Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
Target Market: Who Are They, What Do They Value, and Where Are They?
In last week’s column on Super Bowl ads, I stressed the importance of providing a value proposition when you are advertising or marketing your goods and services. As a reminder, a value proposition is a promise that you make to potential customers that provides them a compelling reason why they should buy your product rather than a product from one of your competitors. Prior to developing a value proposition, you first need to understand who you are trying to sell to and what product characteristics they value. This will ensure that your value proposition will be more likely convince these buyers (your target market) to buy from you. The most effective Super Bowl ads from last week did this important work well. Once the company has a good, valuable proposition, it then needs to communicate that valuable proposition to its target market. Fortunately for companies with Super Bowl ads, just about all target markets are watching the game. However, for pretty much all other advertising and marketing, it must communicate where the target market will see or hear it. In today’s column, I will walk you through how to determine who your target market is, what they value, and finally, where to distribute your marketing messages. You are probably asking yourself, why is a guy who teaches Operations and Supply Chain Management (O&SCM) writing about Marketing? The answer is simple, really. It is the job of the O&SCM function of the company to deliver on the value proposition. So, as marketing develops its value proposition, it must confer with O&SCM to determine if the firm can deliver on that value proposition. If marketing communicates a value proposition it cannot meet, the company will likely be unsuccessful. With that in mind, let us examine the target market/value proposition development process. As a firm begins to identify its target market for a particular product, it must first determine the various potential customers who might buy that product and attempt to partition those customers into groups who value similar things. For instance, looking at the automobile market, there are some customers who value low price most, some who value performance and aesthetics most, and others who value reliability, durability, and consistency. If we are either in the automobile market or thinking about entering the automobile market, we need to find a group that values some characteristics that we think we can provide better than other market entrants. As you can see, the identification of a target market and the development of a value proposition that will appeal to that target market are done concurrently and iteratively. As noted above, the O&SCM function of the company is also brought in during these iterations to determine if the physical good can be manufactured or a service can be delivered in such a way that it can meet the value proposition. One important thing to remember is that in most cases, you are not your target market. What I mean by that is that you are often biased by your own knowledge and taste/preferences, and this may differ significantly from what your target market values. Remember that you are a unique individual whose preferences for a price point and evaluation of other characteristics might differ from your target market. Be sure to develop a value proposition that reflects the buying habits of your target market customers. Once you have developed a strong value proposition that you know your O&SCM can deliver upon, it is time to message that value proposition in places where your target market is present. As noted above, this aspect of our process is like “shooting fish in a barrel” for Super Bowl advertisers because all target markets are typically watching the Super Bowl. It is not so trivial for the rest of us. We need to understand what forms of media our target markets consume (e.g., television, radio, social media), but also, with each of these media, which applications or types of shows do they frequent. While most think social media skews young, and that is true for the most part, Facebook skews older, while Instagram, Snapchat, and TikTok skew much younger. On television, much of network television skew older, but there are shows like “Dancing with the Stars” and The “Bachelor” that do particularly well with younger women. Many mornings when I am getting ready for the day, I listen to “Augusta’s Morning News” on WGAC radio, and it is clear that my fellow listeners are primarily in my age demographic. My advice is to do your homework and find out where your target market is consuming media. All the work above is not very easy, but doing it right will lead to big returns. If you can identify who you want to target, based on what they value, and then be sure they get the marketing message that you have what they value, your business will succeed!
Labubu success demonstrates the benefits of the ‘blind box’ business strategy
Labubu dolls have taken the world by storm. The viral collectable keychains that feature plush monster-like figurines, sold by the Chinese company Pop Mart, have been compared to other toys like Beanie Babies or the more recent Sonny Angels. Labubus come in a variety of colors and outfits, and they are sold in “blind boxes” — so customers never know which collectibles they will get when they buy them. The meteoric ascent of these toys raises the question: What exactly is the appeal of Labubus? According to Tianxin Zou, Ph.D., an assistant professor of marketing in the University of Florida Warrington College of Business, there are a few reasons behind Pop Mart’s success. “It’s a little bit like buying a lottery ticket,” Zou said about the blind box concept. “The uncertainty is giving another layer of enjoyment.” Zou compares the psychological experience of blind boxes to gambling, stating that some customers buy hundreds of boxes for the chance at winning big. Customers aren’t just buying the products; they’re buying the experience. Each Labubu release features 12 figurine designs, as well as a much rarer secret design, so customers are enticed by the possibility of getting that one rare doll. This can also come with monetary value, as Labubus have been resold for thousands of dollars on platforms like eBay. Recently, a first-generation Labubu toy sold for $150,000 in a Labubu-specific auction. The unboxing experience can also trigger social interaction. People often film themselves unboxing the products and posting the experiences online for millions to see, or they gather in person to open boxes with their friends. This brings people together, forming a sense of community and identity around Labubu ownership. “Unboxing the blind box together can become a joyful event,” Zou said. “It makes it so Labubu has a social value and can help form friendships.” The rarity of certain designs is also a key factor in the social aspect of Labubus. Within these communities, especially online, owning rare designs can become a form of social capital. This has contributed to the rise of “Lafufus,” or fake Labubu dolls sold by retailers separate from Pop Mart. The craze has become less about the item itself and more about what it represents socially. Even if a keychain is fake, it still shows that the owner is socially in the know. Pop Mart also aligns itself with well-known franchises, such as Star Wars and Marvel, for branded blind box designs. And celebrity interest has helped the popularity of Labubus skyrocket. The toy first gained momentum after it was seen on the bag of Lisa, a member of the K-pop group Blackpink. Since then, Labubus have been spotted on the bags and belt loops of public figures ranging from Rihanna to Tom Brady. Zou explains that this furthers the social impact of the toys, as people aim to replicate celebrities’ style. “This collaboration with celebrities gives Pop Mart synergy, which gives it this stronger social effect,” Zou said. While the success of Labubus may seem spontaneous, it is actually the result of highly strategic business strategies. However, other retailers are catching on, providing competition for Pop Mart as more companies enter the blind box game. The retailer also faces new challenges, with countries like China and Singapore creating regulations for the sale of blind boxes, especially to children. But for now, the monsters continue to dominate the market, giving the company time to formulate new strategies. And because the company’s strength lies in its research and planning, it likely will not be going into its next phase blind.
