When the Utah Foundation surveyed Utahns for a list of prioritized issues last spring, there were a lot of items to choose from--transportation, the environment, education. I'm sure there were some who had financial worries but the worries didn't seem to be wide-spread.
There had been talk of a housing bubble. There were a lot of "no down payment" loans being pushed. There was even news of unprecedented consumer debt. Still there was definitely a feeling of being blind-sided when the financial melt down began a month or two ago.
Now, there are predictions of doomsday and comparisons being made to the stock market crash of 1929. While the Congress and the feds fuss and fume about what is to be done to mitigate the trouble, it is clear that there is no way to avoid it altogether. Both presidential candidates are blaming deregulation, so it seems that "trickle down" economics has turned into a deluge of debt that we will all be swimming in, whether we were wise in our own money management or not.
The State of Utah has a great challenge ahead of it. We will be in better shape than many states but the problems in the stock market and banking industries will have repercussions here as well as everywhere else. The decisions that will be made as budgets are cut and appropriations examined will be extremely important and will require prioritizing needs. Everyone will be wanting a larger slice of an ever-smaller pie.
As I have walked from house to house in my legislative district, I have discussed with many people the needs of individuals and families. The incentives to business must take a backseat in times like these. Lobbyists may holler but the voices of hundreds of my neighbors have my ear.
As I continue to walk door to door, the conversations with the voters are showing their concerns about future economic stability.
"My retirement is disappearing."
"I may get laid off."
"I'm worried about my mortgage."
What issues are you watching in the next year or two?
It's gotta be the economy.
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2 comments:
It's amazing how much can happen over the course of a few short weeks. Now, more than ever, is the time to examine the role played by those pay-day loan/check cashing business that seemed to have popped up on every corner over the past few years.
Much like the predatory lenders that Sarah Palin mentioned in the debate last week, I worry that these businesses might be encouraging Utahns to take on more debt than is wise.
Perhaps the legislature should evaluate whether some of the "tougher regulation" we've been hearing about for Wall Street should also be applied to these businesses.
I find it interesting that you are talking about the economy, but we continue to watch the school district suck our tax money year after year, claiming they won't spend the surplus, then later needing more. It is time for education leadership to own up to responsibility. You talk about checks and balances for the legislators, and it is there, in the form of a vote. But where is it for the teachers?
Check loan places are the least of my worries.
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