Just how badly off are Americans under Dementia Joe Biden?

Good day all. Before the Great Panicdemic of 2020 and the totalitarian moves by the CDC and state governors, the economy of the United states was not just booming, it was exploding. Then came the Tainted Election of 2020 and the installation of the Worst President in American History, Joe Biden.

Just how bad have things gotten under that senile retard and his maladministration? Basically we’re back to where we were on the last day of the 2^nd worst president in American History, Barack Obama’s maladministration. Here are the details from Fox Business News:

The average American has lost more than $4,000 in annual income since President Biden took office due to soaring inflation and higher interest rates thus wiping out income gains under the previous administration, according to data compiled by the Heritage Foundation.

Experts at the conservative think tank analyzed consumer prices data and the Federal Reserve’s interest rates and found in a Friday report that Americans have lost the equivalent of $4,200 of income per capita since January 20, 2021.

Personally, I think it’s a lot worse than what the Heritage Foundation thinks. My stock portfolio, including my 401K’s and IRA’s have lost 40 percent of their value and I fully expect them to lose even more. While I’m not panicking, (I’ve been through this before and the Late Angry Father was a Stock Broker and Financial consultant), I am concerned on how long it will take to recover from all the damage the Bumbles Biden maladministration and the Democratic Communazis have caused.

Consumer prices have risen 12.7% since January 2021, much faster than wages, which Heritage analysts say has cost the average American worker $3,000 in annual purchasing power. 

My Real World Job’s pay raise last year didn’t even cover the previous year’s inflation rate. I’m now hearing rumors of no pay increases and potentially pay cuts. If that happens, the place of business is going to lose a large number of current employees who will simply not be able to afford to work there any longer. However, while certain numbers are down, the company is still making money. (Unlike Anger Central. How about you click on an Amazon link and buy something? Please?)

Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards – caused by higher interest rates – have reduced the average American’s purchasing power by another $1,200 per year, Heritage Foundation says.

I’m lucky in that my mortgage is about 4%. I didn’t bother refinancing when the rates hit 2 or so percent because it didn’t work for me financially. I am looking at buying a new vehicle, however the one I want is a Ford Bronco, and while I have my name on the list, I haven’t received confirmation or a delivery date. This will allow me to build up my savings for the down payment, and hopefully, once the Communazis are flushed from the House and Senate, things might start improving for me fiscally.

“Simply put, working Americans are $4,200 poorer today than when Biden took office,” EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, said in a press release. “This financial catastrophe for American families is the direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars.”

I will have to also put a dig in on the Greatest President of the 21^st Century, Donald Trump. Because of the lock down, millions of people where thrown out of work. This led President Trump to ask Congress for what amounted to welfare payments to everyone, including those who didn’t lose their jobs.

After the Corrupt Senile Moron took office, with the willing assistance of the incompetents at the Federal Reserve, the printing presses were put into overdrive. They flooded the economy with money it didn’t need and couldn’t absorb. Now, inflation is skyrocketing and the Federal Reserve is cranking up the interest rates. (Expect to see 10-15% by this time next year)

The $4,200 loss figure erases the average American worker’s real annual earnings increase of $4,000 that occurred during the Trump presidency, according to Heritage.

“Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people’s purchasing power and jeopardized Americans’ financial futures,” Antoni said.

“We are in a vicious spiral, but it’s one of Joe Biden, the Democrat-controlled Congress, and the Fed’s own making,” Antoni said.

I’m going to delve into a little history here. Since it’s inception over a century ago, the Federal Reserve has had a hand in every major downturn in the last 100 years. These arrogant assholes think they can “Manage the economy.” All they have ever done is destroy it. Now they are going to do it again.

“We have got to get inflation behind us,” Federal Reserve Chairman Jerome Powell said during a post-meeting press conference in Washington. “I wish there were a painless way to do that. There isn’t.”

There is one thing that can and should be done. Spending cuts. Deep spending cuts up to and including closing whole government agencies. Next return to the ideas of President Trump. Start erasing regulations that make it more expensive to generate jobs, produce goods and services. (Like the Green New Deal) Needless to say, that isn’t even on the table.

Despite the slew of aggressive rate increases, however, inflation has remained stubbornly high. It ran even hotter than expected last month, with the consumer price index, a broad measure of the price for everyday goods that includes gasoline, groceries and rents, increasing 0.1% in August from the previous month, dashing hopes for a slowdown. On an annual basis, inflation is running at 8.3% — a nearly 40-year high.

What worries me is that we aren’t headed for a recession, (Or in one, which, technically, we are). I’m really concerned we might be heading into a full blown 1930’s depression. That would see double digit unemployment, bank failures and the collapse of the stock market, with the resulting cratering of people’s retirement savings.

The last time we ended up with Franklin Delano Roosevelt and his band of merry Socialist incompetents. They are credited with taking the depression and making things a lot worse. We’re still dealing with the disasters wrought by FDR’s New Deal today. I will say it. If the economy flat out crashes and we end up in another depression, bad things will happen. I do see sales of tar, feathers and rope doing well in that circumstance. All we can do is vote the bastards out who caused all this in November.

Thatisall

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