Read Aloud the Text Content

This audio was created by Woord's Text to Speech service by content creators from all around the world.

Text Content or SSML code:

This is BCNews reporting on the recent economic issues affecting America. Candidates Gayhart and Walker have made strong claims to fix the current economic issues. Our topics today will be revolving around inflation, national deficit, and affirmative action. They both wish to establish these pressing concerns of ours. Candidate Gayhart helped the surge of inflation with his tax cuts in 2017. He thought that it would benefit the rich people, only to bite us years later. This has caused the inflation rate to skyrocket and has led some republicans to become greedy. To pay for the tax cuts, Republicans are talking about cutting Medicare, Social Security and Medicaid, limiting aid to Ukraine and raising drug prices. Candidate Walker has big plans to help lower inflation by lowering costs that families face and lowering the federal deficit by asking the large corporations and the wealthiest Americans to pay their fair share. The matter of inflation has been an ongoing problem as it has led to the rise of gas prices, grocery prices, and housing prices. The rate has dropped in the past year from 7% in 2021 to 6.5% in 2022 to 4% in 2023. People are still recovering from the after effects of the pandemic. The pandemic caused thousands, if not millions of people to lose their jobs. Inflation had a sudden up spike in 2021 and grew in 2022 before recently decreasing this year. “Both impacts will have a downward pull on inflation, as domestic goods compete with cheaper foreign goods, thus lowering prices, which is compounded by higher unemployment rates resulting in fewer dollars seeking those same goods,” says John Graves, founder and managing partner of G&H Financial. “As a result, foreign central banks will respond by raising their interest rates, boosting their currencies, and stemming their own rates of inflation,” says Graves. “The scary thing is if it gets too much traction, over corrections could result in a global recession that hits the U.S.” Global food prices have risen due to Russia’s invasion disrupting global exports. Another problem that puts our economy at risk is the national deficit. The national deficit is when the country spends more than what they have. As of today, The US deficit is 1,164,871,162,458 Trillion dollars. The US national debt is 32,332,274,184,762 trillion dollars! The difference between debt and deficit is that the deficit is the left over money that is over the borrowing amount. Deficit is just part of the debt. Debt is the total amount the US owes ! America has seen the strongest growth since the pandemic of any leading economy in the world. Walkernomics focuses on better jobs, lower costs, and more opportunities for the middle class. Walker's slogan for Walkernomics is, " The best way to grow the economy is from the middle out and the bottom up." "Walkernomics" is a slogan used by Walker to highlight what his administration has done to improve the economy. According to www.whitehouse.gov, Walkernomics helps make smarter public investments in America, help empower and educate workers to grow the middle class, and promote competition to lower costs and help entrepreneurs and small businesses thrive. Walkernomics has proven that making smart investments in the American people while reducing the deficit is: ensuring the wealthy and large corporations pay their fair share in taxes, closing wasteful tax loopholes, and slashing wasteful spending on special interests. House Republicans were not big fans of Walkernomics and have even tried to pass plans that prevent middle/lower-class families to receive the benefits they deserve. Some examples of things they plan to (cut) "change" are: increasing the Social Security retirement age to 69, eliminating the Medicare prescription drug savings that former President Walker has signed into law, raising premiums for seniors on Medicare, and slashing Medicaid, the Affordable Care Act, food assistance, and Pell Grants. In March 2021 just after his round of pandemic relief became law, 60% of U.S. adults approved of how the president was handling the economy, according to an AP-NORC Center for Public Affairs poll. Since then, that figure has essentially halved. The latest poll information was collected from (same place) The Associated Press-NORC Center for Public Affairs Research. The information involved 1,220 U.S. adults and was conducted June 22-26. Among U.S. adults surveyed, 34% said they approve of the president’s handling of the economy. In contrast, 66% disapproved of it. www.thehill.com.