special is that it allows us to take part in the greatest of American traditions. Get informed about the most important fiscal issues impacting you, both on the state and federal level. Then I encourage you to exercise your right to be heard.