Every month we devote posts to just general political class insanity that is running rampant through the country. The members of the American political class continue to show that they are incapable of operating any level of government in this country.
Even their best efforts are almost always inefficient and ineffective at resolving any problem facing Americans. They spend a great amount of time not trying to improve the lives of their citizens but continually ensuring their reelection and enriching themselves, their families, and their friends in the process, all at taxpayer expense.
1)Biden’s horrific economic policies have caused widespread inflation, at some times reaching 40 year highs which, as we have discussed, has resulted in soaring prices for food, gas, utilities, mortgages, and other life expenses. And apparently his failed economic policies are creeping into the cost of buying a care:
According to a Wall Street Journal article, a mere five years ago there were dozens of news cars that could be purchased for less than $20,000.
Now, over two and a half years into the Biden Presidency, only one car on the market, the Mitsubishi Mirage hatchback, can be purchased for under $20,000.
For the average American consumer, it now takes 42 weeks of income to buy a new car, up from 33 weeks a few years ago, about a 27% increase in such a short time.
And used cars are not doing much better, up over 30% in price since 2019.
And Biden’s high interest makes buying a car with a car loan very, very expensive with the interest rates for a new car loan averaging around 9.5% and the rates for a used car are a mind boggling 13.7%.
Biden’s economic policies are crippling the country’s middle class ability to have a comfortable and financially secure lifestyle, be it buying a car, buying a house, or buying groceries.
2)Biden and many others in Washington have no concept of basic economic theories and the suffering of average American households. One small example:
Biden’s ridiculous Inflation Reduction Act included provisions to give electric car buyers a $7,500 free cash bonus using American taxpayer money.
In the meantime, Americans are getting older at the same time that Medicare health coverage is hurtling towards insolvency.
In 2019, AARP reported that half of Medicare enrollees earned less than $30,000 a year and average $6,500 in out of pocket medical care expenses.
Thus, on average, half of Medicare enrollees, were paying over 20% of their income on their healthcare.
Conversely, those purchasing a Telsa and who were getting a cash gift of $7,500 for their purchase were half the average retiree’s age and were earning, on average, $150,000, a year.
Thus, rich Americans were getting more in cash than half of American retirees were spending on health care.
Do we see the insane priority problem here, thousands of rich folks get taxpayer money while millions of senior citizens cope with rising medical and Medicare costs?
3)More bad inflation news courtesy of Biden:
In a report last week it was reported that home mortgages rates for a fixed, 30 year mortgage had hit 7.31%.
Rates have not been this high since December, 2000, almost 23 years ago.
A year ago the average 30 year fixed mortgage was 5.65% and a mere two years ago it was around 3%.
Thus, in about two years, Biden’s economic policies have made a fixed 30 year mortgage almost two and half times more expensive.
On Biden’s inauguration day, the average rate for a 30 year fixed rate mortgage was 2.7%.
No wonder annual house sales in the country are down almost 30%, 714,000, since August 2022 when annual sales were over 1,000,000.
4)Alright, let’s keep rolling with Biden’s inflationary economy:
According to AAA, the average price of gas in the country as of September 2, 2023 was $3.81 per gallon.
On Biden’s inauguration day, the national average price of gas was $2.39 a gallon.
Thus, in about two and a half years, the American driver has seen average gas prices go up about 60%.
Rising gas prices, rising car prices, rising health care costs, and rising mortgage rates, a lot of pressure on lower income and middle income American families. All which may explain why total outstanding credit card balances have breached the one trillion dollar mark, according to the latest government statistics. This is the first tim ever it has gone over a trillion dollars.
And while this debt is being ratcheted upwards, the amount of past due credit card payments is also rising rapidly, up to almost 2.5%, the sixth consecutive quarter of increases.
However, all is not lost. Washington politicians have made sure that wealthy Americans are still going to get that $7.500 cash rebate when they buy an expensive electric car.
These political folks are crushing the American middle class, a reality they either do not know how to fix or couldn't care less about as long as they get their Congressional and Presidential benefits, their high quality/inexpensive health care, their electric vehicle rebates and undeserved high salaries. Insanity.
Our book, "Love My Country, Loathe My Government - Fifty First Steps To Restoring Our Freedom And Destroying The American Political Class" is now available at:
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