Bidenomics Wrecks U.S. Housing Market
At a Labor Day parade in Philadelphia, Pennsylvania, Joe Biden boasted that Bidenomics is restoring the American dream. But the American people are not buying it. Food prices are rising, more than 60 percent of the nation is living paycheck to paycheck, and the dream of homeownership has been snuffed out for much of the middle class.
According to a September 5 report from the Heritage Foundation, the median home price has jumped 27 percent since Biden took the oath of office. At the same time, interest rates on a 30-year mortgage have risen from 2.8 percent to 7.2 percent. Together, these two factors have caused the monthly mortgage payment on a median-priced home to more than double, meaning many middle-class people can no longer afford a house.
Economic sabotage: The housing affordability crisis is a tragedy that the government must have anticipated. Biden and his allies in Congress have called on the Treasury to borrow over $1 trillion a year, prompting the Federal Reserve to create trillions of new dollars to finance the spending spree.
This spending caused an inflation crisis, driving the price of everything—including houses—into the sky. And this inflation crisis prompted the Federal Reserve to hike interest rates 11 times.
This unfortunate series of events was precipitated by the laws of cause and effect. So at least some of the university-trained economists employed by the government must have seen it coming.
Treacherous attack: Owning a home is the single greatest source of wealth for middle-class Americans, yet the Biden administration seems to be deliberately making homeownership as difficult as possible. Could it be that Bidenomics is a deliberate attempt to stratify society into an ultra-rich and ultra-poor class by attacking the middle class?
Anciently, the Prophet Amos condemned powerful elites who oppressed “the needy, even to make the poor of the land to fail” (Amos 8:4-6). Today, the socialist central planners who work for the Biden administration like to present themselves as champions of the poor, but they are not much different from the feudal aristocracy that governed Israel in the days before its fall. Their goal is to enrich themselves and keep the masses reliant on the government by blocking any attempts to achieve economic independence.
Learn more: Read “This Isn’t Incompetence. This Is Treason!”