After hosting an event about climate change at the White House Friday morning, President Joe Biden is on his way to the beach for another long weekend. Monday, is a federal holiday for Juneteenth. This marks the fourth weekend in a row Biden has been at his homes in Delaware.
It looks like Willow the cat is traveling with Biden to Delaware for the weekend. Aide just delivered cat carrier to M1 pic.twitter.com/6VY4mfeCMZ
— Jennifer Jacobs (@JenniferJJacobs) June 17, 2022
The trip comes after inflation hit another record this week and gas prices surge close to a $6 per gallon average across the country. On Wednesday, the Federal Reserve took aggressive action and raised interest rates. The stock market also tanked, wiping out all gains since President Biden took office.
The Fed announced the biggest rate increase since 1994 in its latest bid to temper 40-year high inflation, potentially forcing the economy to shrink into a recession — all due to the policies of a president who promised to “build back better.”https: //t.co/4IQmHWMOVw
— Spencer Brown (@itsSpencerBrown) June 15, 2022
Here are the items really driving up inflation:
Car rental 87.7% (y/y change)
Used cars 45.2%
Laundry machines 29.4%
Fresh fish 6.4%
New cars 5.3%
Rent (OER) 2.3%
— Heather Long (@byHeatherLong) July 13, 2021
How bad is actual Inflation?
For the essentials — Utilities, Gasoline, Groceries — the current Inflation pace is an astounding 25%, as shown in this chart from Charles Schwab… pic.twitter.com/k1thQ1gACm
— Steve Cortes (@CortesSteve) June 17, 2022
DOOCY: “President Biden once bragged about the stock market ‘hitting record after record after record on my watch.’ How about now?”
DOOCY: “All the gains from President Biden’s time in office have been wiped out.”
KJP: “We face global challenges.” pic.twitter.com/66kfZpqKdn
— Townhall.com (@townhallcom) June 13, 2022
And now, the housing industry is set to take a hit.
When interest rates go up, the debt-to-income ratio for non-cash buyers changes so that they can no longer afford higher priced properties, shrinking the pool of potential buyers.
Numbers are stubborn things. https://t.co/k6QfPXhN7n
— Brian Morgenstern (@MorgensternNJ) June 16, 2022