In the first of what economists expect to be at least 11 rate hikes over the next two years, the Fed has raised the prime interest rate to the highest it has been in decades. The last time they did this massive of a rate hike was in 1994.
As the prime creeps towards 7.5%, Americans who want to buy a home can expect the cost of a 30-year mortgage for a $400,000 home to go up to $805,495 while paying $2,882 per month.
That’s if buyers living paycheck to paycheck are actually out there. The rate-hike disincentive will result in a recession with a supply of homes that no one can afford.
Pouring oil on those troubled waters is a President who promised during his rare out-of-basement campaign stops that he “absolutely guaranteed” that America’s dependence on fossil fuel will come to a breezy end. As his climate conscious left-wing looney supporters beamed in the background, Joe promised to put anyone in jail who didn’t agree to go green.
Fast forward to the present. We have the embarrassing spectacle of our president kowtowing to the Saudis, begging them to pump more oil—to fix a problem that he, our president, singlehandedly caused. He must have forgotten that during the campaign debates he scolded Donald Trump for doing the same thing. Probably how he earned his Dementia Joe nick name!
Biden must have gotten tired of constantly being barraged with complaints about the cost of a gallon of gas that could reach $7.00 before the end of summer, so he and his handlers put the blame on Russia’s Putin.
Even liberal NBC news isn’t buying Joe’s dish of malarkey. Here’s what they said in a March 9, 2022 online piece: “Russian crude oil and petroleum product exports to the U.S. represent 8 percent of all its imported oil and less than 2 percent of the U.S. supply…’
Watch Sean Hannity’s take on the economic mess Biden made of our country in the YouTube Video below.
