Four pieces of advice from rock and roll hall of famers

I have written two earlier posts about the latest Rock and Roll Hall of Fame induction ceremony. One current that seems to run through these talented people are that folks helped them along the way. There were four quotes that resonated with me from the various acceptance speeches by guitarist Neil Giraldo, singer Pat Benatar, and producer Jimmy Iovine.

We all can learn from these paraphrased quotes, so please pass them along.

  • No one does this alone. They get help from many sources to get here.
  • Each of us have had mentors in our lives. Pay it forward by mentoring someone and teaching and supporting them.
  • If you are down and sitting in your room, pick up an instrument and learn to play. It will lead you down new paths.
  • If you want to learn how to write great lyrics, read books. Lots of them.

These each sound so simple, yet are so profound and pertinent. The people who think they accomplished everything on their own are not being very truthful with themselves. Yet, the final two pieces of advice are telling as well. There is an interesting psychology article on “Stinking thinking.” A key way to address being alone with stinking thoughts is change the paradigm – pick up an instrument or pick up a book. Learn.

Not to be outdone, a few years ago I wrote about another quote from an acceptance speech by Jon Bon Jovi. He had the name of his guitar instructor carved into his guitar. Why? When Bon Jovi was not practicing between lessons, the instructor fired his pupil. He told the future star, “Stop wasting my ‘effing’ time. If you won’t practice, then you won’t ever get any better.” That struck a chord with Bon Jovi and he told the audience to never waste any one’s time.

Lessons abound. Ask for and get help. Help others in return. Learn new things. Don’t waste people’s time.

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Welcome to America – I hope you are packing heat (a second reprise)

Second reprise in November, 2022: Two more mass shootings have occurred in America in the past few days. Maybe it will be easier to post when there have not been any shootings that day. Today, it was reported that seven were killed at a shooting in a Walmart in Virginia. Last week, five died in a nightclub in Colorado Springs. Yet, it is still early in the week. A watered down gun bill was passed earlier this year. It was something, but not enough. In the US, the real danger is not even the mass shootings. It is the everyday killings over a fight, crime, or escalated disagreement. Or, it could be when a four-year old finds a gun and thinks it is a toy. As for the mass shootings, it not ironic that the two that just happened dovetail the reference in the first reprise in May, 2021.

First reprise in May, 2021: The following post was written almost eight years ago, but as you read it, the events seem to come right out of today’s headlines. This is one topic I am truly tired of writing about, as lobbyists have hobbled the ability for legislators to act like parents and spouses and do something. Americans have said in surveys they want, yet nothing gets done. It reveals who butters the bread for these politicians. At this moment, one more shooting has occurred in Virginia. After Colorado. After Atlanta….

I have written several posts about our excessive gun violence in America. We lead the world by far in gun deaths and children gun deaths. Yet, we continue to do nothing about it. We have a parade of children led shootings at schools the past few weeks, yet we continue to do nothing about it. Pick up any US newspaper anywhere in the country and count the number of gun death or violence stories. I wrote a post about Googling a “six-year-old kills four-year-old” and counting the number of stories that pop up. Yet, we still do nothing about it. We have mass shootings, which are horrific tragedies, but dwarfed by the daily killings of kids, yet we still do nothing about it. And, Americans by virtue of reputable surveys, clearly want better background checks and more elongated waiting periods, yet we still do nothing about it.

Here are a few links to these previous posts.

I am thinking of the person who finally asked Senator Joe McCarthy during his communist witch hunt trials, “Senator, have you no shame?” That was actually the beginning of the end for McCarthy. I fully recognize the complexity of what is causing gun deaths, but the NRA and strident gun amassers would like you to believe that guns have little to do with gun deaths. Responsible gun owners know this not to be the case, which is why they take great pains to teach their use and put them away for safekeeping. So, using the McCarthy line above, “NRA, have you no shame?”

