BY HOWARD HEADLEE President and CEO, UBA The Bottom Line Unbelievable. That’s the only way I can describe the current political situation. But perhaps not for the reasons one would expect. It’s been decades since we witnessed an attempted assassination of a president of the United States. And while it is unbelievable that someone was able to get a gun onto a roof in such proximity to a high-profile target, it’s even more unbelievable that a subtle head turn was the only thing preventing a catastrophic event that could have dramatically changed so many aspects of American life. We’ve also never seen an incumbent president purportedly lose his mental acuity in real-time while in office, forcing a major party to change candidates four months before an election. It’s also unbelievable that those we look to for reliable information may not have been as forthcoming as we’d expect. Frankly, these events are a wake-up call that we MUST temper the outrageous political rhetoric and personal demonization of public servants in America. But that’s a subject for another column, another day. To me, what is truly unbelievable about this election cycle is not the attempted assassination or the withdrawal of the incumbent, but rather the fact that both sides are hyperventilating about threats to our democratic republic, while neither refers to the national debt or the dysfunctional budget process in D.C. Equally unbelievable is the fact that many voters refuse to acknowledge the connection between this fiscal dysfunction and the inflation that is ravaging their lives. Or the fact that our $35 trillion in debt — and the lack of discipline that has created it — is the single greatest threat to our form of government, our freedoms and our way of life. Bankers are in a perfect position to rise above the partisan narratives and to lead the country in a realistic and sober conversation about the implications of our financial situation, and the threat it poses to the pursuit of happiness in America today. Everything we do in the banking industry is focused on helping Americans safeguard and grow their financial resources as they pursue this happiness. Inflation is the anti-bank. It does the exact opposite. It works against everything we are doing every minute of every day. We can’t beat inflation without fiscal discipline inside the beltway, and we are nowhere near that goal. But we could achieve it if voters — our customers — demand it from those seeking election, and bankers need to lead that discussion. In today’s political cycle, voters are inundated with unbelievable narratives and extreme rhetoric, and they are growing weary of all the political hyperbole. It might be the perfect time for bankers to lead their communities in a thoughtful discussion about our country’s debt and lack of fiscal discipline. If not us, who? If not now, when? We of all people understand that time is not on our side. Utah Banker 4
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