[♪ THEME MUSIC ♪] >>> COMING UP IN THE NEXT HOUR OF LOCAL NEWS ON ARIZONA PBS, "ARIZONA HORIZON," WHAT THE LATEST INCARNATION OF PRESIDENT BIDEN'S SPENDING PLAN WOULD MEAN FOR ARIZONA.

AND ON "CRONKITE NEWS," FAILING TO DEVELOP A HEALTHY LIFESTYLE IN CHILDREN COULD HAVE LASTING IMPACTS ON THEIR HEALTH.

THAT'S ALL IN THE NEXT HOUR OF ARIZONA PBS.

>>> GOOD EVENING, AND WELCOME TO "ARIZONA HORIZON."

I'M TED SIMONS.

CYBER-NINJAS OFFICIALS TODAY WERE AGAIN ORDERED BY A JUDGE TO TURN OVER AUDIT-RELATED DOCUMENTS AS PART OF A PUBLIC RECORDS LAWSUIT.

THEY AGAIN CLAIM THE RECORDS REGARDING THE COMPANY'S RECORDS WERE PRIVATE.

EVENTUALLY TELLING THE JUDGE, QUOTE, YOU HAVE NO JURISDICTION HERE.

>>> MEMORIAL SERVICES FOR FORMER ARIZONA ATTORNEY GENERAL GRANT WOODS, WERE ANNOUNCED TODAY.

MEMORIAL SERVICES WILL BE HELD AT ALL SAINTS EPISCOPAL CHURCH IN PHOENIX.

OFFICIATED BY THE REVEREND WARREN STEWART JR., PASTOR OF THE FIRST INSTITUTIONAL BAPTIST CHURCH.

WOODS DIED SATURDAY AT THE AGE OF 67.

>>> TODAY'S COVID REPORT SHOWS A NOTICEABLE JUMP IN PIMA COUNTY.

AZ >>> PRESIDENT BIDEN TODAY LEFT FOR A CLIMATE CHANGE CHANGE EUROPE WITHOUT A VOTE ON HIS SPENDING PLAN, BUT BEFORE LEAVING THE PRESIDENT ANNOUNCED A REVISED FRAMEWORK FOR THE PLAN.

THE PRESIDENT CALLED IT AN HISTORIC ECONOMIC FRAMEWORK.

>> WE SPENT HOURS AND HOURS AND HOURS OVER MONTHS AND MONTHS AND MONTHS WORKING ON THIS.

NO ONE GOT EVERYTHING WHAT THEY WANTED, INCLUDING ME.

BUT THAT'S COMPROMISE.

>> INDEED THE PLAN LEAVES OUT A NUMBER OF MAJOR PROPOSALS, AND NEITHER THE SPENDING PLAN NOR THE INFRASTRUCTURE PACKAGE HAS BEEN APPROVED BY CONGRESS.

>>> AND FACEBOOK WILL NOW BE CALLED MET TOE.

CEO MARK ZUCKERBERG SAYS IT IS TO SHIFT TO A METAVERSE COMPANY.

THIS COMES AFTER A WHISTLEBLOWER SAYS THAT THEY CHOSE TO IGNORE DANGERS.

>>> AS WE MENTIONED STILL NO CONGRESSIONAL VOTE ON PRESIDENT BIDEN'S MASSIVE SPENDING PACK AGE, BUT THE PRESIDENT DID SAY A FRAMEWORK WAS IN PLACE TO PASS BOTH PIECES OF LEGISLATION.

AND WITH THAT, WE ASKED ASU ECONOMIST DENNIS HOFFMAN TO FIND OUT WHAT THAT MEANS.

GOOD TO SEE YOU AGAIN.

THIS LOOKS LIKE IT'S 1.85 RIGHT NOW ON THIS PRESIDENT BIDEN SPENDING PLAN.

AND WHAT WOULD IT MEAN TO ARIZONA'S ECONOMY AND THE AMERICAN ECONOMY?

>> TED, IT IS GOOD TO BE HERE.

IN ITS ENTIRETY IT HAS TAKEN A SIGNIFICANT HAIRCUT.

ABOUT HALF OF THE $3.5 TRILLION PLANNED EXPENDITURE FOR THE RECONCILIATION PACKAGES IS STILL VIABLE AS OF TODAY.

AND THERE IS THE INFRASTRUCTURE BILL THAT IS STILL HELD UP.

