BOCES To Break Ground On $96M Wilton Campus To Train Students For High-Demand Careers
Editor’s Note: July 7, 2025
This article incorrectly stated in the headline that BOCES had broken ground on its new $96 million Wilton campus. The groundbreaking has not yet occurred. The headline has been updated to reflect that the event is forthcoming.
BY PAUL POST
BOCES officials are eagerly awaiting groundbreaking for a $96 million campus that will increase capacity for current programs such as construction trades while making new offerings such as green energy and a standalone electrical course possible.
Plans call for three buildings totaling 290,000 square feet on 25 acres at the corner of Ballard and North roads, just off Exit 16 in Wilton. Two buildings would be for special education (grades K-6 and 7-12) and a third for career and technical classes.
The complex would replace the current Southern Adirondack and F. Donald Myers learning centers in Hudson Falls and Saratoga Springs, respectively.
A BOCES program for special education elementary students at the Sanford Street School in
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The Albany Med Health System Elects Daniel T. Pickett III To Chair Its Board
Capital Region entrepreneur Daniel T. Pickett III has been elected chairman of the Albany Med Health System board of directors, beginning a two-year term July 1.
Pickett is founder and CEO of AptiHealth, a behavioral-healthcare company that connects high-need patients with comprehensive care, and CEO of Hudson River Capital Holdings, a private investment firm. He previously served as president of Zones and CEO of nfrastructure, two global technology companies, and joined the Albany Med board in 2012 when it oversaw only Albany Medical Center and Albany Medical College. Today, the board includes 30 members guiding a system that spans multiple hospitals, outpatient sites, the Albany Med Research Institute and partnerships with affiliated organizations across northeastern New York.
“A strong health-care network allows communities to thrive,” Pickett said. “Having 16,000 colleagues who live and work here means we understand local needs. It is an honor to lead a System that remains independent and able to define the future of care. As we move forward, we must develop new approaches to meet patients where they are.”
Pickett plans to focus on workforce development, expand access to specialized services such as cardiac and oncology care, and deepen integration among the System’s hospitals. The Albany Med Health System, the region’s largest private employer, offers more than 60 specialty services across 125 locations in New York’s Capital Region and the Hudson Valley, with an annual economic impact exceeding $2 billion.
Recent expansions include bringing pediatric specialties to communities that previously lacked them, launching mobile health units to serve rural areas, and investing in graduate medical education partnerships to train the next generation of providers. The System also continues to invest in telehealth and remote monitoring to reach patients in their homes and reduce barriers to care. Through charity-care programs and community clinics, Albany Med provides free or discounted services to under-
Belmont Stakes Heads Back To Saratoga In 2026 As Fans And Businesses Celebrate
Success
BY PAUL POST
The Spa City has hit the trifecta of Belmont Stakes fortunes as the historic race will be back next year for a third and final time.
Dust is still settling from this year’s fiveday racing festival and officials are already making plans for an even bigger and better event.
“By all measure, the 2025 Belmont Racing Festival supported by the popular Belmont on Broadway concert was an overwhelming community and economic success,” said Greg Connors, Saratoga Economic Development Corporation president. “Feedback from our organizational stakeholders, business owners, the hospitality industry as well as city and county residents has been almost unanimously favorable and positive. Business and community organizers took lessons learned from our 2024 experience and made changes
to our 2025 efforts to the benefit of all concerned.”
“We do look forward to welcoming the international and national audience back to Saratoga County in 2026,” he said. “The substantial economic impact on not only Saratoga, but the Capital Region is significant. Historically, the traditional Saratoga meet contributes an estimated $9 million per day to the local economy.”
“And, with our partners in government, business and community development sectors, we have worked as a team, for the last two years, to showcase our community to the world and the world-class thoroughbred racing industry, that Saratoga County and the City of Saratoga Springs is capable and ready to handle such an historic horse racing event of national and international interest,” Con-
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Arrow Bank Names Shannon Richards As VP Commercial Relationship Manager
Arrow Bank National Association is pleased to welcome Shannon Richards as Vice President, Commercial Relationship Manager.
Based in the Capital Region, Richards will work to expand commercial banking relationships, bring new clients to the bank and collaborate across business lines to deliver a full range of financial solutions. In addition, she will be actively involved in local events and initiatives, reinforcing the bank’s strong presence and commitment to the communities it serves.
Richards brings extensive experience in relationship management and a proven track record of building trusted connections across industries. Her role will continue to prioritize personalized service and long-term partnerships throughout the Capital Region.
Richards most recently served as Vice President, Business Banking Relationship Manager at KeyBank. As part of that role, Richards focused on championing women-owned businesses and women leaders throughout the region. She acted as chair and co-chair of Key4Women and played an integral role in fostering a vibrant network of professional women, speaking at events such as Women of Excellence and the WERC Awards.
Richards currently serves as a board member of the Epilepsy Foundation of Northeastern New York, further reflecting her commitment to community involvement.
Shannon Richards joins Arrow Bank as VP, Commercial Relationship Manager in the Capital Region.
Daniel T. Pickett III has been elected chairman of Albany Med Health System board of directors.
The lead pack rounds the first turn at Saratoga Race Course during the 2025 Belmont Stakes. The historic race will return to Saratoga for a third and final time in 2026.
Courtesy NYRA
Architectural rendering of the new $96 million BOCES campus in Wilton, scheduled to open in 2027. The facility will expand access to career and technical education, special education, and workforce training.
Courtesy WSWHE BOCES K-6 EXCEPTIONAL LEARNERS
GLENS FALLS BUSINESS JOURNAL
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Susan Campbell Lee Coleman Ann Donnelly Jill Nagy Paul Post
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Tripi Named Region 5 Director Of ALDONYS
Chris Tripi, owner and principal detective of Tripi Detective Agency, LLC, has been appointed as the Region 5 Director of the Associated Licensed Detectives of New York State (ALDONYS). Th is prestigious appointment recognizes Tripi’s extensive expertise and commitment to the field of private investigation.
Tripi is licensed and bonded in New York State and holds numerous professional certifications, including FAA certification as a drone pilot (sUAS). His educational background includes a bachelor’s degree in Computer Science from SUNY Westbury and a Master’s degree in Information Systems from Pace University.
“Chris has been a dedicated member of ALDONYS and brings decades of experience helping individuals and organizations navigate complex investigative challenges. We are thrilled to have him on the Board of Directors,” said Matthew Spaier, ALDONYS Chairman of the Board.
ALDONYS is the largest private investigator organization in New York and a leading voice for the profession. As Region 5 Director, Tripi will play a key role in supporting licensed detectives across the Capital Region.
