Biden Crushes Home Ownership for Young Americans
The policies of Joe Biden exclude an entire wave of young citizens from a critical component of the American Dream.
As America descends into oligarchy, conglomerates and their affiliated political stooges manipulate markets and public policy to centralize power and disenfranchise the historic drivers of social cohesion in America, especially vibrant churches, prosperous small businesses, and thriving families. Regarding families, a pillar of family formation and lasting generational strength in America long revolved around private property, the creation and sustenance of ownership over single-family housing.
Right now, young people are almost totally priced out of the goal of home ownership. Instead, an increasingly financialized economy in America combines with Joe Biden’s catastrophic inflation surge to create a class of disaffected young people who cannot follow the pattern of previous generations. For these young Americans, the reality prescribed by the Davos World Economic Forum seems to unfold: “You’ll own nothing. And you’ll be happy. What you want, you’ll rent.”
This supposed Davos idea of “happiness” actually manifests itself in depressing realities as evidenced by the data. Household formation just hit the lowest percentage increase in American history. A baby dearth explains much of the lack of new households. America jut registered the lowest birth rate ever, a stunning 20% below the births per woman seen as recently as 2007. Not surprisingly, marriage also suffers. For the first time in US history, the majority of US households do not include a married couple.
Many factors contribute to these troubling signs for our society, including seismic cultural shifts and a rapid secularization of our country. But economics also play a critical role, and the policies of Joe Biden exclude an entire wave of young citizens from a critical component of the American Dream via home ownership.
Biden’s inflation explosion sends prices increasing at the highest pace in 40 years. Though he and his complicit media allies try to assign blame for this price-of-living surge upon Putin and recent events in Ukraine, the actual numbers prove that America entered an inflationary spiral higher long before events heated up in the Black Sea region.
That spike in inflation compels a massive rise in interest rates which sends the costs of new mortgages soaring. See this chart from Nerd Wallet on the nationwide average for 30-year mortgages, which started this year at 3.25% and now reach nearly 5.0%.
As the chart depicts, the recent vault in mortgage rates is historic and, frankly, jaw-dropping. As Axios reports, just in this month of March, mortgage rates rose over a full percentage point, from 3.76% to 4.95%, the fastest ascent since the 1980s. To put a dollar figure on those percentages, a $2,000 monthly mortgage payment could have financed a $424,000 mortgage at the beginning of March and can now only sustain a $375,000 loan…in a span of just four weeks.