Biden’s Economy Historically Bad and Getting Worse

The final economic tally for the first half of 2022 was not going to be good, but when the dust settled it came in historically bad. Combine four-decade high inflation with the effects of insane federal spending and a non-existent energy plan, and the results are clear.

Inflation is wrecking every sector of the economy, and the poor and disadvantaged whom the Democrats claim to champion feel it the worst. The gas pump, trips to the grocery store or just paying bills are constant reminders of the ineptitude of White House policy.

Americans shopping for a new car are redefining “sticker shock” as the average price is now over $47,000. Young Americans looking to purchase their first home are in worse shape as June recorded an 18.7% year-over-year increase.

That’s the highest ever. The median U.S. home now sells for $450,000.

Now this inflation, which the Federal Reserve for months amazingly labeled “transitory,” is roaring at 8.6%. That’s the highest mark since the early 1980s had to shake off the disastrous Carter years.

Now the grossly mistaken Fed is scrambling to quickly hike interest rates to a level high enough to stymie growth and pull back inflation. That’s rather easy — the tricky part is avoiding an economic crash landing. Good luck with that.

The Biden White House poured fuel on inflationary fires with its multi-trillion dollar spending packages, and without Republican opposition it would have been far, far worse. Now consumers and businesses are literally paying the price.

Investors know this all too well, and no matter what leftists claim, business matters, investments matter and Wall Street matters. The government consumes, it does not create, and the creators are suffering.

There are few options to sugarcoat how dismal the first half of the year was for Wall Street. The S&P 500 lost 20.6%, a steeper drop than any first half since 1970. Richard Nixon’s first term.

The Dow Jones Industrial Average sank 15.3%, meaning the blue chips did not fall as far as their S&P 500 brethren. However, that closed the worst first six months for the Dow since 1962. The White House was Camelot and beetles were still garden pests.

As for the Nasdaq, it cratered 29.5% for its worst showing ever recorded. Ever.

The Biden administration continues to flail about searching for anything to stem the red wave coming in November. But time already ran out for sensible economic policies to avert soaring prices, and that means a high price for Democrats will soon be paid.