Economic Reality
Kerby Anderson
Inflation and high interest rates are making it harder for Americans to navigate the current economy and still be able to pay their bills. At a time when the administration keeps promoting the benefits of Bidenomics, most Americans aren’t having a positive experience.
Here are some economic facts and figures that illustrate why Americans are facing difficult economic decisions. These are available on the Internet, but I have provided a link to an article by Jim Geraghty who provides most of these economic statistics.
The chief economist at Moody’s Analytics says that buying a home or car right now is “completely unaffordable for the typical American household because you’re mixing the higher borrowing costs with the high prices.” He estimates that the typical American household would need to use 42 weeks of income to buy a new car.
The National Association of Realtors calculates that the typical American family can’t afford to buy a median-priced home. The latest economic research discovered that Americans are applying for mortgages at the lowest rate in 28 years.
Similar economic calculations found that it now costs $734 more each month to buy the same goods and services as two years ago (for households who earn the median income). Paying an additional $734 more each month adds up to $8,808 more per year for the same purchases.
How many Americans have an additional $9,000 lying around? Perhaps that is why the Federal Reserve reports that household debt and credit card debt are continuing to climb even higher.
Although politicians may try to tell you the economy is doing well, your personal experience and these numbers suggest otherwise. Numbers don’t lie, even if politicians do.
Listen to this Viewpoint
Viewpoints
View All
Judge Hensley’s Win
Eleven years ago, the United States Supreme Court issued the landmark Obergefell v. Hodges decision that brought same sex marriage to every state. This — despite the fact that 31 states had specifical...
Great Relearning Again
Three years ago, I wrote a commentary about the “great relearning.” The phrase was coined by novelist Tom Wolfe who was talking about the hippies of Haight-Ashbury. They decided to toss out lessons ab...
Take Action
View All
Support the Safeguarding Women from Chemical Abortion Act
The abortion pill harms women and kills unborn children. Congress must act.
Contact Congress About the Prevent Government Shutdowns Act of 2025
Congress needs to get the job done, not run away from work.