The economy is a crucial topic for Americans leading up to the November election. Scripps News Salt Lake City brought together a panel of experts to discuss issues like historically low unemployment and rising wages.
“It’s the first time in my 18 years of working in economic development in Utah that the concerns people have at work are the same as those they have at home,” said Derek Miller, president and CEO of the Salt Lake Chamber and Downtown Alliance. “Can I afford rent? Can I afford groceries with high food prices? Especially for dual-income families, what about child care?”
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Challenges across the country also include inflation and housing.
“Housing is a hot topic right now due to high interest rates and rising prices,” said Maralee Jensen with Axia Home Loans. “We still see prices continuing to rise despite high interest rates.”
Economist Robert Spendlove mentioned, “I spoke to someone with a mortgage rate of 1.75%. Going from 2% or 3% to 7% is a significant change in a short time. Historically, we’ve seen these levels before, but it’s been a while.”
Shawn Teigen, president of the Utah Foundation, added: “When rates are low, it can lead to bidding wars on houses. It may seem affordable at first, but when rates rise, it becomes hard for new homeowners.”
Councilwoman Eva Lopez Chavez said, “Homeownership is a dream for many in my generation. District 4 has a high percentage of renters, and the demand for housing is increasing.”
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Teigernoted, “Utah has seen some of the highest home appreciation in the country. Fewer housing options can impact other areas like child care.”
Luis Su Martin of Adventure Time Preschool mentioned the struggles of providing affordable child care due to low wages and staff shortages. Chavez highlighted the importance of building better families for economic success.
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Jensen emphasized the importance of developing children’s skills for the future. The panelists agreed on the need to address challenges while also focusing on positive aspects of the economy.
Miller stated, “Utah has had a prosperous decade with strong job growth and low unemployment rates. Let’s address roadblocks but also acknowledge our solid economic foundation.”
Spendlove pointed out the impact of inflation on people’s lives and the need for policymakers to address rising prices. Teigen mentioned the shift from goods to services inflation and the importance of consumer confidence.
“It’s not just about facts, it’s about how people feel,” chimed in Miller.
