Discretionary Spending

Howard County Executive Charles I. Ecker was inaugurated to a second term last night amid all the well wishes he deserves. During an election where incumbency was considered a black mark on those holding office, Mr. Ecker won re-election handily in bitterly contested race. Residents felt justifiably confident that Mr. Ecker could steer Howard County through the next four years.There is, in fact, ample cause to celebrate. In his first term, the recession dealt Mr. Ecker a budget crisis, which he brought under control with a combination of belt-tightening and a tax increase.

Howard County Executive Charles I. Ecker came through a difficult re-election bid with flying colors. The former educator clearly built a broad base of support among residents and business interests during his first term. We hope he becomes even more of a regional leader in his second -- and he is giving early indications he will.During Monday's inauguration, he made a point of stressing the need for a regional strategy to minimize costs and environmental degradation from solid waste disposal.

IT'S A GOOD idea to have an "emergency" fund to cover expenses during unemployment or disability, or to pay large unexpected bills, such as repair and medical.Families should have an emergency fund before they invest so that it doesn't become necessary to sell stocks to cover the emergencies.To decide where to put those funds, figure out how much money you'll need. According to the Institute of Certified Financial Planners, most advisers suggest three to six months' take-home pay.Three months seems enough if your job is secure, or if you have other income such as Social Security, stock dividends, etc. You should save more if your income fluctuates due to commission, seasonal income changes or job instability.

THE NEED for the United Way of Central Maryland to exceed its $39.4 million goal this year is paramount. One reason is the acute need met by this community effort. Another is the large number of people who avail themselves of these services.But the most basic reason is that the United Way is a measure of how Central Marylanders regard themselves. We look out for our families and each other. We care about our communities and our neighbors. If we don't, who will?That calls upon everyone to give -- if able, if fortunate enough to have work when others do not, if blessed with discretionary spending power.

WONDERING what stocks to buy? "While fear rules now, we see excellent values before long," says the S&P Outlook. "Consumer staples stocks are a more prudent choice than those of companies dependent on discretionary spending. "Recession-resistant consumer necessities [food, beverages, housewares] will hold up well in a weakening global economy. "Our favorites are Anheuser-Busch Cos. Inc., Constellation Brands Inc., Hershey Foods Corp., Kraft Foods Inc., PepsiCo. Inc., Fortune Brands Inc. and Tupperware Corp."

On the primary campaign trail, this is the season of promises. But the record $3.1 trillion federal budget sent by President Bush to Congress yesterday shows how the continuing war in Iraq and mounting Social Security and Medicare costs are going to make new promises difficult to keep. Mr. Bush is proposing an overall spending increase of 6 percent that would produce a near-record $410 billion deficit for the federal budget year beginning in October. Much of the added money would go to pay for the ongoing wars in Iraq and Afghanistan as well as increases in Social Security and Medicare costs and a pending $145 billion economic recovery package.

CHICAGO -- Most consumers claim that Americans are "addicted" to debt and many say they can't do much about it because their savings are too low and they live paycheck to paycheck. The results of the most recent American Pulse, a survey conducted by BIGresearch, underscore how Americans increasingly are feeling like they're stuck between a rock and a hard place as the economy limps along. "They wish they could save more. It's something they want do," Phil Rist, vice president of strategy for BIGresearch, said of the desires of most consumers surveyed.

Your editorial on Vice President Joseph Biden's debate performance against Rep. Paul Ryan seems to have somehow ignored several factual errors by the incumbent ("Biden connects," Oct. 13). For starters, Mr. Biden claimed "we weren't told they wanted more security" in answer to a question about the terrorist attack on the U.S. consulate in Libya on the anniversary of 9/11. In doing so, Mr. Biden was contradicting the sworn congressional testimony of State Department officials last week, prompting GOP presidential candidate Mitt Romney to say the next day that the vice president was "doubling down on denial.

Much as we rejoice in Senate passage of a bill giving presidents unprecedented power to block pork-barrel spending, it must be reconciled with a different attack on the same problem approved by the House. Though sentiment for cutting the debilitating federal deficit is thus building nicely, pleaders for preservation of Congress' much-abused prerogatives will do their best to tie up this much-needed legislation in conference.Of the two approaches, the Senate's is preferable because it is less vulnerable to constitutional challenge.

Boscov's files for Chapter 11 Regional department store chain Boscov's Inc. has filed for Chapter 11 bankruptcy protection and said it will close 10 stores including anchors at White Marsh, Owings Mills and Marley Station malls in the Baltimore area. Officials from the 49-store chain said in court filings and interviews that the collapse in the housing market, skyrocketing energy prices and higher food costs cut the discretionary spending of its customers and put pressure on the company's finances.