Doescher noted that Bidenomics has been a “disaster” for Americans. Rent is up 16 percent, and if one hopes to buy a home, mortgage interest rates have soared from around 3 percent when Biden took office to 7 percent today. That can be a difference of hundreds of dollars a month. Getting to and from work is also once again costing Americans more as gas prices are soaring once again. “The national average for gas prices stood at about $3.78 a gallon on Tuesday — about 25 cents higher than that seen one month ago, according to motor club AAA,” The Associated Press reported on Wednesday. Former Reagan economist Larry Kudlow blasted Biden’s destructive economic policies. “After Joe Biden’s $2 trillion American Rescue Plan, which was his landmark policy, a 6.5 percent economy delivered by Donald Trump sputtered to a 1 percent growth rate in Biden’s first full year, 2022 and early 2023,” Kudlow said in June. “And after Trump hand-delivered a 1.4 percent inflation rate, under Bidenomics, it soared to a 9 percent inflation rate, which destroyed family affordability and worker income,” the Fox Business host added. Kudlow had the perfect capper to his comments. After Biden was heard criticizing former President Ronald Reagan’s economic policies, Kudlow quipped, “Reagan healed the sick and Biden has infected the healthy.” Sadly, according to Fitch Ratings, things are going to get worse. “Fitch Ratings predicted a recession starting in the fourth quarter of 2023 later this year and extending into the first quarter of 2024, according to its press release. The agency also predicted that the Federal Reserve will raise interest rates by September to between 5.5 percent and 5.75 percent,” the DNCF reported. Joe Biden may think he has a success to celebrate as part of his re-election campaign, but Americans beg to differ. This article appeared originally on The Western Journal.
US Treasury Secretary Yellen called the US credit downgrade by Fitch “outdated.” Quite accurate: the current median debt-to-GDP ratio of AAA-rated sovereign debt issuers is currently 39.3%. The last time America’s debt-to-GDP ratio was at that level was between 1978 & 1979.— Pete Earle (@peter_c_earle) August 2, 2023