Opens in a new tab

Racing reflects the economy

May 29, 2011

This is one of my favorite days of the year.

The last Sunday in May usually means three fantastic auto races.

It starts early with the Formula 1 Grand Prix of Monaco. This is one of the greatest races in the world.

Not only do the streets of Monte Carlo provide great racing, the location itself offers fantastic gawking opportunities at both the scenic locales (all those ginormous yachts in the harbor!) and all the celebrity hangers-on, party-goers, driver girlfriends/fiancés, spectators (Kim Kardashian reportedly popped in for a look-see).

Formula One cars take a curve near the Monaco port during the Monaco F1 Grand Prix May 29, 2011. REUTERS/Eric Gaillard (MONACO – Tags: SPORT MOTOR RACING)

After the F1 champagne is uncorked, there's time for brunch before the green flag drops at the Indianapolis 500.

It's the 100th anniversary of the most-famous Indy Car race, so there's added incentive for all the drivers to be the first to take this year's historic checkered  flag.

Race day winds down with the longest race on the NASCAR schedule, the 600-miler at Charlotte Motor Speedway. It starts in late afternoon and ends under the lights.

Racing economics: Even if you're not a race fan, the attention given to today's events is worth noting.

As I discuss in the May edition of my monthly racing column for Randall-Reilly publishing, the Indy 500 is trying to recover not only from the open-wheel series disastrous split 15 years ago, but also doing so under economically challenged circumstances.

But the real racing reflection of the U.S. economy is NASCAR. The stock car series relies more than any other sport on corporate sponsors and the long distances NASCAR fans must travel to see a race.

In most cases, travel by fans of the 48, 88, 24 (yes, I have a Hendrick Motorsports bias) and other teams is by, fittingly, driving: cars, trucks, SUVs or recreational vehicles that get parked for the weekend in the tracks' infields.

The current price of gas adds to fans' race attendance budgets. Include the cost of tickets to the race itself, not to mention concessions and merchandise once inside the gate, and you're looking at a serious expenditure.

In cases where race fans are under- or unemployed, they just won't be able to make it to the races.

So look at the grandstands at the Indianapolis and especially the Charlotte races today. That will give you a good snapshot of just where the economy really is in its recovery cycle.

Related posts:

Want to tell your friends about this blog post? Check out the buttons — Tweet This, Reblog, Like, Digg This and more — at the bottom of this post. Or you can use the Share This icon to spread the word via e-mail and online avenues. Thanks!

Share:

The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

Latest Posts
What’s your 2027 tax bracket? Here are IRS figures for next tax year.

November 6, 2026

You don’t need to take a hot-air balloon ride to see that that inflation also…

Read More
TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
Comments
  • Crossfit
    15 years ago Reply

    Nice post!
    It’s quite informative and influential, yeah I agree with you there have been a reflection.

Leave your comment