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COLUMN: Shopping locally stimulates the economy – BCLocalNews

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By Tom Thomson

For many of us, holiday shopping lists still linger as we hit the streets hoping to stretch our spending as far as possible. Keep your shopping close to home and buy locally where a purchase at a local store or restaurant has the greatest community impact.

The reasons for shopping locally can easily be forgotten in a cyber shopping world but the fact is, keeping money circulating in our greater community is an important consumer decision for us, and one that needs to be top of mind, something the Chamber of Commerce has been working on over the years

All these folks — shopkeepers, restaurateurs, retailers, service providers, professionals and more — live and work in our region and they’re already spending their dollars in our community or region. They pay for salaries, supplies, rent, taxes, utilities and so on. They also stay in the community and buy their groceries, clothe their kids and rely on local services such as hairdressers and accountants. The effects are far-reaching and important.

The fourth quarter of the year is significant for businesses but for retail it is critical. This is when they make a substantial part of their annual revenue, counting on a surplus in the last final months to keep the doors open in the cold months of January and February. Now is the time to show your support for the work they do.

We live in the age of online shopping. Most everything we might need is available with a few keystrokes. The lure of Amazon, with a multitude of merchandise options and free delivery beckons. No traffic, no parking hassles, no crowds. Why, then, would we choose to shop locally?

There is no real methodology keeping track of how much money flows out of the area from shopping excursions, or online purchases, but you can safely say it is in the millions of dollars. Those dollars would be put to much better use keeping our own regional economy vibrant, creating or at the very least retaining jobs!

Local shops, restaurants, and services create jobs that keep the economy stable, and the property taxes, sales taxes and payroll taxes help support services we have come to expect and what many deem essential to our community. When was the last time Amazon sponsored your local soccer team, or supported Mural Fest or a performance at the Capitol Theatre?

Shopping locally is the most basic form of trickle-down economics — and we all stand to gain. Successful businesses give thousands of dollars a year to much-needed local charities. A thriving business sector contributes to the coffers of the municipality through taxes, helping to fund all manner of public works, from parks to sidewalks, that enhance the quality of life for everyone.

As homeowners, we have watched our monthly bills increase dramatically through the years. For businesses, take those expenses, double them, or even more, add in payroll costs and other business expenses and you see the pressures.

Costs of leases have been squeezed upwards as landlords pass along increases in municipal, regional, and provincial business levies. Water, sewer, and hydro costs continue a steep upward curve for homeowners, but for businesses, the local commercial tax multiplier is over two times what residential tax increases have been, and utility rates for water, sewer, hydro etc. are also at a fixed rate higher than personal residences.

In some ways, I get it. By shopping online, you are just trying to get the best deal, find a greater selection and keep the costs lower for you and your family, but at what cost to our community?

When you shop in our region, you’ll find our local businesses offer a great selection with competitive pricing and quality that’s second-to-none, local experts with product knowledge you won’t find online, plus home-grown customer service and easy return policies.

In addition to the vital economy we all want, there are other benefits to shopping locally. For example, it is true that most business owners employ an array of supporting services by buying locally themselves. They hire architects, designers, cabinet shops, sign makers and building contractors/developers for construction and local accountants, insurance brokers, computer consultants, and attorneys to help run it.

Local owners, typically having invested much of their life savings in their businesses, have a natural interest in the community’s long-term health.

As a community we should continue to Think Local First so shopping locally is our first choice. We have wonderful retail, accommodation, dining, and service providers in the Nelson area. If you find what you want locally, if the price is competitive and the quality meets your needs, your decision should be easy: Buy it here!

Tom Thomson is the executive director of the Nelson and District Chamber of Commerce

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Economy

China's economy grows 2.3% in 2020 as recovery quickens – CNN

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The world’s second largest economy expanded 2.3% in 2020 compared to a year earlier, according to government statistics released Monday.
It’s China’s slowest annual growth rate in decades — not since 1976 has the country had a worse year, when GDP shrunk 1.6% during a time of social and economic tumult.
But during a year when a crippling pandemic plunged major world economies into recession, China has clearly come out on top. The expansion also beat expectations: The International Monetary Fund, for example, predicted that China’s economy would grow 1.9% in 2020. It’s the only major world economy the IMF expected to grow at all.
The pace of the recovery is also accelerating. China’s economy grew 6.5% in the fourth quarter compared to a year earlier, according to the government. That’s faster than the 4.9% growth recorded in the third quarter.
This is a developing story and will be updated.

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Economy

China’s Economy Grew 2.3% in 2020, Accelerating Global Rise – Yahoo Canada Finance

