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Figuring out whether you qualify for an electric vehicle tax credit isn’t easy–make, model, pricing, the state where you live, your income, and the list goes on. But once you sort things out, you can save thousands–even on a .
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Tips for setting, reaching financial goals
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Whatever a person’s individual dreams, setting clear financial goals is a vital step toward making them a reality.
Nathan Harness, Ph.D., director of the Financial Planning Program in the Department of Agricultural Economics in the Texas A&M College of Agriculture and Life Sciences, offered his perspective on why setting financial goals is important as well as the most effective way to identify, prioritize and meet those goals.
Why setting financial goals is important
Whatever your dreams – large or small – setting realistic financial goals is critical for achieving whatever matters most to you. And understanding how to set these goals is essential for creating a financial framework that works for you by reflecting your personal priorities and values.
“When you set financial goals, you bring specific direction and purpose to your money,” Harness said. “Financial goals help you build a vision for the future for yourself and others. Specific and measurable goals help bring accountability and coordination to your financial life.”
Harness said it’s important to reflect on your motivations and intentions, as well as your dreams and desires.
“It’s not just about creating a checklist, it’s a powerful tool to bring together what you deeply value with your daily actions. This can bring alignment between your core values and life aspirations.”
Guidelines for developing financial goals
Realistic financial goal setting is an initial step on a path that can help lead to a more secure and purposeful future, Harness said, adding a realistic goal should be:
- Achievable. Base goals on actual or reasonably anticipated income. Don’t count on a surprise inheritance or winning the lottery.
- Specific. A specific goal might be to buy a new car within 12 months or to save enough for a down payment on a house in less than four years.
- Measurable. Each goal should have a deadline, which might be the age at which you want to retire or the timeline for affording the once-in-a-lifetime vacation you’ve been dreaming about.
Harness said, as with many other personal goals, it’s important to know and understand the motivation behind them.
“Ask yourself about the real purpose of your goals,” he said. “Think about what motivates your decision and what you hope to benefit by reaching that goal.”
He said it also helps to establish financial goals with a general time frame in mind.
“Short-term financial goals are usually those you hope to achieve within the next one to three years, while medium-term goals are those three to five years in the future and long-term goals are typically seven or more years in the future.”
He said short-term goals typically require investments with short-term maturity dates or savings vehicles that provide safe interest, if possible, and protection from a loss of principal.
“For medium-term investments or savings, you need to make sure you can access your funds without incurring a penalty,” he said. “And for long-term goals, you’ll want to consider investments that are more likely to yield better returns over time, such as the stock market. Of course, a financial planner can help you with making such investment decisions.”
Listing and prioritizing
After identifying your goals, it’s important to prioritize them, Harness said.
“Write down your goals in the priority you want to give them, making sure they are clear and realistic,” he said. “And check on your goals from time to time to make sure you are on track and see how you are progressing.”
Harness said to note specific details about each goal, including a desired time frame to reach them, the amount of money needed and how much has been saved to date.
“These priorities can be different from person to person, so make sure these priorities reflect your values and what’s important to you and not someone else,” he said. “Prioritize short-, medium- and long-term goals, but do not forget that it is often possible to work toward more than one goal at a time.”
For example, he said, it’s possible to save for a vacation or to buy a new vehicle while also putting money aside for retirement.
“You can determine how much attention to give each of these goals based on your personal evaluation of their importance and adjust them if something changes.”
Money management basics to help achieve financial goals
Harness said after identifying goals, you need to put some financial basics in place to provide a strong foundation for pursuing your goals.
These basics include:
- Paying off debts. Paying off outstanding debts, especially any high-interest credit card debts, is a good start toward freeing up some of the money you need to save so you can contribute more resources toward your financial goals.
- Having an emergency fund. While it may seem like putting money aside for emergencies is a financial “detour” from saving for your goals, it is actually a vital safety net for preserving your net worth.
“It’s important to set funds aside for unexpected and potentially costly situations, such as losing a job or incurring substantial medical expenses,” Harness said. “A good rule of thumb is to have enough money stashed away in an easily accessible savings account for covering three to six months of normal living expenses.”
Changing or modifying financial goals
“After you have identified your financial goals, it’s important that you realize these may need to change or evolve based on various life changes or circumstances,” he said. “While you should generally revisit your financial goals at least once a year, you should also revisit them when a significant change impacts your life or financial status. It can also be helpful to share your goals with a trusted partner or establish a relationship with a certified financial planner.”
Financial goals should be flexible enough to account for changes in one’s life or view of what is most important, he said.
“Financial goals help you clarify your priorities and prepare for a future in which you have accomplished those things you have determined are the most important to you,” he said. “But it is not entirely static, and you need to be open to the possibility that these goals may need to be modified.”
Harness said to keep in mind the original motivation behind a particular financial goal and ask yourself if that motivation has changed for any reason.
“Be honest with yourself about your financial goals and your ability and desire to meet them,” he said. “Having realistic, purposeful and well-thought-out goals makes it more likely that you will feel confident about those goals and will stay on track to achieve them.”
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Texas A&M AgriLife
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Sustainable futures beyond mining
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Newswise — Mining brings huge social and environmental change to communities: landscapes, livelihoods and the social fabric evolve alongside the industry. But what happens when the mines close? What problems face communities that lose their main employer and the very core of their identity and social networks? A research fellow at the University of Göttingen provides recommendations for governments to successfully navigate mining communities through their transition toward non-mining economies. Based on past experiences with industrial transitions, she suggests that a three-step approach centred around stakeholder collaboration could be the most effective way forward. This approach combines early planning, local-based solutions, and targeted investments aimed at fostering economic and workforce transformation. This comment article was published in Nature Energy.
