Staff Reports
President Biden’s disastrous “Build Back Better” policies have achieved what many thought was impossible: bringing the Federal Reserve’s interest rates to a level not seen in four decades. Thanks to Biden’s inflationary agenda, the Fed has hiked interest rates for over a year consecutively, and Chairman Jerome Powell made it clear that this trend may not be over yet.
Inflation is still running rampant, despite the futile attempts by the Biden administration to convince us otherwise. Sure, the rate of price increases has slowed down a bit, but let’s not fool ourselves – the costs faced by hardworking Americans are still more than 16 percent higher since Biden took office. It’s a true story of “Bidenomics,” where the economy fails to even reach pre-pandemic levels, let alone improve.
During his speech at Jackson Hole, Powell admitted that inflation “remains too high” and has consistently stayed above the Fed’s target of two percent since Biden assumed office. He even emphasized the need for “restrictive monetary policy” to combat the persistently high levels of inflation. So much for promising “Build Back Better” – it seems like Biden’s policies are only building a bigger mess.
Powell highlighted the alarming fact that core goods inflation is still far above its pre-pandemic levels, and sustained progress is necessary. This calls for more rate hikes, which will unfortunately hit everyday Americans even harder. Auto loan interest rates have nearly doubled since last year, making it more difficult for people to afford their dream cars. And mortgage rates have shot up, causing housing starts and sales to plummet. Thanks, Biden!
Recent reports have shown that average mortgage rates are at a 20-year high, making homeownership unaffordable for many buyers and sellers. Those who recently bought homes are now stuck without any hope of refinancing. It’s a perfect storm brought to you by the reckless economic policies of the Biden administration.
Despite all the rate hikes we’re enduring, Powell admits that the economy may not be cooling down as expected. Well, duh! Just ask any average American who has visited a gas station or grocery store lately – they could have told you that. The effects of Biden’s policies are hitting us where it hurts: in our wallets.
As Powell concluded his remarks, he reminded us of the obvious – doing too little or too much can harm the economy. Well, here’s a radical idea: how about we don’t do anything that harms the economy in the first place? It’s time for Biden and his team to wake up and face the consequences of their disastrous policies. We need a real plan that doesn’t involve excessive government spending and inflation. Let’s truly build back better, without Bidenomics.