Tripi Detective Agency, LLC, is known for its results-driven approach and has over 80 years of combined experience among its investigative team. The agency specializes in uncovering hidden assets, conducting criminal investigations, and solving complex cases using sophisticated technology and expert methodologies.
Chris Tripi expressed his enthusiasm about the appointment, stating, “It’s an honor to be trusted with this leadership role. I look forward to working closely with my peers across Region 5 and continuing to support the vital work that private investigators do to uncover the truth and serve our communities.”
For more information about Tripi Detective Agency, LLC, and its services, please visit www.tripidetectiveagency.com.
Daniel T. Pickett III
Continued From Page 1
served populations.
“Dan’s vision and commitment to innovation will help us build on our success,” said Dennis P. McKenna, MD, president and CEO of Albany Med. “He knows our community and understands what it takes to drive quality, accessible health care.”
Pickett succeeds Robert T. Cushing, who chaired the board since 2013. Under Cushing’s leadership, Albany Med opened the $360 million Patient Pavilion in 2018 and completed the $110 million Park South redevelopment in 2021. He also oversaw strategic affi liations with Columbia Memorial Health in 2017, Saratoga Hospital in 2018, Glens Falls Hospital in 2019 and the Visiting Nurses, forming the largest locally governed health system in northeastern New York.
In 2020, the Massry Family Children’s Emergency Center became the region’s first freestanding pediatric ER. In November 2024, the System went live on Epic, unifying patient records and giving patients a single portal to access their health information. Through the Albany Med Research Institute, the System supports scientific discovery in cancer, neuroscience and cardiovascular health.
Cushing retired as executive vice president and CFO of Trustco Bank in 2015 and will continue serving on the board. “Bob’s leadership during periods of growth and crisis—especially through the Covid-19 pandemic—has left an indelible mark on our System,” Dr. McKenna said. “We are grateful for his selfless service and dedication.”
With Pickett at the helm, Albany Med aims to further strengthen its workforce pipeline, enhance community partnerships, advance research initiatives, maintain financial stability through prudent fiscal management, expand residency and fellowship programs, and uphold its mission of delivering excellent, accessible care to the three million people it serves.
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Belmont Stakes
Continued From Page 1
nors said.
The Belmont was moved upstate because Belmont Park is undergoing a nearly half-billion-dollar renovation and will host the 2027 Breeders’ Cup. Originally slated for two years in Saratoga, a third year was added to accommodate construction without interruption.
“Bringing the race back to Saratoga next year will once again expand the audience for this storied leg of the Triple Crown and ensure fans continue to enjoy the full experience,” Governor Kathy Hochul said.
Th is year’s Belmont, won by Kentucky Derby champion Sovereignty, generated an all-sources handle of more than $55 million and drew paid attendance of 46,243.
Next year’s Belmont Stakes will be held Saturday, June 6, and will again be contested at 1.25 miles instead of the traditional 1.5 miles due to Saratoga’s track configuration.
But the free Belmont on Broadway concert featuring Gin Blossoms drew many music lovers as well as racing fans.
Embassy Suites General Manager Dan Fortier said his hotel sold almost three times more Wednesday-night rooms this year compared with 2024, and at higher racing-season rates.
“It was like Christmas in June,” he said. “It’s been absolutely great for business. Last year we marketed to the track crowd. Th is year we marketed to the concert crowd. They (Gin Blossoms) had fans who were just thrilled to be here. It was purely for the music, purely for the group.”
Fortier added, “When someone comes in on a Wednesday and checks out on Thursday, they were there for the event on Wednesday. Exposure wise, this is some of the best publicity Saratoga could ever have asked for. Some Gin Blossoms fans found the next vacation spot they want to come back to.”
“It wasn’t exclusively a track crowd,” Fortier said. “I think the format is the selling point. A beautiful, beautiful town. Historic, shopping, food, night life, entertainment and
concerts on the main drag right in the middle of town. You don’t fi nd that environment too many places across our country.”
Fortier noted, “They might go to the Kentucky Derby, they might do their racing in California or Florida, but they came because it was the Belmont, and discovered Saratoga. Then they discovered the track, which speaks for itself on so many levels – the ambience, the atmosphere, the every-man track that Saratoga is. That will last for many years because of the exposure we get from the Belmont. I’m glad we get another shot at it next year, too.”
“It’s been an honor for the local and regional community to help serve as stewards for the Belmont Stakes during the construction of the new Belmont Park, and we are excited to do so for one fi nal year,” Saratoga County Chamber of Commerce President Todd Shimkus said. “The Chamber and our partners are already working on plans for a third Belmont on Broadway kick-off concert in 2026 to support the Belmont Stakes Racing Festival.”
Discover Saratoga President Darryl Leggieri said, “We are absolutely thrilled to welcome the Belmont Stakes Racing Festival back to Saratoga in 2026 for the third consecutive year. Hosting this iconic event is not only a tremendous honor, it’s a testament to Saratoga County’s ability to safely and successfully accommodate major events on a national scale. The Belmont Stakes brings a remarkable boost to our local economy and provides incredible exposure for our community, our small businesses, and the world-class hospitality that defi nes Saratoga.”
New York Racing Association President and CEO Dave O’Rourke said, “Saratoga has served our fans and stakeholders extremely well as the temporary home of the Belmont Stakes during the construction of a new Belmont Park on Long Island. As we prepare for the opening of the new Belmont Park in the fall of 2026, NYRA is pleased to bring the Belmont Stakes to Saratoga for a third and fi nal time next June. Belmont Park will always be the home of the Belmont Stakes and we look forward to its return to the newly reimagined Belmont in 2027.”
Business For Good Foundation Broadens Mission To Tackle Wealth Gap Across the U.S.
Business for Good, a non-profit philanthropy committed to bridging the wealth gap in America, has announced plans to expand its mission and community work beyond the Albany/New York Capital region. New areas of focus will include economic mobility, business growth and entrepreneurship, workforce & community development and housing accessibility & affordability. Additionally, Co-Founder Ed Mitzen will turn his attention to identifying and partnering with likeminded leaders on a national level while Maire Masterson has been named as Executive Director, with a focus on local giving. The organization has also been rebranded the Business for Good Foundation.
The gap between the rich, richer, middle class and the poor is widening at an alarming rate, with socioeconomic disparities not only persisting, but growing. According to the Peter G. Petersen Foundation, the top 20% of wealthiest households in America have seen their income rise 165% from 1981 to 2021, while the middle and lowest quintiles have seen income growth of only 33% and 38%, respectively, over the same period.
