In Jay Lustgarten’s letter to the editor, “Why the economy might not feel so great,” in The Westerly Sun on Friday, Nov. 16, he laments the “millions of paycheck-to paycheckers' limping along.” That is a sentiment shared by many economists.
The truth is that low-income people have no savings because they waste so much money on unnecessary things. Things we got along without very well when I was growing up. Things like microwave ovens, televisions, automatic defrost refrigerators (ice boxes didn't use electricity) and out of season fruits and vegetables. All these uppity women have learned to drive so now they want their own cars.
My father used to say that there are three kinds of liars — liars, damned liars, and economists. Jay is not alone in thinking that things might not feel so great.