GETTING WORSE: Housing market under Biden now collapsing; farmers warn of food shortages due to high diesel prices
11/28/2022 // JD Heyes // Views

Americans who voted for Democrats during the midterm elections literally voted against their own best interests, because the party, which has been in charge of Congress and the White House for two years, has made an absolute mess of our economy.

During President Donald Trump's final year in office, he, with the help of several red state governors, was rapidly bringing the country back from the economic abyss after a few months' worth of COVID-related shutdowns.

But then Joe Biden was 'selected' president, and with a Democrat-controlled Congress, he signed several multi-trillion-dollar spending bills at a time when the country was not yet fully back to work and there were already shortages in the supply chain. What's more, Biden, through executive policy, launched a war on the fossil fuel industry, which literally powers our entire economy. The results were predictable: Rampant inflation and especially massive increases in fuel prices. And while gasoline prices per gallon have fallen somewhat, diesel fuel -- the primary fuel in transport and farming -- is not only sky-high but running in short supply.

Also, the housing market has essentially collapsed after the Federal Reserve was forced to dramatically raise interest rates to stifle inflation.

"What's taking place in the US housing market right now is nothing short of a meteor strike, with RedFin reporting in its latest market forecast that pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs as buyers were spooked by the biggest mortgage-rate jump in over four decades," Zero Hedge reported on Thursday.


"Meanwhile, almost one-quarter (23.9%) of homes for sale experienced a price drop, double the rate of a year earlier," the outlet added.

In short, the U.S. housing market is in deep, deep trouble, as is every other industry that depends on it (and for you RINO so-and-so's who hated Donald Trump so much you helped get him defeated, you, too, are just as responsible for this epic economic fail and coming food shortage as Democrats are -- don't think we don't see you).

“The Fed’s actions to curb inflation are causing the housing market to slow at a pace not seen since the financial crisis,” said Redfin Economics Research Lead Chen Zhao. “There are already early but promising signs that inflation is cooling, which caused mortgage rates to drop last week. If that progress continues, buyers who recently backed out of deals may return to the market and sellers may be less inclined to slash their prices.”

The average mortgage rate today is around 6.9 percent, up more than 3 percent from a year ago when average rates hovered around 3.07 percent. That is literally tens of thousands of dollars more in interest over the life of a 30-year note.

A new domestic intelligence report spells out more doom and gloom in the Biden/Democrat economy.

"Farmers in central Oklahoma are warning that high diesel prices could lead to shortages, in addition to other problems. One farmer speaking with a media outlet in Norman, Oklahoma, said that fertilizer and diesel costs to run his combines add up to more than what he can get for his soybean crop this year," noted private intelligence firm Forward Observer in a subscriber note on Friday.

An analyst with the firm also noted the rising potential for a rail strike, which would be devastating to the economy and to the food supply.

"A possible rail strike as early as 9 December remains a short term domestic concern. As previously noted, a rail strike will have second-order effects on prices for both energy and food, especially considering deteriorating freight trucking conditions," the analyst wrote.

"Less-than-truckload (LTL) carriers are already beginning to offer voluntary furloughs for employees as costs are increasing and demand is decreasing. If high costs for trucking fleets continue to stay above demand, moving freight by truck that would have been moved by rail will become more difficult as companies take steps to cut costs or go bankrupt in the meantime," the analyst added.

Biden and his Democrats have been a disaster for our economy. But the really bad news is, the worst is coming.

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