Dr Kamila Svobodova, Marie Skłodowska-Curie Research Fellow at the University of Göttingen, argues that, in practice, governments struggle to truly engage mining communities in both legislation and action. Even the more successful, often deemed exemplary, transitions failed to follow the principles of open and just participation or invest enough time in the process. Early discussions about how the future will look following closure help to build trust and relationships with communities. A combination of bottom-up and top-down approaches engages people at all levels. This ensures that the local context is understood and targeted specifically. It also establishes networks for collaboration during the transition. Effective coordination of investments toward mining communities, including funding to implement measures to support workers, seed new industries, support innovations, and enhance essential services in urban centres, proved to be successful in the past.
“To ensure energy security, it’s essential for governments to recognize the profound transformation that residents of mining communities experience when they shift away from mining,” Svobodova explains. “Neglecting these communities, their inherent strength of mining identity and unity, could lead to social and economic instability, potentially affecting the overall national energy infrastructure.”
Moving toward closure and consequently away from mining is not an easy or short journey. “It is essential that governments recognize that the transition takes time, and persistence is essential for success,” says Svoboda. “They should openly communicate their strategies, ensuring communities and other stakeholders are well-informed and engaged. Building trust and providing guidance helps residents navigate the uncertainties associated with transitions. By embracing the three-step approach that centers around stakeholder engagement, governments can prioritize equitable and just outcomes when navigating mining transitions as part of their energy security strategies.”
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University of Gottingen
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Palm oil: Beyond deforestation
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Newswise — Palm oil is the world’s most produced and consumed vegetable oil and everyone knows that its production can damage the environment. But do consumers have the full picture? In fact, replacing palm oil with rapeseed oil would require a four to five-fold increase in the amount of land needed. Research led by the University of Göttingen investigated the attitudes, beliefs and understanding about palm oil of the general public in Germany, and how this links to land use. The researchers show that people find it hard to know the consequences of their buying choices, even when extra information is supplied. The results were published in Sustainable Production and Consumption.
For this study, researchers first conducted an in-depth literature review on the effects of “indirect land use change” to assess the effects of switching from palm oil production. “Indirect land use change” refers to the effects on the environment due to land use change resulting from the increased demand for certain agricultural crops or biofuels. They then conducted an online survey on a sample of 1,247 people in the German population. Among other issues, questions covered the overall importance of palm oil in the food industry and explored how people felt about the “free from palm oil” claim compared to a certification label, the consequences of land use change and comparisons with using other vegetable oils. They then measured the effect of providing consumers with extra information in the form of two separate infographics: one on palm oil generally and the other on indirect land use change specifically.
The results showed that product information and labelling can produce a confusing and misleading picture for consumers. The provision of extra information influenced responses but the effect was small. Customers were attracted to the “free from palm oil” label. They showed more trust towards it and perceived it as superior from both health and environmental perspectives, even if for the latter sustainably produced palm oil might be a more environmentally-friendly option. After receiving the additional information, many consumers were still skeptical about the potential benefits of sustainably produced palm oil in comparison with other vegetable oils such as soybean, sunflower and rapeseed oil.
Findings from this study are important as they provide insights into how consumers can be encouraged to grapple with complex and often controversial food choices. “Consumers have limited time to weigh up the social, environmental or health attributes of products,” says Sophie-Dorothe Lieke from Göttingen University’s Department of Agricultural Economics and Rural Development. Lieke adds: “Our research shows that many find the information overwhelming and want clear, reliable guidance. This could be in the form of introducing an “eco-label” which would not only pick up differences in production systems but also help guide shoppers in making more informed decisions about the environmental impact their purchases have.”
This research was made possible thanks to funding from the German Research Foundation (DFG).
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University of Gottingen
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Where the Strike Stands. What Auto Makers and UAW Say.
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UAW workers went on strike in the early morning hours on Friday at the GM Wentzville Assembly plant in Wentzville, Mo.
Photograph by Nick Schnelle
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We’re Not in a Recession — It’s All Hype. Here’s Why. | Entrepreneur
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Opinions expressed by Entrepreneur contributors are their own.
The so-called post-Covid recession initially emerged as a global economic downturn following the widespread impact of the Covid-19 pandemic on businesses and economies. Characterized by widespread unemployment and reduced consumer spending, the “recession” dealt a severe blow to industries heavily reliant on human interaction.
It is said that the “recession” prompted a shift in consumer behavior, with increased emphasis on ecommerce, remote work and digital services, accelerating the adoption of technological advancements.
While some industries floundered, others experienced unexpected growth, such as pharmaceuticals, online entertainment and certain segments of the technology sector. As vaccination efforts progressed and the pandemic’s grip began to loosen, economies cautiously started to recover, but the long-term repercussions continued to shape policy decisions and economic strategies for years to come.
The whole economic picture has made me wonder whether there has ever been a real recession.
My stance on this: The great post-Covid recession wasn’t real. It was inflated and hyped by the media. Here is how it happened.
Related: Our ‘Rolling Recession’ Is the Latest Economic Meme — But What Does It Actually Mean?
Budget surplus
The world printed a lot of money to get through Covid-19, probably too much. The global response to the COVID-19 pandemic prompted countries to adopt expansive monetary policies, resulting in a significant increase in money supply as governments aimed to stabilize their economies.
Remarkable fiscal measures were taken, including printing money, lowering interest rates and enacting extensive stimulus packages. These interventions averted an immediate economic catastrophe and led to an unexpected outcome for some countries: budget surpluses.
Increased government spending and reduced economic activity due to lockdowns meant that the money injected into the economy often exceeded the actual demand for goods and services. Certain sectors of the economy remained relatively stagnant while the money supply continued to grow.
While a budget surplus might seem like a positive outcome, it also brought challenges. While it offered opportunities for financial resilience and investment in key areas, it also posed challenges in terms of managing the money supply, preventing inflation and making strategic allocation decisions.
