US_ Here’s Where Americans Are Feeling The Greatest Pain Under Biden’s Economy

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Here’s Where Americans Are Feeling The Greatest Pain Under Biden’s Economy

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DAILY CALLER NEWS FOUNDATION

Will Kessler
Contributor
December 02, 2023 1:27 PM ET


Prices across the economy have skyrocketed since President Joe Biden first took office, hurting Americans in certain sectors more than others due to inflation and regulations, according to experts who spoke to the Daily Caller News Foundation.

Since January 2021, when Biden first took office, the consumer price index (CPI), a measure of inflation, has risen 17.1%, ending in October, according to the Federal Reserve Bank of St. Louis (FRED). Cost increases due to inflation and regulations are hitting every area of the economy, with housing, health care, appliances and car loans experiencing particularly significant impacts, according to experts who spoke with the DCNF. (RELATED: Consumer Spending Slows Down As Americans’ Savings Dry Up)

“I would say that the effect on mortgage rates has been the thing most affected,” Michael Faulkender, chief economist and senior advisor for the Center for American Prosperity, told the DCNF. “Because of 40-year-high inflation from excessive government spending, the Federal Reserve has aggressively raised interest rates. When Joe Biden took office, the average 30-year mortgage rate was 2.77%. Today, it is 7.22%.”

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READ MORE: https://dailycaller.com/2023/12/02/americans-feeling-pain-biden-economy/

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