The Powers that Be Finally Admit: Housing is Unaffordable
“House prices have risen 47% since the beginning of 2020.” Note Breitbart News The Wall Street Journal Fox News Far-left NPR. “According to a recently released report, Joint Center for Housing Studies, Harvard University“There are signs that the situation could get much worse,” the administration-funded media outlet reported, adding that the “double whammy of rising prices and high mortgage rates” is pushing all but a small fraction of Americans out of the market.
This should be obvious to all but the least observant among us. Housing costs riseIt’s hard to save up a down payment Interest rates are soaring With rents soaring, the “American Dream” is no longer about entrepreneurship. Inheritance works well.
“[I]”In nearly half of metropolitan areas, buyers need to earn more than $100,000 a year to purchase a median-priced home, but in 2021, that was true for just 11% of markets,” the Joint Center for Housing Studies at Harvard University found.
Wow.
(Tierra Mallorca/Unsplash)
It’s good that NPR sounded the alarm and issued a warning to its Democratic-leaning baby boomer audience. Young Americans are deeply depressed by the economyBut as my colleague John Nolte pointed out today at Breitbart News, the government media couldn’t bring themselves to blame the Big Guy and Biden economics, which is foolish of them, because if they believe that American voters won’t put two and two together, that’s wishful thinking at best.
After all, it was Joe Biden who inflated inflation with his disastrous economic policies: excessive spending, open borders, and the deliberate undermining of the nation’s energy sector.
On Thursday, Housing starts currently at four-year lowNeedless to say, it’s a bold move to start a new project now, with fundraising costs showing no sign of stopping.
Socialism in America: The Dawn of Luxury Homelessness
On the day that NPR learned Biden had finally woken up to the devastating damage he had done to the economy, Los Angeles Luxury Homeless ShelterA 278-unit, 19-story downtown tower, Shelter features “a gym, art and music rooms, computer labs and a library.” That might sound expensive, and it is. In fact, at $600,000 per unit, the all-taxpayer-funded price tag is higher than the average apartment price in Los Angeles.
I’m not going to make it too dark, but this looks like a test run. A dystopian socialist future There, AI will replace 80 percent of jobs, a few oligarchs will make enormous amounts of money, and the rest of us will live off their semi-lavish handouts.
We can be happy without owning anything…At least, that’s what they hope.
During the pandemic, the government paid many of us to stay home and not work. Many Americans’ tax rates More than 50% of income (Including Federal, State, Sales, Property, etc.) Now, this. Is it debatable whether this is socialism or not?
Interpreting unemployment insurance claims
The number of Americans filing for unemployment benefits was 238,000, slightly better than last week’s 243,000, which was the highest level in 10 months. There are currently significant staff reductionsThat suggests the economy may be weakening. The median forecast was slightly lower, at 235,000.
Philadelphia Fed Index falls
of Manufacturing The Mid-Atlantic region’s composite sector activity index fell 3 points to 1.3 in June. The Wall Street Journal The forecast was +5.0. This is the fifth month that the Philadelphia Fed figures have been positive, but they indicate only modest growth. An unexpected slowdown is surely in order. Decline in shipment indexThe Philadelphia Fed suggested it doesn’t expect any significant growth in these indicators this year.
Bittersweet Programming Notes
This Breitbart Business Digest ends on a bittersweet note. John Carney is off tomorrow for vacation, and I’m heading to Santa Barbara to speak at the Young America’s Foundation.Lessons for young conservatives” The speech will air on Breitbart.com on Saturday at 5:30pm ET/2:30pm PT, so be sure to tune in. John will return to the captain’s chair on Monday.