Related: 5 Ways to Get Media Coverage for Your Brand
Financial market bubble
The surplus created a bubble in financial markets, spurring the initial media frenzy capturing the attention of experts, investors and the general public alike.
Memories of past market crashes and economic downturns fueled the media frenzy, surrounding the post-Covid bubble. Experts weighed in on the potential consequences of such inflated valuations, warning of the risk of a sudden and dramatic correction that could wipe out gains and impact broader economic stability.
As a result, regulatory bodies and central banks faced heightened pressure to monitor and manage the situation. Striking a delicate balance between sustaining economic recovery and preventing speculative excesses required careful policy decisions and timely interventions to avoid a potential market collapse.
Strong labor market activity
What’s important to note is that the labor market activity remained strong, thereby offsetting the potentially catastrophic impact of the inflated markets with real economic growth.
Contrary to the prevailing narrative of widespread economic disruption during the COVID-19 pandemic, the labor market activity in some sectors exhibited surprising resilience, demonstrating that not all industries were equally affected.
While many businesses faced closures, restrictions and job losses, certain sectors experienced remarkable stability and even growth amid the crisis.
One such sector was technology and remote work. As lockdowns and social distancing measures took effect, the demand for digital services and technology solutions surged. Companies in the tech industry rapidly transitioned to remote work models, which not only preserved jobs but also created opportunities for professionals specializing in software development, IT support and digital communication tools.
Related: Corporate Productivity in the Tech Industry Is Down: What Is the Real Reason?
Growth of the ecommerce sector
The ecommerce industry also saw significant expansion during the pandemic. With traditional brick-and-mortar stores constrained by closures and reduced foot traffic, online retailers flourished. This led to increased demand for warehouse workers, delivery personnel and customer service representatives to handle the surge in online orders and maintain high service standards.
As traditional brick-and-mortar stores faced restrictions and closures, online retailers surged to meet the increased demand for remote shopping, leading to an expansion in job opportunities within the ecommerce ecosystem. The warehousing and logistics sectors witnessed substantial growth, driven by the need to fulfill online orders efficiently. Warehouse workers, packers and delivery drivers became essential roles as companies hired and scaled up operations to cope with the surge in online shopping. Moreover, customer service representatives and support staff were in high demand to ensure smooth order processing, address customer inquiries and manage returns.
The expansion of ecommerce led to openings in various domains, including digital marketing, web development and data analysis, as companies sought to enhance their online presence and optimize customer experiences. Additionally, roles related to supply chain management, inventory control and last-mile delivery gained prominence to ensure the seamless flow of products to consumers’ doorsteps.
The ecommerce labor market growth wasn’t only a response to immediate needs but also reflected a broader shift in consumer behavior, accelerating the ongoing digital transformation of retail. Remote work opportunities also emerged in fields like online customer engagement and technical support as businesses aimed to replicate in-store experiences virtually.
News-driven recession
We would never have known the whole story from listening to the news.
Sensational headlines and dramatic news coverage contributed to the atmosphere of heightened uncertainty and fear regarding the state of the economy.
Some media outlets focused on worst-case scenarios, exaggerating the scale of job losses, business closures and economic contraction. The media’s portrayal of economic hardships at times failed to acknowledge the resilience of certain sectors and industries that managed to adapt and even thrive during the crisis.
While there were undoubtedly challenges, the media’s tendency to amplify negative aspects created an inaccurate perception of an all-encompassing economic collapse.
What conclusions can we draw?
Take media rhetoric with a grain of salt. Not every day is doomsday.
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Max Faldin
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Supermom In Training: My back to school tricks
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I can’t believe school is here (cue: happy dance!). It can never hurt to have some tricks from a mom who not only scours parenting boards for hacks but Pinterest too, so here are a few of my back to school tricks.
Start early. If you haven’t started your school supply shopping, now is the time. You’ll need the extra days to track down that illusive “fish notebook,” and you don’t want to be turning Walmart upside-down the day before school starts. Plus you’ll give yourself time to take advantage of all the sales that will inevitably happen from now until school time.
Shop online and in-person. Get what you can online now (you can still receive everything on time if you place your order today) and then fill in the holes with in-person shopping.
Buy ready-made labels. Yes, they cost a bit of money, but it’s a worthwhile investment when every single individual school supply down to pencils and markers have to be labeled (and even more so if you have multiple children).
Cook ahead. I already have a list of things I want to prepare now and then freeze for quick dinners and easy lunches and snacks. For example, I always make a huge pot of meat sauce that I freeze in ziplock bags, as well as chilli or soups and stews. My bean has also requested banana bread, bacon and cheddar muffins, and chocolate chip muffins. Lunch meat and cooked breakfast meats (bacon, ham, sauasage) also freezes beautifully.
Meal plan. I promise: if you take the time to do a bit of weekly meal planning every Sunday, your week will be much more streamlined. You can buy a simple dry-erase board and hang it in your kitchen for weekly meal menus so there’s no guesswork once the busy week is underway. Heck- you can even use your fridge door as a makeshift dry-erase board and write right on it!
Get organized now. Where will backpacks and lunch bags get stored after school? Get those designated hooks up now. Is the Tupperware cupboard a mess? Now is the time to get that in tiptop shape and take an inventory of what you have and what you need.
A full-time work-from-home mom, Jennifer Cox (our “Supermom in Training”) loves dabbling in healthy cooking, craft projects, family outings, and more, sharing with readers everything she knows about being an (almost) superhero mommy.
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China’s Economy Is Worse Now Than in the 1970s, This Analyst Says
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China’s property developers are under duress again, re-igniting concerns about a debt crisis. But with a faltering economy and diminished confidence among households and companies, China debt watcher Charlene Chu, senior analyst at Autonomous Research, worries the ingredients are there for a broader financial crisis for the first time.
