Biden Administration Rate Hikes Will Cause Credit Card And Mortgage Payments To Increase On People Who Are Already Struggling In America

June 15. 2022

Joe Biden

In trying to combat the inflation his poor policies created, U.S. President, Joe Biden, has been raising interest rates this year (yet, inflation keeps going up). This year many have seen their mortgage payments rise by several hundred dollars per month, in a market where property values have begun to go down this summer. Interest rates were raised twice this year (January and April). Today, rates were raised for a third time this year. Today's hike is by .75%, which has not been done since 1994.

Foreclosures will rise at this rate, giving Wall Street and foreign investors an advantage in cornering even more of the real estate market in America, shutting more working class Americans out of homeownership, which I do not agree with, as financially it is better to own than rent. Mortgage payments are usually lower than rent and you are building equity in your property when you own. However, in trying to defend Biden, some have actually proclaimed America a nation of renters, and tried to put a positive spin on it.

As seen on news programs such as "60 Minutes" many Americans have literally been brought to tears over the past year whilst trying to buy a home under Biden's terrible fiscal policies, as Wall Street and foreign investors have been snapping up the properties the moment they become available, and in cash buys. Sellers usually choose the cash buyer over the working class person that has to obtain a mortgage to buy the property.

Reports indicate demand for mortgages in America is also down. Extensive job losses brought on by the pandemic and then Biden's awful political policies, which brought on record inflation and low labor participation in the workplace, have left many in America in a terrible financial situation. Many people have depleted their savings due to Biden's inflation and can't afford a down payment on a home or associated closing costs.

Monthly credit card and car loan payments have risen as well. It cost more money to buy a car and separately fill the tank with gas. It also costs more money to buy clothes and electronics on credit. Things are so financially bad in America people are maxing out their credit cards to buy food (as seen this evening on "NBC Nightly News With Lester Holt").

The cost of rent, food and gas have doubled in America squarely due to Biden's bad policies. Now homeowners are in trouble as well, with rising mortgage payments due to Biden's three interest rate hikes this year (many are paying several hundred dollars more per month in mortgage payments due to Biden's three rate hikes).

This is evil. What kind of relief is this. How do you expect the public to pay their bills with the cost of so many things doubling. Even utility bills have gone up (utility companies are adding the extra cost of gas to people's utility bills). Biden has made America completely unaffordable for millions of people. What are you doing! This makes no sense. You are scarring people who are losing what they have because of this terrible inflation you ushered in.

Biden's America is unaffordable and it happened in a little over a year. People barely got out of the voting booth and Biden turned the nation's economy upside down because he wants a green America free from fossil fuel use. This is a dumb way to try to achieve said goal, because you are bankrupting America under this terrible domino effect.

Biden also continues to tout dodgy job numbers. Biden has stated he created over 13,000,000 jobs in one year, yet employers continue to state on television and in publications there is a massive labor shortage problem in America. There are two jobs for every worker. Why is Biden ignoring these televised stats in favor of his own empty, untruthful spin.

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