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The Business Times Contributors THE BUSINESS TIMES aPril 21-May 11, 2022JANUARY 15-28, 2015 Opinion Opinion Business BriefsA new year affords Business Peoplea new opportunity to meet local needs Almanac

A new year almost always brings an opportunity for a fresh start and renewed ambition to do things better.

In business, that usually boils down to providing customers better products and services faster and at lower cost than competitors. Part of the process must include listening to customers to determine what they actually need and then meeting that need. After all, it does little good to offer the latest and greatest if nobody actually wants what you’re selling.

Just like the businesses that belong to the group, the Grand Junction Area Chamber of Commerce invariably starts out the new year with a reassessment of the services and resources it provides and how well they match with members needs. Jeff Franklin, the new chairman of the chamber board of directors, personifies this approach in describing what he considers his role for the coming year: listen to members, determine their needs and then meet those needs. It’s a role with which Franklin is familiar as market president of Bank of Colorado.

The process will take on a more structured approach in what the chamber plans as the resumption of a program aptly called Listening to Business. Under the program, business owners participate in in-depth interviews to identify barriers to growth and other problems they encounter.

The new year offers a good time to join the proverbial club.

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The Grand Valley Business Times, a subsidiary of Hall Media Group LLC, is published twice monthly and distributed throughout Grand Junction, Fruita and Palisade. Advertising rates and deadlines are available upon request. Opinions expressed in this publication are those of the writers and do not necessarily reflect the views of the publisher, editor, staff or advertisers.

Copyright © 2015 — All rights reserved.

It’s that time of year when resolutions and prognostications abound. My favorite saying applied to New Year’s resolutions is in saying they’re basically a bunch of promises to break the first week of January. And while I won’t predict a whole lot, I can pretty much accurately nail a few things that without question will make the news. You will see these are pretty, well, predictable: ■ Prediction one: There will be some sort of weather event, natural disaster or heinous occurrence where someone will be interviewed and say the following: “I’ve never seen anything like that in my lifetime.” It’s as if this person is a required attendee at every news reporting event. While I understand most people’s perspective can indeed be limited by, or contained within, their own personal experiences, it is too much to ask to consult some historical perspective before saying such a thing? Yes, this response can apply to some events. But when it comes to weather and natural disasters, I’m pretty sure this is simply history repeating itself. Same as it has for millions and millions of years. More important, the planet made it! What didn’t were certain species. How’s that for perspective? ■ Prediction two: When it comes to a crime or something that occurs between humans, the other required attendee at all news reporting events is the person who says this: “They we’re just the nicest people, and in no way did I see something like this coming.” Exactly. No one does most of the time when it comes to neighbors and acquaintances. People should be surprised at what goes on from time to time in their neighborhoods, towns and with people they know because people are good. And for the times that they shouldn’t be shocked — like with politicians, repeat offenders and terrorists — where’s the interview that says, “This doesn’t surprise me in the least.” ■ Prediction three: Something good will happen economically, and the government will take credit for it. The most recent example is gas prices, where people ask me why I won’t credit the president for low gas prices. My answer is simple: Government never makes the price of something go down and simply takes credit for good news. Gas pricing is subject to many global factors. Now there are government answers to addressing some of them to keep prices stable for Americans, but our government has none of them in place. The only things it has in place in the