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Park funding boosts home values
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Newswise — Ohio residents who vote against tax renewals for parks and recreation spending could be costing themselves a significant amount of wealth in the form of their homes’ value, a University of Cincinnati economist found.
David Brasington, PhD, the James C. and Caroline Kautz Chair in Political Economy and professor of economics in UC’s Carl H. Lindner College of Business, studied the effect of cutting funding for the maintenance of local parks and recreational areas on housing values for a research article that was published in Journal of Regional Science.
Brasington found Ohio communities that vote to renew parks and recreation spending see 13% higher home values three years after the vote than similar communities that voted against the tax renewals. For the typical household, a vote against tax renewals saves $70 a year in taxes but costs $30,000 in house values.
“I was surprised by how strong the magnitude was,” Brasington said. “A 13% difference in house prices is really big. I was surprised a relatively small change in park funding could cause such a big change in house prices over time.”
In his research, Brasington focused on communities that according to data from the U.S. Census Bureau share similar demographic and economic characteristics. The only discernible difference was that some of them narrowly voted to renew tax levies while others narrowly voted against renewing their levies.
Using a housing data set, Brasington compared home values in the communities from 1991 through 2016.
While house prices didn’t reflect a change immediately, three years after the votes the communities that approved the park and recreation maintenance saw 13% higher house values compared to the communities that voted against their levies. In subsequent years, the gap continued to grow.
“I didn’t find any effects the first year after the vote or the second year after the vote, but they were noticeable three years later,” Brasington said. “The findings I have are consistent with the idea that right after you vote to cut parks and recreation taxes and funding, you don’t notice any effects on house prices, but as time goes on, maybe this decrease in maintenance funding starts to be noticeable and maybe it’s reflected in house prices.”
The data doesn’t mean that communities that vote against renewing tax levies see a 13% decrease in housing values or that communities that vote in favor of their levies see a 13% increase. Rather, an example could be one community seeing a 7% increase in housing values while another sees a 20% increase, Brasington said.
“When a local government offers services, they’re competing with other local governments for residents and businesses to build their tax base, so they want to offer good services that people care about,” he said.
The data shows parks are a service that people care about, Brasington said. It also shows that Ohio’s local parks might be underfunded.
“Parks and recreation spending seems worth it in Ohio,” he said. “There may be places where it isn’t, there may be places where it’s really, really worthwhile. But overall the parks and recreation spending is worth it in Ohio because the estimate is just an average across all the communities.”
Brasington’s findings on home prices aligns with his previous research on the value of local park funding. In a research article published in 2021, Brasington found communities that renewed tax funding for local parks had more residential development than those that cut park taxes and funding.
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University of Cincinnati
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Nvidia, Lowe’s, Dollar Tree, and More to Watch
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The majority of second-quarter earnings season is over, with a handful of major technology and retail names left to report this week. Economists will be focused on any news from an annual gathering of monetary policy thinkers and practitioners in Jackson Hole, Wyoming.
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Buying a Home Is Getting Out of Reach. Those 7% Mortgage Rates Are the Reason Why.
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Buying a Home Is Getting Out of Reach. How Much 7% Mortgage Rates Need to Fall.
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UCI-OC Poll finds homelessness, affordable housing top resident concerns
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Newswise — Irvine, Calif., Aug. 18, 2023 — More than 100 policymakers, community leaders and researchers met on campus Thursday to craft solutions for Orange County’s top concerns: homelessness and the lack of affordable housing in the county.
University of California, Irvine’s School of Social Ecology and United to End Homelessness, an Orange County United Way initiative, hosted the event to discuss the results of the 2023 UCI-OC Poll and respondents’ views about Orange County’s homelessness and housing issues.
The discussion presented an opportunity for leaders and decision-makers to learn the details of the poll findings from the research team and collaborate and shape the priorities of United to End Homelessness.
“One thing that jumped out to me was that 85 percent of respondents said they would support their taxes being increased in order to provide funding to reduce homelessness – and this had majority support from all political parties. What is inspiring to me is that people in our community are willing to pitch in to help others,” said Sue Parks, president and CEO of Orange County United Way.
In the 1980s and ’90s, the school sponsored the Orange County Annual Survey under the direction of then UCI professor Mark Baldassare. Baldassare left to become the president and CEO of the Public Policy Institute of California, and the poll transitioned to the California Poll.
Today, more than two decades later, “Orange County has grown so substantially that it is now one of the six most populous counties in the country,” said Jon Gould, dean of the School of Social Ecology. “If it were a city, it would be the third largest in the nation. Also, Orange County is one of the few truly purple counties in America – a place where the left and right not only live side-by-side but must find a way to collaborate to get things done. As the county has grown, its leaders need reliable methods to track and analyze residents’ concerns, views, and priorities on a variety of pressing issues so that we are not forced to rely on anecdotal understandings or the feedback from the handful of residents who show up for city council meetings. As Orange County’s hometown research university, we are dedicated to meeting this need and to helping to bring together business leaders with elected officials and community members to discuss workable responses to these problems.”
Such dedication extends beyond homelessness.
“Whether the issues concern housing, education, business climate, sustainability, transportation, crime or many other challenges,” Gould added, “area leaders will be better equipped to navigate the local environment and respond if they have reliable, timely data on the attitudes, priorities and opinions of O.C. residents and a neutral place and convener to consider them.”
That’s why the school launched the UCI-OC Poll.
Faculty members in the school, including Alejandra Reyes, Nicholas Marantz and Jae Hong Kim, helped to construct the survey, which was then conducted in the field by Ken Goldstein, senior vice president for survey research and institutional policy at the American Association of Universities.
In total, 818 adults across Orange County were surveyed about views on the most pressing social, economic, and political issues facing the region. Released this week, the poll’s primary conclusion is that Orange County residents seek action to address homelessness and affordable housing and are supportive of many policy responses.
