No matter how Democrats and their co-conspirators in the media try to paint a rosy picture of the U.S. economy, the cost of living has skyrocketed under the Biden-Harris regime.
Because of their disastrous economic policies American families continue to struggle to make ends meet.
And now Democrats’ media machine is scrambling to rewrite history before this looming Biden-Harris economic disaster boils over.
When President Joe Biden and Vice President Harris took office in 2021, they set to work implementing Democrats’ socialist, Big Government agenda.
From the so-called “American Rescue Plan” to “Green New Deal” policies, Biden, Harris and their fellow Democrats – not to mention weak-kneed ruling class RINOs – spent trillions of taxpayer dollars on their radical left-wing pet projects.
Since the U.S. debt was $28 trillion at the end of 2020, the cupboard was bare.
So Biden’s cohorts at the Federal Reserve shifted the printing presses into overdrive, spewing out piles of fiat currency to cover the reckless spending.
As a result, inflation predictably skyrocketed to record levels, and now families are paying about 20% more overall for goods and services they need just to survive.
Adding to the economic woes, real hourly wages have tumbled 4.3%.
Record-breaking debt crushes families
Unlike the federal government, average Americans can’t print money to cover their expenses, they have to borrow.
The New York Federal Reserve’s latest quarterly assessment of household debt revealed that total household debt increased by $109 Billion to $17.8 Trillion in the second quarter.
Credit card debt reached an all-time high of $1.1 Trillion, up $111 Billion from the same time a year ago, and auto loan debt rose $10 Billion, to a record $1.6 Trillion.
In an attempt to tamp down inflation, the Fed raised interest rates.
And with the Federal Reserve’s policy rate at its highest level in 23 years, borrowing costs for consumers be it credit cards or auto loans ballooned.
Mortgage debt also surged to a record $12.5 Trillion as the 30-year fixed-rate mortgage topped 7% in the three-month period ending in June.
In short, reckless government spending has forced Americans to take on record levels of credit card, auto loan, and mortgage debt while Biden’s ill-conceived attempts to cool inflation have driven up the cost of servicing that debt, creating a doom loop U.S. families can’t escape.
It’s ironic that Biden’s disastrous economic policies have forced working class Americans to act like Congress, spending more than they bring in and borrowing to cover the shortfall.
Economic ruin on the horizon
And not unlike the federal government, families are facing economic ruin.
Serious delinquencies (90 days or more) on loan payments have soared and personal bankruptcies are on the rise.
With November’s crucial election just months away, Kamala Harris and her fellow Democrats fear the wrath of voters who consistently rank the cost of living as their top concern and know who’s to blame for their suffering.
Democrat operatives have deployed an army of left-wing media talking heads to assure the masses that the financial pain they’re feeling isn’t real.
No one outside of the coastal elite bubble is buying it.
So, the one-trick pony Democrats are trotting out proposals for more government programs to “help” Americans get by.
Democrats and their media lapdogs just can’t wrap their minds around the fact that their unwavering and erroneous belief that government spending can solve any problem is what dropped us in this sink hole in the first place.
Trump’s proven plan for prosperity
During the Trump Presidency the economy boomed, gas was cheaper, and families had more money in their pockets.
His lower taxes, less regulation, and more domestic energy agenda delivered prosperity to every income bracket.Â
American families don’t need more government programs, they need four more years of Donald Trump.
US Political Daily will keep you updated on any developments to this ongoing story.
