The economy revealed

To the Editor:

When asked what is the biggest problem in our country? 65 to 68 percent of respondents reply, “the economy.”

Like everyone else, I’ve paid higher prices but after 83 years of experience, I know that prices always go up, so I wasn’t alarmed.

I have two very intelligent, well-informed friends who kept telling me, “the economy is good,” and “we are in good financial shape.”

So, I decided to do some research. I decided to keep my sources of information as nonpartisan as I could and I would use many different sources of data. Researching economic trends can be pretty dry and boring (ugh!) but I stuck with it for over two months.

Here’s what I learned:

1. We have the strongest economy in the world.

2. Millions of jobs have been created during the past four years, more during Biden’s term than the past three Republican presidents combined.

3. Unemployment is at a 50-year low. It hasn’t been this low since Nixon was in office. 

4. Wages are up 4 percent, rising faster than inflation. The bottom 10 percent of workers have earned up to 6.7 percent more than four years ago.

5. Inflation is down to 2.4 percent, the lowest since 2018.

6. The stock market is up 15 percent this year and is at an all-time high. The S&P has scored 43 records so far in 2024, the strongest start since 1997.

7. Grocery prices are dropping. They may never get really low because some commodity suppliers are still charging the same as when inflation was high. (They like their profit margins).

8. Interest rates and gas prices are down.

9. There is no recession looming, even though 55 percent of Americans think we are in a recession.

Biden’s economic records beats Trump’s (not even close). Eleven million jobs created during the first two years, more than double Trump’s 4.5 million jobs. Wages have risen, unemployment is at historic lows and the stock market is at historic highs. Believe it or not, (I hate to say it, Bidenomics has worked).

I’m surprised too, but doesn’t the truth matter?

Ruth Aho

Rhinelander