We are well past the time to act on these issues. It is a poverty issue, it is mental health issue, it is a lack of civil discourse issue, it is a violence in entertainment issue, but make no mistake about it, it is an access to guns issue. Without access to a weapon, the child does not kill his sibling or cousin. Without access to a weapon, the depressed teenager, college student or adult does not act on an impulse and end a life. Without access to a weapon a drunken patron at a bar or ball game does not go to his car and come back guns a blazing because they were offended.

NRA, have you no shame? You could have acted responsibly like the majority of gun owners, yet you decided to fan the flames of a fervent crowd and crow about Second Amendment rights, which I still have not seen anyone threaten. You have also usurped the leadership of the GOP and taken them down a darker path along with some other fervent misconceptions. As a result, we cannot have the long overdue civil, appropriate debate about this topic looking at all issues, including what Americans, even Republicans want by far – better background checks and elongated waiting periods. We should do more than that, but those two issues are no brainers and largely popular.

It is past time. NRA, have you no shame? NRA, stand down. We need to have a better conversation without your involvement, as you violated the trust of Americans and responsible gun owners, whom you no longer represent.

What a real hero looks like (an encore performance)

Two years ago I wrote about the latest act of heroism from Dolly Parton. Last night, we watched a host of popular, rock and country singers honor her as one of the latest inductees into the Rock and Roll Hall of Fame. From Pink to Brandi Carlisle to Sheryl Crow to Zac Brown to Pat Benatar, we saw a loving and admiring tribute to this talented woman. She also played a new rock and roll song she wrote for the occasion, “Rocking til the cows come home.” It was pretty good. Yet, she might be remembered more for her humanity.

I have written before about this hero primarily for her book gifting program for young kids, which is now an international program called “Imagination Library” (see second link below). Her name is Dolly Parton. I heard she could write songs and sing, as well. Yet, Parton just received some new acclaim for helping fight COVID-19.

In an article in The Hill by Judy Kurtz (see first link below) called “Dolly Parton among donors behind Moderna’s coronavirus vaccine,” her efforts are revealed. Here are a few paragraphs from the article.

“Dolly Parton can add another achievement to her résumé: helping to fund research for Moderna’s coronavirus vaccine.

The ‘9 to 5’ singer was one of several donors listed Monday as part of the announcement that Moderna’s coronavirus vaccine candidate was 94.5 percent effective in an interim analysis. The ‘Dolly Parton COVID-19 Research Fund’ was named as a supporter in the footnotes of a New England Journal of Medicine report.

Parton, 74, announced back in April that she was giving $1 million to researchers at Vanderbilt University Medical Center toward finding a vaccine to fight against COVID-19.

In an April Instagram post announcing her contribution, the Grammy Award winner said she was donating in honor of her longtime friend, Dr. Naji Abumrad, a researcher at Vanderbilt who informed her ‘that they were making some exciting advancements towards research of the coronavirus for a cure.'”

Parton will be remembered many years from now for her Imagination Library where 147 million books have been provided to young children. Currently, there are 1.7 million children signed up for the program. Yet, seeing her do things like the vaccine funding adds to her legacy.

Seeing her interviewed on multiple occasions, the depth of her kindness, integrity, and approachability is heart warming. Her ability to laugh at herself (both the stage personality and at home one) reveals a very smart woman that disarms people. She does not need to solicit attention for her good deeds, it just spreads.

Well done, Ms. Parton. You are a credit to the human race. Thank you for your music and big heart.

https://www.msn.com/en-us/news/politics/dolly-parton-among-donors-behind-moderna-s-coronavirus-vaccine/ar-BB1b6aIj?ocid=msedgdhp

https://imaginationlibrary.com/

Many successful people have failed – a repeat performance

I wrote the following post about three years ago. I was reading about business failure today and was reminded of this post on failures of some very public figure. It still resonates.

Recently, my wife and I watched three separate music documentaries – the eight part series on Country Music, one on Motown and one on David Bowie. What I find interesting is how many artists had to fight failure to get a chance and gain eventual success. These failures reminded me of other similar stories I have been exposed to.