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The Canadian Press

Heavily fortified statehouses around US see small protests

Small groups of right-wing protesters — some of them carrying rifles — gathered outside heavily fortified statehouses around the country Sunday, outnumbered by National Guard troops and police brought in to prevent a repeat of the violence that erupted at the U.S. Capitol. As darkness fell, there were no reports of any clashes. Security was stepped up in recent days after the FBI warned of the potential for armed protests in Washington and at all 50 state capitol buildings ahead of President-elect Joe Biden’s inauguration on Wednesday. Crowds of only a dozen or two demonstrated at some boarded-up, cordoned-off statehouses, while the streets in many other capital cities remained empty. Some protesters said they were there to back President Donald Trump. Others said they had instead come to voice their support for gun rights or decry government overreach. “I don’t trust the results of the election,” said Michigan protester Martin Szelag, a 67-year-old semi-retired window salesman from Dearborn Heights. He wore a sign around his neck that read, in part, “We will support Joe Biden as our President if you can convince us he won legally. Show us the proof! Then the healing can begin.” As the day wore on with no bloodshed around the U.S., a sense of relief spread among officials, though they were not ready to let their guard down. The heavy law enforcement presence may have kept turnout down. In the past few days, some extremists had warned others against falling into what they called a law enforcement trap. Washington State Patrol spokesman Chris Loftis said he hoped the apparently peaceful day reflected some soul-searching among Americans. “I would love to say that it’s because we’ve all taken a sober look in the mirror and have decided that we are a more unified people than certain moments in time would indicate,” he said. The security measures were intended to safeguard seats of government from the type of violence that broke out at the U.S. Capitol on Jan. 6, when far-right Trump supporters galvanized by his false claims that the election had been stolen from him overran the police and bashed their way into the building while Congress was certifying the Electoral College vote. The attack left a Capitol police officer and four others dead. More than 125 people have been arrested over the insurrection. Dozens of courts, election officials and Trump’s own attorney general have all said there was no evidence of widespread fraud in the presidential race. On Sunday, some statehouses were surrounded by new security fences, their windows were boarded up, and extra officers were on patrol. Legislatures generally were not in session over the weekend. Tall fences also surrounded the U.S. Capitol. The National Mall was closed to the public, and the mayor of Washington asked people not to visit. Some 25,000 National Guard troops from around the country are expected to arrive in the city in the coming days. U.S. defence officials told The Associated Press those troops would be vetted by the FBI to ward off any threat of an insider attack on the inauguration. The roughly 20 protesters who showed up at Michigan’s Capitol, including some who were armed, were significantly outnumbered by law enforcement officers and members of the media. Tensions have been running high in the state since authorities foiled a plot to kidnap Democratic Gov. Gretchen Whitmer last year. At the Ohio Statehouse, about two dozen people, including several carrying long guns, protested outside under the watchful eyes of state troopers before dispersing as it began to snow. Kathy Sherman, who was wearing a visor with “Trump” printed on it, said she supports the president but distanced herself from the mob that breached the U.S. Capitol. “I’m here to support the right to voice a political view or opinion without fear of censorship, harassment or the threat of losing my job or being physically assaulted,” she said. Ohio Gov. Mike DeWine, a Republican, said he was pleased with the outcome but stressed that authorities “continue to have concerns for potential violence in the coming days, which is why I intend to maintain security levels at the Statehouse as we approach the presidential inauguration.” Utah’s new governor, Republican Spencer Cox, shared photos on his Twitter account showing him with what appeared to be hundreds of National Guard troops and law enforcement officers standing behind him, all wearing masks. Cox called the quiet protests a best-case scenario and said many ”agitating groups” had cancelled their plans for the day. At Oregon’s Capitol, fewer than a dozen men wearing military-style outfits, black ski masks and helmets stood nearby with semiautomatic weapons slung across their bodies. Some had upside-down American flags and signs reading such things as “Disarm the government.” At the Texas Capitol, Ben Hawk walked with about a dozen demonstrators up to the locked gates carrying a bullhorn and an AR-15 rifle hanging at the side of his camouflage pants. He condemned the insurrection at the U.S. Capitol and said he did not support Trump. “All we came down here to do today was to discuss, gather, network and hang out. And it got blown and twisted completely out of proportion,” Hawk said. At Nevada’s Capitol, where demonstrators supporting Trump have flocked most weekends in recent months, all was quiet except for a lone protester with a sign. “Trump Lost. Be Adults. Go Home,” it read. More than a third of governors had called out the National Guard to help protect their capitols and assist local law enforcement. Several governors declared states of emergency, and others closed their capitols to the public until after Biden’s inauguration. Some legislatures also cancelled sessions or pared back their work for the coming week. Even before the violence at the Capitol, some statehouses had been the target of vandals and angry protesters during the past year. Last spring, armed protesters entered the Michigan Capitol to object to coronavirus lockdowns. People angry over the death of George Floyd under a Minneapolis police officer’s knee vandalized capitols in several states, including Colorado, Ohio, Texas and Wisconsin. Last last month, crowds in Oregon forced their way into the Capitol in Salem to protest its closure to the public during a special legislative session on coronavirus measures. Amid the potential for violence in the coming days, the building’s first-floor windows were boarded up and the National Guard was brought in. “The state capitol has become a fortress,” said Oregon Senate President Peter Courtney, a Democrat. “I never thought I’d see that. It breaks my heart.” ___ Associated Press writers Farnoush Amiri in Columbus, Ohio; Gillian Flaccus in Salem, Oregon; Mike Householder and David Eggert in Lansing, Michigan; Meg Kinnard in Columbia, South Carolina; Rachel La Corte in Olympia, Washington; Sam Metz in Carson City, Nevada; Marc Scolforo in Harrisburg, Pennsylvania; and Paul Weber in Austin, Texas, contributed to this report. David A. Lieb And Adam Geller, The Associated Press

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Economy

Economy Spiraling, Vexed Central Banks, Rich Get Richer: Eco Day – Bloomberg

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Economy Spiraling, Vexed Central Banks, Rich Get Richer: Eco Day  Bloomberg



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