If you listen to the Biden administration, the economy is currently on the "upswing." If you live in the real world, you are probably being crushed by the cumulative price increases that inflation has caused over the last three years. Everything is more expensive, and unless you are extremely wealthy, there's no real way to escape the repercussions. 

Of course, the fact that inflation has driven prices up over 20 percent since Joe Biden took office isn't it for American families, though that alone has caused enough pain. Because the Federal Reserve wants to lower inflation, they have more than doubled interest rates, leading to skyrocketing mortgage rates. In 2020, you could realistically get a 30-year fixed FHA loan for around 2.5 percent. Today, that number is closer to seven percent with conventional rates going even higher. 

For many who had plans to buy a home, they simply can't anymore due to mortgage payments going up by as much as 60 percent. Unfortunately, no relief was found after the Fed finished meeting on Wednesday, and it looks like "Bidenomics" will continue to haunt Americans for the foreseeable future.

RELATED: Biden Refuses to Own Up to Housing Inflation

The Fed is keeping interest rates at a 23-year high for the seventh time in a row as inflation continues to hold up rate cuts https://t.co/UhykZPmA9H

— CNN (@CNN) June 12, 2024

The Federal Reserve said Wednesday it is keeping its benchmark lending rates at their current levels for the seventh time in a row, while signaling fewer rate cuts than previously estimated.

That means borrowing costs on everything from car loans to mortgages will remain elevated.

Officials penciled in just one rate cut this year, according to their latest economic projections, compared to the three they forecast in March. They also expect inflation to be more stubborn this year than they thought in the spring, according to their forecasts.

There is some talk of a single cut this year happening in the fall, but there's little reason to believe anything the Fed projects at this point. They projected three rate cuts at the beginning of the year. None of those have materialized yet. 

What does this all mean? It means that the primary way for middle-class (and ever lower-class) Americans to build wealth remains out of reach for most. Instead of building equity in a property, working-class people will be forced to keep setting their money on fire by paying ever-increasing rent payments. The rich have other ways of getting richer. Mere normals are stuck. 

None of this had to happen. Biden could have come into office and made tough decisions regarding how to balance unemployment and inflation. Instead, he did what he thought was the easy thing, which is to pay trillions in new and completely unnecessary spending. That bill has come due, and Biden isn't the one paying it. The rest of us are, though.