Bold predictions for 2015 more like not-so-bold repeats long run always hurt consumers. Another fact is that unemployment reaches a certain level based on the economy. And while the government might brag the number is low, it’s more than likely the government did something to cause that number being low — and not in a good way. Conversely, when business picks up, it’s because the people who need to buy widgets who were not buying widgets because the economy was contracting due to natural (or unnatural, government caused) reasons, decided we better buy some widgets. The government had nothing to do with this. ■ Prediction four: In keeping with things the government does, I predict the government will manipulate the numbers to make the claim the economy is getting better because of how hard it is working to help all of us “working Americans.” Now Craig Hall you might say, “Craig, you always say this about President Obama because you don’t like him.” You’re right in a sense. I don’t know the man, but what I know of him and his thinking, I don’t like it or him one iota. Before you go off, however, I didn’t like President Bush and his bailouts, stimulus and his abandoning the free market to save the free market. And I don’t know him either. What the government does, and the only thing it can do, is hurt the economy. Unless it does nothing or put criminals in jail instead of partnering with them, nothing the government does will help. Always look at it this way, whatever the government says it is doing, whatever the name of the law it is passing, or whatever the name or goal of the bureaucracy it is presenting to the people, expect the polar opposite to occur. I guess what I’m saying is that perhaps it’s time to get out of our own perspective. There’s plenty of history books and historical research out there to begin to understand that all of this has happened before. And it will again, whether the topic is people or government. The best recommendation is to find some books or try that whole Google thing. There’s a lot of information on the Great Depression. The truth is it wasn’t even a good one until the government got involved. There’s also plenty of research on the medieval warm period when the planet was much warmer than today with a whole lot less people (and warmer well before man was here at all). And yep, people have been killing other surprised people since history was first written. Maybe some research will help stop all of these trends. Otherwise, we’ll be saying we’ve never seen anything like it in our lives. And not in a good way. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 Copyright © 2022 — All rights reserved. F or publisher@thebusinesstimes.com. ✦

Of all the Ronald Reagan quotes I enjoy, this one might be my favorite: “Republicans believe every day is the Fourth of July, but the Democrats believe every day is April 15.” I bet Ronnie is turning over in his grave knowing all too many Republicans believe this as well today. Just look at their actions versus their rhetoric.

Speaking of rhetoric, our president came out once again with the dead horse talking points which annually surround the Democrats’ favorite holiday, stating how the “rich” and “big businesses” aren’t paying their “fair share” — all while hiding his and his wife’s income under S Corps to avoid paying Social Security and Medicare taxes. Hell, Ol’ Sheriff Joe has been using this loophole to hide his income even to the point of avoiding Obamacare taxes for years.

I’ve been part of the income tax sausage fest since I was 14 years old. Back then and for many of my early years, taxes weren’t a big thing to me. That’s because I was led to believe I was always getting an annual “refund.” As my years went on, I realized everyone in government loves changing the meaning of words — and refund is one of their favorites. Refunds are simply overconfiscation. It means the government took too much of your money, spent it unwisely or wasted a good portion of it and then took its good old time getting it back to you.

As we grow older and earn more income, we find the government takes our money and makes us jump through hoops and navigate the nearly 80,000-page tax code to petition our grievances to get OUR money back. Better yet, if you find someone really good to help in getting even more dollars back or pay a lesser amount, you just might be rewarded with a colonoscopy known as an audit.

And the cherry on top is the president and members of Congress calling you a criminal because you followed their tax laws. Quite the scam, no? Another of my early tax recollections involved one of the two brothers I worked for spending Saturday afternoons handwriting our paychecks and filling in every line for federal and state taxes. I watched him literally go line by line in IRS publications to find the amounts he needed to subtract from our checks in what seemed to be a painstaking, severe kick in the backside. By the way, no one kills trees better than the federal government. I wonder if that was all so they could come up with climate change law after law which, ironically, will also soon be a tax.