AND BOTH OF THEM ADVANCING FORWARD WOULD -- YOU KNOW, INJECT SOMEWHERE IN THE VICINITY OF 2.5 TO 2.7, AND ARIZONA GETTING A SIGNIFICANT SHARE OF THAT, AND IT'S AN INJECTION OF CAPITAL.

THIS ONE IS COMING FROM THE FEDERAL GOVERNMENT.

THE STATE DEPENDS A LOT ON THE FEDERAL GOVERNMENT IN THE FORM OF THE DEPARTMENT OF DEFENSE.

THIS IS COMING IN THE FORM OF INFRASTRUCTURE, BOTH PHYSICAL AND HUMAN.

IT'S A BIG DEAL, TED.

>> AND I WANT TO TALK ABOUT THE INFRASTRUCTURE PACKAGE SEPARATELY IN A SECOND.

BUT AS FAR AS THE SPENDING PLAN IS CONCERNED TO PAY FOR THIS.

15% ON MINIMUM TAX ON CORPORATE TAXES.

AND THEN YOU HAVE A 5% TAX ON INCOMES OVER $10 MILLION.

IS THAT SOMEHOW -- BECAUSE A LOT OF FOLKS COULD SAY THAT KIND OF TAXATION WOULD SLOW OR DEPRESS THE ECONOMY.

ARE YOU BUYING THAT?

>> WELL, WHY ARE SOME CORPORATIONS ABLE TO GET BY, BY PAYING 10% WHEN THE AVERAGE CORPORATION PAYS 20% OR A HAIR MORE?

SO SO, YOU KNOW, I THINK THERE IS AN ELEMENT OF FAIRNESS THERE.

I CAN'T IMAGINE THERE WOULD BE A HUGE AMOUNT OF HEADWIND PUT INTO THE HIRING SECTOR AS A RESULT OF THAT.

WE DIDN'T GET AS MUCH EXPANSION OUT OF THE MAJOR CORPORATE TAX CUTS WE HAVE ENACTED, SO THAT REALLY DIDN'T SPUR THE ECONOMY, SO RAISING SOME MINES UP TO 15% WOULDN'T LEAVE THAT BIG OF A MARK.

MY PREFERENCE IS TO TAX ALL US OF ACCORDING OUR MEANS.

IN THIS POLITICAL WORLD, THOUGH, I GUESS THAT IS TOUGH TO DO.

IF YOU HOLD OUT A HANDFUL OF UBER-RICH FOLKS AND TARGET THEM FOR SOME OF THIS TAX -- YOU KNOW, I GUESS THE JURY IS OUT ON THAT.

THE WAY WE'RE HANDLING THEM IN ARIZONA, IF THE FEDERAL TAXES GO UP BY 2%, AND THEIR STATE TAXES GO DOWN BY 2%, IT'S KIND OF A WASH. >> YEAH, IT IS.

AND THE INFRASTRUCTURE BILL IS HINGED ON THE SOCIAL SPENDING.

LET'S SAY THEY GET THROUGH BOTH AND IT GETS THROUGH NEXT WEEK, WHEN DO WE START SEE THIS HAPPENING?

>> THIS DOES STRETCH OVER THE NEXT DECADE.

THE GDP NUMBER WASN'T GREAT THIS MORNING, BUT THE STATE IS DOING WELL, REVENUE COFFERS ARE FLUSH, AND WHEN REVENUE COFFERS ARE FLUSH, WE USUALLY CUT TAXES.

BUT BOTH HUMAN AND PHYSICAL INFRASTRUCTURE ARE GOING TO FLOW OUT OVER THE NEXT DECADE.

AND THE WAY WE HAVE BEEN TRIMMING OUR TAX BASE, I HAVE A NOTION, WE'RE GOING TO NEED INJECTIONS IN SOCIAL PROGRAMS AND PHYSICAL INFRASTRUCTURE FROM THE FEDERAL GOVERNMENT.

WE'RE GOING TO NEED THOSE IN 25, 26, 27, BECAUSE REVENUE MAY BE A LITTLE BIT LEAN.

>> AND AT THE LEVELS THEY ARE RIGHT NOW?

>> YES, BECAUSE WE'RE FLUSH NOW, BECAUSE OF THIS FROTHY BUBBLE THAT HAS HIT THE SYSTEM AS A RESULT OF PANDEMIC RELIEF, AND THE FACT THAT FOLKS DIDN'T SPEND AS MUCH, AND THEY HAVE ALL OF THIS PENT-UP CONSUMER DEMAND RIGHT NOW, I'M WAITING TO SEE HOW THIS SHAKES OUT OVER THE NEXT THREE TO FIVE YEARS.