Garth Brooks, one of the biggest selling artists of any genre, was turned down by every studio in Nashville. The night of the most recent “no, thank you,” Brooks performed at a small venue and that same record producer was in the audience and saw something.

David Bowie made records and even albums, but they went nowhere for years. He never lost hope. After much experimentation, he came up with the idea about a man in space. “Ground control to Major Tom…” became the lyric that peeked our interest in “A Space Oddity.”

The Beatles intrigued a young record producer named George Martin, but he recognized the band needed to practice to learn how to play. Many people don’t know that a fifth Beatle named Stu Sutcliffe was very inexperienced. So, Martin sent them to Hamburg, Germany to play seven shows six nights a week. They had to learn new material.

The Supremes led by Diana Ross were called the “no-hit Supremes” for years as they could not break through. Eventually, Berry Gordy and his writers came up with the right song, “Baby, baby. Where did our love go…”

Michael Jordan is arguably the greatest basketball player of all-time. Yet, Jordan was cut from his high school basketball team before making the team the following  year. As Dean Smith, Jordan’s college coach would say defending his decision to start Jordan as a freshman, “I put him on the blue practice team and they won. I put him on the white practice team and they won. It did not take a genius to realize we had a better chance to win if he played.”

Steve Jobs was successful with the Apple, but failed to develop the next generation machine. Fortunately, while the team he led was failing, another Apple team plodded along and developed the Macintosh. Jobs took it over and it made history. We should also note, Jobs was later fired from his own company, but  returned to save them and launch the hand held I-series of devices.

Hewlett-Packard failed at its first business. It was a bowling alley scorekeeping system. Yet, they created an organization that allowed the development of new products and were hugely succesful with computers and printers.

Everyone fails at something or even more than a few things. The key is what do you do next. When life knocks you down, you have to get up, dust yourself off and move forward. Or, as Winston Churchill famously said, “When you are walking through hell, the key is to keep walking.”

Anna’s Time – a movie about mental illness and romance

My wife and I often watch foreign films with subtitles due to interesting storylines and dialogue. And, at our age and state of hearing, we don’t mind subtitles to begin with. We came across another movie that touched our hearts called “Anna’s Time,” about a true love story in Switzerland written by the granddaughter of the couple. The theme of the movie involves mental illness long before it became more appropriate to recognize and discuss.

In French, the movie title is “Le temps d’Anna.” The story was written by Noemie Kocher and was directed by Greg Zglinski. An overview of the films follows:

“Canton of Neuchâtel, 1917 to 1933. A young watchmaker falls head over heels with a mysterious young woman. Jean and Anna get married, love each other madly and go through all life experiences together, supported by their happiness and friends at their side. Jean wants to invent a new waterproof watch, and the future looks promising. But Anna suddenly seems to suffer from a strange sickness which gets worse each day. Will Jean’s love for her be enough to save her?”

Jean is played by Mathieu Simonet with Anna played by Gaelle Bona. Theirs is a love story that begins with two chance meetings about three years apart. Yet, Jean’s friendship with his two watchmaking colleagues, Abraham (played by Jean-Charles Clichet) and Gaspard (played by Baptiste Coustenoble) and Anna’s with her friend Elisabeth (played by Isabelle Caillat) are key parts to the story.

Without giving too much away beyond the challenge you sense Anna has reasonably early in the movie, the movie draws you into the life of a loving husband, but work-alcoholic inventor of watches, who realizes after much urging by his friends he must make more time for his troubled wife. Anna loves him dearly, but something is not right as she hears voices and goes into a depressive state quite easily. At first it is written off to post-partum depression after she has each of her four children, but it does not go away.

I will stop there. The movie is compelling and evocative. The love is present and obvious throughout, even though the husband can be distracted with his watches. Bona plays Anna well and takes you through a range of emotions from love, lust, anguish, confusion and ultimately realization. Check it out, but keep some tissue close by.

