Proving The Experts Wrong, The Biden Economy Is Booming While Reducing Inequality

[Man With A Plan]

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"Mortgage interest rates fell to historic lows in 2020 and 2021 during the Covid pandemic. Emergency actions by the Federal Reserve helped push mortgage rates below 3% and kept them there.
The story changed in 2022. With inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002. According to Freddie Mac’s records, the average 30-year rate jumped from 3.22% in January to a high of 7.08% at the end of October."

Mortgage Rates Chart | Historical and Current Rate Trends

Current and historical mortgage rate charts showing average 30-year mortgage rates over time. See today's rates in context.

themortgagereports.com

Best Mortgage Rates in 2024

www.fund.com

If you'll note the current mortgage rates things haven't gotten better since last October...they continue to get worse! Rates are almost to 10%!

 

[Man With A Plan]

Record homelessness
Record working homeless
Record personal debt
Record medical debt
Unaffordable energy bills
Runaway Mortgage rates

The growth of wall street at this point represents the shrinkage of Main Street.

The small percentage of those who derive a gainful living from investment money are indeed doing well at the expense of the rest the population.

Grocery chains will laugh in your face if you tell them they are gouging. Hundreds of locations are closing. The margin is very slim and the prices are high because of the inherent energy bomb that has infected all pricing.

You live in a bubble.

Harpy is an apologist. He sees no problem with Biden's economic policies. He buys the party line that the economy is doing great when it's obvious to everyday Americans that it's not! Inflation has been killing them for three plus years and that inflation was caused by Joe Biden's pumping trillions of dollars into an economy that was poised to come roaring back after the pandemic closures were eased.

 

[HikerGuy83]

This tired nonsense again ?

 

[Man With A Plan]

Yep, and this backs your argument up nicely.

Economists were predicting a recession even before there was a spike in inflation during 2022. The huge disruption caused by the COVID-19 pandemic, which temporarily sent unemployment soaring to the highest level since the Great Depression, required enormous government intervention to safeguard businesses and prevent individuals from losing everything.

Once again, economists were predicting a cooldown in the American economy during the second quarter of 2024. That didn’t happen. Instead, GDP growth surged, inflation declined, business investments increased, and consumer confidence rose.

America is heading for an economic miracle, thanks to Biden

The Biden-Harris administration is poised to pull off something that hasn’t been managed in this century, something that has happened only other time since 1965. They’re about to stick the ...

www.dailykos.com

Daily Kos? That's who you're citing, Skews? Aren't you cute! (eye roll)

 

[justoffal]

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So you're showing the bounce?
Don't be a child. You realize all you did was prove my point right?

 

[justoffal]

"Mortgage interest rates fell to historic lows in 2020 and 2021 during the Covid pandemic. Emergency actions by the Federal Reserve helped push mortgage rates below 3% and kept them there.
The story changed in 2022. With inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002. According to Freddie Mac’s records, the average 30-year rate jumped from 3.22% in January to a high of 7.08% at the end of October."

Mortgage Rates Chart | Historical and Current Rate Trends

Current and historical mortgage rate charts showing average 30-year mortgage rates over time. See today's rates in context.

themortgagereports.com

Best Mortgage Rates in 2024

www.fund.com

If you'll note the current mortgage rates things haven't gotten better since last October...they continue to get worse! Rates are almost to 10%!

Like I said to the hopeless sycophant, run away mortgage rates. The current run up is much worse than the 1990's spike because the market has exploded into a supply drought.
The near 10 percent rates today represent a cost factor that excludes more income brackets.

 

[Harpy Eagle]

If you'll note the current mortgage rates things haven't gotten better since last October...they continue to get worse! Rates are almost to 10%!

and yet they are still pretty average based on historical averages...and no where close to 10%, and with the Fed cutting rates soon, they will go down.

 

[Harpy Eagle]

So you're showing the bounce?
Don't be a child. You realize all you did was prove my point right?

I proved you are full of shit and cannot back up a single claim you make...

 

[justoffal]

I proved you are full of shit and cannot back up a single claim you make...

Um no.... You posted the momentous rise in rates over the past 2 years so you proved yourself full of shit. You also neglected to post the additional factors in the recent rise making this rise even worse than the 1990s peak as far as it's impact on the median income household. The current rise has basically paralyzed real estate transactions.

All the other claims are well documented but for a simple click on the search button. I'm not going to wipe your ass for you.

 

[Harpy Eagle]

Um no.... You posted the momentous rise in rates over the past 2 years so you proved yourself full of shit. You also neglected to post the additional factors in the recent rise making this rise even worse than the 1990s peak as far as it's impact on the median income household. The current for my past basically paralyzed real estate transactions.

All the other claims are well documented but for a simple click on the search button. I'm not going to wipe your ass for you.

That is a lot of words to just admit you are full of shit.

 

[justoffal]

That is a lot of words to just admit you are full of shit.

Yeah....just as I thought...nada

 

[Harpy Eagle]

Yeah....just as I thought...nada

correct, that is the number of your claims you have backed up

 

[sparky]

What I mean by that is if unregulated free market capitalism were in charge, we would wind up with a small ruling class, small merchant class and the masses would be the poor or back in England they called them "the rabble".

That's what Reagan/Bush have produced. This is where we are heading. Look

Household wealth swelled at a record pace during the pandemic. From 2019 to 2022, the median net worth of American families jumped 37% to $192,900, after adjusting for inflation. It’s the largest increase ever recorded by the federal Survey of Consumer Finances, released last fall. Surging home values and rising stock ownership fed the surge.

If Bush or Trump were president they'd be telling you America is great again. It's your job to become one of the rich who are benefiting from our economy. If you are not, it's your fault. But because Biden is President they're pretending this fact is not their doing. And you can't seem to realize how much they've flip flopped on this issue from the days when Bush was in charge. This was true on Bush's watch and I remember they said the economy was great. Because the rich were doing GREAT back then too while we were struggling. But the numbers, like this, suggested the economy was doing great.

Most Americans have short memories.

Trickle down never amounted to more than a trickle Sealy, the disparity being evidence.

Take that top 1% out of the economic equation, and the bottom 99% are in a recession

~S~

 

[justoffal]

correct, that is the number of your claims you have backed up

Look to your left....the TP is right there on the roll. Come on now, just reach for it.

 

[sparky]

Once you take away the false government info

like the federal reserve being neither federal, or a reserve?

The happy little fairy tales printed by the government

which never seem to run out of paper, showering down on it's constituency like manna from heaven during Covid because they literally regulated the market by shutting it down and silenced the nay sayers with $$$$

Now we're 30T$ in debt, and our $ is almost worthless, why do you think they're talking digital $$$?????

Inasmuch as the argument for unregulated capitalism (free trade) has it's points, the damage over regulated capitalism has here seems to go un noted

~S~

 

[justoffal]

W

like the federal reserve being neither federal, or a reserve?

which never seem to run out of paper, showering down on it's constituency like manna from heaven during Covid because they literally regulated the market by shutting it down and silenced the nay sayers with $$$$

Now we're 30T$ in debt, and our $ is almost worthless, why do you think they're talking digital $$$?????

Inasmuch as the argument for unregulated capitalism (free trade) has it's points, the damage over regulated capitalism has here seems to go un noted

~S~

Well.... Just like coal and gas power the furnaces that generate most of our electricity, I suppose propaganda is what powers the government. Without it people might actually see the truth and rebel.