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Bidenomics: the OPPOSITE of Success; Here Are 5 Charts the Media Don't Want You to SeeMortgage rates today are more than twice the average rate home buyers paid when Trump left office, Freddie Mac data reveal. Under Biden's predecessor, the average 30-year fixed mortgage rate fell by a third, from 4.09% to 2.77%. But, by September 7, 2023, mortgage rates had more than doubled, increasing by more than four percentage points, to 7.12%.
Gas prices: While gas prices held steady under Pres. Donald Trump (down four cents a gallon), they've surged 63% in the first 31 months of...Joe Biden's term. From January 2021 to August of this year, the average price of a gallon of gas (all grades) has increased from $2.42 to $3.95, according to the U.S. Energy Information Administration. Real Wages:
Under Trump, however, real wages rose from $352 on January 1, 2017, to $373 on January 1. 2021. Real wages are calculated using Bureau of Labor Statistics (BLS) median usual weekly earnings for full-time employees at least 16 years old and are represented in terms of quarterly 1982-84 Consumer Price Index (CPI) seasonally-adjusted dollars. Consumer Price Index:
In contrast, prices have already risen more than twice as much, 16.6%, in just 31 months under Biden. Less than two-thirds of the way through his term, the CPI has risen from 262.650 in January of 2021 to 306.269 last month (August 2023), putting it on pace to increase more than three times as much as it did during Trump's full, four-year term. Mortgage Rates:
Mortgage rates today are more than twice the average rate home buyers paid when Trump left office, Freddie Mac data reveal. Under Biden's predecessor, the average 30-year fixed mortgage rate fell by a third, from 4.09% to 2.77%. But, by September 7, 2023, mortgage rates had more than doubled, increasing by more than four percentage points, to 7.12%. Savings Rates:
From February 1, 2017 to February 1, 2021, the average personal savings rate increased 86%, from 7.2% to 13.4%. But, byJuly 1of this year, it had plummeted to 3.5%—a mere quarter of its pre-Biden level—according to Federal Reserve Bank of St. Louis (FRED) calculations, incorporating BLS data. Subscribe for free to Breaking Christian News here The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.
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