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Average real wealth for middle-class households has dropped MORE THAN $33,000 in the past year
I find that hard to believe considering how much the value if real estate has increased recently, although the more recent increase in mortgage rates has cooled it down some. IN the other hand the stock market has also made
So I guess it depends on what "value of assets held by the middle class" mean?
As for 2024 elections, - its all about economy in any election. Other issues are a sideshow.
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Originally Posted by katharsis
The bottom line is that Biden, like most national politicians, do not care at all about the middle class. I am not even going to add "in my opinion" to that.
Of course they care. They HAVE TO care, if they want to stay in office. Biden might be an exception, because I don't think he is serious about running again, but why would any politician not want to look good?
Housing is the culprit for most of our woes. But, that it’s not just the USA, so can’t blame greed on Biden. Blackstone and Blackrock and a few more are sinking the middle class. Affordable housing is high because of supply and demand. Yea? So rich folks are not happy with one home they want 10, facts. So where did all these people come from the last 2 yrs that now need housing that they didn’t have before ?? Were they living under a rock? Outer space?
I see more young and the elderly sharing the homes. Whose eating up all the property ?? Aliens? Nah, those that came the last 2 yrs live with others. This is world wide, yet pop growth is down. Where did all the houses go? I do know Fl has a million empty homes right now. Snow birds cause that phenomenon. But it’s world wide. Someone explain to me where the houses went.
Neither the Democrats nor Republicans have done very much for the middle class so keep voting for them to your hearts content. In the meantime, I'll try my best to get out of the middle class by making more money.
I work in tech and TONS of companies are laying off. I can't remember a time that it was this bad.
I can remember. Years 2002-2008 was the worst because lot of companies set up shop in India and laid off workers in US
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Also, buying a house is very difficult nowadays. I used to see for sale signs all over the place in my area. I see very few now.
That means there aren't many houses for sale in your area. We have plenty here in Florida, and prices went through the roof, until now that things have cooled down,
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The economy is NOT good. Inflation and gas have whittled salaries down, and interest rates are crushing the home buying and capital expenditure markets.
Inflation drives salaries up, not down, but of course price of goods have also gone up, so it it what it is. Fortunately inflation was reduced to 4% after being over 9%
Democrats don't seem to understand how punishing this time period has been for our nation's retirees. Or maybe they do. They are always talking about how when the boomers pass, the USA will become a one party nation with the democrats running literally everything... All because republicans aren't willing to "forgive" student loans and hand out reparations for slavery to people who never personally experienced or suffered through slavery.
Why do you want to harm our nation's retirees democrats? Cannot you let people fade into history with dignity? There's no need to hasten the process by making life more difficult than it has to be.
Retirees are not the future. Right now because they have nothing better to do than vote for a future they won't see, they are holding the nation hostage by keeping the government dysfunctional with their votes.
Housing is the culprit for most of our woes. But, that it’s not just the USA, so can’t blame greed on Biden. Blackstone and Blackrock and a few more are sinking the middle class. Affordable housing is high because of supply and demand. Yea? So rich folks are not happy with one home they want 10, facts. So where did all these people come from the last 2 yrs that now need housing that they didn’t have before ?? Were they living under a rock? Outer space?
I see more young and the elderly sharing the homes. Whose eating up all the property ?? Aliens? Nah, those that came the last 2 yrs live with others. This is world wide, yet pop growth is down. Where did all the houses go? I do know Fl has a million empty homes right now. Snow birds cause that phenomenon. But it’s world wide. Someone explain to me where the houses went.
Has very little to do with Blackstone or Blackrock. What has driven the price of homes up is the massive migration from the large cities to medium size cities and rural areas. All those from the north, east and west coast could sell their homes and have enough to pay cash for it in places like Florida, Texas, Carolinas, Idaho etc. They have driven up prices for everyone. Even if they way overpaid in those places it was still far cheaper than where they came from, so they didn’t care. So they did it and now everyone else is screwed. Governments should have done something to stop the runaway house prices, but what could they have done? Maybe increase caps? These prices may or may not fall for some time. The exodus out of those areas still sounds like it is happening.
Retirees are not the future. Right now because they have nothing better to do than vote for a future they won't see, they are holding the nation hostage by keeping the government dysfunctional with their votes.
What is this supposed to mean? Forget about the retirees? The young have strength and capability to take care of themselves, and their whole lives ahead of them to build wealth. Some choose not to. No one should feel sorry for the younger cohort.
What constitutes "affordable"? Another question- why, in your mind, should homes automatically be "affordable" ?
If the reports are true, working-age men used to be able to buy a home and support a family on one income.
Now it takes a two-income family just to afford the 20% downpayment for a house.
Housing affordability has gone completely backwards.
Homes should be considered shelter, not investments!
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