Mortgage Rates Up, Stock Market Down and Working Class Americans Suffering
Washington, D.C. – Despite what they’ve been telling voters, Joe Biden and Senate Democrats’ economy is crushing middle-class Americans. Mortgage rates just reached 6.87% – the highest they’ve been since 2002 and the biggest 12-month jump since 1981. This means that a person who takes out a mortgage to buy a house today will be paying double the amount of interest than a year ago.
But Americans looking to buy a house aren’t the only ones getting left behind in Democrats’ economy. Americans who are approaching retirement have seen their savings virtually disappear. The Dow is down 20% from its recent high, S&P 500 is down 23% this year, and the Nasdaq is down 30% for the year.
Thanks to Joe Biden and Senate Democrats, working class Americans can’t afford a mortgage and have to delay retirement. Democrats continue to ignore these important issues because it’s not politically convenient for them to talk about. Instead, they had a party at the White House while their reckless policies sent the stock market plunging.
Statement from NRSC Spokesman Jonathan Turcotte: “No flashy TV ad or empty promise is going to convince voters that the economy is in good shape. Middle-class Americans were already paying record prices for food and gas. Now, they’re paying record interest rates on mortgages while their retirement savings disappear. The economic misery will continue as long as Democrats control the Senate.”
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