>> DENNIS HOFFMAN, THANK YOU SO MUCH.

GOOD INFORMATION.

GOOD TO SEE YOU AGAIN.

>> TED, GREAT TO SEE YOU.

AND BEST TO YOU.

>>> UP NEXT ON "ARIZONA HORIZON," AN END OF THE YEAR PERSONAL FINANCE UPDATE.

>>> THE END OF THE YEAR IS APPROACHING, WHICH MEANS IT IS TIME TO CONSIDER A NUMBER OF PERSONAL INVESTMENT CONCERNS, AND FOR THAT WE SPOKE TO JAY SPECTOR, AT BARTON AND SPECTOR WEALTH.

GOOD TO SEE YOU.

WE'RE TALKING END OF YEAR FINANCIAL PLANNING AND OUTLOOK.

AS WE APPROACH THE END OF THE YOUR, GOOD YEAR?

BAD YEAR FOR MOST?

>> TED, GOOD TO SEE YOU.

YES, THIS YEAR IT LOOKS GOOD.

WITH THE POSITIVE THERE HAS BEEN SOME NEGATIVE.

BUT ALL IN ALL A POSITIVE YEAR.

>> AND THE GAINS FOR FOLKS ARE THEY NEGATED BY INFLATION?

>> WELL, INFLATION IS SOMETHING WE HAVE TO WATCH OUT FOR.

BUT WE HAVE HAD SOME FITS AND STARTS THIS YEAR.

WE HAD DEBT CEILINGDY CRISIS, THAT THREATENS OUR ABILITY TO PAY OUR BILLS IN CONGRESS.

YOU HAVE FOLKS THAT ARE STILL VERY CONCERNED ABOUT THE COVID-19 AND THE IMPACT IT IS HAVING ON OUR ECONOMY.

YOU HAVE A PLETHORA OF JOBS THAT HAVE YET TO BE FILLED, AND ON THE FLIP SIDE, YOU HAVE HIGHER PRICES ON VEHICLES, MILK, BREAD, GRAINS AND SO FORTH.

SO INFLATION IS DEFINITELY GOING TO TAKE HOLD.

>> WITH THAT IN MIND, WHAT DO INVESTORS THINK ABOUT NOW?

>> I THINK THEY NEED TO BE COGNIZANT OF THEIR RETIREMENT PLAN.

IF THEY ARE GOING TO RETIRE IN THE NEXT COUPLE OF YEARS, THEY NEED TO FOCUS ON THEIR RETIREMENT ASSETS AND BE CAUTIOUS OF WHAT TYPES OF INVESTMENTS ARE YOU GOING TO INVEST IN.

YOU NEED THE INCOME THAT YOU NEED TO MAINTAIN YOUR LIFESTYLE.

>> 401KS, AND THOSE TYPES OF THINGS IS THIS THE TIME TO LOOK AT THOSE?

>> ABSOLUTELY.

YOU HAVE LEGISLATION COMING OUT OF CONSTRUCTION POTENTIALLY THAT IS GOING TO IMPACT ALL OF THE PLANS, SO IT'S REALLY IMPORTANT TO MAKE SURE YOU ARE INVESTED PROPERTY WITHIN YOUR PERSONAL OR WORKPLACE RETIREMENT PLAN, AND CONSTANTLY MONITOR THOSE INVESTMENTS, AND STAY UP WITH THE CURRENT LEGISLATION TO YOU CAN WORK THROUGH YOUR MEANS.

>> CONSIDERING THE STOCK MARKET -- AND AGAIN, THE VOLATILITY THERE -- IT SEEMS LIKE IF YOU ARE OLDER YOU MAY HAVE MISSED OUT IN THE LAST COUPLE OF YEARS?

>> YEAH, USUALLY YOU WANT TO BE MORE AGGRESSIVE WHEN YOU ARE YOUNGER, AND YOU HAVE TO BE COGNIZANT AGAIN OF WHAT YOUR OVERALL GOALS ARE.

THERE IS THE ADAGE, THE 60/40 MODEL.

YOU MIGHT AS WELL THROW THAT OUT IN THE INFLATIONARY ENVIRONMENT.