Need a tourism expert? Connect with Florida Atlantic today
Tourism is a cornerstone of both Florida’s and America’s economy. In Florida alone, visitor spending exceeds $100 billion annually and supports roughly one in every ten jobs statewide, making it one of the state’s largest industries. The ripple effect extends far beyond hotels and attractions, fueling restaurants, retail, transportation, construction, real estate, and public tax revenues that help fund infrastructure and services. Nationally, tourism contributes hundreds of billions to U.S. GDP each year and serves as a key indicator of consumer confidence and economic momentum. When travel demand rises or falls, it signals broader shifts in spending behavior, business investment, and workforce stability , which is why tourism remains a critical economic beat for journalists. Peter Ricci is Clinical Associate Professor & Director, Hospitality Management Programs at Florida Atlantic University. He is a hospitality industry veteran with over 20 years of managerial experience in segments including: food service, lodging, incentive travel, and destination marketing and is considered an expert in food service, lodging, incentive travel, and destination marketing. View his profile Peter offers research-based insight into visitor trends, workforce dynamics, and destination strategy. His expertise helps media connect travel patterns to economic impact, providing clear analysis of how tourism shapes Florida’s economy and influences broader industry trends across the United States. Recent media coverage: South Florida Sun Sentinel Peter Ricci, director of the hospitality and tourism management program at Florida Atlantic University’s College of Business, cited the openings of the 801-room Omni Hotel next to the county convention center in Fort Lauderdale, the revamped Pier Sixty-Six Resort nearby and a variety of high-profile events as reasons for promising visitor traffic this year. “South Florida should expect to have a relatively strong 2026 with major events in the area [PGA Tournament, Formula 1, et al] and the Southern White House of Mar-a-Lago enhancing higher average daily rates in The Palm Beaches,” he said by email. “Broward is perfectly positioned to capture demand both to its south and north and I expect that hotels and restaurants will have a good year ahead,” he added. Newsweek "The tariffs, staffing shortage, perception of it being difficult to emigrate to the USA, and any possible anti-USA sentiment all go into the 'ingredients of the soup' as I call it," Peter Ricci, Director of Florida Atlantic University's Hospitality and Tourism program, told Newsweek. South Florida Sun Sentinel This is actually a complicated process behind the scenes, said Peter Ricci, director of the hospitality and tourism management program at Florida Atlantic University in Boca Raton. “Restaurant profit margins are slim, so training and development are often not a part of the process,” he said. “Also, one must recognize that restaurant front-of-house roles are somewhat high-turnover compared to other industries. With higher turnover, there is less likelihood for development of training, knowledge of all the systems (which can lead to dissatisfaction among guests), and a ‘new face’ every time regular guests return to the venue.” The Daytona Beach News-Journal When asked if Florida is experiencing a "restaurant apocalypse," Ricci said, "I don't see that as the case. I don't see it like a disaster, but I have seen more (restaurant) closures the past six months. The reasons include operating costs that are higher than ever in an industry with low (profit) margins to begin with." "Closures are being driven by rising rent, rising costs of labor, rising costs of goods (food, glassware, supplies, cleaning services, deep cleaning surcharges, et al.), and changing consumer habits." Orlando Sentinel Peter Ricci, director of the hospitality and management program at Florida Atlantic University’s College of Business, said he has not heard of hoteliers suddenly losing foreign nationals from their staff. But it’s the confusion that is perplexing many. “I hear frustration and confusion of what changes will occur on a regular basis for owners, operators and managers,” Ricci said. “It’s more of the unknown that’s disconcerting than, ‘I’m now worried about losing workers in my hotel or restaurant.’”
