Election Year 2020: The Impact on Your Business

As we embark on a new decade, we’ll have the opportunity to participate in an election. You’ll often
hear me say I don’t make political statements – and that’s true, but there’s a difference between making
political statements and recognizing how politics impact your business or organization.
We’re living in a time when politics are extremely polarizing – both sides continue to go farther from the
middle, and as a result, there isn’t a lot of compromising. A Pew Research Center poll at the beginning of
2019 showed the public’s priorities were the economy, healthcare, terrorism, jobs, and the budget
deficit. Chances are you have a top one or two issues that you vote on each year – and I’m sure you have
your preferred party, but think outside the box with me for just a moment. When is the last time rather
than voting Republican or Democrat because that’s your party, you thoroughly read through the
proposed plans the candidates have and consider the short and long-term effects on your business or
I can’t speak for all industries, but let me give you a personal example. As I’ve shared before, my
organization is Loretto, a non-profit, post-acute healthcare system with assets in skilled nursing,
housing, managed care, short-term rehabilitation, and medical adult day services. Several issues affect
my business, perhaps the most significant being Medicaid. We rely on Medicaid funding, as many
organizations like ours do. Approximately 80 million baby boomers are aging and haven’t saved enough
for retirement – meaning many of them will also be dependent on Medicaid.
Who holds the future of Medicaid? State and federal administrations. With tax cuts and a growing
federal deficit, reform to Social Security, Medicare, and Medicaid programs will likely be at the top of
the list. Social Security and Medicare benefits are deeply engrained in our nation, making it difficult to
reduce or restrict – it would be easier to reduce or restrict Medicaid, which includes 70% of individuals
in nursing homes.
For me, and Loretto, this means advocating against cuts to Medicaid at both the state and federal levels
– however, it also means taking some initiative to get creative about diversifying our income.
As we approach Election Day, I would encourage you to set time aside to think through the top few
issues that impact your business or organization – and then research the candidates on both sides of the
political aisle at both state and federal levels to understand the impact they would have on your
business. Finally – and most importantly – block time out of your schedule on your calendar now to visit
the polls and vote for the candidates who will positively impact your business on Election Day 2020.