“Homelessness is the canary in the mine. It’s the prophetic call to all of us that there’s something radically wrong in our society if anybody is living on our streets.” – Sister Mary Scullion
After 50 years of campaigning, Joe Biden has learned to avoid every sensitive issue he is faced with. He’s gone as far as challenging opponents to a fight, to gaffing his way through a retort, which is safer than telling the truth. He has learned his trade so well he’s still around to hand the keys to the oval office to his understudy, Vice President Kamala Harris, who avoids questions with an annoying giggle.
As he swaggers to the podium at each whistle-stop, Biden touts our improving economy, even though he created record high inflation, high energy prices, a broken supply chain, and labor and product shortages. Both he and Harris claim Bidenomics saved our economy. Yes, inflation is inching down and jobs and wages have increased, but the residual effects of Bidenomics will haunt us forever.
One of the greatest casualties of Bidenomics that liberal media and the Biden-Harris administration are sweeping under the carpet is what Bidenomics did to the housing market and affordable rentals like apartments and other temporary housing. Even “flop houses” on skid row are short of beds. Some have doubled their prices for the privilege, spending the night on a used recycled army surplus cot.
According to data from the U.S. Department of Housing and Urban Development (HUD), since the end of the pandemic, we have experienced an average of 10% a year growth in homelessness. By the end of 2023, the U.S. hit its highest reported level in history since they began tracking it in 2007.
Over 653,000 Americans were homeless when this survey was conducted. In the first decade the survey was performed, homelessness in the U.S. steadily decreased from 637,000 in 2007 to 554,000 in 2017. This was mainly due to low interest rates and lower inflation than we have today.
HUD Secretary Marcia Fudge said “The data released today underscores the urgent need for support for solutions that help people prevent homelessness in the first place. Being homeless would not exist in the United States if we solved the problems that created it.”
According to the report, this increase represents all demographics. Families with children have seen the highest increase of nearly 16% over previous years. The rise in individuals 54 and older was 11%. There is also a common concern for the number of young homeless living on the streets.
The largest populations of homeless people are mainly in four states: California, New York, Florida and Washington. New Hampshire and New Mexico saw the largest increases in homeless people, with 52% and 50% respectively. New York came in third, moving up by 39% since the last survey.
Combined data released last month from federal agencies found the U.S. is facing growing rates of poverty and food insecurity. In 2023, more than 12% of the nation was living below the poverty line and nearly 13% said they didn’t have enough to eat. Ann Oliva, CEO of the National Alliance to End Homelessness, said, “More people are becoming homeless for the first time.” This increase is due to people becoming un-housed faster. “They have no place to go so they end up on the streets.”
“We cannot solve our problems with the same level of thinking that created them.” – Albert Einstein
According to HUD, in the past, increases in homelessness were driven by specific populations and demographics. But today, high housing costs are the number one financial burden for everyone. In recent years, more people are rent-burdened than at any time in U.S. history. They spend over 50% of their income on rent since the cost of living has skyrocketed and they can’t afford to buy homes.
Before the pandemic, new single-family home sales were up 31.6% in October 2019 compared to just one year before. The poverty rate fell to a 17-year-low of 11.8% under then President Trump. Due to tax cuts and a job-rich environment, interest rates remained low. In fact, the Fed cut the prime interest rate at three meetings in 2019 as global and domestic markets showed little inflation.
Like all that Trump did: “Bad news travels fast. Good news takes the scenic route.” – Doug Larson
Biden came to office promising something for everyone. Democratic economist Larry Summers said Biden’s $1.9 trillion American Rescue plan was the most irresponsible he’s seen in 40 years. This was after the $3 trillion 2020 COVID stimulus checks and an economy that was in full recovery.
Janet Yellen, Treasury secretary and former head of the Fed, convinced the Fed to keep interest rates at zero even as the economy was recovering and received its largest stimulus in history. The Fed kept buying $120 billion a month in Treasury bonds and mortgage securities, which inflated the housing market beyond the reach of most buyers. This unwise move put Bidenomics on steroids.
As inflation hit a 40-year high, the Fed raised interest rates and tightened credit to slow the inflation it caused in the first place. After creating trillions of dollars to finance Bidenomics, instead of asking the government to give the money back to them, every American will be paying for this for decades.
According to The Media Research Center, mortgage rates decreased from 4.09% to 2.77% between Jan. 19, 2017, and Jan. 21, 2021, the time of Donald Trump’s term in office. Since Biden-Harris took office, mortgage rates have mushroomed to 7.09% for the average 30 year loan.
William Simon once said, “The American people hate inflation but love everything that causes it.”
Every politician makes campaign promises that sound too good to be true. But people vote for them anyway. These are the same people who forget that the only money government has, is the money that they take from them? And the cost of paying it back is higher prices and new taxes.
There is no free lunch from government. What government gives us for free costs us too much.
“Bidenomics” unleashed massive new federal spending and debt. It only delivered historically high inflation and falling real wages that are crushing American households. Under the guise of COVID aid, Biden went on a trillions-of-dollars spending spree to fund the progressive docket of disaster.
American families’ credit card debt has reached a record $1 trillion as people struggle to pay their bills and feed their families under Bidenomics. Not only has home ownership slipped out of reach for countless Americans, so has rent. Over 653,000 people are homeless due to Bidenomics. With an election this year, Biden and Harris claim homelessness is a crisis. Their remedy is “charging those with good credit more and giving their money to those with bad credit to buy homes.” That’s the dichotomy of “Bidenomics.” It is sharing the wealth and misery to benefit progressive politics.
“Politicians learned hundreds of years ago that who had little material wealth were incredibly jealous of those who had more. This deep-seated envy was ripe for exploitation.” – Neal Boortz