My guess is mental illness was just as present then as it is now. It is just recognized now and treated and managed. Per a behavioral psychologist colleague, one in five people will have some bout of mental illness in their lifetime. It may be depression, anxiety or paranoia they must deal with or it could be something more challenging like schizoid affective disorder, bipolar disorder, or schizophrenia. Often, people have multiple diagnoses.

The stigma still exists, but it is not even close to how it once evoked a reaction as evidenced in the movie. Fear of the unknown creates a denial defense mechanism all too often. Today, there is no shame in seeking help from a therapist qualified to offer it. Medication helps but is also best to govern that treatment with therapy. Talk with someone.

This is inappropriate

There are many times I feel we need to return to kindergarten for some key lessons in behavior. These poor teachers have to deal with five-year-olds in larger numbers than a regular day care class would contain. The rules of behavior are likely written on the walls in large colored print and repeated often as a mantra and when needed.

With too many folks following the lead of childish acting politicians (we all know who they are and even their fans know), we have lost the ability to have civil discourse and amicably disagree. So, class, let’s join together with Ms. Johnson or Ms. Jones or Mr. Thompson and repeat the following:

Treating others like you want to be treated is often called a Golden Rule

Threatening folks who disagree with you is not good behavior, nor is it wise

Promoting violence to resolve perceived or real problems is unlawful

Rationalizing lies is the same as lying – sometimes these folks are worse as we know the liar is lying

Denigrating classes of people because they seem different is mean and shortsighted

As I have said many times before, Alan Turing, a gay man shortened WWII by two years and saved 750,000 lives per Dwight D. Esienhower – what if he had been arrested and jailed for committing gay acts which was unlawful in Great Britain at the time?

Dr. Vivian Thomas, an African-American man helped develop a procedure in the middle of the Jim Crow era to save the lives of babies dying from poor blood flow, called “Blue Babies” – some doctors at Johns Hopkins did not want him in the operating room; what if he was denied the ability to practice?

The Tuskegee Airmen, consisting of African-American pilots, were at first not allowed to fly combat missions during WWII. So, they practiced and practiced honing their skills. They got so good, bomber pilots began asking for the Tuskegee Airmen to protect their planes. Something about putting your life on the line does that to people.

Katherine Johnson received a Presidential Medal of Freedom in 2015 for her contribution to America’s Space Race, as the first woman and African-American to work in a room full of white male mathematicians who guided the space effort.

Nicholas Kristoff and Sheryl WuDunn have penned the difficult to read “Half the Sky” about the maltreatment of women and girls around the world. Treating women like chattel is not only wrong it is economically short-sighted as these communities are competing in a world with only half their assets. Women hold up “half the sky” per a Chinese proverb.

I mention these five examples out of many others as contributions to our planet and country have been made by all kinds of people. If we allowed bigoted perceptions to unduly restrict, criticize and denigrate these folks to the point that they were not allowed to function, the world would be a different place. It matters not how warply twisted and seemingly self-righteous one’s cause, treating people like you want to be treated is still a mainstay of the Christian and other religions. It is a sin to do otherwise at least how I read it.

We must allow civil discourse. We must give people opportunity. We must not denigrate them or their efforts. And, we must not tolerate those who do the opposite of those things to certain people, especially those who are elected officials. To be brutally frank, an elected official has no business conducting themselves in this way. If they do, they need to resign or forced to resign. Full stop. This is especially true when you have more extremists that follow their lead not knowing these folks are just spouting BS to get elected.

Pay day lending – a little easy math to show how perilous this is for a person in need

I wrote the following about ten years ago, but the example remains pertinent.

I am quite certain my fellow bloggers are inundated by spammers who love your blog or post without commenting on anything specific. One of the more popular spammers comes from various pay-day lending groups. When we talk about bad types of capitalism, pay-day lending ranks close to the top. It is the worst form of usury as people in need get preyed upon by these folks. The pay-day borrowers do not realize they are paying an interest rate north of 200% as it is so easy to do.

