Posted on 10/29/2023 7:54:15 AM PDT by Kaiser8408a
Bidenomics is a windfall for the donor class (high rate of return on campaign contributions) while the middle class gets beaten to a pulp. Waiting for Biden to lean over and creepily whisper “It’s working!” Even though it is clearly not working, at least for the middle class.
Evidence that Bidenomics is not working and destructive? Try the surging income needed to buy a house under Biden. Home prices are rising faster than median household income. As in $111,000 income needed to buy a house, while median household income is only $78,000. So, housing is simply unaffordable under Bidenomics. The Biden era is outlined in pink.
Mortgage purchase applications have collapsed to 1994 levels.
Meanwhile, stressed households are seeing credit card delinquencies at the highest level since 1991.
2022 was a bad year for investments under Bidenomics. 2023 year to date is showing huge gains for Bitcoin, the NASDAQ and gold. Bringing up the rear are long duration Treasuries and REITs (real estate investment trusts), both earning negative returns thus far of less than -10%.
When will we see rats fleeing the sinking SS Bidenomics as it sinks? JPMorgan Chase stock slips after bank says CEO Jamie Dimon is selling 1 million shares.
Biden, Treasury Secretary Janet Yellen and Fed Chair Jay Powell have a bad case of screwing you (Doctor, Doctor).
(Excerpt) Read more at confoundedinterest.net ...
The Disastrous Joe Biden Administration
The gift 🎁 that keeps on giving
You’re right, but that’s where I take a very different direction, because the courts probably wouldn’t allow any of what I typed.
So, my next move would be to tell the courts....F**K YOU and the horses you all rode in on. It’s happening and if you actually had people to stop it, you for damned sure don’t have enough of them.
And I forgot to add:
7. No more Green Cards.
8. Complete implementation of the Entry/Exit visa system and anyone found in violation is immediately(as in that day) deported and put onto a list of those...Never To Return
9. Across the board reduction in the number of student visas and complete elimination of student visas from China, Iran, and any other country considered hostile to the US and its allies.
10. A very, very, very thorough audit on all businesses and accompanying finances for those that own hotels, convenience stores, Dunkin Donuts, etc etc etc to make sure they are in compliance with all applicable tax laws and aren’t gaming the system. To include no more of the ridiculous loans and tax waivers they get.
And one last thing....No publicly funded athletic scholarships can be given to any foreign athlete, for any sport, over a US citizen....take a look at some of the collegiate golf programs, filled with foreigners. I’m pretty sure that there are kids from the US that are more than qualified for any scholarships that go with the spots on those teams. I want to say that there’s a small school in Alabama, where the entire women’s golf team is from somewhere else. I’m thinking that there are some hardworking parents who have a daughter that is good enough to play there, yet their tax money is going to some girl from somewhere else. But, that’s just me.
Inflationary money ("generated" on ledgers, only) has created an entire class of wealthy hobbyist financiers who make more money by just having money than any earner could generate in terms of real value. There are just enough of them, with just enough bogus money, to bid-up and buy-up nearly all developed properties entering the market. In a properly working economy occasional money scarcity will cause asset-holders to liquidate for cash, but as long as our system keeps printing money to supply the scheme, the earners and value-creators of our economy are forever doomed to chase the financial horizon.
Cut ALL welfare benefits to the crimmigrants and all aid to their countries unless they pony up the money for their brood sows’ hospital bills coming to our country.
Also, punish all countries whose former inmates and mental patients were sent here.
Democrats like that. They’ll just say that oppressed minorities can’t afford housing and tax the hell out of the middle class to pay for free money for the oppressed so they can afford housing.
A perfect summary of the news two weeks ago.
The new speaker, the impending impeachment of Biden and probably charges against all of the family, the destruction of the theory of EV’s (other than as a playtoy, the truth about wu-flu,the very positive swing of the voters toward a conservative president (TRUMP)....all of these indicate that we have a good chance of returning to a Constitutional government.
A month ago, I did not feel so sure, but the last two weeks have been dramatic.
Carter 2.0 this time a pedo!
“Housing is unafforable” and “too many of the big cities are too big, too expensive, and collapsing under their own weight” are two different propositions.
There is a lot that cities could do to reduce the cost structure for both residents and businesses. But big cities that are dominated politically by the parasite alliance of municipal unions and welfare constituencies won’t clean up their acts.
As to excessive size ... middle class residents and smaller businesses that aren’t geographically hogtied to a particular location have been voting with their feet for a long time. It’s harder to uproot larger corporations, but those have been migrating as well, albeit more slowly.
