SE Georgia News

U.S. Representative Buddy Carter (R-GA) has underscored the economic implications of what he terms "Bidenomics," proposing the enhancement of American energy dominance as a potential remedy. His comments arise amid ongoing concerns over inflation exceeding the Federal Reserve's target, with core inflation standing at 4% and credit card debt hitting an all-time high, largely due to essential expenses such as rent and utilities.

In a statement, Carter criticized the current administration's economic policies, saying, "Bidenomics is crushing the American economy." He then proposed a solution: "We must unleash American Energy Dominance."

Fox News reports that as of November 2023, the Consumer Price Index—an indicator of inflation—was at 3.1%, surpassing the Federal Reserve's 2% target. Core inflation, which excludes volatile food and fuel prices, remained at 4%. Compared to November 2022's inflation rate of 7.1%, this represents a more than 10% increase in prices—a burden felt acutely by middle-class and working Americans. Credit card debt has surged to over $1 trillion, often attributed to essential expenses like rent and utilities. This has led to approximately 25% interest rates and difficulties in obtaining credit. Over the year ending in June, 21.8% of credit applicants were declined. There has also been an uptick in emergency withdrawals from 401K savings and reliance on buy-now-pay-later schemes by working Americans.

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According to Newsmax, around $117 billion in loans tied to U.S office buildings are due this year—with a significant portion at risk of defaulting—potentially placing financial pressure on banks and developers. Economists have found that 40% of office loans are underwater, posing risks for smaller banks ill-equipped to handle potential losses. Moody's Analytics suggests that out of the 605 loans facing expiration, about 224 might struggle to be repaid or refinanced due to excessive debt or insufficient income generated by the buildings. These loans would require at least 9% of their debt as annual income for successful refinancing.

Fox News also reported that President Biden, on his way to his holiday at Camp David, responded optimistically when asked about the economic outlook for 2024. He urged the media to report accurately and took a jab at their negative coverage.

According to house.gov, Carter, an American pharmacist and Republican politician, has been representing Georgia's 1st congressional district since 2015. This district includes Savannah and a significant portion of the state's coastal region. Prior to this role, Carter served in the Georgia state legislature from 2005 to 2014.