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To the editor:
We see signs of stagflation, a phenomenon that has only occurred a few times in U.S. history -- in the 1950s, 1960 and during the oil embargo in the 1970s. We had to watch our wallets then and again ,now.
Stagflation is characterized by declining economic growth, rising prices and increases in unemployment with no new jobs created.
In Naples, foot traffic in shops, restaurants and hotels has significantly decreased.
Tourism in Lee County is down. Housing prices, along with higher HOA fees, have impacted the housing industry in our county.
Are healthcare services and workers going to be affected, too?
These trends will continue. Families will see layoffs, foreclosures, loss of health insurances, and a slimmer buying power! OK, look at your grocery bill. My grocery bill has definitely increased (over a year this is very costly; my wallet/buying power is shrinking.)
A recession is on the horizon. I am not happy with a slimmer wallet.
The economy is being harmed by economic policies in our present government. Is giving money to the wealthy billionaires just too important in the grand scheme of things?This will lead to a recession and decrease buying power for all of us.
I am not happy with a slimmer wallet.
Watch your wallet.
Kathleen Callard, RNBS
North Fort Myers