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When Watching the Debate on Taxes, Remember the Debt
As Republicans in Congress move forward on their tax plan, it’s worth remembering one thing: whatever the legislative particulars, keep your eye on the plan’s impact on the federal debt. Our debt load is already worrisome (the U.S. national debt is now about $20.5 trillion). It’s almost certainly going to get worse. At some point, […]
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As Republicans in Congress move forward on their tax plan, it’s worth remembering one thing: whatever the legislative particulars, keep your eye on the plan’s impact on the federal debt. Our debt load is already worrisome (the U.S. national debt is now about $20.5 trillion). It’s almost certainly going to get worse.
At some point, this will become unsustainable — we just don’t know exactly when. One common measure of the debt problem is to compare the total federal debt to our gross domestic product (GDP). This basically measures whether a country’s economy is healthy enough to carry its debt burden. When Presidents Carter and Reagan were speaking out against the dangers of our large national debt, it stood at about 30 percent of GDP. Today, it is at 105 percent.
As the debt grows larger, it weighs more heavily on economic growth, crowds out private investment, creates economic uncertainty, dumps a burden on our children, and limits our ability as a nation to deal with unforeseen events. How we handle it will have a profound impact on our future and our role in the world.
The problem is that regardless of what our political leaders say about deficits and debt, their actions tend to belie their words: they continue expensive federal programs and lavish tax breaks on favored constituencies without regard to the long-term fiscal impact. I’ve come to believe that deficits will likely continue — with increasing debt — until some financial crisis focuses our attention on the serious imbalance between our taxes and spending.
Which brings us to the current move for tax “reform.” Tax reform can have several meritorious goals, including establishing a more equitable tax system, encouraging economic growth, and imposing fiscal restraint. What I don’t see in the current debate is much more than lip service to any of these goals.
What always worries me about tax debate on Capitol Hill is that it begins with a lot of talk about reform, and usually ends with a lot of talk about tax cuts. This isn’t surprising. Tax cuts are popular. Tax reform, which helps some people and hurts others, is politically treacherous.
So, as you watch the debate on Capitol Hill, use your judgment. Tax cuts can often help the economy, but not if they balloon budget deficits and the national debt. If that happens, they’ll eventually end up lowering growth and slowing the economy.
Lee Hamilton is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU School of Global and International Studies, and professor of practice at the IU School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years, representing a district in south central Indiana.
Tompkins County administrator to retire on Nov. 30
ITHACA — Tompkins County Administrator Joe Mareane announced on Nov. 13 that he has taken a medical leave from the county and has moved up his planned retirement by two months. Mareane in July had announced his plan to retire on Feb. 1, 2018. But now, to focus on his recovery, he has advised Tompkins
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ITHACA — Tompkins County Administrator Joe Mareane announced on Nov. 13 that he has taken a medical leave from the county and has moved up his planned retirement by two months.
Mareane in July had announced his plan to retire on Feb. 1, 2018. But now, to focus on his recovery, he has advised Tompkins County Legislature Chair Michael Lane of his intent to “accelerate” his retirement date to Nov. 30, according to a news release from Lane.
Mareane has served as Tompkins County administrator since leaving his position as Onondaga County’s chief fiscal officer in October 2008.
Tompkins County Deputy Administrator Paula Younger will serve as interim administrator pending the selection of a replacement for Mareane — a process that’s underway, per the county. Younger has been the county’s deputy administrator for the past 11 years.
Pinckney Hugo Group has hired LAUREN SWENSON as an assistant account manager, and ALEX SZELEWSKI as a junior digital designer. Prior to joining Pinckney Hugo Group, Swenson gained experience as a brand activation manager and sales representative at Anheuser-Busch. She has a bachelor’s degree in communication studies from The College at Brockport, State University of
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Pinckney Hugo Group has hired LAUREN SWENSON as an assistant account manager, and ALEX SZELEWSKI as a junior digital designer. Prior to joining Pinckney Hugo Group, Swenson gained experience as a brand activation manager and sales representative at Anheuser-Busch. She has a bachelor’s degree in communication studies from The College at Brockport, State University of New York. Szelewski has a master’s degree in advertising from the S.I. Newhouse School of Public Communications at Syracuse University and a bachelor’s degree from Binghamton University.
MARK DEDRICK has joined Keystone Associates Architects, Engineers and Surveyors, LLC as a code analysis official in the architectural department. He is a building code and construction professional with more than 40 years of experience in a variety of industry functions. He has collaborated with local, state, and international agencies to develop building and fire
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MARK DEDRICK has joined Keystone Associates Architects, Engineers and Surveyors, LLC as a code analysis official in the architectural department. He is a building code and construction professional with more than 40 years of experience in a variety of industry functions. He has collaborated with local, state, and international agencies to develop building and fire codes, and managed building and fire code inspectors for local municipalities. Dedrick is a graduate of SUNY Delhi and has taught building codes and standards classes at SUNY Broome as well as for the New York State Department of Homeland Security.
