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Facts necessary in economics discussion

Thursday , June 28, 2018 - 12:00 AM1 comment

John Reynolds is entitled to his personal opinion as expressed in his letter to the editor on June 22. However, his opinion typically lacks documentation. He wrote about the lack of recognition for progress made in jobs and economic growth.

To the credit of the Trump administration, the economy was doing well in the spring of 2018. When the jobs report was announced in May, the unemployment rate dropped to 3.8 percent — tantalizingly close to the level last seen in 1969. Employers added 233,000 jobs, up from 159,000 in April. However, the good jobs news did little to decrease the stock market volatility which saw wild fluctuations in the wake of Trump's imposition of tariffs on America's closest allies.

In fact, Christopher Rugaber, an economics writer for the Associated Press, wrote in the June 3 issue of the Ogden Standard-Examiner that "some economists do remain concerned that the Trump administration's aggressive actions on trade could eventually hamper growth." Mr. Rugaber also wrote, "Persistent uncertainty about which trading partners might be hit next — and which U.S. products might be penalized in retaliatory moves — could disrupt some companies' expansion plans." Additionally, The National Association for Business Economics had less than a rosy outlook for the U.S. economy. The association is a group of 45 top business economists. Their forecast was printed in the June 6 issue of the Ogden Standard-Examiner.

They believe that the tax cuts President Trump pushed through Congress will give a significant boost to economic growth this year and next year. But they worry about 2020 because the country could be entering a new recession. They are also slightly less optimistic about the U.S. economy in 2018 than they were three months ago.

There was also a report released this month that inflation is accelerating. The report said, "U.S. inflation accelerated in May to the fastest pace in six years."

Dennis D. Wakefield

South Ogden

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