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The Business Times Contributors THE BUSINESS TIMES May 26-June 8, 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.

As an advertiser or reader, what do you need from the Business Times?

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Is there additional news coverage that would help keep you informed about local business developments? Are there features that would be interesting or useful? Is there advice that would make your jobs a little easier?

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It’s a new year. Please help us to do so. F ✦ THE BUSINESSTIMES 609 North Ave., Suite 2, Grand Junction, CO 81501

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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. or publisher@thebusinesstimes.com. F ✦

Or concerns, gripes, opinions and ultimate desires.

Of the many reasons, foremost is because going to government for solutions for personal problems creates the most vile creature to ever inhabit the Earth: a politician willing to solve each and every problem for each and every one of us. Just remember, what you want fixed for you someone else wants the government to fix on you or your tax burden.

I’ll insert the obvious disclaimer since I can already hear the first argument. I’m not talking about criminal law such as robbery, assault and murder. But I am talking about the myriad laws, edicts and regulations government has created that make 100 percent of us criminals in some way, shape or form.

Worse, our problem pontificating pious politicians leave out the most important detail when it comes to addressing our grievances through them: They’re usually, if not always, the cause and effect of their creating said problem and certainly of making said problem worse.

Let’s talk baby formula. Who closed the plant and has kept it closed that makes a huge proportion of baby formula distributed in the United States after the company issued a voluntary recall? Who ever heard of the recall? Who knew the plant wasn’t set to reopen for a minimum of another four to six months based on the whims of government regulators? I’ll tell you. It’s the same entity that did a poor job in letting the public know a shortage was imminent, yet never proved there was contamination.

So our government shutters this plant knowing the result will be a shortage of formula. I mean, it has to be known as an obvious result of shorting supply by such a huge percentage. Yet it does nothing to address the coming shortage? And it does this while stocking formula on shelves for incoming illegal immigrants? My conclusion is this is negligent at best and purposeful at worst. And it’s for the most obvious reason: so government can come to the rescue. It’s how government works.

That brings us to another government program — which should be fixed via the market — to answer the cries of the very same people government perpetuated a shortage upon: Operation Fly Formula. This will do nothing but enrich insiders and lobbyists from big companies like Nestle, which is probably still trying to corner the market on WATER. Moreover, Nestle will increase profit margin because shipping is now free from Europe courtesy the Air Force.

Nestle now has a competitive

Connecting the dots valuable use of time advantage being the chosen one of government. Formula makers around the We need to stop going to government with our problems

As my stories in this issue of the Business Times reflect, I spent a lot of time world realize there’s a market opportunity over the past two weeks covering meetings and news conferences. That included here to sell what they make. But sadly for the Grand Junction Area Chamber of Commerce state of the valley and legislative them, they’ll have to pay shipping and other update meetings. That also included news conferences announcing an initiative logistics costs. As the chosen one, Nestle to reduce tuition at Western Colorado Community College and a $300,000 gift to will probably be allowed standards to be support efforts to address mental health issues in Mesa County. lowered to get their formula to our babies’ Covering meetings and news conferences doesn’t afford mouths well before other competitors. Then the opportunities for enterprising journalism as in-depth again, a fair marketplace has never been investigations or even one-on-one interviews. But there’s the the goal of government. Unless fair means advantage of efficiency. Sources are available at one place and something different to you. one time, and they’re usually talking about newsworthy topics. Can anyone recall another government Hopefully, the end result still includes important stories told in program that created those who are essential, compelling fashion. That’s my aspiration, at least. cut regulations and streamlined government There’s an additional benefit, though, in subsequent processes via the military industrial complex reflection. That’s the realization seemingly unrelated events for players, donors and bureaucrat cronies? are, in a broader sense, very much related. Especially when it Take a shot as this behavior is pandemic. Phil Castle comes to the potential effects on businesses. In assembling a panel of officials from Mesa County, the It’s what government has been doing for over a century. It all stems from a certain cities of Grand Junction and Fruita and town of Palisade, the percentage of the population screaming, annual state of the valley presentation offers an overview of priorities and policies for local government entities. Those can have profound effects — good and bad — on Craig Hall “You have to do something!” And there are few politicians’ ears which don’t perk up businesses. The same holds true for what comes out of the Colorado Capitol. As the when hearing those words. So Joe Biden, cynical, but justifiably wary, observe: No man’s life, liberty or property are safe while being the ultimate grifter in office, did what the Legislature is in session. What’s announced at news conferences frequently affects comes natural. He came up with a solution businesses as well — sometimes directly and sometimes indirectly. that could only come from a typical leftist

Here, at a glance, are few of my observations from covering meetings and political hack. He used the military to fly in news conferences over the past two weeks: formula from Europe. Europe? In just over n A lack of affordable housing in the Grand Valley presents a pressing issue a year of Biden in office, we’re begging for local government officials. The issue is no less pressing for businesses in Europe to bail us out? How far we’ve fallen. finding employees to fill jobs at a time when labor remains in short supply. At least Trump’s solution for COVID n While bills enacted in the latest legislative session eliminating fees and — as misguided and wrong as it was and reducing taxes constitute good news for businesses, local lawmakers warn the should keep him from ever holding office measures are only temporary. A small business advocacy group assigned the again — kept things within our borders. Colorado Legislature a barely passing grade of D- for the session. But keeping things within our borders n A nearly 40 percent reduction in tuition for career and technical education doesn’t excuse enforcing via government courses at Western Colorado Community College in Grand Junction is expected to power a solution that doesn’t work. It only not only make secondary education less expensive and more accessible, but also creates a sound bite-driven public relations help in developing the local work force and overall economy. video to play via big media to buy votes. n A $300,000 gift from Intermountain Healthcare will support a new It’s the same when we have high gas program to address mental health issues in Mesa County and, in turn, reduce prices and presidents play the we’ll release hospitalizations, incarcerations and related costs. some oil from the Strategic Reserve to

