Facts About Our Great Economy
To the Editor:
Many people say they are concerned about the US economy, thinking that the country is in big trouble. Nothing could be further from the truth. Do your homework. Look up the facts.
“The US economy by just about every measure is in good shape.” (Heather Long, Washington Post) 2024 is shaping up to be one of the best economies of many American’s lifetimes.
Our economy is as healthy as it has ever been.
“The American economy has left other rich countries in the dust” (The Economist) *As of October the rate of inflation is continuing to go down – currently 2.4%. (Labor Dept) The rate is the same now as when Trump left office.
*Growth remains strong at 3%. Under President Biden we have had the best job growth numbers in American history.
* Unemployment is low at 4.1% with the US having created almost 7 million more jobs than it had before the pandemic. We have the best unemployment numbers in decades.
* The stock market is hitting all time highs. October 14, 2024 the Dow hit 43,000 – the highest in history.
* “Many Americans are getting sizable pay raises and middle-class wealth has surged to record levels”. (Heather Long) * The Federal Reserve has begun to cut interest rates, down a full half point in a recent action.
*The current edition of The Economist says that the American economy is “the envy of the world.”
Let’s look at some of the proposals of both candidates that would affect the economy: Vice-President Harris.
- She will enhance the positive measures already in place focusing on cutting costs for families.
- She has called for a federal law to prevent the grocery companies from price gouging.
- She supports cutting taxes for middle class families.
- She proposes $25,000 down payment assistance for first-time homebuyers (along with the lower interest rate, housing will be more affordable) and more housing units built with the private sector.
- She supports continuing the child tax credit.
- Social Security, Medicare and The Affordable Care Act will be secure as well as the addition of home health aides paid through Medicare.
- Enable small businesses to get loans.
- Her policies will benefit the middle and lower economic classes more than the wealthy.
Donald Trump - He has promised to extend the tax credits for the wealthy and corporations.
- He proposes a tariff of 10% to 20% on imported goods and 60% on goods from China. Who do you think will absorb the higher cost of those goods in the American marketplace? The middle and lower class Americans would bear the biggest burden to the tune of more than $2,600 a year. This plan would add $7.5 trillion to the debt. (The Committee for a Responsible Federal Budget.)
- The illegal immigrants that Trump is targeting are vital to a number of businesses. Gov. Desantis has learned the hard way that his restrictive laws have cost Florida its work force and is negatively affecting the produce business there. If all the workers are removed, we may see all produce production go to other countries and putting American growers out of business.
- Trump’s deportations, tariffs and proposed takeover of the Federal Reserve could lower the GDP by as much as 9.7% and employment by 9%. Inflation could rise by as much as 7.4%. (Peterson Institute for International Economics) So why do we buy the doom and gloom predictions of the Trumpers? We don’t look at all the indicators of a healthy growing economy, beneficial to all of us in a Harris presidency.
An analyst at Goldman Sachs, H. John Gilbertson, has concluded from research that Democratic administrations reduce the US budget deficit more than Republicans and that stock market returns are 60% higher under Democrats. We continue to see a growing economy by all measures.
Look at the facts. Don’t let the prevailing disinformation guide your decisions.
Elect Kamala Harris and Tim Walz for a prosperous America.
Political Ad paid for by Judy Balch