What "Super Agers" Are Teaching Us About Growing Older
When I think about aging well, I don't see a number on a birthday cake. I see capacity. The ability to think clearly. To move with confidence. To stay curious. To laugh easily. To remember where I put my keys. (Okay, that last one is still aspirational.) That's why I teach 4 fitness classes a week and pay close attention to how I fuel my body. Not because I'm chasing youth, but because I've learned, both personally and professionally, that the way we move, eat, sleep, and cope influences how we feel... and how we show up for the people we care about. I don't want to live forever. I just want to live well while I'm here. Like many Boomers, I've been interested in the growing research on longevity. And let's be honest: Boomers have never been good at accepting "no" for an answer. Why would we start now, just because it's mortality asking? We're the generation that refused to compromise. Retirement? Optional. Slowing down? Negotiable. Death? We'd like to speak to the manager. This leads us to a fascinating group of scientists known as "Super Agers." Who Are Super Agers, Really? In research terms, Super Agers are adults over 80 whose cognitive abilities, especially memory, perform at levels expected of people in their 50s or 60s (Rogalski et al., 2013). But here's what I love most: they aren't superhuman. They're not top athletes. They're not biohackers living on kale foam and cold plunges at dawn. (Though if that's your thing, carry on.). They're everyday people who never disconnected from life. A striking Canadian example is Morry Kernerman, a Toronto violinist who kept on learning, hiking, and performing well into the ripe age of 101. His story embodies the spirit of Super Aging: it's not about dodging age, it's about refusing to stop living. In a CBC interview, Maury Kernerman doesn't sound like someone "trying to live longer." He talks like someone who's still interested in living, fascinated by the world, hungry for learning, and unwilling to stand still just because he might do something imperfectly. He also admits something that matters to a lot of readers: he wasn't always an exercise person. He started taking it seriously later in life and describes it as a "rear guard action" that hasn't stopped aging, but has helped him keep his capacity. One of the most poignant lessons: when we're afraid of doing the wrong thing, afraid of failing or being embarrassed, we stop. And standing still is what really costs us. Haven't you heard? Sitting is the new Smoking!! What the Science Is Showing Us Canadian and U.S. researchers, at Western University and Northwestern University, are discovering something significant. Not a pill. Not a quick fix. A system. Angela Roberts (Western University) explained that the Canadian arm of the research isn't relying only on lab snapshots. Participants are sent home with wearable devices so researchers can monitor real-world activity patterns continuously (24 hours a day) over multi-week periods (CBC News, 2024 - https://www.cbc.ca/news/health/superager-centenarians-brain-second-opinion-9.7049411). That design matters because it turns "healthy aging" from a vague concept into measurable behaviours: how much movement you get, how intense it is, how consistent it is, and how it fits into the rhythm of normal life. Super Agers typically stay active, remain mentally sharp, maintain close relationships, handle stress effectively, sleep well, and keep a generally positive attitude (Rogalski et al., 2013 - https://doi.org/10.1162/jocn_a_00300; Sun et al., 2016 - https://doi.org/10.1523/JNEUROSCI.1492-16.2016) Their brains display thicker cortical areas linked to attention and memory, experience slower atrophy rates, have fewer Alzheimer's markers, and show stronger neuronal connections (Gefen et al., 2015 - https://doi.org/10.1523/JNEUROSCI.2998-14.2015; Harrison et al., 2012 - https://doi.org/10.1017/S1355617712000847) A Data Point Worth Remembering When It Comes to Longevity From the wearables, the research study observed that many 80-year-olds in the study, both "super agers" and the control group, were averaging about 25 to 30 minutes of exercise a day (roughly aligned with Canadian movement guidelines). The difference wasn't that super agers moved a little more. The study showed that they got about 30% more of the kind of movement that raises heart rate, what researchers call moderate-to-vigorous physical activity In plain language: it's not just steps. It's getting your engine up into that slightly breathy zone on purpose, most days. There's no single longevity switch. It's a belt-and-suspenders approach: multiple protective habits working together over decades. Let's Talk About Weight (Without Losing Our Minds) People often ask: Should Super Agers be skinny? Or a little plump? The research answer is surprisingly dull (and comforting): Neither. Super Agers come in all sizes. There is no evidence that they share a specific body weight or BMI. What matters much more than the scale is stability, strength, and body composition (Stenholm et al., 2008). Obesity Shows Up Consistently in the Research Midlife obesity is associated with an increased risk of dementia later in life. Several large studies indicate that obesity (BMI ≥30) during midlife raises dementia risk by 33 to 91% compared to individuals of normal weight (Kivipelto et al., 2005; Qizilbash et al., 2015) However, in older age, unintentional weight loss often signals frailty or illness. Weight loss in later life is linked to faster cognitive decline and higher risk of death (Diehr et al., 2008) Being underweight increases the risk of death. Studies consistently indicate that underweight older adults (BMI <20) have 2 to 3 times the all-cause mortality risk compared to those with a normal weight, with one study reporting a 34% higher risk of dementia (Diehr et al., 2008). A slightly higher BMI in later life may actually be protective, especially if muscle mass is maintained. The "obesity paradox" demonstrates that overweight and mild obesity in older adults (ages 65+) are often linked to a lower risk of mortality, particularly from non-cardiovascular diseases (Natale et al., 2023). So, the prescription is clear: avoid extremes. Not so skinny you could use a Cheerio as a hula hoop, and not so plump that tying your shoes feels like a full-contact sport. Here's What Truly Matters: Muscle Mass Strength defends the brain, maintains balance, boosts metabolism, and offers resilience during illness or stress (Peterson & Gordon, 2011) "Skinny-fat", low muscle, higher fat, is actually worse for aging than carrying a bit more weight with muscle beneath (Prado et al., 2012). Super Aging isn't about shrinking yourself. It's about supporting the structure you live in. Sleep: The Quiet Superpower If movement is the main act, sleep is the stage crew ensuring the entire show runs smoothly. Sleep isn't just one thing. It's a cycle (Walker, 2017). The Stages of Sleep (a quick, non-boring tour) Light sleep: The warm-up. Easy to wake from. Necessary, but not enough by itself. Deep sleep: The body's main repair mode. This is where physical repair occurs: muscle recovery, immune support, hormone regulation (Scullin & Bliwise, 2015) (Walker, 2017). REM sleep: The brain's spa. Memory consolidation, emotional regulation, creativity, and