As the Federal Reserve continues to raise the bank interest rate, all interest rates for mortgages, car loans, credit cards etc. will to continue to go up. Home Mortgage rates are already at 7% double what they were when Biden took office and they will go higher. The Fed's have no choice but to raise interest rates because feckless Joe Biden has made such a mess of the economy that the only way to deal with raging inflation, which is really at 17%, if everything were included in the computation. The trillions of dollars Socialist Fascists (AKA Democrats) enacted in various SwindleUs Plans, without Republican support is the reason we are experiencing the highest inflation in the last 40 years. It is Jimmy Carter all over again. Next, we might see the lines to buy gas.
When Trump left office, inflation was under two percent, wages were rising, Blacks, Hispanics and women had the lowest unemployment rates in American history, gas averaged $1.87 a gallon and the border was relatively secure. Our allies were paying their fair share for their defense. Good trade deals were in place with China, Mexico and Canada. The Abraham Accords brought peace between Israel and various Arab countries. The stock market hit 35,000. And, we were not facing the potential for a nuclear war or North Korean missiles flying over Japan.
Fast forward just two years into the Biden Presidency. Inflation is now at about 17%. Wages are not keeping up with inflation. Gas is at $5 a gallon or higher in many states. Our allies and enemies ignore Joe Biden. The China trade deal has fallen apart. Iran and North Korea continue to develop nuclear weapons. 5 million illegal aliens and tons of drugs have come across our border. No additional Arab countries have been added to the Abraham Accords. And, Russia is threatening nuclear war. The stock market is crashing. It is amazing what just two years of incompetent leadership can do to our country and the world.
The good news is that there is a Red Wave coming in the Midterm elections. I fully expect Republicans to take over the Congress, many Governorships, and state houses. These elections won't immediately end our misery; but at least they can stop the damage Biden is doing to our country until we have a Republican President in 2024. In the meantime, there will be a lot of suffering as the Recession gets worse.
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