A renowned healthcare marketing entrepreneur, Ed has built three consecutive businesses that generated over $1 billion in revenue. He co-founded Business for Good with his wife Lisa Mitzen by combining his entrepreneurial acumen with a personal passion for giving back – empowering entrepreneurs and working with local government and policymakers to drive meaningful change at the community level. Ed, best-selling author of Wealthy and White, has invested his own money into the Albany/New York Capital region over the recent years through projects, such as the Albany Black Chamber of Commerce.
“I am committed to using my privilege for good and with today’s announcement, we will be expanding our focus on a national level,” said Ed Mitzen, Co-Founder of Business for Good Foundation. “I realized that to have the impact that we want, we will need to partner with other leaders to make a difference - one person, one neighbor-
hood and one community at a time.”
“We are excited to share our expanded mission, new website and leadership team news,” added Lisa Mitzen, Co-Founder of Business for Good Foundation. “Naming Maire Masterson as our new Executive Director will strengthen our local efforts and we are confident that Maire’s passion and experience will help us build on what Ed and I started.”
In her new position as Executive Director, Maire Masterson will lead the organization’s mission to turn business success into community impact through strategic philanthropy, inclusive partnerships, and sustainable economic development. Masterson is known for her collaborative leadership style, her unwavering focus on impact, and her belief that business can—and should—be a force for positive change. Masterson expressed her enthusiasm for the new role, stating, “I am honored to have the opportunity to partner with Ed and Lisa Mitzen and to continue their work within the Albany/ New York Capital region.”
Business for Good’s Executive Director Maire Masterson and Ed Mitzen lead national expansion. Courtesy Business for Good
SARATOGA BUSINESS JOURNAL
Building Trades
BOCES
Continued From Page 1
Automotive Technology Student Morgan Guilder, a senior at Queensbury High School, with a Lia Nissan representative at 2025 CTE Signing Day event on June 4.
Glens Falls would also move to Wilton.
“Currently we tend to have a wait list for our programs,” BOCES District Superintendent Turina M. Parker said. “So we’ll be able to take more students into current programs. And some programs we’re only able to offer at one center now. All programs will be offered at the new center, so it expands our capacity to serve all 31 school districts in the five counties we serve. It expands our reach for students across the region.”
Approximately 1,275 students from Warren, Washington, Saratoga, Hamilton and Essex counties are currently enrolled in local BOCES district courses, and some from the immediate Capital District as well.
Groundbreaking on the new center is scheduled for this fall and it’s expected to start welcoming students in September 2027.
The developer is Albany-based Columbia Development Companies whose portfolio includes the Plug Power GenDrive Global Manufacturing Center in Slingerlands and two projects currently under construction, the NYOH Regional Cancer Center in Guilderland and the 4 Wellness Way Medical Office Facility in Latham.
General contractor for the BOCES center is Albany-based BBL Construction Services.
However, buildings will be owned by the Floridabased, non-profit Community Initiatives Development Corporation and leased to BOCES for $96 million for 20 years. CIDC, which procured the land and holds the lease, has been responsible for more than $900 million including affordable housing, public facilities, dormitories, assisted living facilities and educational institutions, its website says.
“At the end of the lease we’ll have first rights to all options available to us,” Parker said. “This could be negotiating a new lease or we could consider buying the buildings.”
The Hudson Falls and Saratoga Springs BOCES buildings, constructed in the early 1970s, are in need of substantial upgrades, which would cost an estimated $80 million without creating more space to better serve students, Parker said.
A new BOCES-owned building would cost $160 million, making the lease option more financially attractive, she said.
However, the estimated $96 million final costs and designs could adjust as the project progresses
Continued On Page 10
Th is Year’s Summer Trades Camp Builds Skills, Confidence, And Career Pathways For Girls
hosted by the Northeast Construction Trades Workforce Coalition and Whitbeck Construction.
Whoever said building and construction trades is a man’s world must be light years behind the times.
A summer camp for fi ft h- to seventh-grade girls has been expanded to two weeks this year, giving hands-on opportunity and exposure to the industry’s many different careers.
“On day one, last year, we put a power screwdriver in their hand and they were scared to death,” program coordinator Doug Ford said. “By day five they were working with pneumatic nailers and building vertical gardens that we donated to nursing homes. They didn’t know each other to begin with so teamwork was part of it. The transformation was incredible. It was a huge hit.”
Ford, a Curtis Lumber Company vice president, is also co-founder with Pam Stott of the Northeast Construction Trades Workforce Coalition, a nonprofit organization launched eight years ago to address the construction industry’s skilled labor shortage by promoting such careers to students and young adults.
Females represent a large untapped pool of potential employees.
“We want them to understand there’s so many jobs within trades and not all of them are physical,” Ford said. “You’ve got project management, logistical, estimating. All these different jobs are part of trades that never get talked about. The only ones that get talked about are the guy on the roof, in a ditch or on a backhoe. We need to paint an accurate picture of all the things that are available to males and females.”
There’s plenty of fi nancial incentive as careers in the trades can pay from $80,000 to well over $100,000 for jobs such as project manager.
The camp, held in late July, is hosted by Wilton-based Whitbeck Construction LLC and has room for 25 girls from throughout the Capital Region.
“There is a fee, but if someone can’t afford it we fi nd sponsorships for them,” Ford said. “We don’t turn anyone away.”
Last year’s inaugural camp had a plethora of activities from building projects to field trips. On day one, girls built a toolbox to keep things in. Over the course of the week they
Continued On Page 5
Girls in grades 5–7 tour an active construction site as part of the expanded summer trades camp
Saratoga Builders Association Awards Scholarships To Two Future Construction Industry Leaders
The Saratoga Builders Association, Inc. is proud to announce the awarding of two student $1000 cash scholarships. One is the annual SBA Scholarship and the second is the annual “Bob Best” Memorial Scholarship.
Congratulations to Sean Ward of Corinth. Sean will be graduating from Corinth High School this June and plans on attending Hudson Valley Community College pursuing a degree in Construction Technology.
Congratulations to Jameson Brownell of Schuylerville. Jameson will be graduating from Schuylerville High School this June and plans on attending Utica College pursuing a degree in Construction Management.
The Saratoga Builders Association makes these two student scholarship awards available annually to high school seniors or college students who are planning to pursue a career in the construction industry.
Trades Camp For Girls
Continued From Page 4
built a charcuterie board, an Adirondack chair and a dodecahedron (12-sided 3D figure) that involved math, science and teamwork.
Girls also toured an active home build by Saratoga Springs-based Witt Construction and visited a DA Collins Companies stone quarry.
A Construction Olympics timed event was held on the last day, with program supporters and local media on hand.
Th is year, a more advanced second week is being offered, too, thanks to funding secured by state Assemblywoman Carrier Woerner. Projects will be more advanced with even more emphasis on team building.
