Times are changing. In the past, it was largely thought that the business of business was business, and that companies helped society simply by making a profit. However, there are an ever-increasing number of people who expect businesses to also be socially responsible and exhibit good behavior. While making a profit is still necessary for survival, many customers are choosing to patronize businesses that behave well and are good corporate citizens, thereby making socially responsible behavior consistent with good business and making a profit.
Bath Township has been on the fast track to growth and development over the past 15 years. Not only is Bath experiencing an increasing population, but it also offers exciting opportunities to investors, businesses and residents.
Joel Ferguson, 77, is president of Ferguson Development and F&S Development. His companies have built and managed commercial, government and housing projects throughout the state and are involved with redeveloping Lansing’s Red Cedar Golf Course and the Michigan Fairgrounds in Detroit. A 1965 graduate of Michigan State University, he was elected to the school’s board of trustees in 1986 where he serves as chairman. A U.S. Marine Corp. Veteran, Ferguson was the first African-American elected to the Lansing City Council and has served on the board of directors of the Federal Home Loan Mortgage Corporation (Freddie Mac).
Despite turmoil in the Chinese stock market and devaluation of the nation’s currency, initiatives in mid-Michigan to broaden trade and cultural relations with China are unlikely to suffer. In fact, some experts believe it may offer opportunities.
Much like the case of fiscal policy, monetary policy is designed to stabilize the economy. Namely, lift the economy out of a recession on the one hand, and reduce or eliminate inflationary booms on the other. That is, it is designed to minimize cyclical fluctuations. But while fiscal policy does it by controlling surpluses and deficits in the government budget, monetary policy does it by changes in money supply and the rate of interest. It is important that the two types of policy work in tandem for maximum effectiveness. It should also be noted that these so called “macroeconomic policies” are not always successful, as exemplified by the years following 2008. Finally, both policies work only with a six to 12 month time lag.
For those with adequate retirement income, waiting to take Social Security payments has been a popular and rewarding financial strategy. The reason? Untapped benefits grow by 8 percent a year until age 70.
For couples, it has been a particularly lucrative option, but not for much longer.