Joe Biden is in panic mode over this looming economic crisis

It did not take long for Joe Biden to completely ruin Donald Trump’s post-COVID economic recovery. 

Nearly every aspect of the current American economy is significantly worse off than it was a year and a half ago, and Joe Biden and his failed policies are entirely to blame. 

But just when he thought things couldn’t get any worse, Biden is now in panic mode over this looming economic crisis. 

The worst has yet to come for the United States economy

As a result of massive, out-of-control spending and other socialist policies, Joe Biden has managed to completely upend Trump’s economic recovery in less than two years. 

However, the worst is yet to come for Americans hoping and praying for a little relief. 

Freddie Mac announced that the average interest rate for 30 Year Mortgages is now at 5.55%, which is the highest it has been in two years. 

This was bound to happen eventually given the extremely low-interest rates over the last couple of years, however, it does not come at a good time. 

And many fear that interest rates will only continue to go up, and even worse could signal another housing crisis. 

Such a crisis is looking more and more likely given other warning signs such as skyrocketing inflation. 

The truth of the matter is, America is on a collision course with economic ruin, and Joe Biden and the people around him are the ones directing this insanity. 

Democrats need to get it through their heads that more involvement from the federal government is not conducive to economic prosperity. 

This has been proven time and time again, in a variety of different economic climates, all across the world. 

And almost every single time a powerful central government takes too much power, calamity soon follows. 

What the government can do to steer America away from economic ruin

Often when America faces an economic crisis, people on the Left act as if it is the federal government’s responsibility to do something about it. 

In reality, economic crises are often caused by the federal government doing too much in the first place. 

The best thing for the federal government to do right now is back off. 

Unfortunately, that is not what is happening whatsoever. 

Just look at the disastrous “Inflation Reduction Act,” which is nearly one trillion dollars and does absolutely nothing to curb skyrocketing inflation. 

Instead, this massive spending bill hands money out to all of the Left’s political allies and pet projects. 

This so-called “Inflation Reduction Act” will undoubtedly increase inflation, which has a very damaging trickle-down effect on almost every other aspect of the economy. 

The more spending and less responsibility the federal government undergoes, the worse things will be for everyone. 

This souring housing market is a prime example of how inflation and other market pressures quickly impact every aspect of the economy. 

Americans deserve better than to have their hard-earned tax dollars wasted on bloated spending bills while the rest of their fortune is ruined. 

Patriot Political will keep you up-to-date on any developments to this ongoing story.