by Michael Snyder, The Economic Collapse Blog:
Joe Biden just can’t quit fibbing. On Labor Day, he traveled to Philadelphia where he delivered a speech touting the success of “Bidenomics”. Who does he think he is fooling? The American people aren’t buying that nonsense. They know that prices are out of control at the grocery store. They know that the cost of living has been rising much faster than their paychecks have been. They know that high interest rates have made it much harder to buy a home. And they can see that lots of people are starting to lose their jobs. The truth is that Joe Biden’s time in the White House has been an economic nightmare, and it appears that conditions are likely to get even worse before he is scheduled to leave.
TRUTH LIVES on at https://sgtreport.tv/
According to a Wall Street Journal poll that was just released, 59 percent of U.S. voters do not approve of how Biden is handling the economy, and voters are particularly concerned about where inflation is headed…
The Wall Street Journal poll, conducted from Aug. 24 to Aug. 30, found that 59% of voters disapprove of Biden’s handling of the economy. Nearly 3 in 4 voters say that inflation “is headed in the wrong direction,” the outlet reported.
Voters overwhelmingly think Biden, who is 80 years old, is too old to run for reelection and only 39% of voters had a favorable view of the president.
I wrote about rapidly rising food prices yesterday, and if you have been to the grocery store lately you know how painful they have become.
Earlier in the summer, Republicans in the U.S. Senate released some figures about inflation during the Biden administration that are quite alarming…
Senate Republican leadership released a report in July showing inflation has soared by 16.6% since Biden took office. Grocery prices have increased by 20%, the report said, citing Bureau of Labor Statistics data, while energy prices have increased 38%.
Of course those numbers only tell part of the story.
If inflation was still calculated the way that it was back in 1980, it would still be well into double digit territory.
The cost of living has been soaring, and our standard of living has been steadily going down.
As a result, over 60 percent of Americans are living paycheck to paycheck at this point, and debt levels are rising to unprecedented levels.
Because consumers have so little disposable income these days, retailers all over the nation are experiencing difficulty.
In fact, UBS is projecting that 50,000 stores could close in the United States by the end of 2027…
Analysts at investment bank UBS are forecasting that some 50,000 U.S. stores are likely to close by the end of 2027, because of expected cutbacks in consumer spending, tighter credit and the continued shift to ecommerce.
Store closings could accelerate to 70,000 to 90,000 if retail sales turn out to be weaker than expected, according to UBS.
Actually, I think that losing 50,000 stores is a wildly optimistic scenario.
Hopefully I am wrong about that.
The housing market has also been going haywire.
According to Fortune, the month of August “will become the worst month for housing affordability this century”…
On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge in mortgage rates, housing affordability, as monitored by the Atlanta Fed, had already deteriorated beyond the levels seen at the housing bubble’s peak in 2006. Once this latest mortgage rate surge is factored in, August 2023 will become the worst month for housing affordability this century.
Wow.
Thanks Joe Biden.
Home prices are going to have to come down, and in some areas they have already fallen quite a bit…
Homeowners are sitting on a negative equity timebomb after losing $108.4 billion on their property values this year, experts say.
The average borrower saw their home equity plummet by $5,400 in the first quarter of 2023 compared to last year – with households in Washington, California and Utah worst affected.
Do you remember the housing crash of 2008 and 2009?
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