Joe Biden has been an economic disaster for the United States.
Under his watch, inflation has triggered a huge market collapse for millions of Americans.
And now, Wall Street just dropped a bombshell on Joe Biden that will cost him the 2024 election.
Joe Biden’s tenure in office has become synonymous with “economic disaster.”
Since taking office, an inflation crisis has swamped the United States, the stock market is in a free fall, and interest rates have skyrocketed to levels that have not been seen in a generation.
But while Biden’s economic mismanagement has led the United States into a ditch, there is growing evidence that his track record could come back to haunt him in a major way during the 2024 presidential election.
With Biden on the verge of formally launching his re-election bid, a new 20 year record was just broken on Wall Street which could herald the demise of his political career.
CNBC reports, “The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily.
Growing fears that inflation is not cooling off are pushing bond yields higher. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury.”
With the average mortgage rate in the United States now crossing 7% for the first time in more than 20 years, it’s clear that America is suffering from one of the worst economic crises since the onset of the Great Recession in 2008.
And with millions of Americans now effectively locked out of a home thanks to sky-high interest rates, Joe Biden could be hit for having triggered one of the largest housing market disasters in decades.
That’s because Biden’s policies have helped to contribute to the inflation crisis in the first place.
The Federal Reserve would not be raising interest rates so fast and so far, if it were not for the fact that Biden has spent trillions upon trillions of dollars since he first took office.
And that money has now spilled out into the rest of the economy, fueling inflation at the same time that the Fed is trying to fight it.
CNBC adds, “For a buyer purchasing a $400,000 home with 20% down on a 30-year fixed loan, the monthly payment, including principal and interest, is now roughly $230 a month more than it would have been a month ago. Compared with a year ago, when rates were in the 4% range, today’s monthly payment is about 50% higher.
As a result, mortgage applications from homebuyers have been falling for the past month and last week hit a 28-year low, according to the Mortgage Bankers Association.”
The interest rates for buying a home are so ridiculously high now that many younger Americans have little to no hope of ever owning a home of their own, at least as long as Biden is in office.
And this terrible milestone marks yet another clear example of how Biden’s economic mismanagement is hurting the United States.
With the general public already strongly disapproving of Biden’s handling of the economy, the growing housing crisis and sky-high mortgage rates could end up tanking his approval rating within this crucial category even more.
And Biden’s already poor approval ratings cannot afford to suffer any more if he hopes to still win the next presidential election.