12-12-2023, 11:16 PM
(12-12-2023, 08:45 PM)Luvnit2 Wrote: You just answered your own post. Due to high (poor inflation) since Biden the Federal Reserve had to raise interest rates to slow down inflation. Who created the inflation with poor fossil fuel and other bad economic policies? in 2020, inflation for 2020 was 1.23%
U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019. U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018.
It is not just interest rates on mortgages, it is auto loans, personal loans and any loan killing people. Add in the student debt Biden promised to get rid of and people are hurting.
Truth be told, the Biden economy is great for me personally. My mortgage is paid off and have a cash now getting much better interest. But, the economy is not about people doing very well, it is an issue for those who are not.
Inflation is now over 20% since Biden took office, it is good to see the trend getting better, but inflation is accumulative, only way people quit feeling it is for wage growth to start outpacing wage growth (by a large margin) or for negative inflation (not likely to happen). The Biden border policy has also negatively impacted the economy, helping wages to stay lower and also more crime (theft, car jacking) equals higher prices.
It is ludicrous to use economic numbers from 2020 as a positive thing. The overall economy was in SHAMBLES. High unemployment. no GDP growth, production down to nothing, and empty store shelves because Trump started a run on stores when he abruptly shut everything down with zero plan or organization to manage it. There was out-of-control unfocused spending on programs with no guardrails that led to blatant abuse and failed to help the people they were supposed to.
Yeah we had cheap gas but no place to go therefore no demand. We had low interest rates but overpriced houses. And loads of financial manipulation from the administration to keep the economy from going
Trump was saved, in a way, by COVID. The economy was 1 QTR away from recession numbers. 3rd and 4th QTR 2019 were not positive. COVID hid the overall slowdown in the economy that we were heading into. The only number that showed any signigicant growth over the final years of the Obama administration is the stock market. Everything else reflects the fact he was handed a good, but not great, economy. All he had to do was not screw it up...and he managed to screw it up
We would be in far far worse shape right now if Trump had been reelected...why..HE HAD NO ECONOMIC PLAN!!!!!!!!!!! and he still doesn't
When all is said and done, when our future descendants look at the records of the Presidents, the accomplishments of the Biden administration will rank much much higher than the record of Donald Trump.
Fueled by the pursuit of greatness.