Yet, what happens are the people in need set themselves up for a death spiral that is hard to pull out from. They begin a journey of paying more and more interest to pay off the use of funds a few weeks before their pay check. These lenders were outlawed in NC, which just meant they moved across the border to do more sales. I have heard people who say they provide a useful purpose, yet in essence they don’t. People are getting immediate money for a need coverable by their pay check. Yet, end up paying more than double or triple the amount they borrowed. And, it does not stop. You are beholden to the pay-day lenders for a long duration.

The lenders used to set up shop just off the military bases. This is unfortunate as they would prey on married couples who are separated by an ocean with one distracted  by war. The one at home needed the money and did not have the counsel of two heads asking is this the right path forward. In the volunteer charity work I do with homeless families, quite often the families are paying interest rates of 23% on a car loan. This type of car payment puts a huge bind on their budget and we help them get away from this loan and into a better one. Yet, for the pay-day lending, you have to multiply the 23% loan interest rate by a factor of 10 or more.

If you do not believe me, let’s do a simple exercise. If I have bi-monthly take home pay of $1,100 and need to get it now, the pay-day lender will give me $1,000. That will likely include a processing fee of some sort, but let’s say it is $0 and the rest due is interest plus the loan. So, the next pay-day, the lender takes my $1,100 payment to settle the loan. That is a 10% interest for a 1/2 month time period. Since there are 24 such time periods in a year, using simple interest, that is a 240% annual rate of interest.

If that is not bad enough, come the end of the 15 day period, I find I need my paycheck, so I reborrow it. So, I give them my paycheck, they take out another an extra $100 (I am rounding to make the math easier) on the interest I owe and they loan me $900 rather than $1,100 in take home pay. So, now I owe $2,200 on the use of $1,900. Assuming I could pay it back in 15 days, that would be a 1/2 month loan rate annualized to the tune of 379% per annum. However, I cannot pay the full loan back as my next pay check is only $1,100. So, I borrow yet again. The take out $200 more in interest due on top of the next $100, so I get $800. So, now I owe $3,300 on the use of $2,700.

I used a fictitious interest rate for the ease of the math. Yet, I also did not factor in a processing fee either. Yet, the purpose of the illustration is to show how fast you can get in over your head. Even if you did not borrow against a portion of your paycheck, you can soon end up owing the entire amount. A key problem is the people in need are the least likely to run the numbers. They just need the cash.

I am presuming the audience reading this is fairly astute, much more so than the average Joe’s and Josephine’s. If you have friends or relatives who are going down this path or who are considering it, help them look at other options. There are an increasing number of microloan possibilities whose lenders do not prey upon the borrowers. There are some other financial assistance programs that go under varying names. There may be some co-lending options as well. The dilemma is the pay-day lending is a vicious cycle that is difficult to break. So, help people avoid that cycle and try to get out of it if they can.

I do not begrudge anyone making a reasonable profit. Yet, I do find fault with people making an excessive profit off the backs of people who can least afford it. If you have a story about pay-day lending, please feel free to share it. Others need to see how this death spiral can affect people.

Financial suggestions from an old fart (a reprise)

Recognizing there are many places for financial advice, as an old fart, I thought I would offer some specific examples on ways to save money. Some of these are in reaction to various conversations I have had with my children, nieces and nephews, but regardless of age, it does not hurt to validate your thinking from time to time. Please take these for what they are worth, examples of lessons learned, pitfalls avoided and plans executed when I was prescient enough to listen to someone else beforehand. NOTE: I am not a financial advisor, so please do not interpret this as coming from such.

