If you look at the polls and some of the off-beat YouTube sites or other “news” sources, you’ll think the U.S. economy must be terrible. It’s NOT. The truth is the job market is excellent, unemployment is down, consumers are spending (hopefully, saving too), the national debt has dropped slightly, we still lead the world in terms of Gross Domestic Product (GDP, which measures the size of a country’s economy), the U.S. inflation rate is 3.48%, considerably lower than 4.98% last year, and only slightly higher than the long term average of 3.28%, plus many other healthy signs. According to the International Monetary Fund (IMF), the global inflation rate for 2023 was 6.8%, certainly higher than the U.S. rate.
So what is everyone complaining about? Yes, we’re spending more than previously, but we’re always spending more than previously. You may have heard a senior person say, “I remember when Coke cost a dime!” What were salaries then? Not even close to what they are today.
Take heart and enjoy what you have. It’s really not so bad out there, at least economically, and maybe consider saving some money, too.
Related posts in this blog:
7/18/24 (Updated, Reposted), Unemployment has remained below 4% for 22 months in a row for the first time since the late 1960s. That low unemployment has enabled labor to make significant gains, with unionized workers in the automobile industry, UPS, Hollywood, railroads, and service industries winning higher wages and other benefits. Real wages have risen faster than inflation, especially for those at the bottom of the economy, whose wages have risen by 4.5% after inflation between 2020 and 2023.
GOP Cut, Cut, Cut, Under Trump
7/15/24 (Reposted), So where does healthcare come into [the GOP] tax bill? The GOP tacked on an amendment that repeals the mandate to have health insurance from the ACA. Sounds good to lots of Americans who despise the idea of someone telling them what they have to do, whether or not it’s for their own good or the betterment of the society as a whole. Stupid, yes, but it’s a cultural thing. However, if that is done, the Congressional Budget Office (and it is nonpartisan) estimates over 10 million Americans will be uninsured within 10 years. Healthcare costs skyrocket when citizens do not have adequate health insurance for a variety of reasons, so not only those 10 million, but most of the rest of us too will suffer financially from this.
DAVOS-More Shadow Plays by the Super-Rich
7/20/24 (Reposted), Information on the rich getting richer and that impact on the rest of the world.