Most people would say our economy was in good shape before the pandemic. But I want to mention some aspects of our economy that mean more to me than the stock market. A recent Gazette edition (July 29) had an article on fighting hunger. Reportedly one in eight people, including 23,000 children, in HACAP’s seven county service area here in Eastern Iowa are food insecure. Would so many people face hunger in a healthy economy? And would so many people have to line up for free hot dogs a few days after a storm hit?
U.S. housing debt has reached a record level of over $14 trillion.
Forty percent of households hold some credit card debt with an average of $5,700.
Auto debt is 1.2 trillion. Mortgage debt is over $9 trillion and student is over $1.5 trillion. Tax cuts and deregulation have propped up the economy. But our deficit is over $3 trillion this year and is a record total of $26 trillion.
Deregulation causes environmental degradation followed by health problems, floods, fires, and other weather related damage. It is a short term strategy that feeds wealthy stock holders but causes extreme long term costs to the majority of the population and to the planet itself.
Our economy was suffering before the pandemic. I believe we can unite and build it back better with Joe Biden as president.
Bruce R. Bachmann