Need for speed a part of the newspaper biz The memory of watching Chuck Believe me, businesses pay their (and your) fair shares I’m reluctant to quote lines from a movie because of the nearly ubiquitous do all that work to write out my measly convention of so many who do. I’m willing to make an exception, though, because paycheck for $50 — hey, I was making these particular lines encapsulate the sense of urgency I so often confront. I feel the $1.75 an hour to fold polyester pants and need. The need for speed. Levis and make sure the leisure suits were Not as a jet fighter pilot, obviously. But as a newspaper in color and size order — back in the day editor. is always front and center during tax time. I don’t face the same pressures as some of my colleagues And that’s because 20 some years ago, I in the media. But I’d like to believe I’m no less determined became the guy writing the checks. to report news not only accurately, but also pretty darned At least the good news when quickly. News is a lot like fish — best delivered fresh. I became boss was the progress in Otherwise, it starts to stink. computers so filling in the lines of The growing role of the internet and websites in reporting “deductions” on paychecks became news has helped in leveling the proverbial playing field automated — well at least a year at a among newspaper, radio and television reporters. I no longer time. Because next year the tax laws and Phil Castle have to wait for the next print edition to come along to report an important story. My webmaster is always quick to respond rates would change, and all the uber rich businesses would have to shell out another to my emails and handles that task in minutes. Nonetheless, few hundred bucks for the latest version the ability to report news almost instantly has made the process all the more impelling. Craig Hall of software to avoid their personal cavity search. Today, I pay a service to do my

That’s not to mention deadlines — which haven’t yet gone the way of the payroll. Want to know the why? It’s so buggy whip. They add to the stress that ranges from merely bothersome to taxes are paid timely, and I don’t make full-blown apocalyptic depending on how close they loom. any mistakes. The only cavities I want

So it was with considerable envy I read a story by Thu-Huong Ha posted on filled are by my dentist. Quartz about romance novelists and the speed at which they write. Which brings me to the point of

She quotes as a poster child of sorts H.M. Ward, a self-published author this column. Wanna know who the whose novels have sold more than 20 million copies. Ward says she writes two largest employees of the IRS really are? hours a day and averages about 2,500 words an hour. By comparison, this little Businesses. How’s that you ask? Do lament runs about 500 words. you honestly think the IRS has minions

Then there’s Katherine Garbera, who writes four or five novels a year and has like Matthew the Disciple (well, it has completed more than 100 novels over the course of her career. disciples, trust me) collecting taxes

I attribute part of my problem to the habits I’ve developed over the course of in neighborhoods? No, the IRS has my career as both a writer and editor and the conflict between those two roles. conscripted businesses to do its dirty work. I believe writing is a constructive process — assembling something out of bits YOU don’t pay taxes. Businesses pay and pieces. Editing, on the other hand is a deconstructive process — dismantling taxes for you. Businesses collect and pay something to replace it with something better. Sometimes that involves a income taxes, Medicare and Medicaid taxes, polishing cloth. Other times a wrecking ball. What slows me down is trying to Social Security taxes, state and local income engage in both processes simultaneously. To deploy yet another analogy, I’m tax, all sales taxes and pretty much any tax like a bricklayer who can’t move on to the next course until the one before is as YOU owe the government. And businesses perfect as I can make it. have to keep accurate records and pay your

I realize I’d be better off remembering Aesop’s fable of the tortoise and hare taxes timely or else. Businesses also absorb and the promise slow and steady ultimately wins the race. I can’t help thinking, the costs of the collection, payment and though, of Chuck Jones’ more modern fable about the coyote and roadrunner. conformity to tax laws — even to the point

I still feel the need. The need for speed. But I’m resigned to the likelihood I’ll if a business ships products to other states never catch up. Not even with Acme rocket-powered roller skates. in keeping up with every state and local tax. Yes, a business from California shipping Phil Castle is editor of the Business Times. Reach him at 424-5133 or me a pair of golf shoes needs to know Mesa phil@thebusinesstimes.com. County and Grand Junction tax rates so local F politicians can brag about the health of local government due to tax receipts. If you really want to take part in your “fair share” of paying taxes, how about making every person pay each tax on every transaction separately every time they buy something or get a paycheck? You’d see tax reform in seconds and worthless politicians out of jobs even quicker. If you believe today’s tax laws are fair, you should run for office. Because “fair” in taxes is the last thing politicians want. And scapegoating businesses and business owners is just fine by them. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 or publisher@thebusinesstimes.com.