learning all occur here (Scullin & Bliwise, 2015) (Walker, 2017). Missing deep sleep leaves your body feeling exhausted. Missing REM causes your brain to become fragile and foggy (Mander et al., 2017). Super Agers tend to guard their sleep, though not perfectly, deliberately (Mander et al., 2016). Consistent bedtimes, morning sunlight, daily activity, and relaxing evenings appear repeatedly. For some people, slow-release melatonin or magnesium can help improve sleep maintenance (Ferracioli-Oda et al., 2013). However, the greatest benefits often come from simple routines: consistency, darkness, cooler rooms, and avoiding phone use at 10 p.m. Sleep isn't a luxury. It's essential brain maintenance (Mander et al., 2017). Stress: The Real Villain Chronic stress is like kryptonite for cognitive health (McEwen & Sapolsky, 1995). The main source of stress is not accepting what is. We argue with reality, and we lose every time. We revisit conversations. We resist change. We attempt to control others. Super Agers appear more accepting, not resignation, but realism (Sun et al., 2016) Here are some practical strategies to consider: Let them. (Thank you, Mel Robbins.) People will be people. You don't need to manage them. Save your energy for what truly matters. And remember: what people think of you... is none of your business. Calm isn't passive. Calm is protective. Gratitude also plays a role. Many Super Agers exhibit a distinct emotional tone: more grateful, less gripeful (Hill & Allemand, 2011) Life wasn't simpler; they simply didn't let bitterness steer the way. Relationships and Quality of Life: The Real Gold Standard Super Agers don't have more friends; they have deeper ones. Strong relationships are linked to better emotional regulation and preserved brain regions. (Cacioppo & Cacioppo, 2014) (Holt-Lunstad et al., 2010) And this isn't about extending life. It's about quality of life: cognitive, physical, and emotional well-being. Because no one wants a farewell-to-life party where nobody shows up because you've been miserable, bitter, or exhausting to be around (thank you, BR). Strong body. Clear mind. Warm relationships. A sense of humour that endures gravity. That's the win. 3 Practical Takeaways to Steal this Week If you want the super-ager approach without turning your life into a science experiment, here are three low-drama moves: Add intensity, not just activity. Keep your regular walk, but pick one segment to walk faster, take a hill, or add short brisk bursts. Your heart rate is the clue. Keep a learning thread running. Music, audiobooks, a class, a museum habit, a book club, anything that keeps your mind taxed in a good way and makes you feel curious again. Make "don't stand still" a rule. If you're avoiding something because you might look silly (a dance class, a new hobby, a new friend group), that's exactly the place to lean in, gently, but on purpose. Super Agers aren't chasing youth. (No one needs to see me in low-rise jeans again.) They're cultivating engagement. (Do you want to dance?) They move. They learn. They sleep well. They stay positive. They accept what is. They remain connected. They rely on the belt and suspenders. And most importantly, they don't wait for permission to live life to the fullest at any age. Yes, biology will win eventually. None of us gets out of this alive. But the real victory isn't in defeating what we can't control. It's in mastering what we can, for as long as we can, and living fully right up until biology takes its final bow. Don't Retire...ReWire! Sue Want more of this? Subscribe for weekly doses of retirement reality—no golf-cart clichés, no sunset stock photos, just straight talk about staying Hip, Fit & Financially Free.
Covering the Economy? FAU has the ideal expert to help with your questions and stories
The economy isn’t just a headline, it’s the story behind nearly every headline. From grocery bills and mortgage rates to job growth, small business confidence, and federal policy decisions, economic forces shape daily life for Americans in ways that are immediate and deeply personal. For journalists, that makes the economy a constant, high-stakes beat. Audiences want clear answers: Why are prices rising? Are we headed for a slowdown? What does the Fed’s next move mean for my community? The challenge is cutting through jargon and partisan spin to deliver insight that’s accurate, grounded, and understandable. That’s where William Luther, Ph.D., stands out. A respected economist and Associate Professor at Florida Atlantic University, Luther brings serious academic credibility, but explains economic trends in plain language that resonates beyond the classroom. His expertise in monetary policy, inflation, unemployment, cryptocurrency, and economic growth makes him a valuable resource for breaking news, enterprise stories, and long-form analysis alike. Whether reporters are covering Florida’s housing market, national interest rate decisions, or the future of digital currency, Luther offers thoughtful, balanced analysis that helps audiences understand not just what’s happening, but why it matters. William Luther, Ph.D., is an expert in monetary economics and macroeconomics. He is an associate professor of economics at Florida Atlantic University, director of the American Institute for Economic Research’s Sound Money Project, and an adjunct scholar with the Cato Institute’s Center for Monetary and Financial Alternatives. The Social Science Research Network currently ranks him in the top five percent of business authors. View his profile Recent media coverage: ABC News Others downplayed the likelihood of a meaningful loss of Fed independence, since news of the DOJ investigation of Powell drew a rare degree of Republican opposition. Powell holds only a single vote on the 12-member board responsible for setting interest rates, they said. “Anytime we’re changing institutions, we should have some concern,” William Luther, a professor of economics at Florida Atlantic University, told ABC News. “At the same time, we should recognize the institutional safeguards we have are pretty strong.” Newsweek William Luther, associate professor of economics at Florida Atlantic University, said that the immediate net financial loss to those in Florida, and all Americans, appears to be "very, very large." Luther added Florida should expect a short-term "sharp contraction" in real estate and tourism, both vital sectors for the state's economy. NPR At the moment, the economy is performing very well. It wasn't performing very well not too long ago, both because of the pandemic, which reduced our ability to produce goods and services quite significantly, and then, as a result of some of the policy responses to that pandemic, we had very high inflation. NBC Will Luther, an economics associate professor at Florida Atlantic University, acknowledged the concerns among students. "Absolutely, there are students very much concerned with whether or not they will be able to get a job when they finish here. The good news is that they will. The bad news is it's a little harder right now than it was, say, two years ago," Luther said. Fox Nation FAU's William Luther joins Fox Nation's Deep Dive, hosted by the Wall Street Journal's Mary Anastasia O'Grady, to discuss the economic impact of cryptocurrencies. Video courtesy of Fox Nation's Deep Dive.
