Thank you Joe Biden: The American dream is over

m.knox

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Aug 20, 2003
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What a great placeholder..... lol.... Only took him 18 months to destroy the American dream

https://www.spiked-online.com/2022/08/04/the-american-dream-is-over/

Nevertheless, housing is now the least affordable it has been since the 1980s. The average house price is more than six times the median household income, and interest rates for mortgages are now at an obscene six per cent. This has led developers to pull the brakes on building new housing, with residential investment falling by 12 per cent. This will only increase the mismatch between supply and demand, at a time when the US is already facing a huge housing shortage. Last year Freddie Mac estimated a shortage of 3.8million housing units.

This isn’t a recession so much as a total assault on the middle class. From car-ownership and home ownership to being able to afford energy bills and eating out, the hallmarks of a middle-class life are being pulled further and further out of reach for millions and millions of Americans.

This is a longer-term problem, too. Yes, inflation is going to come down at some point. Gas prices are going to improve. But the one piece of this puzzle that’s not going anywhere is the price of a home relative to wages.
 

LMTLION

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Mar 20, 2008
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The housing issue has its roots 15 years ago and has never recovered since. After the Great Recession housing crash home building never recovered and here we sit with shortages. It is as simple as that.
 

jferretti

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Jun 11, 2001
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The housing issue has its roots 15 years ago and has never recovered since. After the Great Recession housing crash home building never recovered and here we sit with shortages. It is as simple as that.
There is another factor at work here. Go look at recent data on commercial real estate pricing compared to residential pricing. For many the workplace has shifted to the home and there is less demand for CRE. Home values go up, CRE goes down.
 

m.knox

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Aug 20, 2003
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There is another factor at work here. Go look at recent data on commercial real estate pricing compared to residential pricing. For many the workplace has shifted to the home and there is less demand for CRE. Home values go up, CRE goes down.

Interesting point. I was just telling my wife her small employer is likely to consider downsizing or eliminating the office. Why pay for it when it's at ~50% capacity. She started working from home and now she's in the top 3 for billable hours. Her productivity shot through the roof. No commute. No interruptions. She's at her desk at 7 and finishes at 6. 15 minutes to grab something to eat at lunch.
 
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LafayetteBear

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Dec 1, 2009
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Hermy: Imagine that: living in a small hovel, with an unpaved driveway, in the middle of nowhere, with tomatoes as your only friends, and viewing it as the realization of the American dream. Hope springs eternal, I guess.

But wait! Hermy says the American dream is over. In that case, Hermy, you should consider moving to a locale where the MAGA dream can continue to thrive and prosper. Say, Hungary. Or Russia. Or Turkey. Or Brazil. You'd no doubt find a warm welcome in any of those places. (I hope, for your sake, that they have some sexually ambiguous males living there.)
 

m.knox

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Aug 20, 2003
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Hermy: Imagine that: living in a small hovel, with an unpaved driveway, in the middle of nowhere, with tomatoes as your only friends, and viewing it as the realization of the American dream. Hope springs eternal, I guess.

But wait! Hermy says the American dream is over. In that case, Hermy, you should consider moving to a locale where the MAGA dream can continue to thrive and prosper. Say, Hungary. Or Russia. Or Turkey. Or Brazil. You'd no doubt find a warm welcome in any of those places. (I hope, for your sake, that they have some sexually ambiguous males living there.)

We are "rich" according clowns like you. Don't worry about us; we are fine. You need to worry about the working poor and minorities who are leaving the democratic party because of WHITE WOKE LIBERALS like you.