Inflation continues to be painful for us all. But let’s set the record straight. The inflation rate is down to 3.1% from 6.4% last year and expected to decrease further while wages increase. We now have the lowest inflation rate of all the major advanced economies and the highest rate of wage growth, with both trends expected to continue in 2024.
The U.S. has had the most successful rebound from COVID. This is not an accident. The big reasons are strong growth in the U.S. labor force (unemployment is at a 50-year low at 3.5%) and in productivity, with the latter spurred by major investments in infrastructure and manufacturing, especially from the Biden administration.
Many Republican members of Congress are currently extolling the benefits of federal investments in their communities that they voted against a year or so ago! Let’s stay the course. Joe Biden’s firm hand on the tiller and his democratic vision benefit all Americans. We cannot afford to trust the economy again to someone known to cook the books and care only for himself and the 1%.
John Guarnaccia
Waldoboro
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