According to the poll, seven in 10 residents (71 percent) described homelessness as a “very serious” problem, and 69 percent had similar views regarding the county’s lack of affordable housing. Framing these numbers through a personal lens, a majority (55 percent) of respondents stated they know someone who is or has been homeless.
In addition, more than half (52 percent) of respondents who are renters have worried in the past year about being able to pay their rent and the threat of eviction, while one-fifth of homeowners (20 percent) have worried in the last year about being able to pay their mortgage and the risk of foreclosure.
“This survey demonstrates the personal impact of homelessness on Orange County residents and the groundswell of support behind finding tangible and dignified housing solutions,” said Becks Heyhoe, executive director of United to End Homelessness. “To see that a majority of respondents have personally known someone who is or has experienced homelessness reinforces why respondents are supporting a variety of solutions and are ready to take action.”
A majority (85 percent) of respondents across varying demographics and geographic locations in the county expressed support for a bond measure/tax increase to reduce homelessness, along with other approaches including increased mental health services (88 percent), additional shelter resources (78 percent), and long-term housing for those experiencing homelessness (76 percent) among other solutions.
For some who responded to the poll, the high rate of local concern over affordable housing is no surprise.
“I don’t have data in front of me, but if you look at economic models from around the country, of major metro areas (like Orange County), you’ll see that housing expenses as a percentage of people’s income is probably at an all-time high,” John Kosecoff, a former hedge fund manager who lives in Laguna Woods, told the Orange County Register. “So, no, the idea that people are particularly concerned about this, right now, doesn’t shock me. We’re at the precipice of this becoming a disaster.”
Kosecoff added that for a growing number of retirees who don’t own a home, and who don’t have growing income, the lack of affordable housing is a physical and emotional threat.
“People want their dignity. So, even if it means they’re skipping meals, they’ll do what they can to maintain what the world perceives as a middle-class life,” he said. “But I think we’re close to seeing that become impossible for a lot of people.”
Jennifer Friend, CEO of Project Hope Alliance, who attended Thursday’s discussion, said it got her and fellow participants thinking about creative solutions.
“We talked about how we can simultaneously invest in the prevention of tomorrow’s adults experiencing homelessness while building housing for our current unhoused community members,” said the UCI Social Ecology alumna who was homeless when she was a child. “The data shows that our community is ready to start investing in K-12 students experiencing homelessness today so that they won’t become adults experiencing homelessness tomorrow.”
Other participants discussed focusing on particular populations.
“Whether it’s veterans, or families or transitional-aged youth, focusing on a specific group could be an effective strategy for solving homelessness,” said Christy Cornwall of Providence Mission Hospital. “I’m a firm believer in prevention and somehow connecting with the institutions that people naturally experience could be pathways to receiving support before they become homeless, like through an eviction diversion program through the courts or connecting with our utility companies so people can receive support.”
And, she added, there is a “need to turn the narrative,” such as through a public awareness approach.
Using the survey data as a prompt for the collaborative session, the outcomes and ideas generated at the event will help inform United to End Homelessness’ immediate and long-term priorities within its primary programs and beyond, including:
“This poll demonstrates the power of bringing people together to solve local challenges like homelessness and housing issues while reinforcing the vision behind establishing United to End Homelessness five years ago,” Heyhoe said. “Although progress has been made, we now have data demonstrating the commitment and will of residents to get involved and support solutions for the collective well-being of Orange County. We look forward to collaborating with our partners to address these needs and solve them together.”
At the program’s conclusion, Robert Morse, who has been an advocate for the homeless for about 18 years, said he is hopeful events like Thursday’s can help lead to a solution. Sporting a sizable white beard and a pin-filled ballcap with the words “Santa Bob” across the front, Morse mentioned that he knows homelessness firsthand, having spent 10 years on the street before finding housing and later joining several homeless-related boards and committees.
However, the At-Large Seat Representative for Older Adults on the Orange County Commission to End Homelessness’ Continuum of Care Board cautioned solutions for those in need of housing “will happen slowly. That’s because locating housing is a problem for everyone in Orange County, not just the homeless.”
Gould remarked during his introduction that this first iteration of the UCI-OC Poll will be followed by more addressing various issues facing the region.
“The next topic of the poll will be on the supposed brain drain in Orange County,” the dean revealed to the crowd, “and we would look forward to partnering with several of you and your organizations on that question.”
About the University of California, Irvine: Founded in 1965, UCI is a member of the prestigious Association of American Universities and is ranked among the nation’s top 10 public universities by U.S. News & World Report. The campus has produced five Nobel laureates and is known for its academic achievement, premier research, innovation and anteater mascot. Led by Chancellor Howard Gillman, UCI has more than 36,000 students and offers 224 degree programs. It’s located in one of the world’s safest and most economically vibrant communities and is Orange County’s second-largest employer, contributing $7 billion annually to the local economy and $8 billion statewide. For more on UCI, visit www.uci.edu.
Media access: Radio programs/stations may, for a fee, use an on-campus ISDN line to interview UCI faculty and experts, subject to availability and university approval. For more UCI news, visit news.uci.edu. Additional resources for journalists may be found at https://news.uci.edu/media-resources.
NOTE TO EDITORS, PHOTO AVAILABLE AT
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University of California, Irvine
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The scale of emissions inequality in U.S. society
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Newswise — Researchers have linked US household income data to greenhouse gas emissions generated in creating that income, and found that 40% of total emissions are associated with income for the highest 10% of households. The paper, published in PLOS Climate suggests that an income or shareholder-based carbon tax focused on investments may have equity advantages over traditional consumer-facing cap-and-trade or carbon tax options.
Human created climate change is an existential threat, and there is a disconnect between those facing the worst impacts and those that drive the greatest greenhouse gas emissions.
