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Last week, Fed Chairman Powell cut interest rates half a point, then stood before the nation and told us that "recent indicators suggest that economic activity has continued to expand at a solid pace," and the politicians on the left and media swooned because the implication is that our economy is headed towards the heretofore elusive soft landing, and that as long as we just keep trusting our swamp overlords, everything will be just peachy keen.
Asset prices continue to climb, prices aren't growing as fast as they were, everything is Hunky Dorie in Powell's and the democrats' eyes as it pertains to the economy. Just ask them... never mind the facts.
At the American Adversaries we always look inside the numbers and tell you what the politicians and their lapdog media don't.
I don't remember the democrats and Harris campaign mentioning mortgage applications.
Maybe I missed it... but this month, September, we are in the midst of the worst month for purchase money mortgage applications in 30 years, back when mortgage rates were in double digits. In September 2019, Trump's last September before the pandemic, purchase money mortgage applications were 44% higher than they are now. About 80% of those applications were made by investors- which account for about a third of all purchases, which is startling and a huge symptom of the economic assault that the lower and middle class find themselves under.
Let's talk about oil prices. Oil prices have fallen 16% in the third quarter of the year and fallen to their lowest levels in 5 quarters, despite what appears on the surface to be an economic environment ripe for a big run up in prices. The fed cut rates, there is a shooting war involving the third largest oil producing country, and another region that produces 32% of the world's oil supply is on the brink of war. Remember, oils prices surged 30% when Russia invaded Ukraine.
So why would oil prices be dropping when all of the following exist:
1) When there are multiple shooting wars involving oil producing nations/regions,
2) When the fed cut rates by 50 basis points,
3) Powell told us we are on pace for a soft landing,
4) 5 straight quarters of GDP growth, and
5) According to Powell we have a stable job market?
Could it be that demand has cratered worldwide as economic conditions have become more and more dire?
What the democrats, Powell, Harris, and the media don't tell you is that the same dollar you had in 2019 is now worth 23% less, that new family formation- which during the Trump administration reversed a decade long negative trend to turn positive- has now turned negative again, that credit card balances have risen by 10% in the past 2 years. Credit card delinquencies are up by 44% since 2020, that the savings rate is down by 4% since 2019, the amount of families owning their homes is at 50 year lows, and the fertility rate in households earning between $50,000 and $250,000 is less than half the fertility rate of both households earning less than $50,000 and those earning $500,000+.
Under Biden, Harris, and democrat/uniparty economic policies, which are really globalist economic policies, if you own real estate and have cash and marketable securities, you have thrived. If you are a young person just starting out, dreaming of starting a family, owning your home, saving money, and raising good children who will do better than you- which are really middle class values- you are under economic and cultural assault and your numbers are thinning.
The God given freedoms intertwined in our constitution, culture, and faith, and our unique free market capitalist economy, have been the greatest vehicle for upward mobility and have produced the largest middle class, and the freest, richest nation in the history of the world. Now the middle class is under assault, American values are under assault, our traditional American culture is under assault, and our sovereignty as free people is under assault...... all while Fed Chairman Powell, Kamala Harris, the leadership of both houses of congress, and their partners in the media, sing a song of serenity to convince you that the burning sensation you feel really isn't a raging fire. As Roberta Flack sang, "Killing me softly..."
None of the statistics I've cited are anomalies, instead they are indicators of trends, and they are trending in the wrong direction. In 5 weeks, we have a choice to make. Do we continue on our downward trend and see the middle class fade away into extinction in a generation or two, or do we stand up and reassert the greatness of the middle class, pass along the gift that we and our ancestors have passed to us for 250 years, and make the middle class great again? Do we let keep singing the same old "Killing Me Softly" refrain and forfeit our divine gifts with a whimper to the global cabal who want us eliminated, or do we stand up and say "Hit the Road, Jack?"
November 5 can't get here soon enough.
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