Everything Biden touches becomes a nightmare. Biden’s economy is a disaster.
Yesterday the FED announced that it was going to raise rates another 50 basis points (half a percent). This will further slow down the already recessionary economy.
This morning it was reported that retail sales in November were down in November by more than experts expected.
US News and World Report reported on this morning’s retail sales results.
The Commerce Department said on Thursday that retail sales dropped 0.6% last month. Data for October was unrevised to show sales accelerating 1.3%. Economists polled by Reuters had forecast sales dipping 0.1%.
Retail sales are mostly goods and are not adjusted for inflation. Last month’s decline in sales suggests holiday shopping was pulled forward into October. Motor vehicle shortages also depressed sales at auto dealerships.
Earlier this week, current measurements on inflation were released. The Biden Administration were happy because the rate is down since earlier this year but inflation is still at 40-year-highs. This is nothing to brag about. It’s a disgrace.
The markets responded this morning to the latest dreadful news. As of 10:30am Eastern time the DOW was down 2% or 700 points. Year to date the markets are down 10%.
Americans are losing money in their retirement savings. They are losing money through inflation and the economy is falling. This is the Biden economy.