JOE BIDEN AND BIDENOMICS - AND THE LIES NEVER STOPPED COMING AT US - The Biden administration, along with many in the media, have been feeding the public the fiction that the economy is strong, and families are thriving despite the massive inflation they have caused.

The Housing Bubble Bursting as Permits Crash (and Builders are Desperate to Cash Out)

https://www.youtube.com/watch?v=EgL9WBm1BAQ

A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself.

Housing Crash Begins! We Just Witnessed Something That Hasn’t Happened Since 2008

https://www.youtube.com/watch?v=9b88uK3BD0I

The disaster we’re about to witness didn’t have to happen. The desperate attempt to control this horrifying inflation spiral is absolutely crushing the US housing market – and we are all going to feel the impact of the coming crash. In recent years, irresponsible monetary policies were put in place, fueling an unprecedented inflation boom that sent housing costs to extreme levels. Now, policymakers at the central bank and politicians in Washington are scrambling to tame the beast they unleashed by themselves. But everyone knows that rapidly rising interest rates are going to wreak havoc on financial markets, and most notably, in the housing sector. When mortgage rates soar higher, more and more potential homebuyers are pushed to the sidelines.  Fewer buyers mean fewer sales, which translates into downward pressure on home prices. This is basic economics, you don’t need to be an expert to understand any of this. But it seems that Fed officials are either clueless or very much aware that what they are doing is going to be exceedingly destructive to the U.S. economy as a whole but they’re still waiting for some magical solution to come about to dig us out of this hole. Once again, the housing market is in shambles, and we’re on the cusp of a housing collapse that will make the 2008 crash look like a Sunday picnic. Do you remember the pain that we all went through in 2008? Well, a similar scenario is now unfolding right before our eyes, only this time, things are about to get a whole lot worse. In fact, something that hasn’t happened in the market since 2008 actually happened again last week. According to data released on Thursday, the average interest rate on a 30-year fixed-rate mortgage rose above 6 percent for the first time since the financial crisis. The truth is that higher interest rates predominantly hurt low-and-middle-income Americans while the wealthy can still afford to purchase homes because many of them don’t even need mortgages, they can just buy them with cash. But for the rest of us, aggressive rate hikes make a world of difference. Each and every increase adds hundreds of dollars or more to the monthly cost of a potential buyer’s mortgage payment, slowing what was a red-hot market not so long ago. Since the start of the year, the average mortgage payment has surged 38.5% to $2,306 from about $1,700 in January. With mortgages weighing even more on already expensive home prices, mortgage demand is drying up really fast right now. Numbers released by the Mortgage Bankers Association showed that the number of applications plunged by nearly 30% compared to a year ago. And the number of applications to refinance mortgages has fallen off a cliff, with refinancing activity collapsing over 80%, MBA revealed in a new report.  The chief economist at Redfin, Daryl Fairweather, says that the ongoing meltdown is the deepest since the previous crash. “This is the sharpest turn in the housing market since the housing market crash in 2008,” she outlined in a recent interview. At this point, an estimated 39 million would-be buyers are being forced to continue renting. At the same time, more than one in 10 renters across the country are behind on rent. We have to remind ourselves that very rough weather is headed our way, and a number of crises may simultaneously burst this winter. The wise will prepare in advance, but those that are foolish will do nothing because they still believe that our leaders have everything under control.  For more info, find us on: https://www.epiceconomist.com/ And visit: http://theeconomiccollapseblog.com/

Another day, another outrageous lie from the Biden regime

By Jack Hellner

The Biden administration, along with many in the media, have been feeding the public the fiction that the economy is strong, and families are thriving despite the massive inflation they have caused.

It has been obvious for a long time, with credit card debt rising, savings rates declining, and more than 50% living paycheck-to-paycheck, that there are significant problems — and now we see that people are borrowing for daily expenses, including food: 

‘Buy now, pay later’ services, which allow consumers to pay for goods in installments, often without interest, have become increasingly common for food purchases

Josh Roberts didn’t think twice about taking out a loan to pay for groceries. It was early in the pandemic, and he was making $16.50 an hour working for a technology company in Cincinnati while supporting his sister and her girlfriend.

‘We were just not making enough to live,’ he said.

So he started buying groceries online using a virtual credit card from Klarna, a ‘buy now, pay later’ service that allowed him to break payments into smaller installments that could be made over several weeks, with no interest.

As the Democrats and their media cohorts continue to push a false narrative, it becomes clearer and clearer this is all a façade — there is an intentional goal, and that is economic destruction.

