As the Biden Administration touts “affordable housing,” we are seeing the 30-year mortgage rate rise above 7% as The Federal Reserve fights inflation … caused by the Biden Administration. Meanwhile, US home prices are falling.
The Biden Administration launched a war on domestic energy production, resulting in crude oil prices rising 74% under Biden and regular gasoline prices rising 62.4%.
As Biden pleaded with OPEC to increase oil production, he was embarrassingly rejected. Hence, West Texas Crude Oil prices have begun to rise again along with gasoline prices (pink box).
How about unemployment and the 10yr-2yr yield curve?
What do we have? Regular gasoline prices are UP 61.4% under Biden, the strategic petroleum reserve is DOWN -35% before Biden’s latest release of another 10 million barrels. Foodstuffs are UP 50% under Clueless Joe, and heating oil futures are UP 130% under dementia Joe.
And thanks to free-spending Joe, Nancy and Chuckie, US public debt is at $31.1 TRILLION. That is ANOTHER 12% in national debt under the 4 Horsemen of the Economic Apocalypse.
For an additional 12% in national debt (to be paid by our children and grandchildren), we have crippling inflation.
President Biden is giving his first State of the Union address tonight with rebuttals from Iowa Governor Kim Reynolds and The Squad’s Rashida Talib (yes, a Republican is giving the rebuttal to Biden’s SOTU speech, and a Democrat is rebutting a Democrat President??)
Let’s look at a short list of Biden’s economic triumphs. I will ignore Biden’s catastrophic Afghanistan withdrawal and his weak response to the Russian invasion of Ukraine.
If you want higher oil and gasoline prices, Biden is a tremendous success.
If you like rampant government spending, then Biden is your man. Home price growth is up to 18.84%, making housing unaffordable for millions of American families.
Wages? They are up, but declining after 7.5% YoY inflation. And GDP is almost zero.
Biden can only point to rising average hourly wages, but not REAL average hourly wages.
Inflation? Highest in 40 years, due to excessive Federal spending, The Fed’s crazy printing and Biden’s energy mandates.
I am scratching my head to think of accomplishments for Biden to mention in the SOTU. But I am sure that he will say something positive. Otherwise, Biden’s SOTU speech should be the Billy Preston song “Nothing from Nothing.“