Economics lesson – Times News Online

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Published on July 16, 2022 at 09:09

Dan Meuser is not yet my representative in Congress. Due to the redistricting, it probably will be soon. When that time comes, I hope Dan takes the time to listen to his constituents — all of them, not just Republicans — that he contributes to the overall well-being of us all, and that he stands up for the truth.

Dan, if you’re going to call the president’s view of the nation’s economic situation “backward,” you could explain what your agenda is and clarify the differences. It’s not a “good idea” until it’s an idea.

While you’re at it, economic activity in a capitalist society depends on market exchanges between buyers and sellers. Price of something (petrol?) too high? Useless. Significant drops in demand eventually lead to price adjustments. I agree that is how things are supposed to work in a time of stable markets. Dan, you failed to mention that we live in troubled times. There is a war going on in Europe and a general boycott of Russian oil is one of the West’s tools to exert leverage against Putin. Biden is trying to get OPEC to pump more oil. The last time a US president pressed OPEC was in April 2020, when Trump asked OPEC to cut production to support the price of oil. Go figure, an American president (as well as the oil industry) wanted to drive up the price of oil.

The truth is that fuel and food are the two components of the economy that are most subject to price fluctuations and least subject to control by the President or Congress – but you knew that.

You blamed Biden for the 1.5% drop in GDP last quarter – and there you were almost right. It was 1.4%. However, I noted that nowhere did you pluck up the courage to give Biden an attaboy for the economy’s 6.9% growth in the penultimate quarter. Unemployment is at 3.6%, a level almost never reached. what is Biden doing?

The truth is, Dan, the economy is complicated and influenced, but rarely controlled. If you are my representative next year, will you promise me to do better?

Joe Army Fischer,

Lieutenant Colonel, US Army (retired)

Northumberland

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