Letter to the editor: Economy woes will only get worse

Mark Twain, a respected journalist and author, said: “It’s easier to fool people than to convince them that they have been fooled.” Let’s test that. Instead of ALL CAPS social media posts telling you what to think, here are some actual facts for you to decide for yourself how the U.S. economy is faring.

On May 16, as government debt approached a staggering $37 trillion, Moody’s Ratings downgraded the U.S. credit rating from Aaa to Aa1. Fitch Ratings and S&P Global Ratings had already lowered the U.S. credit rating below the top triple-A position. Nevertheless, House Republicans have pushed through budget legislation that will add trillions of dollars more to the national debt to fund tax breaks benefiting billionaires who supported President Trump’s White House win.

During the first quarter of 2025, the dollar fell 8% against global currencies. Additionally, Trump’s first 100 days in office marked the worst start for stocks since Nixon’s second term in 1973, which increased volatility across markets. Consequently, due to fluctuating and declining stock values, both the workforce and retirees have witnessed a reduction in their 401(k)s.

As a result, it’s not surprising that both Democrats and Republicans believe year-ahead inflation expectations rose from 6.5% in April to 7.3% in May. This decline in consumer confidence has led to such a significant drop in spending that some retail businesses have shut down permanently, causing job losses and damaging local economies.

Unfortunately, this is just the tip of the iceberg.

William Plumlee

Ligonier