Biden Sent Spinning by 2 ‘Depressing’ Reports – Records Just Got Broken as Inflation and Mortgage Rates Rise to Historic Highs
Joe Biden vowed to “build back better.” Whatever that means. More recently, he tweeted that he was “building a better America.” Uh-huh.
What does Biden actually mean when he says these things? The country is much worse off than we were a few years ago. Most believe we are on the wrong track. And now, Biden’s biggest failure is getting worse.
From Yahoo Finance:
A closely watched measure of US consumer prices rose by more than forecast to a 40-year high in September…
The core consumer price index, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982, Labor Department data showed Thursday.
Inflation is out of control, worse than it’s been since 1982. That is forcing the Federal Reserve to take drastic action.
And now, anyone who wants to buy a home is out of luck.
From Market Watch:
The rate on a popular type of home loan increased this week to its highest level in 20 years, according to data released Thursday.
The average rate on a 30-year fixed loan increased to 6.92% as of Thursday, according to the results of Freddie Mac’s weekly Primary Mortgage Market Survey—the highest such rate since April 2002.
Wow. “Build Back Better” must mean: tanking the economy so only the super-rich can afford anything.
Biden’s deliberate failure with the economy has resulted in runaway inflation. The inflation rate is the worst it’s been since 1982–forty years ago.
The rapidly-increasing inflation is forcing the Fed to clamp down on interest rates. That move is designed to slow down lending, just to ease inflation.
But it also ends up hurting the economy. With high interest rates, businesses won’t take out as many loans. That means they will have less cash to grow, improve goods and services, and hire staff.
On top of that, would-be home buyers are out of luck. With a 20-year-high interest rate, many buyers will be unable to afford their first home. That only further sinks the economy, as home purchases tend to affect many more industries.
Yet Biden keeps saying he is the “most successful” president in years. Is the man out of his mind?
- Inflation has reached the highest its been in 40 years.
- Mortgage rates hit a 20-year high, at 6.92%.
- This comes as Biden claims he is “building a better America.”
Source: Yahoo Finance, Market Watch