Down East Seniors Club
Published 1:56 pm Friday, September 30, 2022
The Down East Seniors Club held their Sept. 28 meeting at the
Blind Center of NC in Washington. President Roy Whichard led the
meeting. Jim Hackney played for the singing of “God Bless America” and
the group pledged allegiance to the flag. Polk Culpepper gave the
opening prayer and Hackney provided factoids for the date in history.
Culpepper introduced Dr. Nicholas Rupp as the speaker. Dr. Rupp,
Interim Dean of the ECU Economics Department, spoke on the current
state of the U.S. Economy. Gross Domestic Product is defined as the
total output of new goods produced over a given time period, usually a
quarter year. Recession in the economy is determined by two
consecutive quarters of reduced GDP and a rising unemployment rate.
The economy has met the first requirement but not the second. There
are now more job openings than there are people looking for work.
Inflation (rising level of prices) before COVID was two percent. Now
it’s eight percent. The Federal Reserve Board tries to lower inflation
by raising interest rates which will raise prices of large items
enough to reduce demand and, hopefully, result in reduced prices
(lower inflation). Another inflation factor is that producers have had
much difficulty obtaining parts produced overseas so they are moving
part production back to America. Since American labor rates are higher
than foreign labor rates this keeps prices high.
Pat Griffin won the 50/50 drawing.
The Down East Seniors Club is a group of older men in the Washington
area who meet for fellowship and an interesting program Wednesdays
from 10:00 to 11:00 and make contributions to local charities.