Archive for Monday, August 3, 2009

Recycled money

August 3, 2009

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To the editor:

Do we think about how and where we spend our money? Think of it as “local loot.”

The economic impact of spending locally is really quite amazing. A study done in Grand Rapids, Mich., and reported on by Business Week (www.businessweek.com/smallbiz/running_small_business/archives/2009/02/yesterday_we_as.html) showed that a 10 percent market shift to local in a city the size of Grand Rapids would add $137.3 million to the local economy, create 1,614 new jobs and generate $53 million in additional wages.

To put the impact another way, the study showed that for every $100 spent at nonlocally owned businesses, only $43 remained in the local economy. However, for every $100 spent locally, $68 remained in the local economy. More information about the study can be found at www.civiceconomics.com/localworks/.

Buying local means buying at your farmers’ market, hiring a local plumber, eating at locally owned restaurants, buying your car or tractor in town and spending your money at locally owned mom and pop businesses.

In a city the size of Lawrence, a 10 percent market shift to local would mean $22.9 million to the local economy, 268 new jobs, $8.85 million in new wages.

These to me are very meaningful numbers. Think of your community before you spend your money. Recycled money comes back to all of us.

Paley is from Lawrence

Comments

dontcallmedan 5 years, 9 months ago

Thanks for your two cents George. According to the study, 1.36 cents will remain in the community.

labmonkey 5 years, 9 months ago

And stay out of big box stores when possible (especially Wal-mart).

Mark Zwahl 5 years, 9 months ago

Good for you George. I know you patronize my local business and I'm grateful. The challenge as individuals is to trust that our small individual effort matters in a way that is difficult see in real time. But as a business owner, I know that the more business I do, the more jobs I create locally. And, since my business makes a point to buy locally, the effect spreads even further.

In fact, it would be interesting to know what local businesses also put a high value on buy locally. That's where I'd shop.

rtwngr 5 years, 9 months ago

I am with you George. I think buying locally, whenever possible, is best for our community. In my opinion some of the local merchants could better educate their employees on customer service and courtesy. Lawrence has the rudest employees that I have ever encountered. I manage a retail store in the greater Kansas City area and if any of my associates spoke to or treated a customer the way I have been spoken to and/or treated locally, they would be looking for work elsewhere.

localgirl9 5 years, 9 months ago

the problem with a pool of employees that consists mostly of college kids who are looking forward to "real jobs" is they aren't the best service-people yet. But I changed the attitude at two downtown stores in my time behind a counter. But I am all for buying local whenever possible. Even when I managed an import store we also bought some of our merch locally...it paid off. More and more people want local goods. Keep it in the family folks!

gccs14r 5 years, 9 months ago

Until the day that no one has any money, because we've sent it all to China. What will you do then, Pilgrim?

gl0ck0wn3r 5 years, 9 months ago

"Pilgrim2 (Anonymous) says…

Richard Heckler cut-n-paste in 10…9…8…7…

I will spend my money where I get the best deal, and with increasing frequency that is becoming the internet."

heh. Why would one purchase anything in Lawrence when it is available more cheaply online? All the feel good taxes on the poor that the faux progressives championed have come home to roost in the Lawrence economy.

cthulhu_4_president 5 years, 9 months ago

Wal Mart had 12 packs of soda for $2.50 the other day!!

See ya there!

gccs14r 5 years, 9 months ago

Or you can drink water and save the $2.50 and the gas to get there.

cthulhu_4_president 5 years, 9 months ago

"Or you can drink water and save the $2.50 and the gas to get there."

Hmm, don't drink anything but water, and don't drive. Good advice! Please let me know if you have any other ways to tell me how to spend my money.

See ya in line!

VTHawk 5 years, 9 months ago

When given the choice, I prefer to buy local (or KS, or USA) products, but it is not worth sacrificing service, quality, or price. What people do with their own money is not my business, but I do enjoy supporting local community businesses when possible (though I am very far away at the moment).

I will always buy products where the tax is lower, however, because it is rediculous the amount of tax that we pay on everything. I will buy MO gas over KS gas any time because of that reason.

gl0ck0wn3r 5 years, 9 months ago

"gccs14r (Anonymous) says…Or you can drink water and save the $2.50 and the gas to get there."

Yes, one should never eat or drink anything but the bare nutrients and liquids needed to survive, prole. Water and Soylent products.

Richard Heckler 5 years, 9 months ago

Good letter Mr. Paley and thanks for offering dollars and sense objectives.

Lot of local Lawrence business offer online shopping....go for it.

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