Op-Ed: Crypto innovation needs stability, not shortcuts
After months of bipartisan negotiations, Congress continues to debate crypto market structure legislation, though questions remain whether common sense investor protections will be included in a new federal framework for digital assets. These proposals address fundamental questions aimed at providing needed clarity for digital asset markets, including around agency jurisdiction, and trust and confidence for mainstream adoption of modern markets. At times, the negotiations fractured over stablecoin yields, while provisions addressing decentralized finance and developer liability and the importance of investor safeguards have proven similarly divisive. The GENIUS Act prohibits stablecoin issuers from paying interest, recognizing such payments transform digital tokens into bank deposits requiring regulatory oversight. Platforms opposing restrictions on stablecoin yields prioritize business models generating revenue by offering deposit-like products without deposit-like regulation – an unfair regulatory arbitrage that disadvantages prudentially supervised banks, drains funding from local lending and introduces systemic risk without corresponding accountability. While these complex issues require careful calibration, there is no substitute for keeping investor-first reforms at the center of market structure legislation and prioritizing clear rules and robust investor safeguards that ensure digital assets benefit everyday investors and that America strengthens its economic competitiveness and leads the next era of financial innovation. Such impasses reflect a pattern where narrow interests prevail over broader economic considerations. Platforms opposing restrictions on stablecoin yields prioritize business models generating revenue by offering deposit-like products without deposit-like regulation. Banking institutions recognize that unregulated competition operating under lower-cost structures will drain funding from local lending. Both positions are economically rational for the parties involved. Neither serves the public interest in financial stability. Likewise, opponents argue that regulation stifles innovation, especially in decentralized finance. But this conflates innovation with regulatory arbitrage. Genuine technological progress creates value by improving efficiency or reducing costs. Regulatory arbitrage extracts value by exploiting gaps between economically equivalent activities subject to different rules. The alternative claim – that existing securities laws suffice – ignores that those frameworks were designed for different market structures. Securities laws assume centralized issuers. Commodity regulations assume physical delivery. Digital assets often fit neither category cleanly, creating uncertainty that inhibits legitimate activity while failing to prevent abuse. The choice is not between perfect legislation and the status quo but between establishing clear rules now or waiting for the next crisis. Financial regulation written in crisis tends toward overcorrection that stifles markets for years. Regulation developed deliberately better balances stability with innovation. Both House and Senate committee versions share core elements providing needed clarity on agency jurisdiction, registration requirements and disclosure standards. International considerations reinforce urgency. The European Union's Markets in Crypto-Assets regulation provides comprehensive frameworks for issuers and service providers. Continued U.S. regulatory ambiguity cedes leadership to jurisdictions that may not share American economic interests. More immediately, delay allows risks to accumulate as digital assets become interconnected with traditional finance through retirement plans and institutional portfolios. Recent market failures demonstrate why regulatory clarity and investor safeguards matter. The 2022 collapse of crypto exchange FTX revealed an $8 billion dollar deficit in customer accounts, spreading losses to pension funds and individual retirement accounts. Investigators identified conflicts of interest and leverage that standard regulation would have prevented. When Silicon Valley Bank failed, one major stablecoin had 8% of reserves tied to that institution. The crisis resolved only because uninsured depositors received public support. These episodes reveal a pattern where institutions operating outside prudential supervision accumulate risks requiring public intervention. Markets function best when rules are clear, consistently enforced and apply equally to all participants. This principle applies whether the market involves energy commodities, agricultural credit or digital assets. Louisiana's economy depends on community banks that understand local conditions and maintain lending relationships through economic cycles. When regulatory gaps allow deposit flight to lightly supervised alternatives, these institutions lose capacity to serve small businesses and agricultural operations. Congress has made meaningful progress on consensus-driven legislation. Completing that work would provide clarity allowing legitimate innovation while preventing regulatory arbitrage that creates systemic risk. The alternative is waiting for the next crisis to demonstrate why such frameworks were necessary.
Carney Cares. The Tax Code Doesn’t.