But introducing girls to the trades is just one of the Workforce Coalition’s many initiatives.
“One of the key things for us is educating school counselors because they really don’t have the tools to talk to kids about trades,” Ford said. “Over the last eight years one of the biggest wins for us has been getting school
counselors on our side and giving them the tools to work with kids.”
Recently, the Coalition hosted a large workshop for more than 40 area school counselors at the $50 million new Mohawk Harbor Arena that’s expected to open this summer. Named the M&T Bank Center, it will be home to Union College’s men’s and women’s hockey teams in addition to hosting numerous other events and conventions.
It’s part of a broader revitalization effort with plans for a new hotel nearby, also.
School counselors engaged with all the different trades on site at the arena, and then went back to LeChase Construction Service’s Schenectady headquarters for training.
“We want counselors to see that every kid, male or female, regardless of their GPA (grade point average) should know what the trades are and the opportunities that exist,” Ford said. “In the past we’ve sent kids that struggle to trades and the rest of them go to college.
That’s one of the things we’re trying to change as well. It’s not college or the trades. You can go to college, get into the trades and be hugely successful.”
Alex Dominguez, son of Hall of Fame jockey Ramon Dominguez, did an Eagle Scout project at the Saratoga Race Course backstretch and got so much satisfaction from it that he left Clemson University to join the construction industry.
Ford encouraged him to spent two days each with a remodeler, home builder, commercial builder and carpenters’ union – one day in the office and one in the field – giving each one a chance to show what they do.
Soon after, Dominguez joined Greenfieldbased Munter Enterprises and is enjoying a successful career there.
“Alex has been with us about 18 months and has been performing great in everything he does,” Vice President Mike Munter said. “We’ve exposed him to a multitude of tasks from concrete work to framing and exterior envelope systems; all facets of work that we do.”
“All the different crews want to know, is Alex available to work with us,” he said. “He’s got a great work ethic, he’s smart. He really just wants to learn.”
Munter said a general laborer like Rodriguez has ample opportunities to move up the company ladder. “As he learns more he’ll take on more responsibilities, taking on his own specific tasks on site. Then eventually he’ll maybe have someone working with him. He could even be running crews and running projects.”
Munter said his company continues to look for qualified candidates to join the fi rm.
“If we could fi nd a hundred individual guys and gals like Alex who want to learn and have an interest in these trades would be awesome,” he said.
Rodriguez is just one of the many examples of how the Workforce Coalition is addressing the construction industry’s most basic need, while creating opportunities for area young people. The non-profit organization has grown to 80 partnering members.
“The impact we’ve had is tremendous,” Ford said. “This thing has taken on a life of its own.”
As a business owner, you may have an idea of what you think your business will sell for, but we find that an owner’s expectation of value is typically much higher than an outside buyer would pay or a bank would finance. A potential buyer’s (and banker’s) perception of value is based on the expectation of future cash flows. That is calculated from the historical financial performance of your company; not your idea of what a buyer could do if they purchase and grow your business.
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Driving Revenue Instead of MarginsDon’t assume that simply increasing revenue will increase business value. Gross profit margin and net profits are the major drivers of business value.
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SBA Executive Director Barry Potoker, 2025 SBA Scholarship recipient Jameson Brownell, 2025 “Bob Best” Memorial Scholarship recipient Sean Ward and SBA President Matt Whitbeck of Whitbeck Construction. Courtesy Saratoga Builders Association, Inc.
New York Home Sales Slide In April Amid Higher Inventory And Steady Mortgage Rates
Despite a slight uptick in housing inventory and continued mortgage rates below 7 percent, existing home sales in New York State declined in April, according to the housing report released today by the New York State Association of REALTORS® (NYSAR).
Closed sales of homes fell 6.2 percent in April, from 7,428 homes in 2024 to just 6,968 units last month. Pending sales inched up to 9,565 sales in April 2025 from 9,471 during April 2024, representing a slight 1.0 percent increase. New listings of homes in the Empire State rose 5.6 percent, from 13,246 listings in April 2024 to 13,989 listings in 2025.
Statewide housing inventory was up 3.1 percent in year-over-year comparisons, from
25,379 homes on the market last April to 26,165 units available in April 2025.
Mortgage rates remained under seven percent for the 14th consecutive month during April according to Freddie Mac. The average rate on a 30-year fixed rate mortgage during April closed at 6.73 percent. By comparison in April 2024, the rate sat at 6.99 percent. The median price of homes in New York rose again, marking 21 consecutive months of gains. In April 2024, the median home price was $410,000, which is 3.7 percent below the $425,000 price in April 2025. Additional data is available at http:// www.nysar.com/industry-resources/market-data.
Business Report
PROVIDED BY ERIC SNELL
In the age of social media, it’s easy to fi nd advice on just about anything — including how to manage your money. Content creators known as “fi nfluencers” — short for fi nancial influencers — use platforms like TikTok, YouTube and Instagram to share their takes on investing, budgeting and building wealth. Many of them are charismatic and relatable, and they often speak from personal experience. But while their content may be engaging, taking fi nancial advice from a fi nfluencer without digging deeper can come with significant risks. While some fi nfluencers may have formal training or credentials, many do not. Instead, their influence stems from their popularity rather than professional experience. But popular advice may not necessarily be good advice. A 2025 study by the Swiss Finance Institute even found that unskilled fi nfluencers typically have larger followings than skilled ones. Why be cautious?
For young or new investors, social media can make fi nance feel accessible. In fact, a 2022 FINRA study says that more than 60% of Americans younger than 35 get investing information from these platforms. But social media isn’t regulated the same way traditional fi nancial advising is, so anyone, qualified or not, can offer fi nancial tips.
Unlike traditional fi nancial advisors, fi nfluencers don’t know your unique goals, fi nancial situation or risk tolerance. And likely, they’re not licensed (you can check here: Check Out Your Investment Professional | Investor.gov). Even well-meaning guidance might lead you down a risky path if it’s not tailored to your needs. And unfortunately, some fi nfluencers have exploited the trust they build with followers to promote questionable investments or outright frauds.
Warning signs to watch for
Here are a few signs that a fi nfluencer’s advice may be worth avoiding:
Unrealistic “get-rich” promises: Claims like, “Turn $500 into $50,000 in a year,” are highly improbable and may indicate a scam. Hurry, hurry: Be wary of advice that pressures you to act fast or plays on fear of missing out. Important fi nancial decisions shouldn’t come with a countdown clock.
Flashy displays of wealth: Images of luxury cars, watches or cash can be more about generating views than offering sound advice. If a fi nfluencer is trying that hard to convince you to take an action, it often means they will profit
— perhaps they’ll get paid to promote a product or service, or earn a fee for referring you, or are trying to boost clicks and followers to earn more.
