{"id":1981299,"date":"2023-07-24T12:56:01","date_gmt":"2023-07-24T16:56:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/repos-and-foreclosures-on-the-rise-but-bidenomics-is-working\/"},"modified":"2023-07-24T13:00:57","modified_gmt":"2023-07-24T17:00:57","slug":"repos-and-foreclosures-on-the-rise-but-bidenomics-is-working","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/repos-and-foreclosures-on-the-rise-but-bidenomics-is-working\/","title":{"rendered":"Repos and foreclosures increasing, yet Bidenomics succeeds."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frepos-and-foreclosures-on-the-rise-but-bidenomics-is-working%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1981299&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Hidden Truth Behind the U.S. Economy Rebound<\/h2>\n<p><span style=\"font-weight: 400\">Joe \u2062Biden has \u2062been out and about talking about the rebound of the U.S. economy and the \u201cwins\u201d so-called Bidenomics is creating for America.\u200b Television economic pundits did cartwheels earlier this month as\u2063 new inflation data showed \u2062the June Consumer Price Index had fallen to 3.0%, with core CPI up 4.8%, per the <\/span><a href=\"https:\/\/www.bls.gov\/cpi\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Bureau<\/span><\/a><span style=\"font-weight: 400\">  of Labor Statistics. While this\u200d is good news for Americans, these numbers do not tell the entire story, nor do\u2064 they reflect the struggle citizens are facing every day.<\/span><\/p>\n<h3>The Real Inflation Picture<\/h3>\n<p><span style=\"font-weight: 400\">To begin, one must remember that the CPI measures \u2064year-over-year\u2064 inflation, meaning that the June number of 3.0% was \u200d3.0% higher\u2062 than the number in June \u20622022. Forgotten by most of the talking heads on television is that the June 2022 <\/span><a href=\"https:\/\/www.dol.gov\/newsroom\/economicdata\/cpi_07132022.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">CPI<\/span><\/a><span style=\"font-weight: 400\">  was 9.1% \u2062\u2014 meaning that prices in June 2023 were, on average, 12.1% higher \u200bthan they were just two \u2062years ago. \u2062This means that in 2023, a family with an income of $100,000 had the purchasing power of a family making \u200djust under \u200c$88,000 two years previously.<\/span><\/p>\n<h3>The Growing\u2063 Debt Crisis<\/h3>\n<p><span style=\"font-weight: 400\">There is financial danger lurking as credit card debt increases, high interest rates preclude\u2064 the purchase of homes\u2063 and cars, and consumers are having a harder time obtaining credit.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400\">Credit card <\/span><a href=\"https:\/\/www.foxbusiness.com\/economy\/credit-card-debt-rising-double-edged-sword-economy\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">debt<\/span><\/a><span style=\"font-weight: 400\">  reached a record high of $993 billion in early\u2064 July 2023, at a time when the average credit card interest rate \u200dtopped 24%. The credit\u2064 card interest rate will almost certainly rise later\u200d this month as the Federal Reserve is expected to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">increase interest rates<\/a> by 0.25% at it\u2019s \u200dmeeting in late July.<\/span><\/li>\n<li><span style=\"font-weight: 400\">Some\u200c pundits believe that increasing \u2062credit card debt\u2063 is a sign that people\u200b believe the economy\u2063 is strong and that they are comfortable taking on additional debt. I \u2064disagree. 60% of\u2063 credit \u200ccard holders have been carrying <\/span><a href=\"https:\/\/catalyst.independent.org\/2022\/09\/22\/government-causing-credit-card-debt\/?gclid=Cj0KCQjwn_OlBhDhARIsAG2y6zNQIoZij5TXjNC2ibkKunklxZQlfz7Ky8c9eVV5Q0TY0oPrDVS6euoaAoqaEALw_wcB\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">balances<\/span><\/a><span style=\"font-weight: 400\">  on their card for at least\u2064 a year, up 10% from\u2063 2021. 59% of Americans\u200c who earn less \u2063than $50,000 \u200ca year carry a \u200bcredit\u200d card balance from month to month. These people aren\u2019t using credit cards to purchase tickets to Hawaii and\u200b new TVs, they are using their cards \u2063to pay for groceries\u200b and to cover their rent or utility bills and\u2064 paying \u206324% interest for the privilege of\u200d doing so.<\/span><\/li>\n<\/ul>\n<h3>The Housing Crisis<\/h3>\n<p><span style=\"font-weight: 400\">Existing <\/span><a href=\"https:\/\/www.bankrate.com\/real-estate\/existing-home-sales\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">home\u2064 sales<\/span><\/a><span style=\"font-weight: 400\">  were down 3.3% in June, a reduction of nearly 19% compared\u2063 to June 2022.