New York Business Development Corporation (NYBDC) has hired BENJAMIN ALEXANDER. As a commercial loan officer at NYBDC and affiliates The 504 Company and Excelsior Growth Fund, he will be working from the Syracuse office to support small-business owners throughout Central New York and the North Country. Alexander comes to NYBDC after six years of experience
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New York Business Development Corporation (NYBDC) has hired BENJAMIN ALEXANDER. As a commercial loan officer at NYBDC and affiliates The 504 Company and Excelsior Growth Fund, he will be working from the Syracuse office to support small-business owners throughout Central New York and the North Country. Alexander comes to NYBDC after six years of experience in banking, most recently as a small-business loan underwriter for NBT Bank.
Generations Bank has hired JERRY MORAN as VP – people and performance. He will work from the bank’s headquarters in Seneca Falls. Moran brings more 30 years of HR experience to his position.
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Generations Bank has hired JERRY MORAN as VP – people and performance. He will work from the bank’s headquarters in Seneca Falls. Moran brings more 30 years of HR experience to his position.
MICHELLE BUNNER has joined Tompkins Financial Advisors as trust officer. She is based in the Ithaca office on the CNY team. Bunner has four years of experience in the industry. Prior to joining Tompkins, she was a consultant at ACA Compliance Group, where she advised global investment banking, securities, and investment management firms. Bunner graduated
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MICHELLE BUNNER has joined Tompkins Financial Advisors as trust officer. She is based in the Ithaca office on the CNY team. Bunner has four years of experience in the industry. Prior to joining Tompkins, she was a consultant at ACA Compliance Group, where she advised global investment banking, securities, and investment management firms. Bunner graduated from the University of Pittsburgh School of Law and has a bachelor’s degree in communications from the University of Pittsburgh.
JEFF BESIO has joined Arctic Risk Specialists as regional sales director of commercial lines for the Northeast region. He has more than 18 years of sales experience in the automotive industry, where, according to his LinkedIn profile, he was a sales consultant at Central New York automotive dealerships Davidson Ford of Clay, Shapiro Motor Sales
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JEFF BESIO has joined Arctic Risk Specialists as regional sales director of commercial lines for the Northeast region. He has more than 18 years of sales experience in the automotive industry, where, according to his LinkedIn profile, he was a sales consultant at Central New York automotive dealerships Davidson Ford of Clay, Shapiro Motor Sales in Oswego, and Nissan North. Besio attended St. John Fisher College and received his New York State Property and Casualty Broker’s License from Bryant & Stratton College.
Gilroy Kernan & Gilroy Inc. (GKG) has appointed MICHELE LUKE as director of client strategy for employee benefits. She brings nearly three decades of insurance experience to the post, in both the benefits and property/casualty sectors. Luke was most recently director of Central New York sales, ancillary, and reinsurance at MVP Health Care. She previously
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Gilroy Kernan & Gilroy Inc. (GKG) has appointed MICHELE LUKE as director of client strategy for employee benefits. She brings nearly three decades of insurance experience to the post, in both the benefits and property/casualty sectors. Luke was most recently director of Central New York sales, ancillary, and reinsurance at MVP Health Care. She previously was a sales executive with Capital District Physicians’ Health Plan. Luke began her career with the Day & Reed agency in Ilion. She holds an associate degree in sales and marketing from Herkimer County Community College.
ERIC RIGHTMIER has joined Indium as help desk technician. He earned his bachelor’s degree in cyber security and information assurance, and his master’s degree in cyber security (with a concentration in cyber operations) from Utica College. While at Utica College, Rightmier served as a user services assistant at the campus help desk. ZACHARY ROBERT
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ERIC RIGHTMIER has joined Indium as help desk technician. He earned his bachelor’s degree in cyber security and information assurance, and his master’s degree in cyber security (with a concentration in cyber operations) from Utica College. While at Utica College, Rightmier served as a user services assistant at the campus help desk.
ZACHARY ROBERT has been hired as a business systems analyst with the Enterprise Resource Planning (ERP) Systems group. He earned his bachelor’s degree in business intelligence and data analytics, with a minor in project management from Clarkson University. While at Clarkson, Robert gained intern experience and has also worked alongside his father in the family construction business since the age of 13, and part time as assistant manager at Clarkson’s fitness center.
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