In my company’s experience, the economic tide is raising all boats

When I hear a consistent theme in the media that contradicts empirical data, I become suspicious that public opinion is being manipulated. An example of this is the frequent claim that the current economic boom is benefiting only the very wealthy, at the expense of middle-class workers and small business. This premise, that those most deserving are being left behind, resonates with fair-minded people.

Before proceeding, let me provide some context. For the past 44 years, I have been the co-owner and CEO of a small electronics manufacturing business in Central Kentucky. We employ just under 50 full-time people. Our rule is to hire the best qualified person for each position and our employees are diverse in age, gender, race, and beliefs. Our average employee tenure is nearly 13 years, with some who have been with me up to 35 years.

Our customer base is spread across the country, so not closely tied to any local economic aberrations. We serve three distinct product markets – drive-up intercoms, electronic merchandising support, and private aircraft electrical power.

We have survived several economic cycles, eight administrations, and unimaginable changes in technology, culture, and politics. While my longevity in business does not qualify me as an economist, it has given me a front row seat perspective and made me an expert on facts relevant to my business and industry. So, I would like to counter the media’s assumptions about how average working people have fared the past three years with some actual data.

My data is unfiltered and covering a sufficient period of time to draw obvious conclusions, not subtleties to support a particular agenda. During the data sampling period, there was no significant change in the business markets or type of products offered. The current record low unemployment has dramatically changed the job market as there are more job openings than qualified candidates. Skilled applicants with a good work ethic are increasingly difficult to find and command significantly higher wages and benefits than a couple of years ago. This is simply a function of supply and demand. The notion that wages are not generally rising defies market reality.

After wages, healthcare remains the most important benefit for our job candidates, and the most expensive and challenging to provide.

So, the obvious question then is whether the results for my company are unique, unusual, or typical? Here, I have no conclusive data. But I do have an informed opinion. Owners of other small and medium-sized businesses have shared their results with me, so I know with certainty that we are not unique and I believe they are not unusual. Of course, the idea that we are relatively successful is appealing and gratifying. But in reality, we are not that special. No one is, but we are certainly blessed.

That leaves me then with the question, why propagate the notion of class inequity and economic victims? Well, the axiom “follow the money” (or power) is a good place to start. Creating victims and villains has historically been effective for generating envy, dissention, or even revolution. For politicians,they need a common enemy to position themselves as the solution. For media, setting aside the issue of political bias, news is a commodity to be marketed and sold. Controversy and fear sells, and keeps the audience coming back for more.

The good news is that participating in this hoax is entirely voluntary. The remedy to manipulation is critical thinking to recognize when opinion, sound bites, and talking points are being offered instead of objective information… along with the courage to confront and refute it.

Jonathan Sisk is the founder and CEO of Audio Authority, an electronics manufacturing firm in Central Kentucky.