America's economic decline under Joe Biden second-fastest on record

[JGalt]

Joe should be happy, knowing that he outperformed his former Boss, Barack Obama in one respect.

"Joe Biden is only in second place – so far. A new report reveals that the economic decline for Americans was both huge and fast under Biden's economic strategies. But he's only in second place, with the fall in wealth faster coming just as Barack Obama, for whom Biden served as vice president for eight years, was beginning his term in the White House...

The U.S. household wealth is down $13.5 trillion in 2022 the second fastest decline on record. Only the 2008-2009 financial crisis was worse than the Biden 2022 economic crisis. Citing information from MSN Market Watch, the report said Americans lost some $6.8 trillion in wealth during just the first three quarters of 2022 as stock markets plunged by 25%.

That report added, "Nominal net worth fell 4.6% to $143.3 trillion, as the market value of assets fell by $6 trillion and liabilities rose by about $900 billion. Households’ balance sheets were propped up by a 10% increase in home equity, which is the greatest source of wealth for most American families."

But, it found, "The loss in real wealth from January through September was about twice as large — $13.5 trillion in current dollars — after accounting for the rapid inflation experienced this year. Inflation makes both debts and liabilities worth less in terms of purchasing power."

The report said the 8.6% drop in real wealth was the second-fast decline on record, being beaten out by the early Obama years."

America's economic decline under Joe Biden second-fastest on record

 

[1srelluc]

The dems would be tickled pink to see us all in .gov bread lines.....While they feast on lobster.

 

[TroglocratsRdumb]

 

[talksalot]

This was all predicted by President Trump.

 

[Ringo]

"93-year-old billionaire, co-founder of Home Depot, blames socialism for the destruction of capitalism"

And I thought that billionaires stole not only the present, but also the future of our children. Because of their endless greed, that brought the world to the brink of destruction. It is not just a bottomless hole, but an impudent hole...

 

[Ame®icano]

Federal reserve is not looking after our well being anymore, they've became highly political.

They set the goal to lower inflation "no matter what", and in 2022 they raised their target interest rates faster than they had in 40 years.
In the process of trying to lower inflation they caused the stock market to drop by 20%, the bond market have it's worst year ever, crypto has fallen by over 70%, and the housing market rapidly cooled down with housing prices falling for the first time since the 2008 financial crisis, which was also caused by the government.
Meanwhile, if you remember, they did all this to try to lower inflation, which in 2022 started with 7%, it rose to about 9% and it ended the year right back where it started at 7%.

It's almost 2023, and the biggest question I have is: How the government can fuck me even more in the New Year.

Well, here is mention of some new taxes brought to you by Democrats in new "Inflation Reduction Act" that we'll have to pay from January 1st. Inflation is currently at 7.7% and these new taxes are meant to somehow "reduce inflation".

• The new law plans to generate $74B from "stock taxes", but the only things they're going to tax are IRA, 401k, and mutual funds, which means, WE are going to pay for that, not anybody else.
• There is $16.46 per barrel tax added to all crude oil coming into the United States. That's before it's refined into fuels, that we have to pay right of the bat.
• Another is 8% gas tax increase, which means we're gonna pay 8% more at the pump on that refined fuel that is already taxed more before it's refined.
• On top of that, they're trying to raise another $6.5B with new natural gas tax. which will increase our gas bill 17% on average.
• With this act they're will collect another $17B by raising corporate tax, which will definitely kill jobs.
• On top of that, we're getting 7.2% increase on all coal sales nationwide, meaning if you use coal, or mining coal, or do anything with coal, you're basically fucked.

Somehow, all of this together will "reduce carbon emissions" 40% between now and 2030, which is total horse shit. What they're doing is slowly raking you over to make up for the money they're blowing on foreign wars and lining up their own pockets.