Retirement analyst and author Sue Pimento looks more closely at the just-announced "Canada Groceries & Essentials Benefit Program" in the broader context of the country's overall tax-and-benefit system. A closer analysis of steep GIS clawbacks layered on top of taxes shows that some seniors face tax rates comparable to those of the country's highest earners. Pimento argues that we should address this “participation tax” to ensure seniors earn more without being penalized for their work. Prime Minister Mark Carney just announced the Canada Groceries and Essentials Benefit. The intent is good. The relief is welcome. The tax code, however, did not get the memo. Important Disclaimer (Please Read) This article is for educational and discussion purposes only and does not constitute financial or tax advice. Canada's tax and benefit system is complex, highly individualized, and subject to frequent changes. Before making any financial or tax decisions, consult a qualified professional familiar with seniors' benefits, including GIS, OAS, CPP, and related clawbacks. Now that we've cleared that up, let's talk… Here’s a quick overview of what was announced. What the Canada Groceries & Essentials Benefit Program Covers Bigger Benefit Cheques: About 12 million Canadians will receive relief. Food Bank Relief: $20 million to food banks through the Local Food Infrastructure Fund. Food Supply: Immediate expensing for greenhouse buildings to bolster domestic production. Food Security: A national strategy including unit price labelling and enforcement by the Competition Bureau. Business Support: $500 million in supply chain support to help businesses absorb costs rather than passing them on to consumers. These ideas aren’t bad. Some are very sensible. Taken together, the Government estimates in its announcement that these measures would "provide up to an additional $402 to a single individual without children, $527 to a couple, and $805 to a couple with two children. They go on to say that at these levels, Canada’s new government will be offsetting grocery cost increases beyond overall inflation since the pandemic." On paper, this looks helpful. Unfortunately, paper has never had to buy groceries. But… You knew there was a “but” coming. Government announcements are legally required to include one. A Little-Known Tax Reality That Makes You Shake Your Head New research shows Canada's tax-and-benefit system disadvantages low-income seniors who work. The issue? It's hidden in the tax code. On January 28, 2026, a Zoomer Radio Fight Back discussion hosted by Libby Znaimer highlighted the issue. Guests included: • Gabriel Giguère, Senior Policy Analyst, Montreal Economic Institute • Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC Financial Planning & Advice Their conclusion? Canada's tax system discourages low-income seniors from working exactly when they need income the most. Many seniors discover (usually the hard way) that a small side hustle doesn't always pay off. It can lead to higher taxes and benefit clawbacks. Work a little more, and Ottawa takes a lot more. Why Seniors Are Still Working Because the math doesn't add up. Either way. More than 600,000 older adults live below the poverty line. Meanwhile, rent, food, utilities, insurance, and property taxes are increasing faster than pensions ever did. More seniors are employed, particularly GIS recipients. MEI analysis indicates that GIS recipients with work income increased by 56% from 2014 to 2022, rising to 64% among those aged 65–69. These seniors aren't working for "fun money." They're working to keep the lights on and purchase medication. Reviewing the details reminded me of a long-standing issue in my research on income and cash flow for Canadians aged 55 and over. Many Canadians can’t make ends meet and are forced to work well past 65. Yet Canada’s tax system punishes low-income seniors for working—exactly when they need income most. To understand why, we need to look at the Guaranteed Income Supplement. The Guaranteed Income Supplement (GIS) Program for Low-Income Seniors Here's how the GIS benefits work: • A non-taxable monthly benefit on top of Old Age Security for low-income seniors. • Roughly one-third of OAS recipients also receive GIS—over 2 million Canadians. • For a single senior with no other income, the maximum annual benefit is about $13,000. (Source: Government of Canada GIS website) The program has done meaningful work. Combined with OAS, CPP, and private pensions, Canada dramatically reduced senior poverty over the past half-century. But there’s a catch hiding in the design. Think of GIS as a hug that tightens when you try to stand up. The GIS Clawback Problem for Canadians GIS recipients can earn only $5,000 per year in employment income before clawbacks begin. After that, GIS takes back 50 cents of every dollar earned—before income tax and payroll deductions. A partial exemption applies to the next $10,000, where 25–37.5% is clawed back. The program helps seniors—right up until they try to help themselves. How the GIS Clawback Works Against Working Seniors Let me illustrate this. Meet Agnes. She is about to learn more about marginal tax rates than any bookstore employee should. Agnes is between 65 and 69 years old, lives alone, and receives OAS and CPP. Rising costs push her to take a job at a local used bookstore. She works about 15 hours a week at roughly minimum wage. Here annual gross employment income is about $13,000 Here’s what happens: • Her employment income triggers GIS clawbacks once she exceeds $5,000. • She pays income tax, CPP contributions, and sometimes EI premiums. • Between taxes and clawbacks, much of her earnings disappear. Simple version: Agnes works more hours but keeps far less than expected. When you keep 20 cents on the dollar, even capitalism looks confused. Agnes didn’t go back to work for the thrill of alphabetizing mystery novels. She did it to afford her prescriptions. A Canadian Tax System That Punishes the Wrong Thing If we’re going to test income, test investment income. Fine. Tax it. But employment income? Showing up? Working? The system treats that like misconduct. Once you add income tax, CPP contributions, and the loss of other credits, low-income seniors can face effective marginal tax rates of 70–80% on modest earnings. Nothing says “fairness” like taxing a bookstore clerk harder than a boardroom executive. As Gabriel Giguère of the Montreal Economic Institute has noted, "this level of taxation normally applies to wealthy Canadians—not seniors living in poverty." In a well-researched economic brief, Giguère and Jason Dean, Assistant Professor of Economics at King’s University College at Western Ontario, present a compelling argument for policy change. This comment by Giguère and Dean nicely sums up their key findings: "For various reasons, including insufficient pensions to maintain their living standards, seniors are increasingly turning to work. Yet the current tax-and-benefit system merits reform as it undermines their efforts, with the harshest effect on low-income seniors." One-Time Credits Don’t Fix Structural Problems At Davos, Mark Carney famously said, “Nostalgia is not a strategy.” Fair point. So why does our benefit system still behave as if retirement lasts ten years and ends with a gold watch? The system still thinks retirement lasts ten years and includes a gold watch. People are living longer. Many will spend 25 to 30 years in retirement. Some want to work. Many need to. A grocery credit helps. But a broken incentive structure still breaks people. Common Sense Tax Solutions the Canadian Government Should Consider 1. Raise the GIS earnings exemption The Montreal Economic Institute recommends raising it to around $30,000. Estimated cost: $544 million annually. Modest relative to the program’s size. 2. Exempt employment income from GIS clawbacks (at least partially) Keep testing investment income. Stop penalizing work. 3. Rethink retirement assumptions Policy built around “retire at 65 and earn almost nothing” no longer matches reality. None of these ideas are radical. They’re just… current. What to Ask Your Accountant About Your Tax Rate Get professional advice. Not generic advice. Not from Google. Not from your unemployed nephew. Ask specifically about: • Pension income splitting • Strategic RRSP contributions • Consulting or corporate structures where appropriate • Creative but compliant barter arrangements • CPP and OAS deferral strategies • Documentation. Lots of documentation. When clawbacks are involved, paperwork is your lifeboat. A Short, Honest Take Grocery relief is appreciated. The intent is good. But until Canada fixes a tax system that punishes low-income seniors for working, affordability will remain fragile. This isn’t about blame. It’s about aligning incentives with reality. Right now, it feels like we’re helping seniors swim by handing them bigger life jackets—while quietly drilling holes in the boat. And yes… I need to lie down. I feel another blog coming on. Apparently, exercising this much common sense counts as cardio. Sue Don't Retire...Re-Wire! Want more of this? Subscribe for weekly doses of retirement reality—no golf-cart clichés, no sunset stock photos, just straight talk about staying Hip, Fit & Financially Free.
