America’s Fiscal Problem Is Spending, not Red Ink

International Liberty

The Congressional Budget Office released it’s 2020 Long-Term Budget Outlook yesterday.

Almost everybody has focused on CBO’s projections for record levels of red ink. And it is worrisome that debt is heading to Greek/Japanese levels (especially if the folks who buy government bonds think American politicians are more like Greek politicians rather than Japanese politicians).

But what should really have us worried, both in the short run and the long run, is that the burden of government spending is on an upward trajectory.

CBO has some charts showing that federal government spending will consume more than 30 percent of GDP by 2050, assuming the budget is left on autopilot.

But I dug into CBO’s database and created my own chart because I think it does a much better job of illustrating our problem.

As you can see, the problem is that government spending is projected to grow too…

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How Do You Spend Your Time?

DickTaylorBlog

U S Music Industry Revenues 1H 2019When this pie chart was posted on social media, it immediately captured my attention, by showing where the United States Music Industry is making its money. You can read the Mid-Year 2019 RIAA Music Industry Revenues Report HERE.

Total revenues were reported to be growing at 18%, with 80% of the industry revenues coming from streaming. By comparison, the radio industry ended 2019 up 2% and the inflation rate for the United States for 2019 was 1.7%.

Going Apple

I’ll admit, I was late to the Apple party. When I was a broadcast professor at Western Kentucky University, Steve Newberry, EVP with the National Association of Broadcasters, and I were having lunch one day, Steve asked me if I had an iPad. I said “no, and I didn’t know why I needed one.” Steve said, well I can’t explain it, but once you get one you’ll wonder how you…

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Why do people buy what they buy?

spot-on observation from Dick Taylor. Nothing has changed, just our needs and wants.

DickTaylorBlog

120If you’re in sales, this is probably the question that haunts you most: Why do people do the things they do?

Daniel Pink recently wrote a book “To Sell is Human” and in the book, he tells us, we are all in sales today. In fact, we may not even be aware that we are selling all the time. Daniel told the Harvard Business Review:

“I’m obviously selling books because that’s a part of my business. But if you go beyond that, I (also spent my) time trying to convince an editor to abandon a stupid idea for a story. I tried to get an airline gate agent to switch his seat. I’ve got kids. So, I’m trying to persuade my kids to do things. I have various people I do business with. And I’m trying to get them to see it my way, rather than their way, to…

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Luck, Signal & Being Unique

DickTaylorBlog

123Back before the turn of the century, radio station owners often did market research to find viable programming “holes” in a market. Often it didn’t even take research, just an experienced radio nerd with a sense of what was to be popular. Once identified, the task was simply to put it altogether and hit the air.

Beautiful Music to Lite AC

I was in Atlantic City doing one of Bonneville’s beautiful music formats and Jerry Lee was in Philadelphia doing Bonneville’s Matched-Flow beautiful music format on WEAZ (EZ 101-FM).

Jerry Lee has always been a leader in the radio industry and with the research of Bill Moyes, they moved WEAZ from beautiful music to Lite AC and re-branded the station B101 (with new WBEB call letters too). It was a very gutsy move!

Jerry’s success with the new format saw me take WFPG-FM from beautiful music to Lite AC and…

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Finding Success

DickTaylorBlog

114When I was growing up, kids when asked “What do you want to be when you grow up?” would respond with things like: Actor, Postman, Astronaut, Scientist, TV Star, Pilot, Explorer, Teacher, Disc Jockey etc. The answers would be as varied as the career choices out there.

Today when kids are asked the same question, the answer for boys and girls is the same, RICH.

As if money were the only definition of “success.”

“There is only one success…

to be able to spend your life in your own way.”

-Christopher Morely

Defining Success

I really like the words of Christopher Morely. For time and money are inversely proportional. You can save time by spending more money or save money by spending more time. The choice is yours.

Success as most people talk about it sounds like a goal. Goals are dreams with a deadline.

Where does being happy come…

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The End of the iPhone

DickTaylorBlog

121I write about radio in most of these weekly articles. Recently, an article that compared the future of AM radio to the future of the coal industry created a lot of conversation.

People who don’t listen to AM radio wondered why this was even a topic for discussion and people who own AM radio stations felt they would never go away, even though they were actively acquiring (or had already acquired) an FM translator for their AM station.

Putting your programming content on an FM translator is NOT saving AM radio. Period

Saving Fax Machines

I remember the day I got a fax machine for my radio stations in Atlantic City. It was the day one of our biggest client’s ad agency called about the next month’s orders for their casino client and told me that if I wanted to be on the buys going forward, I needed a fax…

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A Kodak Moment

DickTaylorBlog

116Remember when something special happened in your life, people would say “That’s a Kodak moment?”

A “Kodak moment” was something that was sentimental or charming, a moment worthy of capturing in a photograph.

Did you know that term is still used? However, its meaning today is entirely different. Today a “Kodak moment” is used to represent a situation in which a business fails to foresee changes within its industry and drops from a market-dominant position to being a minor player or worse, declares bankruptcy.

The Kodak Lesson

While digital cameras were invented in 1975, in 1998 Kodak had 170,000 employees and commanded 85% of all photo paper sales worldwide. But only a few short years later, their business model disappeared and Kodak nearly went bankrupt.

If you had asked anyone in the world in 1998 if they thought in three years they’d never be taking pictures on film…

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Coal Ain’t Coming Back & Neither is AM Radio

and providing FM translators DOES NOT save AM Radio. It just puts them on a low powered FM frequency, where most of the terrestrial listening is happening.

DickTaylorBlog

114I lived in Kentucky for 7-years.

Kentucky actually issues black license plates that say “Coal Keeps the Lights On.”

And yes, a lot of our electricity is generated from coal fired generating stations. But our dependency on coal has been in decline for years, today only about 30% of our electricity is generated from the burning of coal. 15% is generated from renewal energy sources.

But when it comes to jobs, solar & wind-energy jobs are growing 12 times as fast as the US economy. This has all been happening over the last 10-years or so. Renewable-energy jobs grew at the rate of 6% while fossil-fuel jobs declined at 4.5% from 2012 to 2015 according to Business Insider who also notes that the average number of employees at US coal mines dropped by 12% in 2015.

The solar industry now employs more people than coal, oil and gas…

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