What you can do
Do your own homework. Don’t take fi nfluencers’ advice at face value. Cross-check it with reliable sources. The fi nfluencer may even be under investigation by a federal or state securities regulator. Talking to a licensed fi nancial advisor you trust can help you discern good advice from the bad.
Recognize con icts of interest. If a fi nfluencer promotes a product or service, fi nd out if they’re being paid to do so. And remember, online personalities make money by generating high viewership, not because their advice has a track record of success.
Use common sense. When something sounds too good to be true, it usually is. And of course, never disclose your bank or brokerage account numbers to a fi nfluencer, and never send money.
Finfluencers can make fi nancial topics more engaging and accessible. But when it comes to your money, a social media video from someone who doesn’t know you is no substitute for informed, personalized guidance. Take the time to verify, research and, when in doubt, seek advice from a professional.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC.
BY KENNETH J. ENTENMANN, CFA®
5/20/2025, 3:07:02 PM
For the bulk of this century, it has been said that America was exceptional. It had the world’s strongest military. It had the world’s largest and richest economy. It had the world’s reserve currency. It had the world’s largest, safest, and most liquid financial markets. Most of the world’s largest and most innovative companies were American. The United States was a juggernaut. American Exceptionalism!
Yet, somehow, in just a few months, there are rumblings of the end of American Exceptionalism. Prominent financiers speak of damage to the “American brand.” The “Magnificent Seven” tech sector received a wake-up call when the Chinese Deepseek AI model was announced, which showed that the path to AI dominance would be competitive. And finally, Moody’s became the last of the major bond rating agencies to downgrade the last U.S. Treasury bond rating from AAA to AA.
Is this the beginning of the end of American exceptionalism? To paraphrase Mark Twain, the report of the demise of American exceptionalism is an exaggeration.
Apparently, several prominent financiers believe that the American brand has been damaged. Perhaps. They say our “Friends and Allies” can no longer trust the U.S. regarding military and trade. Certainly, the method of the Trump Administration’s demands for increased NATO military spending can be questioned. But the fact remains that many of our NATO “friends” are still significantly below the NATO minimum spending requirements, and even those who have committed to increased spending will not get there for several years. Given our fiscal challenges, the U.S. simply cannot afford to fund all of NATO. If calling for the end of our allies’ defense-free-riding ways is damaging to the U.S. brand, then so be it. Similarly, the rollout of the Trump trade program has been chaotic and has created great uncertainty. Our friends and allies are upset. That is understandable. But it is also very clear that these friends and allies are not free traders. They deploy a myriad of tariffs and non-tariff barriers to trade, such as a digital service tax on the U.S. tech sector, which are blatantly unfair. If calling this out is damaging our “brand,” then so be it. Regardless of the perception of the brand, the U.S. economy will remain the largest and richest consumer market in the world. Every country in the world still wants and needs to do business here. That is why there are so many ongoing trade negotiations. The hope is they will end with a freer and fairer trade environment with our Western allies.
As discussed in previous blogs over the last 12 months, we urged investors to “manage their expec-
tations” for the U.S. equity markets. We were concerned that the U.S. equity markets were highly concentrated and highly valued. Indeed, the very idea of American exceptionalism in the U.S. equity markets drove these high valuations. After all, the U.S. equity market returns dwarfed the rest of the world since 2010. That outperformance was driven by the AI-fueled dominance of the U.S. tech sector. The “Magnificent Seven” mega tech stocks were the world’s envy. In addition, the U.S. Treasury bond market was perceived as a safe haven. The entire world was overweight U.S. growth stocks and U.S. Treasury bonds. When Deepseek was announced in January, U.S. tech dominance was questioned. At a minimum, the valuation of the Mag 7 was tested. The onslaught of the trade wars, combined with uncertain U.S. fiscal policy put pressure on the U.S. Treasury market. These factors all led to a great, worldwide rebalancing of investment portfolios. U.S. growth stocks led the decline in the equity markets, and U.S. Treasury bond yields spiked. It was a painful correction to an imbalanced world. But is it the end of the exceptional U.S. financial markets? Allocations to the U.S. markets may decline. On the margin, that suggests lower P/Es for stocks and higher interest rates for bonds. Capital may pursue some more reasonable valued equity investments and alternative bond markets. International equity markets have performed well year-to-date. Other bond markets have performed well, too. However, the U.S. equity markets remain home to the most innovative companies in the world. The valuation of the S&P 500 has declined, with the
Eric Snell, financial advisor with Edward Jones Financial in Saratoga Springs.
Kenneth J. Entenmann,chief investment officer & chief economist with NBT Bank.
Courtesy Edward Jones
SAIL’s $340,000 Renovation Positions Agency To Better Serve More Than 7,000 Annual Clients
BY PAUL POST
A $340,000 renovation is positioning Southern Adirondack Independent Living (SAIL) to better serve the more than 7,000 clients it serves each year.
Project highlights include a new roof; a re-milled, regraded and resurfaced parking lot and a totally revamped grand entryway at the non-profit agency’s building, at 71 Glenwood Avenue in Queensbury.
“We’re really working to make SAIL a regular household name that promotes inclusivity, belonging and welcomeness,” Executive Director Tyler Whitney said. “This brand new, nice looking, welcoming environment really lends itself to our spirit right now.”
During construction, scheduled for completion by late June, SAIL continues to serve people at Aviation Mall, in a temporary space adjacent to Auntie Anne’s.
Founded almost 40 years ago, SAIL’s mission is to help people live more independently, and demand has grown almost exponentially in recent years because Warren County has one of the state’s oldest populations age-wise.
“As people are aging, they have more temporary disabilities and are using our services a lot more,” Whitney said.
Equipment loans for things such as wheelchairs, crutches and walkers is one of SAIL’s most wellknown and popular services, totally free to eligible clients. But it’s one of just 15 services the agency provides in a territory stretching from Columbia and Greene counties north to the Canadian border.
In addition to Queensbury, SAIL has satellite offices in Plattsburgh and at Wilton Mall. Other services run the gamut from health insurance to advocacy, education about disability and health-related topics, and helping families understand options to avoid long-term nursing home stays.
“As state and federal programs evolve, people need advice and counseling on how to move forward,” Whitney said. “Our goal is always to keep a person living safely and independently for as long as possible in their community. We give them all the tools and resources needed for them to make that choice.”
“We can help people enroll in any type of insurance in the New York State marketplace, and assist with Medicaid or Medicare issues,” Whitney said. “We also help people applying for SNAP (Supplemental Nutrition Assistance Program) benefits and we can advise people who have Social Security questions such as, What will the impact be if I go back to work?”
