Biden’s Economy Just Slammed into 2 Brick Walls
The President, Joe Biden, continues to assert that our economy is strong. Really? If that is the case, then why did he pass an act called the “Inflation Reduction Act”?
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The left has taken denial of the current state of the economy to such an extreme that they have attempted to define the term recession. On the other hand, they will have a difficult time redefining what the New York Fed has just disclosed. And that’s not even close to being the whole story. The construction of new homes is falling at an alarming rate in tandem with the general decline in business. According to the results of the Empire State Manufacturing Survey conducted by the New York Federal Reserve, “general business conditions” decreased from 42.4 to -31.3.
Wow, from what you’ve described, it seems like the economy in the United States isn’t doing so hot. This is exactly what all of us have been observing over the course of the past year and a half.This tells us that demand for goods and services is rapidly declining, most likely as a direct result of the massive increase in prices brought about by inflation. (And the ongoing issues with the supply chain, which Biden has failed to address.)However, the National Association of Home Builders provided the most upsetting information. The housing market was completely out of control for a number of months.
People who were eager to leave blue cities were buying up houses at a rate that was faster than they could be put up for sale. This was made worse by the foolish decision made by the Fed to maintain historically low-interest rates. However, that particular bubble has already deflated. Recent months have seen multiple rate increases implemented by the Fed. And because inflation is hitting the wallets of Americans so hard, very few people are ready to accept the risk of purchasing a new home.
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Because of this, there has been a significant decrease in the number of new house developments. As a direct result of the inflation that Biden has caused, home builders are having to charge significantly higher prices. And because so many people in the United States are personally affected by inflation, there is a declining desire in purchasing real estate. Joe, how are things doing with the “build back better” project?