The economy is a critical topic for Americans leading up to the November election. Scripps News Salt Lake City convened a group of experts to discuss issues such as historically low unemployment and rising wages.
“It’s the first time in my 18 years of working in economic development in Utah that the conversations at work mirror those at home,” said Derek Miller, President and CEO of the Salt Lake Chamber and Downtown Alliance. “People are worried about affording rent, groceries due to high food prices, and child care, especially for dual-income families.”
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Other challenges people are facing nationwide include inflation and housing. “Housing is a hot topic now mainly due to high interest rates and rising prices,” said Maralee Jensen from Axia Home Loans. Economist Robert Spendlove added, “I spoke with someone with a mortgage rate of 1.75%, which is a significant increase from the 2% or 3% rates to 7%. Historically, we’ve seen such levels before, but not in a while.”
Shawn Teigen from the Utah Foundation expressed concern about bidding wars on houses when interest rates are low, leading to difficulties for first-time homeowners without equity.
“Homeownership is a dream out of reach for many in my generation,” said Salt Lake City Councilwoman Eva Lopez Chavez. “With 84% renters in District 4, we see declining housing opportunities.”
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“Utah has witnessed some of the highest appreciation in the country,” noted Teigen. This lack of housing options has a trickle-down effect on other sectors, including childcare.
“Parents often struggle to balance paying rent, car payments, or childcare costs,” said Luis Su Martin from Adventure Time Preschool. The high demand for childcare can lead to staffing shortages, impacting families.
“We need to support families for our community and economy to thrive,” emphasized Chavez. “Families need access to housing, education, and opportunities.”
“Childcare was a significant challenge for us while working, and I understand those struggles,” shared Jensen, reflecting on her experiences as a working mom.
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Luis commended Chavez’s focus on building better families through elements like quality childcare. Teigen emphasized the importance of developing children’s skills for the future.
While acknowledging the challenges, some panelists highlighted the positive aspects of the economy. Miller noted Utah’s prosperity and strong job growth, while Spendlove discussed the impact of inflation on people’s everyday lives.
“Consumer confidence in Utah is lower than the national average, which is concerning,” said Teigen, emphasizing the importance of addressing people’s feelings about the economy.
“It’s crucial to acknowledge people’s struggles with rising prices and inflation and develop strategies to address these challenges,” added Spendlove.
“The economy is stable, but inflation and rising prices are causing difficulties for many,” summarized Miller. “It’s essential to address these concerns and find solutions.”