>> AND YOU MENTIONED CONGRESS, I KNOW THEY ARE LOOKING AT MANDATORY 401K'S.

FIRST OF ALL, DO YOU THINK THIS IS GOING HAPPEN?

AND DOES THAT CHANGE THE DYNAMIC?

>> THAT IS THE $64,000 QUESTION.

WHAT CONGRESS BECAUSE AND WHAT AK THEY ACTUALLY DOES IS TWO DIFFERENT THING.

SECURE 2.0 WILL REQUIRE EMPLOYERS TO OFFER A MANDATORY 401K.

THEY ARE ALSO GOING TO ALLOW FOR GREATER CATCH UP.

RIGHT NOW, IF YOU ARE OVER 50, YOU CAN CONTRIBUTE MORE.

THEY CAN POTENTIALLY RAISE THAT TO $10,000.

I ENCOURAGE FOLKS, SIGN UP FOR YOUR 401K PLAN, AND TAKE ADVANTAGE OF IT.

>> AND IS THERE A CHANGE IN ARIZONA'S DEDUCTIBILITY PLAN?

IS THAT TRUE?

>> WHAT YOU READ HAS TO DO WITH 529 COLLEGE SAVINGS PLAN.

BACK IN DECEMBER, THE LEGISLATURE ALLOWED INDIVIDUALS TO DEDUCT $2,000 AND $4,000 PER COUPLES.

I ENCOURAGE PEOPLE TO TALK TO THEIR TAX ADVISOR ON THAT.

IT IS PLANS FOR YOUR YOUNGSTER WHO WANTS TO GO TO COLLEGE.

ARIZONA IS ONE OF SEVEN OR EIGHT STATES IN THE NATION THAT ALLOWS YOU TO DEDUCT THOSE LIMITS.

>> JAY SPECTOR, THANK YOU.

>> THANKS, TED.

GOOD TO SEE YOU.

♪♪ >>> ULTRA MARATHON RUNNING CAN BE A GRUELLING ENDEAVOR.

CONDUCTING RESEARCH PROJECTS CAN BE TOUGH TOO.

OUR NEXT GUEST, CHRIS HERBST FROM ASU'S COLLEGE OF PUBLIC AFFAIRS, SAYS THEY ARE REMARKABLY SIMILAR.

CHRIS, WELCOME TO "ARIZONA HORIZON."

GOOD TO HAVE YOU HERE.

LET'S DEFINE TERMS HERE.

YOU ARE AN ULTRA MARATHONER.

WHAT DOES THAT MEAN?

>> A MARATHON IS ANY DISTANCE COVERED LONGER THAN THE STANDARD MARATHON DISTANCE OF 26.2 MILES.

THAT IN THEORY AND PRACTICE WHEN YOU FIRST SIGN UP, IT WILL BE A 50 KILOMETER DISTANCE.

>> WHEN DID YOU FIRST SIGN UP FOR YOUR FIRST MARATHON?

>> ABOUT TWO OR THREE YEARS AGO.

IT WAS MY FIRST ULTRA MARATHON DISTANCE OF 50 KILOMETERS.

>> WHY DID YOU DO IT?

>> MOSTLY, I WAS CURIOUS TO SEE IF I COULD, IN FACT, COMPLETE THE DISTANCE.

I NEVER CONSIDERED MYSELF A RUNNER, NEVER MIND A LONG-DISTANCE RUNNER.

I NEVER REALLY LIKED LONGER DISTANCE.

BUT SOMETHING MADE MY CURIOUS ABOUT THE ULTRA MARATHON DISTANCE.

>> WHAT -- WHAT -- WHAT ARE YOU THINKING ABOUT AT MILE -- OH, I DON'T KNOW -- 17, 27?

WHAT GOES THROUGH YOUR MIND IN THIS PROCESS?

>> AT THAT POINT, I AND PROBABLY OTHERS ARE DEEP WITHIN THE PAIN CAVE.

THAT'S SORT OF A METAPHOR FOR A MENTAL PLACE THAT YOU GO TO LATE IN A LONG-DISTANCE RACE, WHERE EVERYTHING IN YOUR BODY IS TELLING YOU TO STOP, BUT THE TASK OF THE MIND IS TELLING YOU TO CONVINCE THE BODY TO KEEP GOING.

