Campaign Premises

If you have turned on a TV, walked by a radio, driven down a residential street, gotten an unsolicited text or answered a phone (or more likely let it go unanswered) in the past month, you will, of course, be aware that our nation will officially go to the polls today.

I say “officially,” but of course, our nation has been “going” to the polls—or at least casting votes—for several weeks now. And while some states (and voters) have done so in elections past, a combination of factors means that the process of voting, like so much of our lives the past couple of years, is going to be “unprecedented,” both in terms of the breadth and volume of votes cast prior to election “day”—and perhaps on that day itself.

And yes, it’s been a particularly nasty—one feels compelled to say “unprecedented”—election cycle.

Now, we all carry on as though the nation has never, ever seen anything like this—but perhaps it would be more accurate to say that it hasn’t …in our lifetimes. Students of history will, of course, remember that the nation literally split apart in the 1860s, but even before that there were the “Alien and Sedition Acts” in the late 1700s, the so-called Whisky Rebellion in 1791-94, the Sedition Act of 1918, the Alien Enemies Act in 1942—and let’s not forget from when the Tea Party of 2009 drew its inspiration. As for the outsized impact and biases of the media, hard as it may be to believe the founding fathers (not to mention elected officials throughout the 1800s) would very likely have characterized today’s voices as “restrained” (of course, they weren’t subjected to it 24/7).

Indeed, while much is made of what appears to be an extraordinary level of polarization in perspectives, the pernicious influences of social media, and the pervasive editorializing of the “news,” it remains my sense that at the level of the individual our nation is not so cleanly demarcated into “blue” and “red” as pundits would have us believe. Moreover, while we surely have our individual differences, I suspect at most levels the voting public is not as polarized in their opinions on key issues as are the individuals seeking their vote, or the process[i] that produces those individuals. 

None of that should be read as an acceptance of, or acquiescence with, the current state of affairs. Like most of you (I suspect) I find the tone and tenor of most in the public square today (both “sides”) to be both vitriolic and toxic. We have real problems to solve, crisis of which to steer clear—and some from which we need extrication in the here and now.

The issues that confront our industry—and the nation’s retirement—important though they surely are, are unlikely to be the issues that motivate your choices on the ballot this year. That said, it’s worth remembering that elections matter there as well—that the “sweep” of control often creates the biggest issues for retirement policy, be it the tumult of the Tax Reform Act of 1986, the flirtation with Rothification, the ardor for financial transaction taxes (that make no allowance for retirement savings), and “equalization” of tax treatment that might well discourage plan formation. And just how powerful bipartisanship (still) can be in terms of producing thoughtful, meaningful legislation like the SECURE Act—not to mention the SECURE 2.0 (still) waiting in the legislative wings.  

As I write these words, it’s hard to imagine that we’ll know how it will all turn out by Election Day’s close. The good news, whether it be a result, or in spite of, the current level of vitriol, the American public’s interest in expressing its opinion by actually taking the time to go to the polls—or in pursuing an absentee ballot—appears to be surging. Elections do have consequences, after all—and, if the last several elections have taught us nothing else, we now know that votes—even a single vote—can matter.

Here’s hoping that—whatever your position on the issues—you take the time to vote this election. It is not only a right, after all, it is a privilege—and a responsibility.

Here’s also hoping that those who find themselves in office as a result conduct themselves accordingly.

  - Nevin E. Adams, JD

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[i] Which can probably not be said at this point for the perspectives of those who actually made it to the ballot. But then, if they want to stay there, they can’t long ignore the voice/will of the people.

Polling "Places"

If you have turned on a TV, walked by a radio, driven down a residential street, or answered a phone (or more likely let it go unanswered) in the past month, you will, of course, be aware that our nation will officially go to the polls today. 

Of course, our nation has been “going” to the polls—or at least casting votes—for several weeks now. And while some states (and voters) have done so in elections past, a combination of factors (not the least, concerns about the current pandemic) means that the process of voting, like so much of our lives this year, is going to be “unprecedented,” both in terms of the breadth and volume of votes cast prior to election “day”—and perhaps on that day itself.

And yes, it’s been a particularly nasty—one feels compelled to say “unprecedented”—election cycle. 

In that regard, I recently came across this: 

“Certainly, politics has never been a pretty business, but I doubt that I would get much argument in stating that this particular political season has been as nasty, vitriolic, and personal as any in recent memory—including not a few of those ads where the candidate’s visage appears to say that he or she “approved this message.” Like a couple of bickering siblings, both sides protest either that they didn’t start it, or that it is the other side’s fault. Lowered to levels of political discourse that once would have gotten your mouth washed out with soap, the verbal free-for-all threatens to obfuscate not only the real issues in this election, but the truth itself. We’re all sick and tired of it—even when they’re dishing the dirt on the candidate we’re hoping is forced to slink off the public stage in disgrace come Tuesday.”

While the sentiment is real and current, I actually wrote those words nearly 15 years ago, just ahead of the 2006 mid-terms. I wouldn’t say that things haven’t gotten (even) worse since then, but I was surprised at how apropos those words remain even in the context of the election before us. 

Indeed, while much is made of what appears to be an extraordinary level of polarization in perspectives, the pernicious influences of social media, and the pervasive editorializing of the “news,” it remains my sense that our nation is not so cleanly demarcated into “blue” and “red” as pundits would have us believe. Moreover, while we surely have our individual differences, I suspect at most levels the voting public is not as polarized in their opinions on key issues as are the individuals seeking their vote, or the process that produces those individuals. 

The issues that confront our industry—and the nation’s retirement—important though they surely are, are unlikely to be the issues that motivate your choices on the ballot this year. That said, it’s worth remembering that elections matter there as well—that the “sweep” of control often creates the biggest issues for retirement policy, be it the tumult of the Tax Reform Act of 1986, the flirtation with Rothification, the ardor for financial transaction taxes that make no allowance for retirement savings, and “equalization” of tax treatment that might well discourage plan formation. And just how powerful bipartisanship (still) can be in terms of producing thoughtful, meaningful legislation like the SECURE Act.   

As I write these  words, it’s hard to imagine that we’ll know how it will all turn out by Election Day’s close. The good news, whether it be a result, or in spite of, the current level of vitriol, the American public’s interest in expressing its opinion by actually taking the time to go to the polls—or in pursuing an absentee ballot—appears to be surging. Elections do have consequences, after all—and, if the last several elections have taught us nothing else, we now know that votes—even a single vote—can matter.

Here’s hoping that—whatever your position on the issues—you take the time to vote this election. It is not only a right, after all, it is a privilege—and a responsibility. 

And let’s hope that those that find themselves in office as a result conduct themselves accordingly.

- Nevin E. Adams, JD