The United States is on the precipice of the most extensive financial collapse our nation has seen. The inflation rate is now the highest it has been since 2008. We all remember that time, or we should. During Obama, The global financial crisis of 2007–2008 was the most severe worldwide economic crisis since The Great Depression. That is, until now.
The COVID-19 global pandemic most assuredly has brought distress across all worldwide markets - that point is understandable. Over the last year and a half, we have seen every country across the globe attempt to battle and overcome this virus and the chaos and distress it brought along with it.
During a time of crisis, Democratic Party lawmakers, pushed by the Biden Administration, would have Americans believe that the answer to their burdens and prayers would be to increase federal spending, and in turn, paying people to do nothing. All the while holding crippling businesses hostage, who now will bear the immediate financial burden of financing more liberal lunatic spending. During the unveiling of Democrats' 3.5-trillion spending bill, a loophole of federal legislation that will allow today's liberals to use their power to bypass Senate oversight, Biden stated that his massive spending would be paid for by increasing corporate tax rates and taxing the wealthy.
Americans today, all of us, are paying more for every product and service. According to the Fed and the most recent CPI inflation report, prices rose across the board in June. By a lot. According to an article in Forbes, overall, prices in June climbed 5.4% year-over-year, according to the Bureau of Labor Statistics (BLS), and 0.9% over the past month, the biggest monthly gain since June 2008. Even when you strip out volatile food and energy prices—so-called core CPI inflation—prices rose by 4.5% year-over-year, the most significant such gain since November 1991. If you all remember, that was another American recession due to post-Gulf War, when employment numbers struggled to regain strength.
Along with the short-sighted Federal Reserve, Joe Biden and his fellow Democrats are in cahoots, with all of them speaking from the same mouth. But I'm here to tell you that they better find one that works if they are all sharing a brain, for you cannot continue to state that things will get better by spending more and hiding behind why Americans are not able to return to work.
Americans today can find work if they want a job. Due to Democratic Party spending initiatives, both federal and state, there is no incentive to work. From coast to coast, Americans continue to be rewarded for absolutely no effort. For a year and a half, folks have not been mandated to pay their mortgage or rent payments, free rides on power and utilities, un-Godly stay-at-home unemployment, and never-ending free this and free that. Medicaid/Chip enrollment has also increased by 9.3 million or 13.1%.
Across the nation, housing costs have skyrocketed, over nearly 13%, which accounted for 1/5th of the inflation in June. Used car and truck prices leaped 45.2% over the last year, while car and truck rental costs skyrocketed 87.7%, the Labor Department reported. Here are more increases according to the Bureau of Labor and Statistics:
Gasoline - 44.5%
Moving/Storage - 17.3%
Motor Vehicle Insurance - 11.3%
Furniture - 8.6%
Appliances - 5.8%
Food and Grocery - 1.5%
Under Biden's watch, it costs more to survive. But have no fear, under the Democrats' plan, only the wealthy making more than $400,000 a year will pay more, right? You remember Joe Biden's promise during his campaign. Let me tell you how this is all going to go down.
While Joe Biden, Pelosi, and Schumer target big businesses with the financial burden of their spending bills, let me tell you, companies also have a plan. That plan is to immediately counter their increased costs bypassing those expenses directly to their consumers, and that, ladies and gentlemen, is called "indirect taxation."
The fact is this: if Biden and the Democrats increase taxation on large companies, you know the ones that employ millions and provide services such as food, fuel, housing, retail, transportation, and utilities, every American, regardless of income, will pay more. As the cost of living increases, businesses will become burdened with increasing their paid employee wages, further increasing the cost of products. All the while, Biden and the Democrats will look to improve poverty assistance programs like Medicaid and CHIP, which will put an even more federal financial strain on our nation. And round and round we go.
Within a year, this will be the new America. The big banks that gave money for overpriced houses will find their customers defaulting on their upside-down loans as housing prices plummet. Those who haven't paid a mortgage payment in 18-months will see those banks immediately calling for payment, which they will not have. Anyone still in an adjustable-rate mortgage will see their rate swell, leading to immediate foreclosure.
You have all been warned - the writing is firmly on the wall. We are all witnessing the collapse of our country. Remember, you heard it here.
Music courtesy of Greg Shields Music. http://www.reverbnation.com/GregShields