Bracing for the bad
To the editor:
If you think the price of milk, gas and just about everything else is becoming unaffordable, you ain’t seen nothing yet. Those in the know will tell you it’s about to get a lot worse. CNBC reports that 50 percent of economic analysts, as well as those people considered the “ultra rich,” believe the United States will go into a recession next year. That prediction is backed up by the Guggenheim Investment Firm, which suggests a “recession is likely to begin in early 2020.”
But wait, there’s more. Fortune Magazine reports that, according to many economists, this year’s growth will be slower here, as well across the globe. Goldman predicts the U.S. GDP growth will slow to 1.6 percent by the end of this year.
The facts are clear. Interest rates are going up, making it more expensive for you to finance anything; trade tariffs are increasing, thanks to presidential vendettas; and we are in the 10th year of a bull market on Wall Street.
While Wall Street banks celebrate billions in kickbacks from the Republican tax scam, families are seeing their refunds shrink or go away entirely. Remember speaker Paul Ryan when he boasted about a secretary taking home $1.50 more per week? It’s no wonder the U.S. has seen the biggest wealth gap since the roaring ’20s.
So as you continue to praise the president for that “huge” bump in your paycheck last year, be sure to hold onto your wallets. The extra tax money will be swallowed up at your store and disappear, faster than the almost 1,500 immigrant children the U.S. lost track of under this current administration.