Jared Starr of the University of Massachusetts Amherst, and colleagues, took 30 years of US household-level income data, from 1990-2019, and linked it to the emissions generated in that income. They look at both income from direct emissions, such as industries like power plants, and income related to industries supplying services or commodities to those industries – such as finance or fossil fuel suppliers.
In general, white non-Hispanic households had the highest emissions linked to income, and Black households had the lowest, predominantly because of the racial inequity of income distribution. In terms of age, emissions tend to increase with age until peaking within the 45 – 54 age group before declining again.
Among the highest earning 1% of households, whose income is linked to 15 – 17% of national emissions, investment holdings account for 38 – 43% of their emissions. The team also identifies “super emitters” with extremely high overall emissions, and these are almost exclusively among the top 0.1% of households, which are overrepresented in finance, real estate, and insurance; manufacturing; mining and quarrying.
The research offers a new perspective on emissions responsibility and climate finance and could be a useful policy tool to encourage decarbonization while raising revenue for climate finance.
Starr adds: “The scale of emission disparity is quite striking. Just fifteen days of income-based emissions from an average top 0.1% household is equal to a lifetime of emissions from a bottom decile household. I find that morally troubling, especially since low-income households face disproportionate climate harms.
I think we need to make sure that our climate policies take these disparities into account. One way to do that is to make sure that those who are financially benefitting thanks to emissions are properly incentivized to both reduce their emissions and pay for the damage caused by those emissions. I believe that an income or asset-based carbon tax would focus the minds of corporate executives, board members, and large shareholders to decarbonize their industries in order to reduce their taxes. In essence it is decarbonization and divestment out of self-interest. At the same time it would generate much needed revenue for climate finance. While no tool is perfect, I think this could be a useful new approach to encourage the most economically and politically powerful in our society to focus their minds on decarbonization.”
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Five common money management mistakes
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Newswise — Many people gain their expertise in money management by trial and error. However, carefully monitoring your finances and giving them proper consideration can help avoid some common financial missteps, according to two Texas A&M University financial planners.
Nathan Harness, Ph.D., director of the Financial Planning Program, and Nick Kilmer, lecturer, both in the Department of Agricultural Economics at the Texas A&M College of Agriculture and Life Sciences, discuss five of the most common mistakes when managing money and offer advice on how to avoid them.
No. 1 — Being unaware of personal wealth
Wealth is perhaps the most important financial figure in an individual’s life. It has a tremendous influence on a person’s financial security and freedom of choice. However, many Americans do not know how to calculate their own personal wealth.
“Information is an incredibly valuable asset, often referred to as one of the most potent currencies available to individuals,” Harness said. “Financial freedom starts with the basics, such as understanding budgeting, saving, investing and debt management.”
Kilmer suggests starting the process by considering the scenario of losing your job and having to sell assets to pay off your debts. However, he challenges you to think about needing to do that while still having money to sustain yourself until you find new employment.
“This is too significant of a potentially life-changing situation to ignore until it happens,” Kilmer added. “You should update your budget and balance sheets on a regular basis to accurately reflect the current values of your assets and debts. You need to know for sure if you have a firm financial foundation to weather a sudden financial jolt and to be sure your wealth is trending in the right direction.”
Harness suggested shaking yourself out of financial complacency by reading and learning more about personal finance, networking in personal finance forums and finding professionals like financial advisers who are able to provide you with both information and guidance.
No. 2 — Not setting financial goals
An important step toward financial well-being – and one which many people ignore – is putting pen to paper and writing down financial goals. Financial goal setting adds purpose and drive to create wealth.
“Financial goals are the roadmap for your financial journey,” Harness said. “One of the key benefits of having financial goals is they bring clarity to your aspirations. And when these are clearly defined, motivation can more easily exist now that something tangible is identified that you can work toward.”
Kilmer said it is much harder to achieve goals if we don’t know specifically what we want to accomplish, so the details are crucial.
“Ask yourself, ‘what is my financial goal?’” he said. “If it’s to buy a house, then ask yourself ‘when do I want to accomplish that?’ Next, ask how much money you’ll need for a down payment and closing costs, then calculate how much you need to set aside monthly to accomplish this goal in your timeframe. If it does not fit into your monthly budget, then you need to adjust your financial goal to where it can be attainable.”
Both Harness and Kilmer said being unaware of where your money is spent can reflect a lack of ownership and control over your money, which can often lead to unwanted financial outcomes like excessive debt.
“When you don’t set financial priorities and goals, a lot of money can be spent on frivolous or insignificant items that do nothing for your net worth,” Harness said.
Kilmer said a good mental exercise is to project yourself into the future and set financial goals for that future self, such as buying a home, putting children through college, taking a dream vacation or preparing for retirement.
No. 3 — Not using a budget to monitor your net income
While not many people would consider it fun to build a budget, a plan for your income and expenses is the cornerstone to growing wealth.
“Making a plan to grow your monthly income and, where necessary, cut back on your monthly expenses, will allow you a greater chance to grow your monthly net income,” Kilmer said. He explained monthly net income can be defined as the amount of money left over at the end of the month once all your bills have been paid.
He said when you don’t track your spending, it can hinder your ability to save and know how much extra you have to invest at the end of the month. Without that clear picture of how much you can save and where your money is going, you would not be able to make informed financial decisions.
“Taking control of your money by deciding where each dollar will be spent is key in winning financially,” he said.
Kilmer said monthly savings can be used to buy income-bearing assets or pay down debts, growing your wealth and generating even higher net income for the next month, creating a wealth cycle.
“If we allow lifestyle creep, or just poor planning, to cause our monthly spending to get out of control, our income may not be enough, forcing us to sell assets or take on new debts to cover our unpaid bills,” he said. “Don’t let this happen; find a budgeting method that works for you and stick with it.”
Kilmer suggested tracking your spending for a month without changing the way you usually spend, then analyze where you can make corrections in how you budget and spend your money.