  • Don’t have too many credit cards. I have one debit and two credit cards – you will pile up too much debt otherwise and expose yourself to identity theft with too many. Pay down your largest interest rate first and close it out. Don’t just cut up the card, cancel it as identity theft can still occur – trust me on this.
  • If you are working and have access to a 401(k) or 403(b) plan, for God’s sake use it. If there is a match, find a way to contribute up to the maximum match percentage. You will retire from some place and the cash provides cushion if you are laid off (company’s do that and it has happened to people who are better at their jobs than you are). You are throwing money away otherwise.
  • Do not play the lottery. I repeat, do not play the lottery. You might as well throw the money out the window. Lotteries are a regressive tax – it means people who can least afford to pay taxes, contribute to the lottery. Use the money instead in the 401(k) or 403(b) plan.
  • Avoid online fantasy team and sports betting. You are playing against an audience using multi-variable regression tools for their predictions. A very small percentage of people win the bulk of the money, with everyone else in the red. If you do play, set a small budget.
  • Avoid payday lending. In the bible, usury is a sin. In Dante’s Inferno, there is a level of Hell for payday lenders of the day. These guys are a step away from legbreakers. You will go into a death spiral of debt if you succumb.
  • If you can’t get a job, try volunteering for a charity group. The networking is good as people will see your energies on showcase in a good way. Plus, the psychic income is rich. By working, you will avoid depressive thoughts and can use your energy in a positive way. Some non-profits may be able to figure out a way to get you some income. Plus, you can see ways to tap services if needed.
  • If you have some money to invest – think dividend paying stocks with low P/E (price to earnings) ratios. Take the price per share of the stock and divide it by the earnings per share. If 20 or under, it may be worth the effort. These companies may also have Dividend or Customer Purchase plans you can access online. This means you buy the stock without a sales charge driectly from the company.
  • You do not need to own the newest gadget or thing. Companies do this to get you to buy something. I am not impressed by who owns what. Most people are not. If people are more impressed by your gadgets than you, then you may want to hang around a different crowd.
  • Be smart with your fast food purchases. Do not buy the drinks there as the margins are huge on liquid. Get out of your car and go inside. You are wasting a ton of gas waiting in line and it may be faster if the line outside is long. Read the calorie chart – the Affordable Care Act is requiring disclosure. This will help you be less of a train wreck later on. And, please do not supersize as you will become what you eat – supersized.
  • Better yet, eat more meals at home and yes, eat the leftovers. The savings are huge. I will never die of food poisoning in my own house, so I usually have to be quick with the leftovers before my wife tosses them.
  • Avoid eye level purchases in stores, especially if you are woman. Not to be sexist, but the highest margin items in a grocery store are at the eye level of a 5’5″ woman. Also avoid out-of-place stuff at the end of an aisle or by the cashier. The stuff by the cashier is lethal. While we are at it, do not go inside a convenience store when you pump gas unless it is to use the restroom. Their margins are huge inside on purchases.
  • Reduce water usage by not running water while you shave, brush your teeth, etc. Also, get a lower flush toilet or put a small enclosed container of rocks in the tank as this will reduce the water usage. Use the energy saver setting on dishwashers.
  • Shut off electrical devices overnight. This will save energy plus it will slow the deterioration of modems, routers, computers, etc. And, it will reduce a fire hazard.
  • Go generic on all prescriptions (some generics are the same pill). Use the store brand ibuprofen, decongestants, etc. as they work just as well. Not all pills are the same as one of my sons breaks out in a rash with one generic, but the brand is fine, so use trial and error.
  • Get a second and third opinion on surgeries or diagnosis. Especially, back surgeries. Sometime surgeries can do more harm than good. If you need one, make sure you get all the answers to your questions and have exhausted other options.
  • Walk to errands. Take a couple of shopping bags and walk to the store. You will be healthier, plus you will buy less because you cannot carry it all back.
  • Don’t drink so much. I don’t drink anymore, but have drunk enough for a lifetime before I quit fifteen years ago. You would be amazed at how much you save, plus the better health pays dividends. My last straw was a friend who died at age 59 because of alcoholism. I can tell most people drink more than they tell people. So, find ways to cut it back. Trust me, I know.

That is all I have for now. I hope this was useful. I am sorry about the preaching on the last item, but that is a big-ticket savings item. I welcome other ideas as I want to learn how to save more as well. Please provide additional suggestions below.