I just shake my head at the investment banks that remain in NYC or the tech firms that remain in Silicon Valley. Part of the problem is very highly paid senior execs who make enough to insulate themselves from the downsides. And part of the problem is that many of these corporate giants, the legacy incumbents in their fields, maintain their industry leading positions via constant acquisitions of smaller competitors. Many of these are in lower cost jurisdictions, but when they get acquired, they are sometimes sucked into the black holes.
Supply and demand explain pricing. There is just not enough supply for the demand. The new supply is much more expensive to build compared to just 4-5 years ago. And of course in most cities there isn’t room to add new units, money had been going to replace old homes with new ones - no new net housing units, except that some older apartments are being redone and some old industrial areas are rehabbed into multi unit luxury units. You have to go a far out of town to find new developments of single family residents.
If you are in a state like California and owned your home for many years you have almost no incentive to sell. You have low (or zero if paid off) mortgage and interest payments, high equity, and your property tax is capped by law and tied to your cost basis. If your home value has doubled or quadrupled why would you sell it when it costs you so little to keep it? Why move? You could have have your property tax reset and your mortgage rate will be 8% instead of under 4%. The only people selling are those forced to by work, by financial considerations, or who are elderly or widowed and want to downsize. Everyone else could rent the home for much more than their cost of ownership, over which is income they could use to cover living costs in a smaller apartment or in another state.
So bottom line, lower inventory and steady demand means higher prices. High interest rates makes the higher prices unaffordable to many buyers. And as someone mentioned upthread, if the banks want you to allocate 30% max of income to mortgage and property taxes then it’s that much harder to get a loan in a high inflation high cost of living high income tax environment.
It makes me wonder how Spain took care of it’s muslim issue in 1492. The ‘solution’ included Jews. I guess it had to do with having a king. NY had Rudy. It had to get bad enough. Chile had Pinochet. What do we we have? The will?
monkeyshine-You are confusing the issue with logic. It’s something the left won’t bother to think through. Resentment is easier. There are more of them out there. The stuff they are willing to accept is higher gas prices. It effects everybody and the poor can be distracted with the global warming nonsense.
It may take another world war to reset everything. Think of the US as a powerful dragon, a benevolent one. Fights our enemies but has a big tail and it can’t see what the tail is doing-collateral damage.
“if the banks want you to allocate 30% max of income to mortgage and property taxes”
That percentage is about 70 years old, and outdated.
Housing is a cost of doing business for working people.
Pay could be direct deposited to a mortgage company. Then the mortgage company could direct deposit the balance after mortgage payment to your bank.
Housing in areas with lots of good-paying jobs costs more.
Area A: $108,000 after tax income, $42,000 housing costs
Area B: $70,000 after tax income, $22,000 housing costs
Area A puts $18,000 more into a family’s pockets annually. Housing in Area A grows in value faster than in Area B.
There was an early 1970’s Columbo episode with a guy who was in a rented room. The actor said it cost $73/month.
I’m afraid I don’t have much pity for stupid.
I own two houses large shop, and a studio on acerage in Hawaii with an ocean view. I rarely made over 90,000 per year
and have been retired since age 55.
Sweat equity. I made my shop. one of the houses, I made most my home furniture.
I fix my own cars that I buy with cash, used.
I paid my way through college, no debt.
I tire of all these useless Democrats that expect the world to be fair.
I made my way through life with a lot of help, but I earned every penny of it. By being a productive and useful part of society, not some soy boy in Mom’s basement begging for something I did not earn.
Y’all want a house, buy some land and build one!!!!!!!
Need to alter the title to White people need 111k. Illegals and blacks mortgage will be automatically approved with zero income. Per Biden’s rules to banks.
Like always, it depends where u live.
Average price in my area in AZ is probably 700k.
For many they own multiple homes after decades of hard work.
Living in your parents basement working for a non-profit is NOT hard work.
Next, you’ll suggest we take up the third world approach and have our extended families move into our houses, pile up everybody just a few bedrooms.
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You gotta 2,000 sq ft house? It’ll hold 20 people easily. Nobody needs more than 100 sq ft of space!
We went to lunch today at the local Golden Corral in Matthews, NC. The waiter did not speak a word of English. I wanted to ask for a glass of milk and that was a struggle. I don't speak Spanish but fortunately do have a very few words, leche (milk) being one of them. But I don't have good Spanish pronunciation, so he was confused although somehow he got it. This is what our country has come to.
“It’s 100% guaranteed that the courts will never allow that.”
Then defund the courts.
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