SAIL continues to provide all of these things while operating out of Aviation Mall. The only thing it can’t do for now is take back equipment loans as sanitizing apparatus couldn’t be moved to the mall.
The agency provides more than 23,000 services annually because quite often, many of its 7,000 clients need more than one thing.
One of SAIL’s most unique aspects is that more than half its 40-person staff and board members have some type of disability themselves. So when clients need help, they’re assisted by someone who can genuinely empathize with their situation.
“Whenever you’re sitting with someone at the center, while they may not understand the exact challenges you face, they also understand what it means to be a person who has a disability,” Whitney said.
SAIL’s $3.1 million budget is comprised of state and federal funds and grants from private donations. The current renovation, by Argyle-based Hunt Companies, was made possible by a state grant dedicated specifically to capital improvements.
“We’ve been in our building since the late 1980s and we’ve never redone our roof or parking lot,” Whitney said. “We’ve had to piece together small fixes over the years. We saw this as a wonderful opportunity so we applied for a grant and were awarded it.”
“It couldn’t have come at a better time,” he said. “It’s an incredible opportunity for us to do things our center has really needed and focus on longevity. We hope to stay in the community as long as we can and provide these incredibly necessary services to people with disabilities in all the regions we serve.”
Those Facing Health Challenges Receive
Compassionate Care From Home Instead
BY ROD BACON
It’s a fact of life that as people age they often lose the ability to perform the daily tasks they once could. It’s also a fact that one’s home is what provides the greatest amount of comfort and peace of mind when dealing with life’s challenges.
Home Instead, founded in 1994 in Omaha, Nebraska, by Paul and Lori Hogan, is a non-medical senior care company with over 1,200 franchised locations in the United States and abroad.
In 2000, Nelson Carpenter, who had retired from a 33-year career in both the public and private sectors, became a Home Instead franchisee when he opened an office in Gansevoort serving Saratoga, Warren and Washington counties.
“He researched home care companies and decided Home Instead was the best one with which to partner,” said his daughter, Maureen Hopkins, R.N., general manager and co-owner. “I came on board later to help out in the office for a while, discovered I loved it and never left.”
Carpenter was director of employee health benefits for the New York City Mayor’s Office of Labor Relations and later deputy director of the New York State Governor’s Office of Employee Relations. In the private sector he served as vice president of Value Health, Inc. and national vice president of Prudential Healthcare.
After moving to the area he served on the board of directors of the Senior Center of Saratoga Springs, the Visiting Nurse Services Foundation of Schenectady and Saratoga Springs, and the Alzheimer’s Association of Northeastern NY.
Hopkins is a 2002 graduate of the University of Maryland. Prior to joining Home Instead she worked in Manhattan as an event planner, a public relations associate, and an elf in the Lord and Taylor window during the holiday season. She also spent time in Maui, where she developed a passion for scuba diving.
She noted that it is extremely gratifying to get calls from the sons and daughters of clients telling her they don’t know what they would do without Home Instead.
“I think we really make a positive impact on the community,” she said.
According to the New York State Department of Financial Services, the annual cost of care in a nursing home is approximately $159,000 per person while home care averages approximately $66,000 per person annually.
Currently, the Gansevoort office has 93 trained caregivers providing services to 82 clients in the tricounty region. Caregivers generally live within a 20-30 minute drive of the people they serve.
Compassionate in-home care is provided to those dealing with Alzheimer’s and Dementia, chronic illness, and hospice needs. There are also transportation, companionship, and home helper services.
Formal training is not required to become a caregiver, but they are instructed in-house about how to keep themselves and the clients safe, and how to form
relationships that are specific to the client’s needs. There is also specialized training for Alzheimer’s patients, those suffering from arthritis, or those needing hospice care.
Caregivers earn $38 per hour on weekdays and $41 per hour on weekends. If they are caring for a couple they earn $6 more per hour.
There are several ways Home Instead supports the community, one of which is Be A Santa To A Senior. They have participated in this initiative for the past 20 years. They get names from local agencies like the Office for the Aging and lower income housing projects, and provide what Hopkins describes as “holiday cheer.”
“The recipients are either financially needy or socially isolated, and almost always they’re both,” she said.
In addition, Home Instead is a sponsor of the Alzheimer’s Association’s fall block event. They also conduct training sessions at area senior centers.
While word-of-mouth garners the majority of their clients, they do visit hospitals and rehabilitation facilities to explain the benefits of in-home care.
Support staff at the Gansevoort facility includes Maria Spagnnola, community relations director; Laurie Glogowski, client care manager; Marsha Scotti, client care manager; Susan Clayton, recruitment and engagement coordinator; Georgia Scaringe, bookkeeper; and Griffin, official greeter, a mixed-breed rescue that loves to meet new caregivers and get treats and rubber balls from staff.
Home Instead is located at 12 Mountain Ledge Drive, Suite 3, in Gansevoort.
For further information about how Home Instead can provide compassionate care for your loved ones, go to homeinstead/gansevoortny.com.
SAIL serves clients during renovations from its temporary location at Aviation Mall.
A Home Instead caregiver supports a senior during an in-home visit.
Courtesy SAIL Courtesy Home Instead
Treating The Patient Holistically Is The Backbone Of Northeast Spine And Wellness
BY SUSAN ELISE CAMPBELL
Because he takes a non-surgical, non-drug, holistic approach to wellness, Dr. Joseph Gulyas of Northeast Spine and Wellness said he dismisses the one-pill-fits-all approach of traditional medicine. Rather, he looks at each patient as they truly are: a unique individual with any combination of physiological, nutritional, lifestyle, and other issues that bear on health.
“We can’t just follow the old fashioned way of going to the doctor, prescribing a pill, and being told to come back in six months,” said the New York licensed doctor of chiropractic who has served the Capital District for more than 35 years.
While some pains and complaints may be easy to diagnose, such as spinal misalignment due to a fall, Dr. Joe, as he is known by patients, said “the stuff underneath the iceberg can sink the boat.”
Dr. Joe was born in New Jersey but his professional training and career was “everything Saratoga,” he said.
Summers he worked at SPAC and at the race track. He was an aide in the ER, worked at a massage school, and was an EMT. He got his undergraduate education at Skidmore College and is a 1987 graduate of New York Chiropractic College.
His diverse experience and training informed the process Dr. Joe built for examining those icy layers below the patient’s surface and customizing a plan to help get ship-shape.
“We follow a doctrine of doing a thorough case history and examination, as every practitioner should do, and a structural evaluation,” he said.
“Like a car, if you hit a pothole it may shimmy to the left or to the right,” he said. “So we look at alignment first and then metabolic factors, such as a rash, that may be present."
