Msgr. Paul V. Garrity
Angst is a hard feeling to pin down. The rising price of eggs doesn’t occasion angst but a plunging stock market does. Uncertainty riles investors but they are not the only ones. Federal employees, veterans, school principals, and mayors are filled with uncertainty these days because of what is taking place in Washington.
Gallup polls report that over 58% of adults in the US have some money invested in stocks, bonds, and mutual funds. This percentage increases when pension funds are thrown into the mix. The recent Wall Street roller coaster, therefore, is of great interest to the vast majority of American citizens. Even though Wall Street is not Main Street, it is hard not to think that the ebb and flow of financial markets are not a serious concern for many. This is where the unseasoned investor locks in losses in a panic to hold on to shrinking assets.
News reports amplify bad news on Wall Street and stir up panic. Seasoned economists and financial advisers have a different take. Downturns and market volatility are to be expected periodically. They are a natural part of the rhythm of the stock market. They refer to these as corrections, a euphemism when stocks lose 10% of their value. Over time, things get back on course and the actual value of stocks and bonds continue to drive prices higher.
There is a great lesson to be learned from the volatility and emotionalism of the stock market. Applied to the wider world, Main Streets, and Hamlets, the lesson is not to let angst get out of control. Every day, it seems, there is a new action from Washington that threatens to upend the various apple carts that make up the Federal Government. Orchestrated by those who have been chosen by a slim majority of voters, these policy initiatives are presumably what the electorate wanted. There are no real surprises here, which is why we have pre-election campaigns.
As these new policies and mandates continue to flow at great neck pace, angst is beginning to rise even among those who thought that the government needed to be shaken up. This is a good thing because it casts into bold relief the implications of changing some of the fundamental reasons why we need a federal government. When the Supreme Court in 1870 said it was up to the states to deal with civil rights, the Jim Crow era was born and didn’t begin to die until the Civil Rights Act of 1965.
If unqualified people are promoted into positions of responsibility because of the color of their skin or their gender, this is a bad thing. But if qualified people are being denied a promotion or even a job for which they are fully qualified because of the color of their skin or their gender, this is an even worse thing. Of course, if one believes that all people of color or of a particular gender are intrinsically less competent because of their skin color or gender, then there is an even bigger problem in our body politic. This prejudice will inevitably take its toll on the common good as society is deprived of the gifts and talents of these victims of discrimination.
Death and taxes are the two things that are constant in life. While we can’t do much to eliminate the former, we can exercise some control over the latter. With fewer employees at the IRS and decreased taxes, the net should make us all happier people. But when revenue plummets, there’s less money to do important things, and the national debt increases. Going down this road quickly leads to the opposite for which it was chosen.
The blessing in what is taking place around us today conjures up the old adage, watch what you wish for. You may very well get what you wish for, but it may turn out to be the opposite of what you really need and want. Special education for children who are born with multiple health issues has been guaranteed by federal support over many years. This may now be at risk. Confidence in health science and the efficacy of drugs on the market has been a given since the National Institutes for Health was established in 1887. Response to the recent measles outbreak may erode some of this confidence. Backing the Blue is something we should all do. This makes it hard to explain why violent criminals who assaulted police should be exonerated and called patriots. Labeling the soft power of foreign aid as wasteful and inefficient may appeal to the America-first mentality but when China and others sweep in to fill the vacuum, buyer’s remorse may hit a new high.
As the stock market experiences a correction, our body politic may be going through the same exercise. Eventually, a heavy keel will bring a sailboat upright. Our heavy keel is 250 years of healthy democracy that will eventually convert angst to calm and renewed confidence in our republic. We hope!
Msgr. Garrity is a Senior Priest of the Archdiocese of Boston and former pastor of St. Mary’s Parish and School in Lynn.
