Joe Biden has forever altered the character of America – and maybe even destroyed it in the long run – through mass immigration from the Third World. But perhaps even more unforgivable is the completely unnecessary destruction of American household wealth.
The combination of causing the price of fuel used to transport everything in our society, combined with trillions in new federal spending, has caused runaway inflation. And the situation is far worse than most people realize. More than $13.5 trillion in American household wealth has been completely obliterated in the past three fiscal quarters.
Part of that loss has been through the stock market. The Dow and other indexes have plummeted by 25% since the first of the year. That accounts for about 6.8 trillion of the wealth that has vanished into thin air because of Team Biden’s policies.
It also suggests, since everyone knows we’re on the verge of one or more bubbles popping, that Sam Bankman-Fried of FTX is likely not the only CEO who is going to be caught in the next year or two trying to (allegedly) take the money and run from his investors.
The other half of the equation is the runaway inflation caused by the green kooks in the Biden regime strangling America’s energy production. Inflation has eaten another $6.7 trillion in American household wealth. You might be making the exact same amount of money, dollar-for-dollar, as you did last year. But those dollars are purchasing a lot less than they did just a short while ago. (And your taxes are going up.)
During the first nine months of 2022, real wealth plummeted by 8.6%. That’s the second-largest drop in wealth since economists started tracking it in 1959. The only time Americans have lost more money in such a short amount of time was in the 2008 financial meltdown.
The Biden regime lies to us constantly and papers over the truth.
“Inflation is at zero percent – zero percent,” lied Joe Biden as real household inflation was at approximately 15% and gas was averaging more than $5 a gallon. This was a total lie. The Washington Post hilariously wrote an article trying to cover the lie titled, “Inflation Can be 0% and 8.5% at the Same Time.”
Only if you don’t own a calculator!
The truth is that there has only been a single month of 0% inflation in most of our lifetimes. That was June of 2020 when Donald Trump was in office.
The last time the inflation rate even came close to hitting zero was in 1961, during John F. Kennedy’s first year in office.
The roaring Trump economy had many months of inflation running less than 3%, which meant that household wealth and real wages were increasing for the first time since the 1970s. The only time that inflation was low with Joe Biden in office was the first few months of 2021 when he inherited (or rather, stole) the Trump economy.
The used car industry is now projected to see a massive surge in repossessions in 2023, as the auto lending bubble pops.
The Biden regime’s job growth projection for this year, which they initially claimed had hit 1 million new jobs, was actually fewer than 10,000 new jobs.
And just this week, Congress is set to pass a $1.7 trillion Omnibus bill that includes billions of dollars for Ukraine. It’s as if the wheels are flying off the cart and no one in charge seems to notice or care.
A Republican-controlled House will take over in a couple of weeks in January. But will they be able to do enough to curb government spending? And will it be too little, too late before a second Great Depression hits us?