Aston University economists say Prime Minister can reduce UK trade vulnerability with China visit
Greenland episode exposed UK’s lack of effective response to economic coercion from allies Research shows tariff retaliation would have cost the average UK household up to £324 per year Economists say China visit is “portfolio risk management” – diversification reduces vulnerability. The Prime Minister’s visit to China – the first by a British PM since 2018 – is an opportunity to reduce the UK’s vulnerability to economic coercion, according to new research from Aston University. A policy paper from Aston Business School’s Centre for Business Prosperity analyses the January 2026 Greenland tariff episode, when President Trump threatened and then withdrew tariffs on eight European countries. The researchers found that the UK had no good options: retaliation would have made Britain worse off, while absorbing the tariffs left Europe without credible deterrence. Director of the centre for business prosperity, Professor Jun Du, said: “The Greenland episode was a wake-up call. When your principal security ally threatens economic coercion, the old assumptions about who is safe and who is dangerous no longer hold. “The PM’s China visit should be framed as portfolio risk management – building diversified trading relationships that reduce the UK’s exposure to any single partner. Just as investors don’t put all their money in one stock, countries shouldn’t put all their trade into one basket. A UK with multiple strong partnerships is harder to pressure, whether the pressure comes from Washington or Beijing.” The research found that coordinated UK–EU tariff retaliation would have cost British households up to £324 per year – the worst outcome modelled. But the authors argue that Europe has untapped leverage elsewhere: the US runs a €148 billion annual services surplus with the EU, and mutual investment exceeds €5.3 trillion. Associate professor of economics and co-author, Dr Oleksandr Shepotylo, said: “Tariff retaliation fails because it hurts consumers and distorts the economy – the retaliator suffers similarly to the target. But Europe has cards it isn’t playing. Services, investment screening, and regulatory access are pressure points where Europe can respond effectively.” UK exports to China fell by 10.4% in the year to Q2 2025, with goods exports down 23.1% – the sharpest decline among major trading partners. The researchers argue that this closes off the UK’s largest alternative market at precisely the moment US reliability is in question. The paper identifies three priorities for UK policy: Recognise the permanent incentives behind US tariffs. US tariff revenue hit $264 billion in 2025. Trade negotiations alone cannot resolve revenue-driven policy. Build UK–EU coordination on non-tariff instruments. Services, investment, procurement, and regulation offer leverage that tariffs do not. Treat China engagement as portfolio risk management. Concentration in any single market creates vulnerability. Diversification is not about picking sides – it’s about resilience. Professor Du added: “The question for the Prime Minister is whether to use this breathing space to build resilience – or wait for the next Greenland.” To read the policy paper in full, click on this link:
Augusta University public health experts discuss building recovery through economic stability
In this candid conversation, Vahé Heboyan, PhD, and Marlo Vernon, PhD, talk about their work at the intersection of public health, economic stability and substance use disorder recovery. The interviews are centered on Augusta University's public health-driven small business training initiative and explore how recovery is strengthened when communities invest in people and provide practical paths to long-term stability. Heboyan, a professor in AU's School of Public Health and a public health expert with a background as an economist, explains that economic vulnerability often hinders recovery, especially in rural areas with limited resources where risk-taking can be costly. He translates economic research into public health practice, emphasizing that small businesses and microenterprises are about providing a sustainable income for individuals and families, not creating large corporations. This stability, he notes, can have a ripple effect, supporting local economies, job opportunities and community resilience. Vernon, whose research focuses on maternal and infant health, as well as substance use disorder recovery, highlights the human side of recovery and the importance of financial security for families. She notes that economic instability can increase the risk of relapse, especially for mothers in recovery who are supporting children. Her insights show that entrepreneurship can be a public health tool, addressing income, dignity, confidence and long-term wellbeing. Both interviews emphasize the key role of community in recovery. Heboyan points out the power of peer support and shared experience, noting how participants use their past challenges as strengths. Vernon agrees, emphasizing that effective public health work requires building relationships and engaging with communities over time, rather than just conducting short-term research. Together, the interviews show that recovery is part of a larger ecosystem that includes economic opportunity, mentorship and community trust. The video illustrates how combining economics, public health and lived experience can create lasting, meaningful impact for individuals in recovery and their communities. Looking to know more? Click on Dr. Vernon's profile below. To connect with Dr. Heboyan, simply contact AU's Communications team via email (mediarelations@augusta.edu) to arrange an interview today.
