Bidenomics new theme song is “Addicted To Gov.” Bidenomics needs lots of Federal spending and borrowing to survive. But all this spending and borrowing is causing rapid price increases and other distortions.
The US Federal government just added $600 billion in debt in ONE MONTH. And The Fed’s have borrowed $10.47 TRILLION since Covid in Q1 2020.
Meanwhile, retail credit card APR average just hit 28.93%! While credit card debt outstandnig just exceeded $1 trillion.
On the healthcare front, a family’s health insurance costs nearly $24,000 this year after the biggest increase in more than a decade.
.On the GDP front, Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.1 percent.
Here is the breakdown.
But inflation is reaacelerating, harming the middle class.
Real weekly earnings growth is falling again, down to 0.8% YoY.
And the US Dollar purchasing power keeps on falling. All together now!
Gavin Gruesom has a great smile like Joe Biden. Perhaps that is all you need to be a Democrat. President. Like Obama.
