For the First Time in 20 Years, 30-Year Mortgage Rates Hit 7 Percent
By Jim Thompson | 9:30 AM on October 28, 2022
Joe Biden was handed a golden egg. He entered office after a near-total shutdown of the economy. Many businesses were shuttered throughout 2020. The GDP tumbled. In the second quarter of 2020, the GDP had fallen 32 percent. In the third quarter of 2020, the GDP had increased by four percent. Stimulus money was flowing into states in 2020.
By Biden’s inauguration in January 2021 the country was back from the dead. States with better governors realized that it was a massive mistake to close everything. Even states with fools for leaders were reopening. People were going back to work. All Joe had to do was stay in the basement, and stay out of the way. But he and the newly constituted Democrat majorities couldn’t leave the economy alone. They wouldn’t let it organically rebound as people and businesses returned to normal.
In total, over five trillion dollars was pumped into an economy that was already restarting on its own. It was gasoline thrown into a fire.
By late spring of 2021, most economists recognized that the economy was overheating. The Fed Board realized it but was slow to react. Treasury Secretary Janet Yellen said, in 2021, that she wasn’t concerned about inflation. Yellen saw the inflation spiral as merely “transitory.” It wasn’t. Inflationary increases in consumer goods continued through 2021 and into 2022.
more
https://redstate.com/jimthompson/2022/10/28/for-the-first-time-in-20-years-30-year-mortgage-rates-hit-7-percent-n650338