Everything is related to the spine, he said, so in his role as chiropractor with a holistic point of view, Dr. Joe takes the time to examine the connections between the structure and the chemistry of the body.
Next he digs into diet and supplementation, plus lifestyle factors such as exercise and sleep habits that can manifest in different ways. Dr. Joe said health care today is beset by environmental complications, such as the quality of food, the air, and water.
“People die daily from malnutrition and the CDC has admitted is has to get a handle on the problem,” he said. “People are eating but the food isn’t real. It has little nutritional content.”
He said that the CDC estimates at least 60 percent of chronic illness could be solved with good nutrition.
Dietary counseling has been part of his practice from the beginning, and Dr. Joe conducts free nutrition seminars on average six times a year. He has an account with the supplement manufacturer Standard Process, which is a family owned company that relies on practitioners like Dr. Joe to pair the right nutritional supplements with the patient’s health needs.
And then there is stress.
“The body is always talking to you, but we just don’t listen,” he said. “Then someday we may be forced to deal with an illness.”
Dr. Joe said he encourages patients to pay attention to their lifestyle choices and visit him on a regular basis, not once a year like a typical medical appointment. But many people resist that, thinking that if they go to their chiropractor once they will be cured.
“That would be a miracle,” said Dr. Joe. “If you don’t take the time, you’ll never know when you get your health to the top, so to speak.”
A wellness plan may include chiropractic adjustment, acupressure, massage, laser therapy, decompression traction, and other techniques that address the whole patient, not just the symptoms.
“Patients get better because we adjust the spine and feed the body with the correct nutrition through supplementation and diet,” he said.
The main goal at Northeast Spine and Wellness is avoiding drugs of any kind. Dr. Joe said back pain is a five billion dollar industry and pain medications are readily available. With many people on multiple prescriptions, they are more likely to suffer serious side effects like liver disease.
“Medical physicians are not experts on longevity,” he said. “Their average lifespan is about 63 years.”
The challenge of a wellness business is running the back office, “something you don’t learn in chiropractic college or medical school,” he said. All but a small percentage of chiropractors are in business for themselves with a small staff to schedule patients and do the accounting.
“To be in this field you have to be willing to serve people and get good people to help you,” Dr. Joe said. “You are making an investment in yourself, not to get rich.”
Northeast Spine and Wellness is located at 306b Grooms Road in Clifton Park. Visit welladjustedforlife.com for more information.
Cooney
Expands
BY SUSAN ELISE CAMPBELL
Cooney & Tyner Orthodontics has opened a third office, giving patients in and around Saratoga Springs something new to smile about.
The newest location is at 46 Marion Avenue, Suite 2B, at the Fresh Market Plaza near Northway exit 15. It features good visibility, easy access, ample parking, a complimentary beverage station, and free wi-fi access, as does the flagship location in Troy and the office in Ballston Lake.
“Good businesses surround us at this new location and it is a great professional community to be part of,” said Dr. Brenden Cooney.
“It is a privilege to serve the community from our new location and we are excited about the opportunity to continue the legacy of our practice,” said Dr. Canaan Tyner.
The orthodontic practice goes back to 1960 and Dr. Michael Fleming. For 11 years, Dr. Cooney, a native of Troy, worked with Dr. Fleming until his retirement. He acquired the business, opened a second location in 2012, and brought Dr. Tyner on board six years ago.
Dr. Tyner is from Glens Falls and has degrees in sports medicine as well as dentistry.
There was a grand opening celebration on June 13th. It included a ribbon cutting and proclamation and was attended by members of the Saratoga County Chamber, a representative of Senator Tedisco’s office, the regional manager of Align Technology, other local businesspersons, and staff.
Dr. Cooney and Dr. Tyner have been splitting their time among two offices and will add the third location to their rotation. Patients of all ages visit the practice for a complimentary consultation and to be fit with conventional braces or clear aligners.
“The way our practice model works and the technologies and efficiencies we employ allows us the flexibility to see our patients at multiple offices,” Dr. Cooney said.
The practice has had an uptick in the demand for the clear aligner method of orthodontics, he said.
“This is a digitally driven type of process compared to metal braces, which is an analog process and requires more frequent visits,” said Dr. Cooney.
“Without question, we see a lot of adult patients for clear aligners and that process is driving our growth,” said Dr. Tyner. “The system we use is Invisalign, which is the market leader.”
“Conventional braces is a tough sell for adults, but clear aligners are more cosmetic and save time,” he said.
“We remember the days of getting molds of teeth and your cheeks stretched out and pictures taken,” said Dr. Cooney. “The latest generation of intraoral scanners we have installed in our offices eliminates all that.”
Technology gives the doctors access to a lot of information in minutes instead of hours.
Dr. Joseph Gulyas takes a holistic approach to care at Northeast Spine and Wellness.
Copyright Marisa Wiedl Photography
Dr. Canaan Tyner (left) and Dr. Brendan Cooney celebrate the opening of Cooney & Tyner Orthodontics' new Saratoga Springs office, their third Capital Region location.
Courtesy Cooney & Tyner Orthodontics'
Signing Day
Continued From Page 4
through planning, design and construction phases
The new center has the support of school officials from throughout the region.
“It was amazing the needs that are there to bring those (buildings) not only up to date, but sometimes up to code,” Johnsburg Superintendent Michael Markwica said.
Saratoga Springs Superintendent Michael Patton said, “A brand new facility in a central location would best serve the needs of our students as well as meeting the needs of our local school districts.”
Students in northern schools that currently attend BOCES classes in Hudson Falls would obviously have to travel farther, to Wilton.
But Parker said having all programs in one location, right off the Northway, would reduce travel times by increasing transportation route efficiencies. At present, buses take students from one school district to multiple BOCES sites depending on the program they’re enrolled in.
Some students get picked up at 7:15 a.m. and take long rides before reaching their destination, which would no longer be the case, she said.
The Hudson Falls and Saratoga Springs BOCES centers are on approximately 30 acres each. Plans call for selling both sites, which would require voter approval in a public referendum.
“We have received some preliminary inquiries, but nothing formal,” Parker said.
Glens Falls City School District owns the Sanford Street School building, which BOCES currently leases for elementary special education classes.
Area employers welcome plans for a new center as BOCES graduates quite often fill much-needed jobs that businesses need to remain successful. This is especially true for contractors and construction firms that have been plagued by a severe labor shortage in recent years.
