Staff Reports
Bidenomics is becoming a favorite among economic philosophers – for how not to run an economy, that is. Recent figures show that inflation is still biting at the heels of retirees, and homeowners are left gasping for air as mortgage rates creep back up. Talk about economic mismanagement! The latest reports from CNN and ABC paint a grim picture, proving that under the Biden administration, it’s not just the prices at the grocery store that have risen; so has the level of frustration among retirees trying to stretch their Social Security checks.
According to the Social Security Administration, retirees can expect a meager 2.5 percent cost-of-living adjustment (COLA) for 2025, down from 3.2 percent last year and a whopping 8.7 percent just a year prior. However, retirees are still feeling the pinch of inflation like never before. The numbers may indicate a decrease in inflation, but that doesn’t put food on the table or make the bills magically disappear. It’s like being given a coupon for a half-off pizza while realizing the pizza has gone from large to personal size.
Biden-Harris Admin Hit with 1-2 Punch: Retirees and Homebuyers Won't Like This via @WestJournalism https://t.co/8sQ9h0lAlR
— DeplorableKaren (@KarenDeplorable) October 11, 2024
As if that wasn’t enough to keep retirees tossing and turning at night, mortgage rates are creating additional turmoil. This week’s mortgage rate of 6.32 percent isn’t exactly what first-time homebuyers were hoping for, even if it sounds better than the dizzying heights of 7.57 percent seen just a year ago. The mortgage rollercoaster under Biden has homeowners wishing for the calm and steady hands of the Trump administration, where rates were much lower and financing a home didn’t feel akin to selling a kidney.
It’s worth noting that while Trump saw mortgage rates decline during his presidency, Biden’s term has kicked off a rough ride of increasing costs. One analysis highlighting this downturn noted that the average rate went from 4.09 percent under Trump to over twice that number under Biden. When potential buyers look back, they can’t help but wish they were back in 2020, when buying a home seemed like an attainable dream instead of a far-off fantasy.
Retirees are caught in the crossfire of Biden’s economic blunders, and with the upcoming election between Trump and Kamala Harris, voters need to pay attention to these distress signals. Harris may claim to be different from Biden, but the economy is suffering, and under the current administration, voters have seen little to suggest a change is on the horizon. The policies fostering economic distress are likely to continue, leaving retirees clinging to the hope that someone — anyone — might bring about some fiscal common sense.
Even as mainstream media might try to spin Biden’s handling of the economy to seem rosy, the truth is visible to everyone at the grocery store or during a visit to the bank. Every day, Americans are feeling the weight of inflation’s toll, and as election day approaches, there’s a palpable sense of urgency amongst the electorate. The wrong policies could lead us down an even darker economic path, and potential homebuyers aren’t the only ones hoping for a change. If these trends persist, voters will be calling for a need for someone who actually knows how to balance a budget — something the current administration appears to need more than a few economic breathing exercises.