Pharmaceutical sector an entrepreneurial one

The pharmaceutical and medicine manufacturing industry has the reputation for being all about large businesses, a mistaken view widely pitched in political circles. While large firms remain critical to the industry and the life-saving, life-enhancing treatments it produces — firms that grew as a result of producing new and improved drug treatments — it pays to keep in mind the entrepreneurial nature of the sector.

According to the latest data from the U.S. Census Bureau for 2018, 47.6 percent of employer firms within the pharmaceutical and medicine manufacturing industry have fewer than 10 employees, 59.4 percent fewer than 20 employees, and 78.9 percent fewer than 100 workers.

Because this industry has flourished, we’ve seen the incredible accomplishments relating to COVID-19 vaccines and treatments. As the Associated Press reported: “Developed and rolled out at blistering speed, the vaccines have proved incredibly safe and highly effective at preventing deaths and hospitalizations. Unvaccinated people have a 14 times higher risk of dying compared to fully vaccinated people, the Centers for Disease Control and Prevention estimated based on available data from September.”

As for lives saved, Nature.com reported: “It is estimated that this astonishingly rapid development and deployment has saved at least 750,000 lives in the United States and Europe alone — and probably many more globally, although researchers are as yet unwilling to commit to a number.”

As devastating as this pandemic has been for the economy, a new report from HeartlandForward found the following: “The rapid development and deployment of vaccines during the COVID-19 pandemic lessened the impact of the virus on the economy, generating an estimated economic savings in the U.S. of $438 billion in terms of 2021 real GDP gain, or 2.3 percent of 2021 real GDP.”

The authors added: “These savings, and the development of the vaccine itself, are possible because of the United States’ unique public-private partnership between government agencies, academia and the biopharmaceutical industry that supports innovations in disease therapy. Specifically, the biopharmaceutical industry was and continues to respond to the pandemic swiftly with new therapies because it has been allowed to commercialize other therapies in the past, which then provides available capital for

new research and development activities.” Along these lines, a Congressional Budget Office report on prescription drug pricing makes two important points about what the pharmaceutical industry has accomplished over the years and how that’s been achieved. The accomplishment is clear: “Nationwide spending on prescription drugs increased from $30 billion in 1980 to $335 billion in 2018. Over that period, real per capita spending on prescription drugs increased more than sevenfold: from $140 to $1,073. That increase in spending was driven by the development and use of many types of drugs that have yielded myriad health benefits. Because of those health benefits, some drugs, such as those that treat cardiovascular conditions, are associated with reductions in spending on services provided by hospitals and physicians. Other Raymond Keating types of drugs, such as those that treat multiple sclerosis or cancer, may not offer such compensating savings, but they have improved the lives of those with chronic conditions and have also extended life.” As for how this has come about: “Decisions about whether to undertake the necessary laboratory research and clinical trials for any particular compound must be made in the face of uncertainty about its ultimate clinical value. Most drug compounds yield no significant therapeutic results. Of those that enter clinical trials, only about 12 percent make it to market. So, for a firm with 100 products in development and 12 that make it to market, profitability depends on the revenues from the 12 marketed products and the cost of all 100 products in development.” Enormous challenges persist on the health and economic fronts. But it pays to keep in mind where we’d be without the innovation from and investment in the pharmaceutical industry. From a policy perspective, lawmakers must keep the following foremost in mind: Price controls on prescription drugs and weakened property rights, as often advocated by politicians and certain activists, would undermine entrepreneurship and private investment in the industry, and therefore, the creation of new and improved drugs. Starting up and investing in pharmaceutical companies rank as endeavors rich in risk and uncertainty. The potential for returns incentivizes the investments that fund innovation. Limit those returns through price controls or weakened property rights, and we’ll experience a grim limit on the discovery and production of new and improved life-saving and life-enhancing drugs.

Raymond Keating is chief economist for the Small Business & Entrepreneurship Council. Reach him through the website at www.sbecouncil.org. F