For some reason now obscured by the passage of time I once signed up with The American Prospect. (Probably so I could comment on a particularly inane article.) Now I get periodical emails from them pushing one issue or another. Today I got a plea from the editor himself Kit Rachlis. It seems The American Prospect has seen its prospects dim of late. Around for over twenty years, this liberal outlet is apparently about to capsize in a perfect storm of debt.
The American Prospect needs your urgent help.
We’ve launched a campaign that is, quite literally, do or die. I hope you will contribute to help Save the Prospect.
……some big gifts we were counting on to support that new investment fell through, and we are now deeply in the red for the fiscal year that ends June 30.
We are immediately putting in place changes that will allow us to continue publishing on a slimmer budget without sacrificing quality. But to get to that point we need to escape a $500,000 hole by May 31st.
This is a lovely example of how many liberals conduct business. First they pile up enormous debt planning to largely pay it off not by being a successful enterprise but based on “some big gifts” they thought some suckers would give them. Second, they wait till just four weeks before the crap hits the fan before they launch an appeal for help from their loyal followers.
Isn’t it adorable how he wants to “escape a $500,000 hole”? Maybe he should have stopped digging at $250,000? Notice that he promises “immediate changes”. Immediate? Based on what date? It sounds to me like those changes are similar to Edward John Smith promising an immediate course correction just after hitting the iceberg.
I’ve owned a small business for nearly 25 years. Cash flow is something you never take for granted and always watch nervously. Even a prosperous business must constantly monitor inventory, labor costs, and unpleasant facts like loans coming due. Not to mention knowing your market, anticipating competition, and grappling with new techniques and technology. Except for extreme cases of bad luck, a business sinks beneath a tidal wave of debt only because its ran by people who either don’t offer a product demanded by the consumer, are dirt stupid, or both.