I need an explanation. So many citizens complain that the economy is so bad and they cannot afford basic necessities like food and utilities. As I read the Sunday Patriot News, I noted the following on page E2:
-Dow Jones Industrial average: up 14.8% year to date
-Nasdaq: up 23.17% year to date
-S&P 500: up 22.95% year to date
-S&P mid-cap: up 14.98% year to date
-Russell 2000: up 12.28% year
This is not to suggest that the average middle class family can be invested in stock markets. What it tells me is that American business and manufacturing is doing really well, and that consumers by the millions are buying products and services in large amounts.
I also see that “non-essential” spending is up by double digit percentages. Travel, entertainment, liquor and gambling, and lottery revenues are at or near record. The revenue is not only from affluent customers; it is so vast that it comes from those of all economic spectrums.
Do we forget that from March 2020 to well into 2022, we had a GLOBAL pandemic that crippled the world economy. Deaths topped 1 million in the U.S., and many millions worldwide. Energy, transportation, goods and services struggled to recover for the next 3 years. In my 75 years, there was never a time when I saw so many aisles in the grocery store that were totally empty.
While I fully recognize that there are many who do struggle to survive and feed their families, it seems like there are many others who may just be making choices that do not help their economic situation.
Let’s look at the current situation with a clear head and sharp eye.
E. Wildman, Hummelstown, Pa.