Both experts also suggested that budgeting should include making accommodations for an emergency fund of up to $10,000 in the event of an unexpected financial setback, such as a hospital stay, vehicle accident or job loss.
No. 4 — Paying interest versus earning interest
“You want your money to work for you instead of you having to work just to pay off your debts,” Harness said. “Understanding how you can be earning interest instead of paying it is important to your financial freedom and future wealth.”
Debt and interest on money owed are the enemy of positive wealth, so it’s important to be in a financial position where you are earning interest instead of paying it. However, financial experts agree it is important to build your credit since a good credit score can potentially save you thousands or even tens of thousands of dollars in future interest.
“Many young adults are naturally, and rightly, afraid of credit cards, but they are effective credit building tools when used correctly,” Kilmer said.
He said long before purchasing a first car or home, people with low to no credit should obtain a credit card and use it to build their credit for at least one to two years.
“Improved credit scores can provide better loan rates for such large loan balance items,” he said. “The trick with credit cards is to use them every month, wait for the credit card statement, then pay the statement balance in full — not just the minimum — before the billing due date. Repeating this process every month for a few years will build a solid credit history without charging you a dime in credit card interest.”
On the subject of earning interest, Harness said consider investment accounts such as certificates of deposit, mutual funds, stocks and bonds.
“Each person has to determine what investments are best for them and fit their investing style and comfort with risk,” Harness said. “With all investments, be sure to weigh the risk versus the potential benefit that comes with it. If you choose the right type of investment, your money will be working for you, building your net worth.
No. 5 — Postponing retirement planning
Time is undeniably our most valuable asset, Harness said.
“As Benjamin Franklin famously noted ‘lost time is never found again,’” Harness said. “This truth holds a particular significance in the context of retirement planning.”
He said by starting retirement planning early, you can tap into the power of compounding, make necessary adjustments to your strategies and reduce financial stress in the long run.
“With the general replacement of pensions by defined contribution plans, such as the 401k, preparing for retirement has fallen squarely in the laps of future retirees,” Kilmer said. “In fact, according to a recent report from Fidelity, more than half of Americans are not on track to comfortably pay for their future retirement.”
Another major factor affecting retirement planning is the uncertainty of whether the Social Security Administration will have enough money to pay off scheduled benefits in the future.
“Relying on your workplace or the government for the bulk of your retirement income can be a risky bet,” Harness said. “If your workplace has a retirement plan where they match your contributions, then you can invest in a 401(k) or 403(b). If not, you can set up a retirement fund, such as a Roth individual retirement account, on your own.”
Kilmer said it is vital to identify and track which retirement funds you hope to utilize in retirement and start estimating how much money you’ll need to survive – or even thrive – every year in retirement.
“You need to figure out just how big of a nest egg you need to accumulate,” he said “These types of financial calculations can be daunting for some. If you’re one of those people, then seek out the help of a professional financial planner sooner rather than later. They can walk you through this process and possibly give you some financial peace of mind.”
Harness and Kilmer said avoiding these management mistakes will give you better control of your finances and help ensure a more financially stable future. They said it is vital to know as much as you can about your assets and debts so you can make corrections where necessary and stay on track toward financial freedom.
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Texas A&M AgriLife
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Tulane expert available to speak on historic offshore wind sale in the Gulf of Mexico
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Tulane University’s Eric Smith, associate director of the Tulane Energy Institute at the A.B. Freeman School of Business and expert on energy markets, including the oil and gas industry and renewable segments, is available to comment on the benefits to Louisiana and Texas from the Department of Interior’s first-ever offshore wind sale in the Gulf of Mexico.
Smith can speak on the following:
- The importance and benefits of the offshore wind sale to the State of Louisiana, as well as the entire Gulf Coast.
- Why offshore deep-water wind power opportunities may benefit the state longer term.
- The 10 significant benefits of deep-water wind power vs. shallow water.
The areas to be auctioned on August 29, 2023, by the Bureau of Ocean Energy Management have the potential to generate approximately 3.7 GW and power almost 1.3 million homes with clean, renewable energy.
“This is a fairly big deal because it is the first such federal lease offering space offshore of Louisiana, and there are numerous benefits, Smith said. “The former head of the Bureau of Ocean Energy Management (BOEM) is consulting to expedite another larger sale. This suggests that the administration is focusing more on developing the Gulf of Mexico offshore wind option. In addition, the Department of Justice is putting money into the fray to specifically support floating wind (wind turbines secured to floating structures rather than fixed structures). That is also a good indication since floating wind is forecasted to represent about two-thirds of the United States’ total potential.”
Beyond the Department of the Interior (BOEM) efforts, the Department of Energy is putting grant money into the economy to specifically support floating wind (turbines secured to floating structures in deeper water rather than to shallower fixed structures). That is heading in the right direction since floating wind is forecasted to total about two-thirds of the United States’ total offshore wind potential.
Smith has been interviewed on various energy-related topics, including gas prices, renewable energy transmission and power distribution.
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Capitalist reforms in China led to higher extreme poverty
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Newswise — It is widely believed that China’s socialist economy had relatively high rates of extreme poverty, while the capitalist reforms of the 1980s and 1990s delivered rapid progress, with extreme poverty declining from 88% in 1981 to zero by 2018.
This belief has been challenged by a research project carried out by the Institute of Environmental Science and Technology of the Universitat Autònoma de Barcelona (ICTA-UAB) in collaboration with Macquarie University in Australia and Maastrich University in the Netherlands. The researchers point out that the data used to make these claims relies on the World Bank’s extreme poverty line of $1.90 per day (2011 PPP). However, the World Bank’s method has come under sustained critique in recent years, as it does not account for the cost of meeting basic needs, which varies across countries and over time, even when measured in PPP terms.