Price elasticity and inelasticity

These are some interesting words, but what do they mean? They have several related definitions in economics, but in one context, price elasticity means prices are more readily changed by the seller. Price inelasticity means the opposite, prices are changed less easily.*

In our current inflationary economy, much of it has been fueled by supply shortages due to the pandemic and tariffs, as well as some other factors (gas prices go up every summer because of industry maintenance and increased demand, eg.). But, some people have noted there are a few sellers, retailers, etc. who seemingly have raised prices beyond what is needed.

Using the above terms, price setting by sellers tends to be more upward elastic. Sellers will more easily change the price upward when the market supply drops, more so than the market would dictate. This adds to the inflationary push. Yet, when the market supply catches up, the sellers are slower to adjust prices down, hence the term price inelasticity can be used.

In its worst form, the upward price elasticity is sometimes referred to as gouging. A hurricane knocks out all the power, so stores raise the price of bags of ice and bottled water. Retailers in an inflationary market would be foolish to gouge people, yet there are some who have added to their margins on the backs of customers. On the flip side, there will be those that milk the higher prices as the prices should fall, to get every last drop of extra margin.

People should remember who these retailers are. Some have been so blatant in price increases they find their names in news stories. So, my strong advice is to vote with your feet and shop elsewhere. My wife and I use a term that a seller is “proud of their services and products” when we see consistently higher prices. If they do this, people better be getting some darn good service or much higher in quality goods.

Two final pieces of advice. First, alter your demand. If gas prices are higher, drive less and walk more. Bundle your errands more, as well, to reduce travel costs. Second, if you have not tried generic or store products, now is the time. It is funny, people have grown accustomed to using generic prescription medicine as the brand costs are so high, but are reluctant to do so on store brands of food, trash bags, over the counter medicines, etc.  There is no better time to try the lesser priced products than in an inflationary market.

Shoppers tend to know when prices are too far out of line. The best thing they can do is to tell the store manager he or she is forcing the shopper to look elsewhere. No words will be more chilling to a manager than that. Then follow through.

*Note: I am not an economist, so please do not presume the above is any more than from  someone who had economic classes in college, much of which I have forgotten.

Mental health spending on the rise

From a recent article in Benefits Pro, which is a recurring newsletter for benefit professionals:

“Overall spending on mental health services increased from 6.8% to 8.2% between 2013 and 2020, according to a new study published by the Employee Benefit Research Institute (EBRI).

Approximately 1 in 5 adults and 1 in 6 youth experience mental illness each year, and these rates have been rising,’ Paul Fronstin, director of EBRI’s Health Benefits Research and co-author of the study, says in a statement. ‘Over 20 million Americans have a substance use disorder.

The COVID-19 pandemic has exacerbated mental health issues nationally and in the workplace. With increases in both the number of individuals diagnosed with mental health disorders and use of health care services, higher spending is of great concern to plan sponsors of health benefit programs.'”

This trend has been supported by other sources of information, especially as it relates to the impact from the pandemic. When I traveled around with a Behavioral Psychologist who would help our corporate clients set-up mental health programs around depression and obesity management, mental wellness help-lines, etc., she would cite a statistic that 1 in 5 adults would have some form of depression in their lifetime. That is now a dated statistic, as the above surveys cites 1 in 5 per year.

Her main thrust is people who are battling depression to any degree should get counseling. She hated to see anti-depression medicine prescribed by general practitioners, as that just helped with the depression not get at the cause and management. If you know of anyone who is experiencing depression, please encourage them to seek counseling.

There is no shame in getting help from someone qualified to give it. This also goes for other disorders that someone might be dealing with – substance abuse, anxiety, paranoia, OCD, schizoid personality disorder, PTSD, etc. It is not uncommon for someone to have multiple diagnoses. And, I include PTSD, as one need not be in battle to experience post-traumatic stress disorder, as homeless mothers and kids or victims of domestic violence will tend to have PTSD issues as well.