SO YOU ARE PROBABLY HUNGRY, THIRSTRY, BEHYDRATED, YOUR FEET ARE HURTING YOU, BUT YOUR MIND IS TELLING YOUR BODY TO IGNORE ALL OF THOSE THINGS.

FOR SOME IT'S A WELCOME PLACE.

AND FOR OTHERS IT IS AVOIDABLE AT ALL COSTS.

>> AND YOU ARE ALSO A RESEARCHER.

AND YOU DO ACADEMIC RESEARCH, AND IT IS SIMILAR IN SOME WAYS TO A RESEARCH PROJECT.

EXPLAIN THAT?

>> YEAH, I HAVE OFTEN THOUGHT THAT, THAT THERE ARE MANY SIMILARITIES BETWEEN CONDUCTING RESEARCH AND TRAINING FOR AN ULTRA MARATHON.

TO CONDUCT ACADEMIC RESEARCH -- WHICH OFTEN TAKES MANY, MANY YEARS TO SEE THROUGH TO COMPLETION, YOU HAVE TO HAVE THIS ABILITY TO GRIND AWAY ON A PROBLEM, AND MAKE A LITTLE BIT OF PROGRESS DAY AFTER DAY.

WHILE ULTRA MARATHON TRAINING IS VERY SIMILAR.

DAY AFTER DAY, YOU GET A LITTLE BIT BETTER, AND IT FORCES YOU TO DELAY GRATIFICATION.

>> AND ALSO I WOULD IMAGINE, ACKNOWLEDGE THAT YOU MAY NOT MAKE IT TO THE END OF THAT RACE, OR THE END OF THAT ACADEMIC RESEARCH.

BUT FAILURE IS PART OF THE PROCESS, ISN'T IT?

>> ABSOLUTELY.

I THINK YOU HAVE TO BE OKAY WITH THE POSSIBILITY THAT -- THAT YOU MAY FAIL.

THE ACADEMIC PROJECT THAT YOU REALLY BECAME MARRIED TO AND ARE QUITE INVESTED IN MAY -- MAY NOT BE SUCCESSFUL ULTIMATELY.

SAME WITH TRAINING AND RUNNING RESEARCH.

AND WHEN YOU DO ACADEMIC RESEARCH, IF YOU ARE GOING TO FAIL, IT IS BEST TO FAIL QUICKLY.

>> AT FILE 5 INSTEAD OF MILE 17.

>> EXACTLY.

>> HOW LONG DOES IT TAKE TO TRAIN FOR ONE OF THESE RACES?

>> THE LAST ULTRA MARATHON I RAN, IT WAS THE END OF MAY.

IT WAS A 50-MILE DISTANCE, SO I STARTED TRAINING EARLY JANUARY OF THIS YEAR, SO APPROXIMATELY A FIVE-MONTH TRAINING BLOCK, AND INSTEAD OF GOING BACK TO THE EARLIER COMMENTS, WHEN YOU ALLOCATE FIVE MONTHS TO A PROJECT, THERE ARE MANY THINGS THAT COULD GO WRONG.

FIVE MONTHS IS A LONG TIME.

>> YEAH.

AND WHEN IT IS OVER WITH, ARE YOU STILLING IT?

>> WHEN I CROSS THE FINISH LINE OF THAT ULTRA MARATHON, I HAD TEARS RUNNING DOWN MY FACE.

I LOOKED AT MY WIFE IN THE EYES AND SAID I WILL NEVER DO THAT AGAIN.

>> SO THAT'S IT?

>> WELL, THERE IS ANOTHER PHENOMENON.

YOU SPEND A FEW WEEKS CONVINCED THAT YOU WILL NEVER RUN ANOTHER ONE OF THESE RACES AGAIN, BUT A FEW WEEKS LATER THE ITCH STARTS TO REEMERGE.

>> WELL, GOOD LUCK IF YOU DO GIVE IT A GO AGAIN.

CHRIS HERBST FROM ASU'S COLLEGE OF PUBLIC AFFAIRS, THANKS FOR BEING HERE.

>> THANKS FOR HAVING ME.

>>> AND THAT IS IT FOR NOW.

I'M TED SIMONS.

THANK YOU SO MUCH FOR JOINING US.

YOU HAVE A GREAT EVENING.

♪♪ >>> COMING UP IN THE NEXT HALF HOUR ON ARIZONA PBS, ON CRONKITE NEWS, HOW SOME ARIZONA BUSINESSES ARE CASHING IN ON GHOST TOURISM.

♪♪