The economy is on fire. Just ask Joe Biden — he’ll tell you.
He points to the inflation level telling us that inflation is back in check… forgetting that the damage to personal spending power is already done.
He’s not talking about the drop in real spending power of ordinary Americans — or of the over-reliance on credit cards. Or the fact that millions of Americans couldn’t handle an unexpected expense without taking on debt.
The squeeze ordinary Americans have been under is showing up in foreclosures and repos.
Unfortunately, many Americans can no longer pay their bills as both foreclosures and auto repossessions continue to rise. In May, the U.S. Foreclosure Market Report “found 35,196 American properties with foreclosure filings … a 7% increase from April, but twice that much from 2022,” according to Go Banking Rates. In March, the last data available, the percentage of delinquent subprime auto loans increased to 5.3%, and repossessions will top 1.5 million this year.
It’s getting even harder for people to be approved for loans of all types, ranging from credit cards to auto loans. A recent New York Federal Reserve survey found that the “overall rejection rate for credit applications increased to 21.8% year-over-year in June,” the highest level since June 2018. This is a bad sign for the economy as it shows major banks are setting aside more money to cover bad consumer loans.
So, while President Biden and economic talking heads gush over the reduced rate of inflation, every day, hard working Americans are struggling under unprecedented levels of debt and the inability to obtain the credit to address it. Americans are hurting, and their hurt is being ignored. —DailyWire
Maybe Joe’s right to think the economy is ‘on fire’.
But in his case, it’s more of a dumpster fire.
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