By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – Advertising is a strange, insidious and all too influential animal. I could spend an entire year talking just about TV ads, but the ad that's really confusing me is for the new $20 bill. I'm Maxine Shapiro with KERA Marketplace Midday.
At first, I didn't get it. Why do I have to be sold on a piece of currency I wish I had more of in my pocket? Newsworthy, you know it. It's definitely good to know the color of the $20 bill has changed. Lovely peach and green. But I didn't, and even after a little research, still don't understand why the barrage in print and TV. It's not like I have a choice of colors or I'm going to quit supporting the note because light orange makes me look washed out.
So I went to the website I found on the bottom of a print ad. Not finding what I was looking for, I called the media rep. My first and most immediate question: "Who's paying for all this?" The person that could answer the question "in detail" was in a meeting but the not-to-be-quoted person on the other end said it wasn't taxpayer dollars. The "Public Education and Awareness" campaign was being funded by the Federal Reserve Board. I called them to find out where they get their money. No answer yet.
Here's how much the whole campaign is costing: $53 million over the next five years. That includes the intro of this year's new $20 bill, next year's fresh $50 note and in '05 - the $100 note, which I hope to see a lot more of. And the breakdown of the over half of million dollars is as follows: $14 million for "Direct Contact, Training and Research." That includes training for cash-handlers and law enforcement, and as well as website communications. $7 million for "News Media Outreach." "International Outreach" will receive $6 million. The info is in 22 different languages. When you consider as much as two-thirds of our currency is held outside the U.S., that's money well spent. But almost $30 million will be spent on "Paid Media." The onslaught of ads has just begun. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m.
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