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Letter: Economy not as rosy as it seems

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Posted: Wednesday, August 6, 2014 12:29 am

In a recent article in the Lodi News-Sentinel about the economy it was reported as sluggish but sturdier. My question is, sturdier than what? The economy of some third world country? They took a bunch of negatives and said they were positive and then expect us to believe because they say so. Here are some of the thing they say are good:

  • Fewer people are spending on credit. Perhaps it’s because they don’t have any money to spend.
  • Banks are more profitable and holding on to their money. How is this helping anybody?
  • More workers hold advanced degrees. Yet we read how so many college graduates have to move back in with mom and dad because there are no jobs.
  • Inflation is under control. What a bald-faced lie. If we used the same index that we used before Obama, inflation would be around 13 percent.
  • Millions who have reached retirement age are continuing to work. This is a good thing? Really? The reason they are working is their retirement savings have disappeared, and the cost of living forces them to keep on working.
  • Since Obama took office, gas prices have doubled, milk has tripled, meat has tripled and utilities have risen dramatically. Every single thing it takes to exist has gone up, but they say the cost of living is negligible.

If you take the millions and millions of people who have quit looking for a job and add them to the unemployment rolls, our unemployment rate would be around 17 percent.

The stock market is doing good because the feds have been throwing billions of dollars in it to shore it up. Yeah, we are in great shape.

Jim Sugden

Lodi

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