America's economic decline under Joe Biden second-fastest on record
Worst came at beginning of Barack Obama's term
By WND StaffPublished December 12, 2022 at 3:02pm
Joe Biden looks at the Wall Street Journal, Thursday, Sept. 15, 2022, in the Oval Office. (Official White House photo by Adam Schultz)
Joe Biden is only in second place – so far.
A new report reveals that the economic decline for Americans was both huge and fast under Biden's economic strategies.
But he's only in second place, with the fall in wealth faster coming just as Barack Obama, for whom Biden served as vice president for eight years, was beginning his term in the White House.
The Gateway Pundit was blunt in its report, explaining, "The U.S. household wealth is down $13.5 trillion in 2022 the second fastest decline on record. Only the 2008-2009 financial crisis was worse than the Biden 2022 economic crisis."
TRENDING: Fair trade?
And the warning coming from multiple economists and corporate chiefs is that a recession is coming in 2023.
"Sadly, it won’t stop Democrats from spending more money and sinking the economy," the report said.
Citing information from MSN Market Watch, the report said Americans lost some $6.8 trillion in wealth during just the first three quarters of 2022 as stock markets plunged by 25%.
That report added, "Nominal net worth fell 4.6% to $143.3 trillion, as the market value of assets fell by $6 trillion and liabilities rose by about $900 billion. Households’ balance sheets were propped up by a 10% increase in home equity, which is the greatest source of wealth for most American families."
WND is now on Trump's Truth Social! Follow us @WNDNews
But, it found, "The loss in real wealth from January through September was about twice as large — $13.5 trillion in current dollars — after accounting for the rapid inflation experienced this year. Inflation makes both debts and liabilities worth less in terms of purchasing power."
The report said the 8.6% drop in real wealth was the second-fast decline on record, being beaten out by the early Obama years.
"The wealth lost during the Great Depression of the 1930s would likely hold the record if we had the data," Market Watch noted.
Biden has attacked America's economy in a number of ways – by canceling security practices so that the southern border is virtually wide open and any number of illegal aliens can be added to America's workforce, by fighting an open war with America's domestic energy production industry and putting thousands out of work, by handing hundreds of billions of dollars to so-called "green" projects, and sending similar massive amounts to Ukraine.
EDITOR’S NOTE: Leftwing billionaire George Soros bankrolls everything evil – most recently the 75 pro-criminal “Soros district attorneys” who have transformed America’s most dynamic cities into degraded, crime-infested hellscapes of skyrocketing violent crime. Soros also funds drug legalization, euthanasia, open borders, globalism, Black Lives Matter, “defunding the police,” devaluing America's currency and destroying her sovereignty. But why?
Whistleblower magazine reveals and explores the stunning truth: Soros, an atheist, literally says he’s “some kind of god,” obsessed with re-creating the world in his image. Here are a few actual quotes from Soros: “If truth be known, I carried some rather potent messianic fantasies with me from childhood…” “It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” “You know, in my personal capacity I’m not actually a selfless philanthropic person. I’ve very much self-centered.” “I am kind of a nut who wants to have an impact.” “Next to my fantasies about being God, I also have very strong fantasies of being mad. … I have a lot of madness in my family. So far I have escaped it.”
Except he hasn’t “escaped it.” Not only is Soros totally mad, but he’s imposing his insanity on America. See Soros and the leftwing world he has created and funded as never before in “THE BILLIONAIRE WHO THINKS HE’S ‘GOD’: Why George Soros is obsessed with destroying America.”
For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!
Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@wndnewscenter.org.
No comments:
Post a Comment