Bidenomics: Most Americans Can’t Buy Homes in 99% of the Country.
It’s Time for Your Daily Dose of Bidenomics
Get ready for a wild ride through the world of Bidenomics — where the rules are made up and the points don’t matter.
The Housing Crisis: Evidence of a Historic Economy?
Today, we’ll dive into the shocking reality that the average American can’t afford to buy a home in 99% of the country. And believe it or not, this is being touted as evidence of a historic economy.
According to a report by CBS news, real estate data provider ATTOM reviewed median home prices in 575 counties across the country. Their conclusion? The average income earner, making $71,214 a year, can only afford to buy a home in 1% of those areas in 2022.
But why is this happening? Daryl Fairweather, Chief Economist at Redfin, explains that the lack of new inventory is driving up prices. People are holding onto their homes, and high interest rates are also playing a role in keeping homeownership out of reach for many.
But it doesn’t stop there. Sen. JD Vance (R-OH) points out that corporations buying single-family homes and even the Chinese Communist Party’s involvement are exacerbating the crisis. Vance argues that it’s nonsensical to allow foreign entities to snatch up homes that should be available to American citizens.
The Role of Immigration in the Housing Crisis
While the housing crisis has many contributing factors, one that often gets overlooked is immigration. Studies have shown that both legal and illegal immigration impact rental and home-owning prices. The millions of people entering the country each year drive up demand, which in turn drives up prices.
Vance emphasizes the connection between immigration and the housing crisis, stating that when you allow millions of people to enter the country illegally, they all need homes. It’s a problem that cannot be ignored.
America Last: Biden’s Priorities
With such a fundamental aspect of the American dream out of reach for many, you would expect Washington to address the housing crisis. However, the focus seems to be elsewhere. The southern border remains a hot topic, and aid to Ukraine takes precedence over solving the housing crisis.
While the enormity of the crisis presents an opportunity for the Republican Party to secure electoral victories, few seem genuinely concerned about it. Instead, Biden continues to boast about a booming economy, advocate for increased immigration, and prioritize spending billions in Ukraine.
It’s clear that Bidenomics is synonymous with “America Last.”
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.
How has the Federal Reserve’s low-interest-rate policy contributed to the housing crisis?
S are discouraging potential buyers. Additionally, the pandemic has caused a surge in demand for housing, further exacerbating the issue.
So why is this being hailed as evidence of a historic economy? Supporters of Bidenomics argue that high housing prices are a sign of a thriving economy. They believe that the strong housing market reflects confidence in the economy and increased purchasing power. However, critics argue that this is simply a result of unsustainable government policies and excessive spending.
One major factor contributing to the housing crisis is the Federal Reserve’s low-interest-rate policy. The artificially low-interest rates have fueled demand for housing, driving up prices. This policy has made it easier for individuals to secure loans and mortgages, but it has also created a bubble that could burst at any moment.
Another factor is the government’s intervention in the housing market. Through various initiatives and programs, the government has attempted to make housing more affordable for low-income individuals. While these efforts may seem noble, they have unintended consequences. By artificially lowering barriers to homeownership, the government has encouraged speculative investment and created an imbalance in supply and demand.
Furthermore, the Biden administration’s proposed spending plans could exacerbate the housing crisis. The administration’s infrastructure and social spending proposals involve massive government spending, which could lead to inflation and further drive up housing prices. Additionally, proposed tax increases on high-income individuals and corporations could discourage investment in the housing market, worsening the shortage of affordable homes.
So, what is the solution to the housing crisis? Critics of Bidenomics argue for a more market-oriented approach. They believe that reducing government intervention and allowing market forces to operate more freely would lead to a more sustainable and affordable housing market. They suggest measures such as deregulation, incentivizing new home construction, and promoting private sector investment.
On the other hand, supporters of Bidenomics advocate for more government intervention. They propose policies such as increasing financial assistance for low-income individuals, expanding affordable housing programs, and implementing stricter regulations on landlords and developers. They argue that these measures will help alleviate the current crisis and provide affordable housing for all.
In conclusion, the housing crisis is a complex issue that cannot be attributed solely to Bidenomics. However, the policies and spending plans proposed under the Biden administration have the potential to either exacerbate or alleviate the crisis. It is important for policymakers to carefully consider the long-term implications of their actions and strive for sustainable solutions that benefit all Americans. Only with a balanced approach and thoughtful decision-making can we hope to address the housing crisis and ensure a thriving economy for future generations.
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