And they are using it to literally destroy our country by tanking the world's biggest economy less than a year-and-a-half after Donald Trump managed to build the best economy in decades.
Ostensibly in an effort to 'control' and 'bring down' the massive inflation that has been caused by the administration and Democrats through a combination of massive spending and a war on fossil fuels, the Federal Reserve acted on Wednesday by jacking up the prime lending rate by 0.75 point, the largest increase since the Clinton administration.
And the stock market responded predictably: By crashing even further, with the Dow Jones Industrial Average falling below 30,000 for the first time since the month Biden was installed in the White House, as reported by CNBC:
The Dow had rallied on Wednesday after the Fed announced its largest rate hike since 1994, but reversed those gains and then some on Thursday, tumbling to the lowest level since January 2021.
The Dow dropped 2.4%, or 740 points. The S&P 500 slipped 3.2%, while the Nasdaq Composite slid 4%.
The major averages entered Thursday’s session down 4.7%, 6% and 6%, respectively, for the week and well below record levels.
The S&P 500 and Nasdaq Composite are both in bear market territory, down roughly 23% and 34% from their all-time highs in January and November, respectively. The Dow, meanwhile, is about 19% below its Jan. 5 all-time intraday high.
“The Fed has a very tight needle to thread here and I think investors and the market, in general, are losing a good deal of confidence that the Fed might be able to do that,” Ryan Detrick, chief market strategist at LPL Financial, CNBC reported. “The truth is, the Fed is probably behind the eight ball. They should have been hiking more aggressively — probably starting late last year looking back — and the market is realizing that.”
Meanwhile, as the tanking stock market continues to eat away at Americans' 401(k) retirement accounts, Biden's economy is strangling families now, with the lowest wage earners being harmed the most. Key inflation indices have continuously hit new records throughout Biden's term, months after these liars told the country inflation was just "transitory."
"The producer price index, a measure of the prices paid to producers of goods and services, rose 0.8% for the month and 10.8% over the past year. The monthly rise was in line with Dow Jones estimates and a doubling of the 0.4% pace in April," CNBC noted in a separate report. "Excluding food, energy and trade, so-called core PPI rose 0.5% on the month, slightly below the 0.6% estimate but an increase from the 0.4% reading in the previous month."
Those figures are misleading; two of those three things -- food and 'energy' (gasoline, diesel fuel, electricity, natural gas, etc.) are things nearly all Americans have to buy in order to live. So it's important to count those figures in the overall inflation rate.
And what is food inflation? According to the site Trading Economics, which tracks the metric among others, in May food prices rose 10.1 percent on an annual basis, meaning, consumers are paying a dime more per every dollar they are spending on food, meaning, $10 more for every $100 of food they buy. That is the first increase of 10 percent or more since 1981, the first year of Ronald Reagan's presidency.
How about energy inflation?
Gasoline prices are up 50 percent over last year, when Trump left office. Diesel fuel prices are up even more, and that's what's really driving consumer inflation since diesel fuel is the most common fuel used to produce food (farming) and transport it, along with every other consumer good.
Biden's handlers are purposely crashing our economy so that we will beg them to 'do anything' to fix it -- and they will. They will usher in a new authoritarian government putting them perpetually in charge.