America is known for its abundance and for policies that lead to prosperity. A strong economy has always been one of the defining characteristics of the United States as the greatest nation on the planet. However, as we face a technical recession, we are living in the worst economy since 1981. We are facing an economic abysm and the way out is by replacing the leadership in place. We can start with the midterm elections.
The midterm elections are quickly approaching, and politically balanced decisions are critical to restructuring Congress and the way we run our economy. We must have leadership that secures commodities through free trade with other nations and the advantages of competitive pricing in a free market. We must vote for politicians that understand the gravity of the economic situation we are in and are ready to solve it with educated solutions.
According to a recent analysis of household financial health and readiness by the American Consumer Credit Counseling, about 40% of customers are unable to save any money at all, and roughly 19% have to lower their savings rate. This is problematic, to say the least. In addition, a recent report by the Federal Reserve Bank of New York also shows that black and Hispanic Americans have been dealing with greater inflation rates than the national average since prices started to soar in March 2021. The Hispanic Americans’ inflation rate was about 0.6 percentage points higher than the researchers’ calculated average rate. It was around 0.2 percentage points higher for black Americans.
According to specialists, women are also experiencing the negative economic impact more strongly. Women’s mental health is being impacted by a number of factors, including a gender gap in family responsibilities and financial uncertainty brought on by the epidemic and compounded by rising childcare costs.
The cost of groceries has increased; bacon now costs more than $7 a pound, up nearly $1 from a year ago. The cost of food increased 1.2% last month and 12.2% over the previous year, which is the highest yearly increase since 1979. For the first time since 1952, grocery prices have increased for six straight months by 1% or more.
Even though the Commerce Department stated that orders for durable goods unexpectedly increased in June, indicating that company investment has not decreased, we must do better. Consumer prices are rising at more than a 9% annual rate as of June. A few years ago, we had a booming economy and consumer confidence was at an all-time high. We can have that again. We just need to make well-informed decisions.
America can and will be prosperous again. Let’s aspire and vote for a leadership that once again puts Americans on the path of the prosperity they deserve.