Biden's economy continues to take huge toll:• https://www.dcclothesline.com, By JD Heyes
The inflationary economy created by the Democratic Congress and Joe Biden continues to take a huge toll on the demographic of Americans the president's party claims to care about the most: The working poor.
According to an extensive report this week by Zero Hedge's Tyler Durden, automobile repossessions have soared to a level twice as high as it was during the height of the COVID pandemic — when tens of millions of Americans were flush with cash thanks to hundreds of billions of dollars' worth of stimulus funding.
"For over a year, we have been dutifully tracking several key datasets within the auto sector to find the critical inflection point in this perhaps most leading of economic indicators which will presage not only a crushing auto loan crisis, but also signal the arrival of a full-blown recession, one which even the NBER won't be able to ignore, as the US consumers are once again tapped out. A month ago we said that in our view 'that moment has now arrived'; the latest data from Fitch confirms as much," Durden began.