Letter: Please explain how the economy is so ‘bad’

Posted 1/22/24

How bad is reality right now? Unemployment down, under 4 percent for two years. Employment up, with hundreds of thousands of jobs added every month. Wages up, if only …

This item is available in full to subscribers.

Please log in to continue

Log in

Register to post events


If you'd like to post an event to our calendar, you can create a free account by clicking here.

Note that free accounts do not have access to our subscriber-only content.

Day pass subscribers

Are you a day pass subscriber who needs to log in? Click here to continue.


Letter: Please explain how the economy is so ‘bad’

Posted

To the editor:

How bad is reality right now? Unemployment down, under 4 percent for two years.

Employment up, with hundreds of thousands of jobs added every month.

Wages up, if only slightly, but recently rising faster than inflation.

Inflation down from nearly 9 percent to just over 3 percent; mortgage rates falling.

Gas down from nearly $4 to under $3, at least in Southern New England.

The stock market is doing very well, thank you, for those invested.

So tell me: how is the economy so bad?

Well, housing is still an issue, thanks to vulture (oh, sorry) venture capitalists. Single-family homes are being converted to short-term rentals for the already wealthy vacationers, while the service economy workers who serve them can’t find a place to live. We’re still relying way too much on fossil fuels, and the frequent storms are battering the coast around here, and everything everywhere else. Women’s rights stalled out, and under attack by the Supreme Court, but corporate “rights” are their primary concern. So there’s work to be done yet. I would like to be hopeful, for the sake of my offspring.

Clay Commons

22 Bayside Ave.

Portsmouth

2024 by East Bay Media Group

Barrington · Bristol · East Providence · Little Compton · Portsmouth · Tiverton · Warren · Westport
Meet our staff
Jim McGaw

A lifelong Portsmouth resident, Jim graduated from Portsmouth High School in 1982 and earned a journalism degree from the University of Rhode Island in 1986. He's worked two different stints at East Bay Newspapers, for a total of 18 years with the company so far. When not running all over town bringing you the news from Portsmouth, Jim listens to lots and lots and lots of music, watches obscure silent films from the '20s and usually has three books going at once. He also loves to cook crazy New Orleans dishes for his wife of 25 years, Michelle, and their two sons, Jake and Max.