US Economy Slowing Like Biden, Down To 1.7% (According To Hot ‘Lanta Fed), Mortgage Payment As % Of Income Near Highest Since Early 1980s

Confounded Interest ^ | 07/09/2024 | Anthony B. Sanders

[Kaiser8408a]

Hot ‘Lanta! Or perhaps COLD ‘Lanta! And despite what Biden says, thiere isn’t an economic revival.

Yes. everyone can see the mental decline in President Biden and he should be in a nursing home. While he vows to run for President against Donald Trump, can you imagine what he will be like in 2 years? Let alone another 4 years??

Speaking of decline, GDP growth estimates are plummeting: The most recent Atlanta Fed estimate for real US GDP quarterly growth in Q2 2024 is down to 1.7%.

This estimate is down from 4.2% seen in mid-May and from 2.2% seen on June 28th. If this estimate turns out to be correct it will be the 2nd consecutive quarter of GDP growth below 2.0% after Q1 2024 GDP of 1.4%.

Housing hasn’t slowed across the board … yet. But with mortgage payments as % of income near the highest since the early 1980’s, it will eventually slow down.

There is only one way out. CEASE Bidenomics and the crazy spending and debt and deficits!

[johniegrad]

But with mortgage payments as % of income near the highest since the early 1980’s

I bought my first home in 1980 as a young naval officer. Mortgage interest was at 11.5% when I bought it. If I hadn’t qualified for a VA no down payment loan, I wouldn’t have been able to do it.

Carter had been president and we were in a state of stagflation. It took a Republican in the White House to turn the economy around. I hope it happens again.

I feel bad for young people trying to buy homes today.

[newfreep]

Remove the MASSIVE government spending and GDP would indicate a recession or depression.

[qaz123]

So much talk of interest rates, mortgages and home ownership.

Over 19,000 homes are mega-corporation owned and they’re all rentals. That number goes up, regularly as the ‘we’ll buy it for cash right now’ folks are everywhere.

1. Those rentals should have additional taxes on them to help offset what they do to property taxes and school taxes.

2. You’d think the state and local politicians would care and do something about it……Nah … mega fills pockets with cash.

3. Ban any and all “Build To Rent” developments, other than apartment complexes which should be few and far between, and “incentivize” owners of such to sell

[central_va]

Remove the MASSIVE government spending and GDP would indicate a recession or depression.

The sad truth.

[Jumper]

Printing 1T a month is the 1.7% growth.

[delta7]

Mortgage payments to earned wages is ominous, add to it the cost of food and healthcare, basic necessities, to earned wages.

….this is just the beginning of a decade long (plus) decline…with such a high debt, it is a mathematical impossibility to pay it off. It is also a mathematical impossibility to pay off all the credit card debt and student loan debt. The only mathematical “ outcome” is default.

Biblical “ Jubilee” will occur, one way or another……