Economy Is a Concern

Editor, News-Register:

Although many aspects of the economy of our great nation would indicate that it is performing quite well, building on the positive momentum long established during the Obama Administration, there are nevertheless a number of areas of serious concern that may severely impact our economy well into the future, of which we should be wary.

Specifically, there have been a number of troubling acknowledgments and prognostications that have been recently revealed which should raise considerable concern, including: Federal budget deficits are predicted to increase $100 billion more than had been originally forecast within the next three years; in June 2018, alone, the federal government recorded a $74 billion deficit. The federal deficit has increased by an astounding 23 percent and the deficit is predicted to reach an unpredictable $1 trillion beginning in 2019. It is projected that over the next 10 years, the federal deficit will total over $8 trillion, according to the United States Treasury Department.

Very serious statistics indeed and much of the aforementioned is attributed to the recent Trump tax cut, which inadvertantly has benefited the wealthiest among us, and has lead to a deficit increase in June 2018 to $607.1 billion, which is 16.1 percent higher then just one year ago, also per U.S. Treasury Department data.

In addition, according to “The Washington Post,” the U.S. rate of inflation is now at its highest in six years and the federal debt will reach 78 percent of the gross domestic product. Compared to the size of our economy, the deficit is the highest in seven decades.

I am very much concerned that as a result of such fiscal challenge that perhaps significant cuts to very worthwhile federal programs such as Social Security, Medicare and Medicaid may be on the horizon.

Also the recent implementation of massive, punitive tariffs by President Trump may well have a long-term negative impact on our economy as well.

In spite of all the challenges that we are as a nation now face, President Trump has recently vowed that he plans to devote 6-7 days per week campaigning for Republican congressional candidates beginning approximately 60 days prior to the November election, this combined with his seemingly endless tweeting, weekly golf outings, holding self-political events, and appearing on and spending literally hours daily viewing servile, Pro-Trump, Fox Week, leaves him considerably little time to focus on addressing issues of concern and for running the country.

Richard Hord

Martins Ferry


Today's breaking news and more in your inbox

I'm interested in (please check all that apply)