Joel L. Naroff is the president and founder of Naroff Economic Advisors, a strategic economic consulting firm in Bucks County. He advises companies across the country on the risks and opportunities that economic developments may have on the organization's operating environment.
The middle class has lost ground over the last 30 years. if you are looking for ways to raise money for programs or reduce the skyrocketing budget deficit, taxing the wealthiest is where the money is.
The economy, like any business, can expand in basically two ways. The first is by adding more workers to increase output. The second way is by increasing the output from individual workers.
Is manufacturing the canary in the coal mine? The ongoing trade war, coupled with the imposition of new tariffs on Chinese goods and the threat of additional tariffs later this year, have slowed U.S., Chinese, European and Asian economic growth.
Should tax incentives be used to foster economic development and if so, how? In short, they should, but with clear plans on how those incentives restructure the local economy so they actually create greater, sustained future economic growth.
Our trading partners will protect themselves by becoming less dependent on American products. China has incentive to restrict the export of rare earth metals, find alternative suppliers or develop industries to replace those that the U.S. dominates.
Instead of the tariffs being used to correct unfair trade practices, they are being implemented to foster non-trade policy concerns. And that takes us into uncharted and dangerous places.
