Bidenomics is really kicking in now

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by Gypo O’Leary

Child Poverty More than Doubled in Biden’s Second Year, Census Data Shows

– The U.S. saw a sharp rise in the government’s supplemental poverty rate and a fall in real incomes for Americans in 2022
– 5.2% in 2021 to 12.4% in 2022
– Overall poverty increased by 4.6 points to 12.4% in 2022.
-The increase in the SPM was the first since the metric was introduced in 2010.
-Median Real Household Income fell 2.3% in that same time frame, from $76,330 to $74,580.
-The rise in poverty comes as debt reached an all-time high

-Bidenomics Is Killing The Housing Market, Loan Applications Lowest Since 1996

-Applications for mortgages…were 27% lower than the same week one year ago. The adjustable-rate mortgage share of total applications rose, signaling that potential buyers are using all the tools they can to lower their monthly payments.

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“Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996. Given how high rates are right now, there continues to be minimal refinance activity and a reduced incentive for homeowners to sell and buy a new home at a higher rate.”
–Joel Kan, Mortgage Bankers Association economist

August core inflation, excluding food and energy, rose 0.3%, hotter than expected

-The inflation gauge rose 3.7% from a year ago.
-Energy prices fed much of gain, rising 5.6% on the month, an increase that included a 10.6% surge in gasoline.
-Real average hourly earnings declined 0.5% for the month.

Joe Biden shits the floor….figuratively and literally.

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