“The demand for our program has only been growing and it’s been growing exponentially,” said Jared Davis, BOCES director of Career and Technical Education. “So we have to be responsive to that. We know that there is a gap in skilled labor in our region. We have the opportunity to expand program offerings and opportunities for students, and put more skilled workers into our regional work-
force. That’s what a new center and a new building allows us to do so that we bring together what students are seeking and what our industry partners need to keep their businesses operational and our economy growing in this area.”
BOCES recently held a CTE Signing Day ceremony for 65 high school and adult students who are going directly into the workforce after signing letters of intent with dozens of area employers such as Bast Hatfield Construction, Jack Hall Plumbing & Heating and Rozell Industries.
Employers gave students tools, T-shirts and hats to show their appreciation and encouragement. Wrap Kingz, a business specializing in automotive wraps, brought a custom-made banner for Gavin Russell, a graphic arts student from Galway who is joining its team.
In recent years, BOCES’ Practical Nursing Program has joined the Signing Day celebration. This year, 18 practical nursing students have secured jobs ahead of graduation including eight who have been hired by The Pines at Glens Falls, marking a new partnership milestone.
Gretchen Steffan, director of the Saratoga Warren Washington Workforce Development Board was the event’s keynote speaker. She pointed out that CTE is building a pipeline of skilled workers for the regional economy, adding that apprenticeships and internships offer young people an opportunity to learn and grow their skills and abilities.
“You are an important part of the fabric of America,” Steffan said. “America needs skilled trades to keep America going, to keep America strong. Be positive. Be open and enthusiastic about your new role.”
With a comprehensive slate of CTE offerings, from construction trades and auto body repair to cosmetology, criminal justice studies, conservation and forestry, the new Wilton center will equip hundreds of students each year with the real-world skills that area employers desperately need.
“Each time I speak with local employers or alumni, I’m reminded just how vital CTE programs are to our region,” Davis said. “Signing day is our way of recognizing and thanking our students who are stepping in to meet that need and our business partners who support our students and our programs.”
“What that translates to is when a patient comes in for consultation, we can show them in real time what is going on with their overall orthodontic condition,” Dr. Cooney said. “We can then clearly explain and do simulations of what the potential solutions might be.”
Time spent with patients is used more on information exchange, rather than on the labor to physically gather it, he said.
“Our office on Marion Avenue is specifically designed to maximize work flow, so it is very progressive in its use of space, technology, scheduling, and the overall patient experience,” said Dr. Cooney.
He and Dr. Tyner see their roles as “advocates providing access to care with accurate information that empowers people to make a value based decision,” he said.
Advanced technology improves the patient interface, which in turn allows the doctors to give personalized care and attention, he said.
“Every consultation is an opportunity to educate people about what they can expect and what is involved with their treatment option,” said Dr. Tyner. “Then we layer on details about their particular case, such as how orthodontics will impact their long-term dental health and aesthetic improvements.”
Expansion of the practice would not be possible without their “fantastic team,” from the front desk staff to the treatment coordinators, whom Dr. Tyner says “are a privilege to work with.”
“We also have a number of dental assistants and, this is unique in orthodontics, dental hygienists working in our practice,” he said.
“It takes a lot of teamwork to do what we do, and we are fortunate that building our team has not been a challenge for us,” said Dr. Tyner. “The only challenge we have is the number of babies our team has been having, and that is really wonderful.”
Cooney & Tyner Orthodontics actively supports Toys for Tots, sponsors several sports teams, and participates in school programs that allow students to shadow them at work.
Visit cooneyorthodontics.com for more information.
Exceptionalism
and
of 18 The difficult correction has wrenched most of the overvaluation out of the U.S. markets. The U.S. financial markets will remain the largest, best-regulated, and most liquid in the world. They will remain exceptional!
On Monday, Moody’s became the last of the major bond rating agencies to downgrade the last U.S. Treasury bond rating from AAA to AA. S&P downgraded in 2011. Fitch downgraded in 2023. What took them so long? Every politician, Wall Street strategist, and even Fed Chair Powell routinely state that the current debt level is “unsustainable.” Moody’s has finally gotten around to a downgrade, citing chronic budget deficits and rising interest rates. For long-time readers of this blog, they know this has been a frequent rant of mine. The catalyst of the downgrade seems to be the ongoing budget discussions in Washington. Admittedly, I also have been disappointed in the budget discussions. The focus seems to be on the extension of the 2017 Tax program and its impact on the deficit. The program’s extension would keep tax levels roughly the same, yet government accounting means that it would increase the deficit by roughly $4 trillion. Thus, the newfound concern for budget deficits. Apparently, the blowout spending of the first Trump and Biden administrations wasn’t a concern? Alternatively, failure to extend the tax program would result in a $4 trillion tax increase on an economy facing tariff uncertainty. Damned if you do, damned if you don’t. Either way, the current budget bill does not seem to be making much progress on healing the fiscal status of the U.S. government. But as previously discussed, Washington has a spending problem. Revenue as a % of GDP has averaged 18% over numerous tax policy regimens. Today, revenue is near record levels and hovers near the historic 18%.
On the other hand, spending continues to grow, driven mainly by entitlement spending and interest rate expense. It is currently nearly 24% of GDP, unprecedented for a non-recessionary or non-war economy. The deficit was 6.4% of GDP last year and is projected to exceed $2 trillion this year. Houston, we have a spending problem! Unfortunately, neither party has demonstrated any interest in reducing spending. Witness the current debate over Medicaid spending. A proposal to require work requirements for able-bodied individuals or to charge them $100/ month is met with outrage. This is “gutting” Medicaid! This morning, President Trump suggested that the entitlements are off-limits. Unfortunately, that is where the growth in spending is, and it is the largest line item in the Federal budget. This is fiscal irresponsibility. While Moody’s is late to the game, the Washington’s downgrade is well deserved. So, does the downgrade of U.S. debt mark the end of exceptionalism? The answer is yes, or mostly yes! But what does that mean? The reality is that there is a small list of AAA-rated countries. However, these countries’ bond markets have very small market capitalizations. Is it possible, on the margin, to find safety in Switzerland? Sure, their bond market is roughly $1 billion. Hardly suitable for the size of investments that sovereign nations and large institutional investors require. So, despite the downgrade, the U.S. Treasury bond market will remain the largest and most liquid in the world. Great! But it implies that, on the margin, U.S. interest rates will be higher. That is not a good thing for a U.S. economy that is already facing some challenges. At a minimum, it is a dent in American Exceptionalism.
Will American Exceptionalism remain? For the most part. Despite global military conflicts, trade war uncertainty, and fiscal challenges, the U.S. economy will remain exceptional in the long term. Our economy will remain the largest and richest consumer market in the world. It will remain the home to the world’s greatest companies. And our financial markets will remain the largest, best-regulated, and most liquid in the world. I would call that exceptional!
