Some things are looking up in the U.S. We’ve added 10 million jobs in the past two years, including almost 700,000 manufacturing jobs. Unemployment has dropped to a 50-year low rate, and Montana’s is under 3%.
The federal deficit has not increased in the past year and a half. It fell by $1.4 trillion this year, the largest ever decline in federal deficit.
While inflation is worrisome, it’s happening worldwide, often at higher rates than in the U.S., caused by global post-pandemic shortages, plus Putin’s war on Ukraine and China’s lockdowns. Part of U.S. inflation is because U.S. corporate profits are at the highest margins since 1950. With the newly passed legislation, at least they will now pay some taxes.
People monitor inflation by gas prices. Our government doesn’t have much control over it. Recently oil-producing nations led by Russia and Saudi Arabia announced they’d slash oil production. That hits us directly.
I worry about the Republicans’ threat to cut Social Security and Medicare. Montana is one of the “grayest” states in the union with a large population over age 60. Most Americans would oppose these cuts. In a world that seems crazy, these are positive trends.
Stephanie Brancati
Big Arm