Every now and again, the Biden administration will push out some ridiculous claim on social media about how well the economy is doing under it. Sometimes the press tries to play along but it’s a losing battle for Biden. The lie is hard to push when the truth is staring at Americans in small glowing numbers at checkout lines or the bills they get in the mail.
According to the University of Michigan’s consumer sentiment surveys, the data indicates a massive decline in buying conditions for houses at 30 points. This is record-breaking, beating out the drop to 40 points experienced in the mid-80s.
In just the past four years alone, the index for home buying conditions decreased a whopping 110 points, marking a 73 percent decline.
This also matches the decline in buying conditions for other things such as appliances and cars.
Biden’s Build Back Better bullcrap boasted a stimulated economy while avoiding inflation but we’re now into multi-decade highs thanks to a war he’s decided to throw billions of our taxpayer dollars at as well as supply chain disruptions for various reasons. The open borders raising crime rates all over the country and forcing billions of taxpayer dollars to go toward these issues hasn’t helped either.
Biden’s administration has done everything you shouldn’t do to an economy to the point where people make a reliable argument that it’s intentional.
Hilariously, we have leftists out here who want to claim Biden’s handling of the economy has been nothing but good while being unable to figure out why their rent is being raised.
As RedState’s Nick Arama previously reported, the inflation issue has caused Biden no end of trouble as well. Even as the buying conditions worsen, the values of homes have only risen less than one percent:
The WSJ notes that the total household net worth rose 19 percent through Biden’s first three years in office, but it was higher, 23 percent, through Trump’s first three years. But the real kicker was after doing the adjustment, under Biden, net worth only goes up 0.7 percent through his three years versus 16 percent through Trump’s.
So under Biden, factoring in inflation, it was basically flat.
This explains why people are feeling crushed — because they are, whether Joe Biden admits it or not.
All of Biden’s horses and all of Biden’s men can try to put the narrative back together again, but the numbers tell the truth. This is one of the worst economies we’ve seen. Biden’s a failure.
And this is going to be the anchor around the Democrat Party’s neck going into 2024.
