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Federal Reserve should stay the course

At this point in the economy’s recovery from COVID-19, the concern needs to be stagnation, not inflation. Good for Federal Reserve officials for recognizing that. Central banks are looked to for help in situations such as that facing the economy today. By holding down interest rates, they can prime recovery pumps. Low interest rates in the United States are a legacy of the “Great Recession.” Unfortunately, just as it seemed American businesses had roared back into action, with historically low unemployment rates, the coronavirus epidemic hit. Mass closures and slowdowns in the ...

Parents need to give children the right gifts

Virtually all of the rich and powerful parents caught in the federal probe last year of cheating schemes meant to get their children into prestigious colleges and universities have insisted their hearts were in the right place. They just wanted to help their children. What mom or dad cannot understand that? But there is more to it, as the case involving entertainer Lori Loughlin and her fashion designer husband Mossimo Giannulli demonstrates. They recently joined about 30 others who have pleaded guilty to federal charges in the college admissions scandal. Working with an admissions ...

Et Cetera …

Transit extends relief The Faribault and Martin County transit system has been a blessing for many this year as the coronavirus pandemic has disrupted lives and gouged pocketbooks. Transit suspended its fares earlier this year, through Aug. 31. Now it has extended this relief through the end of the year. Transit is not only helping people get where they need to go, it is helping deliver food to them from food shelves. About 200 meals or essential packages are delivered each week. Transit is utilizing funding from the federal CARES Act to provide these services. Working on ...

As schools reopen: Please drive cautiously

Though there is nothing normal about this year’s return to school, one thing remains the same: It is, as ever, important to remember there are kids headed back to schools again. Changes make it even more important to be aware constantly, rather than just in the school zones with which you are familiar. “Just because there isn’t a school bus in one part of your neighborhood doesn’t mean there isn’t going to be another in the next school district,” said J.J. Miller, a safety adviser for AAA. “School zone speed limits, crossing guards and markings on buses are in place ...

Fairmont must trim, revamp its 2021 budget

The Fairmont City Council has a lot on its plate when it comes to the city’s 2021 budget. Given a proposed 11.5 percent hike in the property tax levy — amid the uncertainty of a pandemic — the council has some work to do in prioritizing and putting off expenses. Businesses and individuals do not need the added tax burden at this moment in time, and 11.5 percent would be a major increase in any year. We notice that the city wants to add a community development director, at a cost of $93,000. The work is currently split between the city administrator and economic development ...

Fed needs to strike housing balancing act

Among the brightest bits of news linked to the COVID-19 epidemic was the report last week that home sales are booming in the United States. The pace of home purchases jumped by a record-high 24.7% last month, according to the National Association of Realtors. Analysts credited low mortgage interest rates and a limited supply of houses for the boom. Think back a few years to the so-called Great Recession. You may recall it was sparked by a crash involving sub-prime mortgages, or home-buying loans granted to people who could not make the monthly payments. When that house of cards ...