Long proclaimed Italy’s “moral capital,” Milan is renowned worldwide for its significant contributions to fashion, design and the arts. Soon, another point of pride will be added to the city’s storied history, when the regional hub—and partnering town Cortina d’Ampezzo—plays host to the 2026 Winter Olympics in February. Luca Cottini, PhD, is a professor of Italian Studies and an expert on the evolution of Italian culture, particularly through the 19th and 20th centuries. Recently, he shared some thoughts concerning Milan and Cortina’s successful joint bid for the Olympics, the themes and iconography expected to define this year’s opening ceremony and the symbolic significance of Italy’s selection as a host nation. Question: What was the role of past major events in Milan and Cortina—like the 2015 World’s Fair and the 1956 Winter Olympics—in helping to elevate their appeal for these games? Luca Cottini: I’ll start by saying that although people notice world’s fairs less than the Olympics, they are more impactful to a city and country because they generate more revenue, business, political relationships and positive reputation. They are events in which all the world comes together and each country exposes its excellence, while the host nation brings a visibility that it would not carry otherwise. In 2015, Milan hosted the world’s fair, which generated a completely new fairgrounds area and a visibility of politics, industry, technology and modernity in a way that brings the city to a global stage. I would say that is when the ascent of Milan really started, especially as a desirable destination. With Cortina, after the 2015 World’s Fair—and especially after the COVID-19 pandemic—the Dolomites became really a popular region for travelers to visit. Cortina is also symbolic to Olympic history, because it's the site of the first Olympics that took place in Italy, in 1956 during the reconstruction era. That was the Dolce Vita period, in the middle of the 1950s economic boom, and those games were followed by Rome’s Summer Olympics in 1960. They both represented a way in which Italy, coming out of the war destroyed, was reaffirming its rebirth. Over the years, fewer cities have wanted to host the Olympics because they tend to carry a lot of economic burden, financial debt and little return on investment. In this sense, Milan and Cortina, helped by increased popularity after the world’s fair, sold themselves as a sustainable Olympics. Ninety percent of the buildings were refurbished from older buildings, and they will serve purposes after the Olympics. It’s difficult to tell whether it’s economically sound or not, but it is a way to promote two cities that are in big moments of growth. Q: These Olympic Games will be celebrating Milan’s contributions to fashion. What is the city’s significance to the fashion world? LC: Milan is certainly the capital of fashion in Italy, and is one of the capitals of fashion in the world, along with Paris, New York and London. The fashion heritage that the city carries now in iconic brands like Armani, Versace, Moschino and Dolce & Gabbana is the outcome of a process that took shape in the late 1970s. Until then, fashion in Italy was mainly related to Rome, through cinema, and Florence, as that city represented a new Renaissance in the postwar years. But in the 1970s, much of this fashion world moved from those cities to Milan, because there was a conglomeration of labor, skills, capital and creativity that generated a complex productive and cultural system, or the so-called “Sistema Moda.” This is a particular approach to the industry in Italy that coordinates management and creativity around the figures of a big creative director and a big manager who work together in creating not just nice styles, but also sustainable outlets and markets in and outside Italy. In turn, with its reputation, Milan gives the Olympics that seal of grandeur and coolness. The connection with fashion and promotion of uniqueness is part of the national rhetoric that surrounds what we call “Made in Italy,” this idea of luxury, styling, beauty, order and measure that is endowed in the Italian DNA. Q: Andrea Bocelli—who also appeared in Torino’s 2006 closing ceremony—is supposed to sing once again in this year’s opening ceremony. Aside from his popularity, what is the symbolic significance of his selection as a performer? LC: Bocelli is an interesting case. He is a prototypical Italian success story, which is born in the peninsula but is then ratified outside of Italy. As Bocelli became a global sensation in the U.S., he then came back to his roots in Italy, where his voice has become a symbol of national unity, as epitomized in his solo concerto of Milan, during the pandemic, when he sang in front of the empty Piazza del Duomo, facing the city’s cathedral. In his Catholic faith and secular operatic repertoire, he symbolizes Italian culture as a similar piazza or open space where different voices can converge in a temperate balance. When you put together Bocelli, Mariah Carey and whoever else will be part of the ceremony, that same Italian identity will give rise to a new synthesis, as the encounter of tradition and novelty, grounded-ness and openness. Q: The Olympic flames are supposed to be lit in two cauldrons—one in Milan and one in Cortina—each with a design inspired by Leonardo da Vinci. What was da Vinci’s importance to Milan, specifically? LC: Da Vinci is part of the fabric of Milan. He spent 20 years in the city, painting “The Last Supper” and working at Castello Sforzesco, as well as many other places. His footprint is all over Milan, in its design, walls, canal system and more. He is an archetype of the Italian mind in as much as it represents the combination of engineering and beauty. The word Ingenium in Latin, meaning “genius,” overflows in English into the word “engineering” and also “ingenuity,” which reflects the creative mind. Da Vinci represents the synthesis of Italian Ingenium as a combination of aesthetics and problem solving, which you still see in the city today.