The government has operated on a buy now, pay later system forever. That is how we find ourselves $30 trillion in debt, which continues to run up as a truly nauseating rate.

Here are the only three facts people need to see that prove this is all a fraud and a scam:

1. We constantly hear that the proposed entitlement and other spending programs are paid for, yet with record taxation, we are still in incomprehensible debt.

2. The Democrats continually lied to get Obamacare passed — the first lie being that it would substantially lower costs, and the second that it would reduce the deficit. One of the fictional pieces of this bill was that if the government took over student loans, it would bring in revenue. The government not only didn’t make money, they continue to lose money. (And that was before the vote-buying scheme known as “loan forgiveness” which is expected to cost more than $200 billion.)

3. When Obamacare was short of funds, Obama didn’t go to Congress for an additional appropriation. He just stole it from elsewhere, and there was no accountability regarding his abuse of power. 

Student loans were always a buy now, pay later program. As colleges jacked up their prices faster than inflation, the government just kept throwing more of our money at it. Now, we are told students don’t have to pay the money back. Of course, exploitative and predatory practices on behalf of colleges aren’t the problem either.

Politicians have promised government workers generous pensions and benefits based on end-of-career salaries. These have always been buy now, pay later programs, which are massive unfunded liabilities that will be paid for by future generations.

Biden’s open border policies are buy now, pay later schemes. I have not seen him go to Congress to ask that his program to fly illegal aliens around the country be funded legally.

In the falsely named “Inflation Reduction Act” we are paying for 87,000 new IRS agents and pretending to pay for them later with additional taxes collected.

The only policies I have seen that have been paid for are the tax rate cuts of Reagan, Bush, and Trump, that not only paid for themselves but brought in substantial revenue. Of course, the media and other Democrats lie and say these policies cost the government lots of money. Facts haven’t mattered for a long time.

Summary: The Democrats are full of hot air, and the media will run cover for them.

They pretend to be responsible fiscal stewards, and any mishaps were “unexpected.” In reality, they’re waging economic war against the American people. 

As for me, I proudly want to make America great again. I want capitalist policies that lift all boats, I want energy independence, and I want to welcome immigrants who come here legally to be treated well and do well. For that, I’m the extremist who wants to destroy democracy.

Image: Phil Roeder, CC BY 2.0, via Wikimedia Commons.

Report – Americans to Suffer Costly Winter with Heating, Electric Bills: ‘A Lot of Pain’

1

AFP

AMY FURR

20 Sep 20220

2:25

Americans will suffer this winter season regarding heating and electric bills as other costs continue to rise.

“The average household will pay about 17% more this winter to heat their property, reaching a 10-year high of about $1,200 per home, according to a forecast from the nonprofit National Energy Assistance Directors Association,” CBS News reported Monday.

Electricity bills would go up with the prices expected to rise 7.5 percent from last year.

According to Mark Wolfe, the executive director of the National Energy Assistance Directors Association, “There is a lot of pain. This is the second year of high home heating prices. Across the board, low- and middle-income families are suffering.”

President Joe Biden speaks at the 45th Congressional Hispanic Caucus Institute Gala to kick-off the White House’s celebration of Hispanic Heritage Month at the Walter Washington Convention Center, Thursday, September 15, 2022, in Washington. (AP Photo/Alex Brandon)

In August, Lipow Oil Associates President Andy Lipow warned about natural gas prices climbing throughout the colder months, according to Breitbart News:

When we look at utilities going forward this winter, especially with the soaring price of natural gas, which has doubled since this time last year, the consumer is going to be paying far more for natural gas this upcoming winter heating season. That’s also going to filter into higher electricity costs as 39 percent of our electricity is generated from natural gas.

In addition, drivers were still shelling out 15 percent more at the pumps than they were a year ago, per the CBS article.

Meanwhile, President Joe Biden (D) recently tried to downplay rising inflation during an interview on 60 Minutes while reporter Scott Pelley said the annual inflation rate was at 8.3 last month, Breitbart News reported.

“Well, first of all, let’s put this in perspective. Inflation rate month to month was just — just an inch, hardly at all,” Biden claimed.

Pelley also reiterated it was the highest inflation in 40 years.

Biden continued trying unsuccessfully to convince Americans not to worry about inflation, Breitbart News’ John Carney wrote Monday.

He noted prices were up significantly in August and “when Biden tells America that prices rising at an annualized rate of 9.2 percent is ‘just an inch, hardly at all,’ he might as well be telling people not to believe their lying eyes.”