Catherine Rampell’s column about allowing fear to talk ourselves into a recession (“We’re likely not in a recession — but we could talk ourselves into one,” Aug. 7) might have been more encouraging had the news out of Augusta not been so stark two weeks, namely that the state’s surplus for fiscal 2024 ended with less than $100 million, when two years ago that surplus was more than $500 million.

These comparative figures should scare the living daylights out of taxpayers because the massive federal dollar spigot has been turned off. That spigot of borrowed dollars only temporarily energized the economy. But, today, gold is almost $2,500 per ounce and Warren Buffett is sitting on $277 billion in cash, which are not good signs for Main Street.

Now that these trillions of borrowed dollars are gone, but not forgotten by lenders, we are going to be on our own, and we are not ready (not even the Fed), because state and municipal budgets have been seriously bloated by this windfall of federal money over the past four years. Coupled with higher minimum wage statutes, inflation was stoked and, hence, the demand for higher wages everywhere was fueled, which cyclically raised prices even more.

With no thought for tomorrow or respect for Economics 101 — not that socialists care about the principles of capitalism —  the Maine Legislature spent like drunken sailors on new projects and services that cannot be sustained without raising new taxes, cutting existing programs and services or deferring necessary maintenance or replacement of roads, bridges and school buildings.

A line from the movie, “Jaws,” comes to mind when Quint is yelling at Hooper, as he pilots the boat, for not paying attention to the Great White’s movements: “Hooper, ain’t you watchin’!”

Mark Wood, Poland