Editor,
John Horgan’s column in the Daily Journal published on Oct. 19th, “Borrowing money getting expensive,” notes that cost estimates for public projects are substantially inaccurate and low-ball the actual costs to taxpayers because of rising interest rates.
I cannot emphasize enough the harmful effects of high inflation, though Democrats seem to gloss over these harmful effects and gaslight the public. I recommend we slam on the brakes and induce recession as early as possible because inflation is by far worse.
An example in my life involves the purchase of a new car. In June in the Philippines, the bottom end price of a new car was 880,000 pesos and the exchange rate was 54 pesos to the dollar. A 20% down payment meant about $3,250 to purchase, so I started saving.
I finally saved that amount this October, but the price of a new bottom end car has since increased to 1.35 million pesos. To keep the monthly payments in budget I needed a 350,000 peso down payment. At a rate near 59 pesos to the dollar I was short again by $3,000. Inflation has made it so I am back where I started five months ago and I have been on a treadmill going nowhere the whole time.
Like many of my working class peers who don’t own any stock or property, my wage increases don’t keep up with inflation. I have lost $6,000 in buying power over last year. I make more than the median income of the average American family by working 70 hours a week. Think of those who make less.
Inflation is bad. Very, very bad.
James Constantino
South San Francisco
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(1) comment
Good morning, James
Thanks for your LTE... while we all see gas and food prices plus the cost for everyday things we need continuing to rise, your letter is a good example about the very real and harmful effects of inflation on all of us.
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