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Individual voting, often considered a civic duty, has a statistically negligible impact on election outcomes. Studies show minimal difference between Republican and Democratic state governments on various policy outcomes. Politicians often declare every election as the “most important of our lifetimes” to rally their supporters. However, despite increased voter turnout, change remains elusive. Government keeps growing, but trust and satisfaction in government institutions continues to decline. 70% of Americans trust the presidency “some or very little” and economic confidence among U.S. adults is –41 on a scale of –100 to 100. 74% of Americans think economic conditions are worsening. Vote With Your Money There are other ways that individuals affect change besides voting in elections. For example, consumers “vote” with their money all the time when they choose which goods and services to purchase. This serves as a signal to producers, such as entrepreneurs and companies, about what the market wants them to produce. An infamous example is the launch of “New Coke” by Coca-Cola in 1985. Furious consumers rejected the new flavor. Some even started campaigns to urge the company to return the original Coke product. In less than a year, Coca-Cola reversed course and admitted the mistake. Today, marketers remember New Coke as perhaps the most famous product flop in history. But the episode also demonstrates the rapidity of consumer feedback loops – and the impact people have when they vote with their money. Vote With Your Feet Another approach is “voting with your feet,” or relocating to areas where the cultural environment, economic opportunities, and other factors better align with your priorities. As populations shift, governments are motivated to adapt their policies to maintain their tax base. During the pandemic and its aftermath, many Americans relocated away from states with strict policies of business and school closures.…

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Filed under: News - @ December 4, 2023 4:26 pm