Showing posts with label Federal Reserve. Show all posts
Showing posts with label Federal Reserve. Show all posts

Thursday, November 18, 2021

Holiday shopping -- buy local, give newspapers -- Nov. 18, 2021 column

By MARSHA MERCER

Now more than ever, it’s the time to shop locally and buy American.

With the supply chain strained, tech and other goods made overseas are on slow boats from China, and if they arrive at all, are more expensive.  

Fortunately, not everyone is lusting after hard-to-find Xbox Series X or PlayStation 5. But everything from imported booze to sneakers is expected to be in shorter supply and cost more this holiday season.

As anyone who has tried to buy American knows, however, it’s difficult when so much of what we consume is made overseas. But it’s possible.

Try shopping at a farmers’ market or farm stand for stocking stuffers like jams and specialty olive oils, at holiday markets for local arts and crafts, and at independent bookstores. Seek out Virginia wine and craft beer. Visit a nursery, buy a tree to plant in the yard and help the environment.

Think of experiences instead of things – a gift certificate to a local restaurant, spa or car wash. (Why not be practical?) A museum or gym membership, tickets to a local theatre, concert or classes to learn a new language or hobby.

Small Business Saturday is Nov. 27, a time when local businesses offer promotions and discounts to lure shoppers. These retailers especially need our patronage now.

Roughly 200,000 more small businesses than usual closed permanently in the first year of the pandemic, the Federal Reserve reported. That’s about one-quarter or one-third more than in a typical year.

Shopping small is good for the local economy and your neighbors. You can find more ideas about shopping small at #shopsmall and in your local newspaper.

And that brings me to another idea for your holiday shopping: Give a newspaper subscription. Or give two -- one local and one national.

If you’re reading this, you’re already a newspaper reader. Thank you. Why not treat yourself or give a digital or print subscription to friends or family, in town or away. Many a child has learned to read through the newspaper.

This isn’t a sympathy pitch for newspapers, although it’s no secret newspaper circulations are shrinking, and hundreds of local papers are dying.

More than one-fourth of American newspapers have disappeared in the last 15 years, with 300 newspapers closing in the past two years alone, the Tow Center for Digital Journalism reported.

COVID-19 further depressed the newspaper business. Hit by furloughs as well as staff and pay cuts, newspaper people were working harder with less to bring you the news.

The center’s online survey in August of reporters, editors and publishers at papers with print circulations under 50,000, which is about 97% of the market, found more than a third were working 50 to 60 hours a week, and half worked 40 to 50 hours a week. 

We need to support local journalism these days. The role of the local newspaper is critical to a functioning democracy. Voters need to be able to distinguish truth from lies.

We need to know what our elected officials at all levels of government are doing. Virginians will need to keep up with a new Republican governor and General Assembly.

And it’s helpful to know what’s on sale, which new eatery has opened, the latest sports scores, and who died. For a break from bad news: the comics.

For all their challenges, local newspapers perform valiantly.

“Local newspapers significantly outperform local TV, radio and online-only outlets in news production, both in overall story output and in terms of stories that are original, local or address a critical information need,” a 2019 Duke University study of 100 communities ranging in size from 20,000 to 300,000 residents found.

A national newspaper will provide a broader perspective on the nation and the world. Both local and national papers will make you smarter.

I recommend the print paper because we all spend too much time in front of screens. If your family and friends prefer getting their news digitally, go for it.

 Newspapers are devoting more time and energy to their digital products, and they provide a lively, interactive experience.

Reading a daily newspaper – or two – will reward you with knowing what’s really happening around the corner, in Washington and the world.

© Marsha Mercer 2021. All rights reserved.

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Thursday, May 7, 2020

What's the rush? Consumers rule -- May 7, 2020 column


By MARSHA MERCER

“We’re all in this together.”

Those encouraging words burble from politicians, TV commercials and the public address system in the supermarket as you survey still-empty shelves.

Are we in this together? Not really.

As COVID-19 ravages the country, with more than 1.2 million confirmed cases and more than 73,000 deaths, the disease disproportionately affects the elderly, people of color and the poor.

Meanwhile, the political chasm grows wider and deeper.

President Donald Trump and many Republican governors are pushing to reopen the economy – ignoring the White House’s own guidelines on how to do so safely.

The guidelines include a 14 day-trend of declining COVID-19 cases or of positive tests as a percent of tests. In more than half the states easing restrictions, both measures are trending upwards, not down, the New York Times reported.

But there are signs we’re in this together in one way. Most Americans are united around an idea: Don’t rush to reopen. Do it right.

The angry protesters who demand their states be “liberated” get oodles of news coverage, but they are a minority. Most Americans say they are willing to stay home and observe social distancing a while longer. To do otherwise is to court later waves of disease and future lockdowns, which could be disastrous.

Many recent polls have found a strong majority of Americans want the government to slow the spread of the virus first, even if the economy is hurt in the short run. Rather than pretending everything is fine, elected officials should respond accordingly.

Two-thirds of people say they would be uncomfortable shopping at a retail clothing store and nearly eight in 10 said they would be uncomfortable eating at a sit-down restaurant, a Washington Post-University of Maryland poll reported this week.

Interestingly, people in states with looser restrictions reported levels of discomfort similar to those in states with stricter rules.

Six in 10 people support stay-at-home restrictions and more than half are more concerned about stopping the virus’s spread than about the economic fallout, according to an NBC News-Wall Street Journal poll last month.

Americans by vast majorities are not ready to return to school, go back to work, attend large sports events or eat in restaurants, a PBS-NPR-Marist poll reported.

And, remember, it’s consumers who hold the keys to the car. If they aren’t willing to take it for a spin, it’s sitting in the driveway.

Federal Reserve chairman Jerome Powell warned April 29 that while stay-at-home and social distancing orders stopped the economy cold, the economy won’t heal until consumers feel COVID-19 is under control.

“It’s worth remembering that the measures we are taking to contain the virus represent an investment in our individual and collective health,” Powell said April 29.

So what’s the rush? Trump believes his reelection depends on a booming economy. He acknowledges reopening will mean the sacrifice of American lives.

“Will some people be affected? Yes,” he said on his trip to Arizona Tuesday. “Will some people be affected badly? Yes. But we have to get our country open, and we have to get it open soon.”

On Wednesday, he said the country “may very well” need to accept greater loss of life as the economy reopens. He insists, despite polls to the contrary, that social distancing rules are not sustainable.

The economic ruin that has swamped the country is horrific and unprecedented. Thirty-three million Americans have filed for unemployment, and the picture is likely to get much worse before it finally gets better, Powell said.

To reopen successfully, we need reliable widespread testing and contact tracing.

Real national leadership would acknowledge that reality and move to make testing and tracing a national priority, not left to each state.

Real national leadership would advise patience while scientists develop a vaccine and effective treatments.

Americans will make their own decisions for themselves and their families. Just because the government says you should go back out and spend money doesn’t mean you must.

If masks are voluntary, as Trump insists, so too is shopping at the mall, going to bars and restaurants and getting a manicure.

Be smart. Staying home, covering your face and observing social distancing are still the safest bet.

©2020 Marsha Mercer. All rights reserved.
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