Opinion : Letter to the Editor: Inflation and your Investments

Editor:
As of last Friday's close I have lost $28,369.98 from the high of Jan 4, 2022 on my Schwab account (basically a 17.70% loss in just 10 months). Technically this is an unrealized loss as I have not sold all of my Schwab investments. But the more important losses are to my IRA accout that I rely on for most of my retirement income.

I was recently ridiculed by stating that my order of McDonald's french fries - small order - increased by 15.84%. (opinion pieces published in Vinton Today web letter) They failed to understand that the published inflation rate of 8.3% or so is vastly understated. The cause of this inflation made the case by Biden and company is the Covid pandemic and President Trump's policies. They point fingers, but take no responsibility for their incompetence. As Tomas Sowell pointed out in his book - The Housing Boom and Bust - "Social crusaders never take responsibility for the chaos they cause".
Those of us on Social Security will see an 8.3% rise in our checks next January. But to offset that increase we can count on an increase in our Part A and B insurance deducted from these checks. I received notice that my Supplemental Wellmark insurance would increase $83.40 monthly for Sharon and I. That is $1000.80 yearly. I suspect we will also receive notice that our Part D (drug plan) Blue Cross Rx will also increase. President Biden is selling his inflation reduction bill - stating health insurance would decrease and drug cost would decrease. I just think he is trying to fool us or maybe he is just in the habit of lying about these things. In any case I see no relief to further increases in consumer costs as long as Democrats control Congress and the Executive branches.

It is ironic that Europe is responding to the shortage of winter heating fuels by opening up their closed coal fired energy plants. They are facing a real danger that their citizens will not be able to afford their heating or grocery, and housing bills this winter. Certainly no government would wish their people to freeze to death over winter. Their shortsightedness and ours should be a lesson in how not to progress so quickly to non hydrocarbon based economies. If solar and wind and electric powered vehicles are so great why is our government supplementing these providers and manufacturers? The answer; they can't survive without government assistance.

I have no confidence that the present administration can solve these inflationary problems. It is going to take a new look, I don't believe that new look can come from Congressional or Executive Democrats. That party used to be for the working man/woman, but no more - that ended when John Kennedy was assassinated. They are now aligned with the powerful multi millionaire elites - Soros, the Tech elites and those of this ilk.

Is there hope that our economic ship can be righted? I am not hopeful with present Democrats in charge. Way to go Joe, remember November

Regards,John Stiegelmeyer