Editorial chooses alternative economic outlook to reality
The Maui News’ March 8 editorial represents quite well those who choose to be a miserable and misinformed segment of our population. Our economy is chugging along at 3-plus percent growth, our unemployment is the lowest it has been in 50 years. Wages are rising at a faster rate than ever as employment tightens (now at 4 percent unemployment) and demand for workers exceeds availability.
A symptom of this, Costco just announced minimum wage increase to $15 and increases for all staffers. Locally, Sheraton Maui Hotel employees just negotiated the richest contract yet. We are experiencing minimal inflation. Because of deregulation our business climate is the best it has been in nearly 50 years, boding well for our economic outlook.
The publisher longs for the 1.5 percent growth and over 6-plus percent unemployment, and increasing burden of business regulation, as an economic model that was just going along nicely, and not be susceptible to downturn. Then it was interrupted by our new robust economy.
The publisher is suddenly concerned with the deficit but never made a peep when the previous administration put us $20 trillion under in debt in a slow-moving economy, 1.5 percent at its highest, with no chance of overcoming the debt. Now that our economy is bustling at record highs we’re in a much better position to deal with the debt.
We all should all count our blessings and be happy that we are experiencing such great prosperity.