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I, too, once was concerned about the national economy. Bills were growing exponentially up and out, while revenue was taking a more down and in route. I fretted over whether to put more change into a piggy bank or wrestle up some paper bills for the mason jar under the corner of the house. The future looked as clear as the Blue Ridge Parkway during early morning fog hours.
The the Los Angeles Dodgers Major League Baseball team gave a great player and pleasant enough fellow named Shohei Ohtani a contract reportedly worth a guaranteed $700 million over 10 years. For those of you not mathematically inclined, that’s a cool $70 million every year – kinda like winning the lottery every payday.
The numbers show that Ohtani, who is equally adept standing at the plate with a bat in his hands or toeing the mound with his pitching shoe, is a remarkable talent destined for the Hall of Fame. Despite speaking little English, he makes another fortune on endorsements.
But is any one player really worth that kind of cash in a team sport? The Dodgers’ owner clearly thinks so and, as long as the checks clear, Ohtani will agree.
We’re not here to complain because a Japanese immigrant is making almost twice as much as the highest-paid American players. We’re especially not here to wistfully whine just because we weren’t nearly as good as that guy when we had our chance to shine on the diamond.
What we are here to say is if one player is worth that kind of money heading into 2024, then the economy must be doing a lot better than some people think. Turns out other numbers back that up, too.
On Dec. 13, Forbes.com reported that the Dow Jones industrial average hit a record closing high after the Federal Reserve signaled an end to interest rate hikes. The S&P 500 is up 22.6 percent this year, while the Nasdaq is up 40.7 percent and the Dow is up 11.9 percent.
The U.S. Department of Commerce reported that prices fell last month, while annual inflation was at its lowest level in more than two and a half years. And 2023 is ending with one of the best job markets in history, with economic growth exceeding pre-pandemic levels.
Recovery dollars approved through the American Rescue Plan are paying dividends locally, too. Water and sewer improvements are coming to Andrews and Murphy; broadband internet service is on the way to multiple underserved areas in Cherokee County; and affordable workforce housing being built behind Walmart is a solid step toward resolving our area’s biggest financial challenge.
Valley River Apartments is an excellent example of how local, state and federal governments can partner with the private sector and develop solutions to the critical problems facing our area. With both commercial and residential real estate continuing to go for higher prices across the tri-state area, it’s essential that we work together on creative solutions to the problems that affect us all.
Despite the fact that nearly six in 10 Americans feel like the U.S. economy is in a recession, according to a Bankrate survey, we avoided the sharp downturn predicted by economists last year. So there is good reason to be optimistic that something more is in store for 2024.
David Brown is publisher of the Cherokee Scout. Call him at 828-837-5122 or email dbrown@cherokeescout.com.