If you needed convincing Bidenomics is a bad deal look no further then how inflation is affecting retirees and what mortgages rates are doing.
CNN, citing the Social Security Administration, reported on Thursday that Social Security recipients will only see a 2.5 percent cost of living adjustment for 2025, down from 3.2 percent in 2024, and a much higher 8.7 percent adjustment in 2023 despite retirees still feelings that inflation is a major issue.
ABC News reported the same day that mortgage rates are shooting back up from 6.12 percent last week, to 6.32 percent this week as President Biden’s legacy with both issues in mind will surely be one of ineptitude concerning the economy.
As CNN reports it, Cost-of-Living Adjustment (COLA) report for social security recipients is based of inflation rates which have been going down after hitting the highest that rate has been in two decades in 2022.
Whatever the numbers say, retirees that spoke to CNN don’t feel the burden of inflation has been lifted as many still struggle to make the most of what they receive.
Cindy Christina of Lebanon, Oregon, gave a story many of us are familiar with as she says $150 used to buy her several bags of groceries and supplies prior to COVID. Now? That same $150 will net her two bags.
She and her husband had to finance replacing the brakes on their 1996 Dodge, while she stated she eats cereal for dinner to save money.
Both she and her husband Wally rely on social security but don’t feel the adjustments are enough.
According to a Senior Citizens League analysis cited by CNN, while COLA is supposed to account for inflation, over the past five years, only 2023 has beaten it, with eight of the last 15 years falling short.
Granted 6.32 percent is a far cry from the 7.57 percent rate a year ago, or the 7.22 percent from May, but this rate still isn’t promising.
In September 2023, Newsweek reported on and analyzed the mortgage rates when looking at President Joe Biden’s term at a comparable point to former President Donald Trump’s:
“Rates went down from 4.09 percent to 2.77 percent between January 19, 2017, and January 21, 2021—when Trump was president—but shot up from 2.77 percent to 7.09 percent between January 21, 2021, to August 17, while Biden has been president.”
Sure, Biden’s current rates aren’t what they were a year ago, but potential homebuyers are probably wishing Trump was president (again) right about now.
With only a month to go before the election between Trump and Vice President Kamala Harris, these numbers for retirees and potential homebuyers matter.
While Harris has stated she is not Biden, she hasn’t offered Americans anything different from what he’s giving them.
Voters have no reason to believe she won’t continue his disastrous inflationary spending policies that led us here.
The economy is a powerful means of swaying voters.
While the mainstream media can lie and cover for the Biden/Harris administration on anything from foreign policy to illegal immigration, voters know the economy because they personally see how bad it is every day.