To correct for this, researchers Jason Hickel of ICTA-UAB, Dylan Sullivan of Macquarie University and Michail Moatson of Maastricht University reviewed evidence on the share of the population unable to afford a basic subsistence basket – data which was recently published by the OECD. The researchers show that from 1981 to 1990, when many of China’s socialist provisioning systems were still in place, China’s extreme poverty rate was only around 5.6%, substantially lower than in capitalist economies of comparable size and income at the time: 51 per cent in India, 36.5 percent in Indonesia, and 29.5 per cent in Brazil. This is because China’s system of price controls and subsidies for food and housing kept the cost of basic needs low relative to economy-wide prices, and relative to working-class incomes.
The researchers found that China’s relatively strong performance on basic-needs poverty during the socialist period is consistent with its performance on a range of social indicators, including life expectancy, infant mortality, death rate from malnutrition and poor sanitation, mean years of schooling, and access to electricity.
Moreover, researchers found that extreme poverty in China increased during the capitalist reforms of the 1990s, reaching a peak of 68 per cent in 1995, as the privatisation of China’s public provisioning systems caused the price of essential goods to increase. While access to basic needs recovered during the 2000s, rough estimates for 2018 suggest that the extreme poverty rate remains at roughly the same level as during the 1980s.
The study’s lead author, Sullivan, explained that “this research has important implications for policymakers and the development sector. Our findings suggest that socialist policies of public provisioning, subsidies, and price controls can be effective at reducing or preventing extreme poverty. Meanwhile, market-based policies and privatisation may threaten people’s ability to meet basic needs.”
This research also suggests that rapid economic growth and improvements in aggregate income – as important as these may be in many contexts – cannot be relied upon to reduce extreme poverty. China’s experience during the 1990s suggests that economic growth may occur simultaneously with rising poverty under conditions of privatisation and commodification. According to Hickel, “when it comes to reducing extreme poverty in low-income countries, improving people’s access to public services and social guarantees is at least as important as increasing productive capacity”.
The authors point out that, according to the cost-of-basic-needs data they review, the world’s governments failed to achieve the first Millenium Development Goal – i.e., to reduce by half the share of people in extreme poverty between 1990 and 2015. Moatsos said that “this represents a failure of global economic governance and suggests that new policy approaches are needed in order to eradicate extreme poverty for all people everywhere”.
Sullivan D., Moatsos, M., & Hickel, J. Capitalist reforms and extreme poverty in China: unprecedented progress or income deflation? New Political Economy. (2023) https://doi.org/10.1080/13563467.2023.2217087
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Universitat Autonoma de Barcelona
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JPMorgan Chase CEO Jamie Dimon Skeptical of ‘Bidenomics’ | Entrepreneur
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In an interview with The Economist released on Tuesday, JPMorgan Chase CEO Jamie Dimon expressed doubts about President Joe Biden’s economic policies, dubbed “Bidenomics.”
Bidenomics is based on the idea that the economy grows best when focusing on the middle class. It has three main pillars: investing in public sectors like infrastructure and education, helping workers improve skills to become part of the middle class, and encouraging fair competition to lower costs and support small businesses and entrepreneurs.
President Biden asserts that “Bidenomics” is working. In a recent statement in regard to the June inflation report, he said: “Good jobs and lower costs: That’s Bidenomics in action.”
Dimon, however, remains unconvinced.
JPMorgan Chase’s CEO categorized Bidenomics as primarily an industrial policy, which should be utilized with caution. He is in favor of some industrial policy, specifically for security reasons and competitiveness, but that it should be void of social and political implications.
“There shouldn’t be social policy around that. I think that’s a huge mistake. It shouldn’t be political it should be purely economic,” Dimon said. “I think when they write books about this 10 years from now, it will be about how it didn’t work.”
Jamie Dimon voiced caution regarding President Biden’s economic theory, Bidenomics. Nathan Howard | Getty Images
The CEO also didn’t hold back when discussing the $5 trillion government stimulus, including the $1.9 trillion American Rescue Plan, saying it was “excessive” and is “causing inflation.”
He also argued that the country’s economic expansion has been insufficient in recent decades.
Related: Jamie Dimon Says Soft Landing Possible for Economy, but Warns of ‘Scary Stuff’
“We’ve done a terrible job in immigration, taxation, mortgages, affordable housing, healthcare,” adding that “had we done a good job” the country would have experienced 3% more GDP growth over the past two decades.
“Three percent would mean the average American would have $15,000 more GDP per person this year,” Dimon said. “That would have paid for better safety nets, more military, more schooling.”
Despite swirling hints about Dimon potentially running for office, which has caught significant media attention over the past year, he admitted not being too keen on the job.
He told the outlet he “never believed” he was “suited for it.” On the other hand, a cabinet position could be in the cards “one day.”
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Madeline Garfinkle
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Menlo Micro’s plans have ‘terrific synergy’ with Cornell semiconductor research
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Menlo Micro announced on Tuesday plans to produce electronic switches in Tompkins County, a commitment worth tens of millions of dollars and promising dozens of new jobs in the area.
Krystyn Van Vliet, vice president for research and innovation at Cornell University, says this aligns well with Cornell’s commitments to the goals of the CHIPS and Science Act.
Van Vliet says:
“Cornell University looks forward to welcoming Menlo Micro as a new neighbor in Upstate New York’s research and innovation ecosystem. Menlo Micro’s plans for a new fab to produce electronic switches in Tompkins County represent terrific synergy with Cornell’s commitments to the research and workforce development goals of the CHIPS and Science Act.
“This move will help connect Menlo Micro experts to the innovative scientists, engineers, and technologists at Cornell’s unique semiconductor nanofabrication and materials characterization facilities in Ithaca.
“Cornell looks forward to strengthening research collaborations with Menlo Micro, as we grow the U.S. talent pipeline for advanced manufacturing.”
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