Envy of the World, part 2
In October 2024, The Economist, a conservative economic magazine, stated that the U.S. economy was, “The envy of the world.”
Dear Editor,
On April 10, 2025, I wrote a LTE in which my final summary was: “My prediction is that by the end of 2025, almost everyone will be wishing that our economy was back to October 2024 when the American economy was, “The envy of the world.”
I am on the record and I will be watching with you.”
Today the February jobs report posted 92,000 losses. Gas prices are up over $0.80/gallon in the past few days and diesel was $4.48/gallon at the BP. We are in a war of choice with Iran for which we have not been given any end strategy and stock markets worldwide are down.
Oil and gas prices affect almost everything, so you will be paying more for groceries and essentials.
Health care costs are rising much faster than inflation mostly due to the “Big Beautiful Bill” passed exclusively by Republicans. Bankruptcies are up 10.6% over 2024 as of Sept. 30, 2025, especially among farmers and small businesses. Automobile repossessions and home mortgage delinquencies are rising as is credit card debt. People are feeling financially squeezed just as the labor market has stalled with unemployment up from 4.0% in January to 4.4% now.
People are having a harder time finding jobs if they lose theirs.
So, back to the quote above. How are you feeling America?
Trump left office in 2021 with the economy crashing and he is now crashing the economy again.
He has been bankrupt six times. Bankruptcy is his superpower.
Here is my prediction today. I hope I am wrong. The uncertainty created by the tariff confusion and the war costing $1 billion per day along with the oil price increases will stall economies worldwide. Inflation will continue. Interest rates will stay up and average families will have extreme problems paying for necessities.
It did not have to be this way. If Trump had not been reelected, I believe our economy would still be, “The envy of the world.” We would, at minimum, not be facing a potential forever war in the Mideast and an economy on the ropes. It’s almost as if Trump was lying when he said that he would lower prices and not start endless wars.
We can attempt to correct this in November, but only if people understand that this administration is perfect for billionaires but very bad for ordinary folks.
Dr. Paul A. Haupt
Menominee
