It's a presidential election year

It is a presidential election year. The discussions and debates have already begun. In this season of discussion, debate, each of us will do some soul searching to decide who has earned our vote to lead the nation for the next four years. So as we enter into this time for the activities that have made our country great (freedom of expression, meeting, speech, etc.) I would like to offer up one little thought. Regarding the economy, be sure as you enter into these discussions with your family, friends and colleagues on the economic issues making up this year’s election lexicon each of you are on the same page when it comes to the economic perspectives of your views and solutions.

By and large economic perspectives come in three varieties; macro or aggregate, micro or business, and the personal. The macro level is a discussion on the national and international economy. It is about globalization, the fiscal policy actions of Congress and the monetary actions of the Federal Reserve, NAFTA, trade with China, India, and developing countries. A macro discussion may also focus on the actions that protect (or destroy) our freedoms of choice, expression, and our liberty.

A micro level discussion focuses on what one purports to be best for businesses, markets (producers and/or consumers), and industries. A discussion on this level might be aimed at the economic environment to promote business, a quality education or an environment conducive to a quality of life like no other on the planet.

Personal level discussions may be the most highly emotionally charged of them all. These discussions become “I”, “me”, and “my” focused; my job, my family, my home, my state. This is the level most likely where the discussant becomes emotional, and no matter what is said never really hears the other person.
These are also the election discussions that must occur in the context of rational understanding, decision-making, and appreciation for the “where they are coming from” mindset of each discussant.

In actuality, I suppose these three levels of economic impact seem fairly obvious. Fact of the matter, I am mostly conveying here a notion that many of you reading this are already familiar, either consciously or subconsciously. So let’s just say this little comment is a review and reminder.

A final thought. These three different perspectives are not independent of each other (another keen sense of the obvious statement). The economic impact of policy decision-making that occurs at each perspective impacts the others. Life is not played out in a vacuum, and neither are policy decisions, from which political and economic discussions are bred.
Play the game. Participate fully in the process. Just remember we are all influenced by our incentives and our choices have consequences that lie in the future. Know the economic perspectives of your discussions so the value of understanding and enlightenment can be fully appreciated; by each of you.