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Dear Editor:
Inflation reached 8.2 percent year-over-year this week. It’s up 15 percent since President Biden took office (257.971 to 296.808 according to the Bureau of Labor Statistics).
The mayor of Carmel, advising the city council on economic matters, solved the inflation problem for us, saying: “The war in the Ukraine, of course, has impacted food prices tremendously as well as gas prices … If that were to be resolved, we might see substantial falls that bring that number down.”
Gross Domestic Product declined in the first half of the year (again, Bureau of Labor Statistics numbers).
This week the President told CNN we need not prepare for a recession.
We know what the far-left Green Woke progressives think.
So, what does Carmel’s council do? It approves $170 million in new borrowing at interest rates “not to exceed” 5 to 8 percent. How realistic those numbers are will be played out in the days to come.
One thing is clear: political leadership has become misleading leadership.
Bill Shaffer
Carmel