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Biden creates an economic crisis--Unemployment, Inflation, risk of STAGLFATION increasing

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Boatdrinks
Boatdrinks

Any of us who voted for Donald Trump knew this was going to happen if Biden were to attain the Presidency. Schumer, Sanders, Pelosi, AOC radical policies would be implemented. The results are already

Chef Jim
Chef Jim

Whatever happened to taking any work you could find to put food on the table until you could find something better. Personal pride is in the shitter.  How do you feel about the jobs reports p

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Gene Frenkle Veteran

Gene Frenkle

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32 minutes ago, JDHillFan said:

Absolutely KILLER response! Some of your very best work. Kudos!!

 

He's a mindless idiot who can't even tell when he's being lied to and manipulated. Why should anyone take what he says seriously?

 

Ridicule is the only weapon which can be used against unintelligible propositions. Ideas must be distinct before reason can act upon them.

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JDHillFan Veteran

JDHillFan

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3 minutes ago, Gene Frenkle said:

 

He's a mindless idiot who can't even tell when he's being lied to and manipulated. Why should anyone take what he says seriously?

 

Ridicule is the only weapon which can be used against unintelligible propositions. Ideas must be distinct before reason can act upon them.

That’s a lot of explanation. Might as well just take some pride in the original response. It was that good!

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JDHillFan Veteran

JDHillFan

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1 minute ago, Gene Frenkle said:

 

It's quote Thomas Jefferson, more relevant today than ever.

It seems as though you are struggling. The post from you that you are unwilling to accept a compliment on said:

 

“Hey @B-Man, what does Tucker say about it?”

 

Just because I find it to be the perfect combination of insight and wit doesn’t make it Jeffersonian. Just take the W and move on. 

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B-Man Hall of Famer

B-Man

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Biden sets yet another record

JAZZ SHAW 

 

 American household debt has reached a level not seen since the beginning of the arrival of the Obama administration in 2008. The average American household is now carrying more than $142,000 in debt, adding up to a whopping $17 trillion across the country. And this is creating a threatening situation for American families, particularly when (not if) we enter the next period of recession. 

 

U.S. household debt jumped to the highest level since the 2008 financial crisis last year as mortgages surged amid high inflation and rising interest rates, according to a new analysis published by WalletHub.

 

The findings show that household debt – which increased by $320 billion in the final three months of 2022 – hit a 15-year-high of $17 trillion. On average, a typical household owed a total of $142,680 at the end of the year.

 

“We’re not quite to the breaking point, but U.S. households can’t afford to take on too much more debt, especially if the economy takes a turn for the worse,” said Jill Gonzalez, a WalletHub analyst. “People should be thinking about how to shed debt and get in shape for a recession, not assuming a bit more debt will make no difference.”

 

If the economy is supposedly undergoing a robust recovery after the pandemic, as White House officials continue to insist, how are people falling this far behind?

 

One big piece of the puzzle is seen in mortgage debt. That rose by $290 billion last year. The average household owes more than $100,000 on their mortgage.

 

Credit card debt set another all-time record as well.  The total balance on people’s credit cards climbed by $61 billion to $986 billion. That figure is almost $50 billion higher than the previous record that was set just before the pandemic began. People began saving money and paying down their card balances during the pandemic, but that trend has now reversed. This is happening at the worst possible time because the other record that was set was an increase in the average annual percentage rate being charged by credit card companies to 19.14%, the highest figure seen since 1991.

 

https://hotair.com/jazz-shaw/2023/02/22/biden-sets-yet-another-record-but-n532445

 

 

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cle23 RFA

cle23

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On 2/22/2023 at 7:08 PM, B-Man said:

 

Biden sets yet another record

JAZZ SHAW 

 

 American household debt has reached a level not seen since the beginning of the arrival of the Obama administration in 2008. The average American household is now carrying more than $142,000 in debt, adding up to a whopping $17 trillion across the country. And this is creating a threatening situation for American families, particularly when (not if) we enter the next period of recession. 

 

U.S. household debt jumped to the highest level since the 2008 financial crisis last year as mortgages surged amid high inflation and rising interest rates, according to a new analysis published by WalletHub.

 

The findings show that household debt – which increased by $320 billion in the final three months of 2022 – hit a 15-year-high of $17 trillion. On average, a typical household owed a total of $142,680 at the end of the year.

 

“We’re not quite to the breaking point, but U.S. households can’t afford to take on too much more debt, especially if the economy takes a turn for the worse,” said Jill Gonzalez, a WalletHub analyst. “People should be thinking about how to shed debt and get in shape for a recession, not assuming a bit more debt will make no difference.”

 

If the economy is supposedly undergoing a robust recovery after the pandemic, as White House officials continue to insist, how are people falling this far behind?

 

One big piece of the puzzle is seen in mortgage debt. That rose by $290 billion last year. The average household owes more than $100,000 on their mortgage.

 

Credit card debt set another all-time record as well.  The total balance on people’s credit cards climbed by $61 billion to $986 billion. That figure is almost $50 billion higher than the previous record that was set just before the pandemic began. People began saving money and paying down their card balances during the pandemic, but that trend has now reversed. This is happening at the worst possible time because the other record that was set was an increase in the average annual percentage rate being charged by credit card companies to 19.14%, the highest figure seen since 1991.

 

https://hotair.com/jazz-shaw/2023/02/22/biden-sets-yet-another-record-but-n532445

 

 

 

With interest rates at record lows, tons of people bought new(er) houses.  More than during typical years.  So of course mortgage debt rose.  That's just common sense.  

 

Not saying everything is rainbows and sunshine because it's not, and inflation IS  a major problem.  Where exactly did all the "free" money come from?

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JDHillFan Veteran

JDHillFan

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Just now, B-Man said:

 

 

OLD AND BUSTED: Biden: Inflation Is Coming Down.

 

 

The New Hotness? The Fed’s favorite inflation measure skyrockets as markets realize rate hikes are far from over.

 

 

https://www.washingtonexaminer.com/opinion/the-feds-favorite-inflation-measure-skyrockets-as-markets-realize-rate-hikes-are-far-from-over

 

 

 

 

 

 

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Yeah but everyone has more to spend because of the great job Brandon did lowering energy costs. I’m sure I heard that from a high ranking cabinet member earlier this week. 

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B-Man Hall of Famer

B-Man

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Bidenflation: Biden Just Got Some Really Bad News

BY MATT MARGOLIS

 

c06e28f5-7537-47b7-b19a-53a1cd2cd344-860

 

 

Joe Biden has been claiming that inflation is going down. For example, earlier this month, after the release of the January CPI report, he insisted, “Inflation in America is continuing to come down, which is good news for families and businesses across the country.”

 

Well, he was wrong. Despite predictions that inflation was going away, prices surged in January, according to the personal consumption expenditure (PCE) price index, which jumped 0.6% in January over the previous month. December’s monthly inflation rate was also revised upward from 0.1% to 0.2%. December’s year-to-year inflation increase was also revised up from 5% to 5.3%.

 

 

“Economists had expected a much milder increase,” . “The median forecast was for a 0.4 percent price increase month-to-month and a 4.9 percent increase for the year.”

 

Quote

Compared with a year ago, prices for goods are up 4.7 percent and prices for services have risen 5.7 percent. Food prices have soared, rising 11.1 percent, and energy prices increased 9.6 percent.

 

These new numbers tell us that inflation has accelerated, not slowed down, and that economists “have been underestimating the strength of inflationary pressures in the economy.”

 

https://pjmedia.com/news-and-politics/matt-margolis/2023/02/24/bidenflation-biden-just-got-some-really-bad-news-n1673467

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