It’s terrific, or so claims our Progressive-Democratic Party President, Joe Biden. Here are some examples of how well it’s working.
- He [Mark Zandi, Chief Economist at Moody’s Analytics] estimates that the typical American household would need to use 42 weeks of income to buy a new car, as of August, up from 33 weeks three years ago.
- New 30-year fixed-rate mortgages today carry rates around 7%, up from 3% two years ago.
- The typical credit card carried a 20.7% interest rate in May, up from 14.6% in February 2022….
That’s Bidenomics’ inflation, which drives the Fed’s moves on interest rates. That’s also Bidenomics’ inflation, which drives prices higher. That last pushes the need to borrow, whether to buy a home, buy a car (new or used), or via credit card debt to buy daily and monthly necessities.
Sure, Bidenomics is working. And maybe I know of some beachfront property north of Santa Fe….