Savvy business owner and managers remain mindful of the myriad factors lower prices game. It’s the same as the affecting operations. In covering meetings and news conferences, I hope I can help. we’re spending trillions to send you $1,200 because we know you’re hurting game while Phil Castle is editor of the Business Times. Reach him at 424-5133 or billions go to cronies. It’s the same as we’ll phil@thebusinesstimes.com. blame Walmart for not having a store where we created food deserts. It’s the same when Colorado Gov. Jared Polis has a press event as some dolt carries a single box of shots that will go to “preferred recipients” first. It’s the same when your business is or isn’t “essential” based on the whims of those in power. It’s the same when one area or group is declared in an emergency status based on underrepresentation for a good or service. I could go on, but I think you get the point. At the core of nearly every one of these “problems” you will find two things: A government cause and a government solution that doesn’t work. Unless you’re in government, that is. Craig Hall is owner and publisher of the Business Times. Reach him at 424-5133 or publisher@thebusinesstimes.com.

Bad policies increase likelihood of recession

With the change in real gross domestic product turning negative in the first quarter of this year, a question keeps popping up: Are we headed into a recession? While the National Bureau of Economic Research is the official arbiter of when recessions start and end, the definition is the economy contracts for two consecutive quarters. Real GDP growth

Raymond in the first quarter came in at a seasonally

Keating adjusted annual rate of negative 1.4 percent.

This was a tricky set of data with positives and negatives. Personal consumption, business investment and residential investment all grew in the first quarter. In fact, personal consumption and business investment growth improved in each of the last two quarters, which make for positive, albeit short, trends. Exports, government expenditures and gross investment declined, as did private inventories. Notable declines in government consumption and investment for two straight quarters seem unlikely to persist. Export growth has been erratic with swings between increases and declines over the past five quarters after big declines when the pandemic first hit and then a subsequent snapback. Raging inflation creates uncertainty in terms of investment, interest rates and incomes. Of course, the economy also struggles with ongoing supply chain challenges, international uncertainties and tight labor markets. The latest jobs report served up contradictory data about where the labor market was in April.

After laying out this messy and contradictory take on the economy, we turn to policymaking. Policies matter when it comes to the economy. The question: Are policies pointed in a pro-growth or anti-growth direction? Whether looking broadly at a recovery from the pandemic and getting back on a strong growth track; zeroing in on the investment, innovation and choices needed to alleviate supply chain woes; or considering inflation, the need for policymaking to incentivize entrepreneurship, investment and working should be clear. At a time when policymakers should debate how to provide substantive and permanent tax relief, the exact opposite has occurred with the Joe Biden administration and Congress. n Higher tax threats. A pro-growth policy agenda should reduce capital gains tax, including indexing gains for inflation to cut the real rate, to incentivize entrepreneurship and investment as well as improve and make permanent the small business provisions in the Tax Cuts and Jobs Act. Cutting individual income tax rates also would be a big plus for most businesses. Instead, President Biden and various members of Congress continue to push for higher tax rates on capital gains, personal income and corporate income. n Imposing new costs and burdens on businesses through regulation. Deregulation and regulatory relief should be an important part of the policy agenda, including sunsetting regulations and undertaking a comprehensive review to eliminate costly, wasteful and out-of-date regulations. Keep in mind regulatory burdens always fall hardest on small businesses. However, the Biden administration has turned back some important regulatory reforms made during the last administration. This administration and Congress continue to push for a massive expansion of regulation in energy, health care, labor, pharmaceuticals and technology. n Faltering on trade. Advancing free trade — reducing government barriers to trading — is vital for consumers to reduce price and expand choices and for businesses and workers to reduce the costs of inputs and expand opportunities in global markets. Yet, the Biden agenda differs little from the Trump agenda as each have favored protectionist measures. n Excessive government spending. Federal spending must be brought under control so more resources are left in the private sector rather than drained by taxes or borrowed from productive private sector endeavors. If Biden budget projections are in the ballpark, federal outlays will run at 24.5 percent of GDP for an extended period. That has never happened before in peacetime history, marking a major expansion in federal government. n A fumbling Fed. Finally, monetary policy should focus on price stability. The Fed largely lost track of its price stability imperative back in 2008 and subsequently ran money policy so loose it was without historic precedence. Now that inflation runs red hot, the Fed has woken up, but seems intent on trying to rein in inflation by undermining economic growth via punitive interest rate increases.

In the end, a recession looms as a serious possibility — with negative growth continuing into the second quarter or possibly a bit further down the road. The clearest reason why the possibility of a recession must factor into decisions by businesses, entrepreneurs and investors as well as families and individuals is a precarious economic situation pushed in the wrong direction by misguided policymaking imposed or threatened by the Biden administration, Congress and the Fed.

Raymond Keating is chief economist for the Small Business & Entrepreneurship Council, a nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. Reach Keating through the website at www.sbecouncil.org. F