\u200d This should not be a surprise as <\/span><a href=\"https:\/\/www.bankrate.com\/mortgages\/30-year-mortgage-rates\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">mortgage<\/span><\/a><span style=\"font-weight: 400\">  rates\u200d are\u200d currently at 7.24% for a \u206230-year fixed mortgage. People simply cannot afford to sell their homes and relocate. This makes sound economic sense. No one owning a home\u200b with a 2.5% fixed mortgage rate wants to sell their home and relocate,\u200b given the extra cost\u200b they would \u200bincur to purchase a similarly valued home at \u20647.24%. This phenomenon is precluding\u2063 many potential first<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-9-of-the-10-worst-cities-for-first-time-home-buyers-are-in-california\/\" title=\"Report: 9 Of The 10 Worst Cities For First-Time Home Buyers Are In California\">-time home buyers<\/a> from making that purchase and, in turn, is driving <\/span><a href=\"https:\/\/www.usatoday.com\/story\/money\/2023\/07\/19\/us-metros-states-with-rent-increases\/70425895007\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">rental rates<\/span><\/a><span style=\"font-weight: 400\">  upwards. In addition, it is making it harder for\u2062 businesses to fill key needs as fewer potential employees are willing to relocate for \u2064a new\u2063 job.<\/span><\/p>\n<h3>The Struggle Continues<\/h3>\n<p><span style=\"font-weight: 400\">Unfortunately, \u2064many Americans can\u200b no longer pay \u2063their bills as both\u2062 foreclosures \u2062and auto repossessions \u200ccontinue to rise. In May, the U.S. Foreclosure Market Report \u201cfound 35,196 American properties with <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/foreclosures-rising-experts-means-housing-180030618.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">foreclosure<\/span><\/a><span style=\"font-weight: 400\">  filings \u2026 a 7% increase from April,\u200d but \u200dtwice that much from 2022,\u201d according to Go Banking Rates. In March, the last data available, the percentage of <\/span><a href=\"https:\/\/www.motor1.com\/news\/664132\/delinquent-car-loans-repos-rising\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">delinquent<\/span><\/a><span style=\"font-weight: 400\">  subprime auto loans increased to 5.3%, \u2064and repossessions will top 1.5 million this year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It\u2019s getting even\u200b harder for people to be approved for \u2064loans of all types, ranging from credit \u200ccards to auto loans. \u200dA recent New \u200dYork Federal Reserve <\/span><a href=\"https:\/\/www.msn.com\/en-us\/money\/personalfinance\/borrowers-are-getting-rejected-for-loans-at-the-highest-rate-in-5-years\/ar-AA1e4Yh2?ocid=msedgntp&#038;cvid=da7e37617c5c4986802b6f1c5817e305&#038;ei=29\"><span style=\"font-weight: 400\">survey<\/span><\/a><span style=\"font-weight: 400\">  found that the \u201coverall rejection\u2062 rate for credit applications increased\u200c to 21.8% \u200dyear-over-year \u200bin June,\u201d the highest level since June 2018. This is a bad sign for the economy \u2063as it shows \u200dmajor <\/span><a href=\"https:\/\/www.msn.com\/en-us\/money\/realestate\/more-americans-rejected-for-loans-just-as-they-may-be-feeling-tapped-out-fed-survey-shows\/ar-AA1dZL8Y?ocid=msedgntp&#038;cvid=c590680289aa4e0ae2b3ecf8cd7d0e86&#038;ei=123\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">banks<\/span><\/a><span style=\"font-weight: 400\">  \u2062are setting aside more money to\u200c cover bad consumer loans.<\/span><\/p>\n<p><span style=\"font-weight: 400\">So, while President Biden and economic talking heads gush over the reduced rate of inflation, every day, hard working Americans are struggling under unprecedented\u2064 levels of debt and the inability \u200dto obtain the credit to address it. \u2063Americans are hurting, and\u2063 their\u200b hurt is being ignored.<\/span><\/p>\n<p><em>Jim\u200d Nelles is a \u200cNavy veteran and supply chain consultant \u2063based in Chicago. His articles have\u200c appeared in the Washington Examiner, Newsweek, Foxnews.com, and \u2062The\u2064 Daily Wire. He has served as a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/border-crossings-are-at-an-all-time-high-the-homeland-security-department-is-prioritizing-diversity-equity-and-inclusion\/\" title=\"Border Crossings Are at an All-Time High. The Homeland Security Department Is Prioritizing \u2018Diversity, Equity, and Inclusion.\u2019\">chief procurement officer<\/a>, chief supply chain\u200c officer,\u2063 and\u200c chief operations \u2063officer for multiple companies.<\/em><\/p>\n<p><em>The views expressed in this piece are those of the author and do not\u2062 necessarily represent those of The \u200dDaily Wire.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Biden is actively discussing the U.S. economy&#8217;s recovery and the successes of his economic policies, known as Bidenomics. Economic experts were thrilled when recent inflation data revealed a decrease in the June Consumer Price Index to 3.0%, while core CPI rose to 4.8%, according to the Bureau of Labor Statistics.<\/p>\n","protected":false},"author":1881,"featured_media":1981300,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1981299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1881"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1981299"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1981300"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1981299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1981299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1981299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}