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The country is going to have Weimar-levels of Inflation if this is implemented. The inflation of the 70s might seem like a joke if Kamala Harris fantasy is implemented.
She wants to do a tsunami of spending against declining industrial production and declining labor supply.
She proposes an amazing fantasy but sadly that what it is. It's nothing more than pandring and lies from possibly the phoniest politician elected in world history
Really? $12,000 stimulus, $10,000 a month for a family of 5 until 3 months after the pandemic is completely over, $20,000 to college graduates for debt, refundable tax credits after 30% of income similar to section 8.
I initially thought it was a joke the $12,000 stimulus proposal along with $10,000 a month for a family of 5
Here proposal is here, Senator Kamala Harris and Ed Markey of Massachusetts are sponsering it.
Looks like she is co-sponsering a $12,000 a stimulus and for a family of 5 she is proposing $10,000 a month for the duration of the pandemic and then three months after that.
She also wants give $20,000 to college graduates to pay down student loans, which would be a fortune.
Kamala Harris "Rent relief Act" would provide a tax credit for those paying more than 30% of their income in rent.
She released a universal health care plan but she wouldn't go into details how it would be paid. Universal Medicare would be $3 trillion a year over a decade (at the very, very least). The least she could do is let people decide and give American voters the numbers so they can make a decision, rather then a line campaign speech.
Wow. I just took a look at one of her massive giveaway programs - the rent relief - and what she will do is have poor people able to move into luxury apartments going for 50% MORE than the fair market value, and get it for a song - with taxpayers paying the rest.
Let’s say the fair market value for a one-bedroom apartment in my area is $1600, and I am a cashier at Target earning $24,000 a year, or $2000 a month. I could rent a luxury apartment that costs $2400 a month - for $650 a month!
Or what about a more expensive city, where a one-bedroom has a fair market value of $2000. That means I could rent a luxury apartment for $3,000 a month - with a doorman, an exercise facility, a media room, a pool on the roof - for the same $650 a month.
Or I’m a cashier at McDonalds, earning only $1500 a month. Now I can get that $3000 luxury apartment in the sky for just $500 a month!
This way, cashiers from Target and McDonald’s workers get to enjoy the same luxury living as the professional college graduate who made sacrifices to get where they are - only able to afford luxury living after a decade on the job (and have to pay full price of course). Equality!
Lord save us if they win.
P.S. With the federal government picking up most of the cost for rent, the rents will skyrocket. That will mean that the professionals who don’t qualify for rent subsidies will be unable to afford the luxury apartments - while they Target cashiers will. Same thing happened with Obamacare.
Last edited by Rachel976; 08-13-2020 at 02:49 AM..
What Rachel said: No apparent controls for appropriate housing.
I get it. In some cities appropriate housing cost is out of control. Some of this is caused by housing units being unoccupied investments.
Pretty easy fix to this:
1) Drastically increase the base rate property tax of said dwelling.
2) Apply drastically increased homestead exemption credit to whomever is occupying the dwelling. No occupant= no credit.
I don’t get it myself. If someone can’t afford to live somewhere, move out. Let the person who can afford it move in. It’s not a state issue, it’s just an issue that the people can’t afford somewhere they want to be.
I don’t get it myself. If someone can’t afford to live somewhere, move out. Let the person who can afford it move in. It’s not a state issue, it’s just an issue that the people can’t afford somewhere they want to be.
Not that simple. You do have a case of quite a bit of correlation of where jobs are and high rents. It is not 1:1 obviously.
Lots of cheap housing in East Banjo AR. Not many jobs either. "just move" often would result in loss of social support systems. (Like grandma watching the kids for free)
What Rachel said: No apparent controls for appropriate housing.
I get it. In some cities appropriate housing cost is out of control. Some of this is caused by housing units being unoccupied investments.
Pretty easy fix to this:
1) Drastically increase the base rate property tax of said dwelling.
2) Apply drastically increased homestead exemption credit to whomever is occupying the dwelling. No occupant= no credit.
State issue really.
Yup. And why did Harris say the massive taxpayer subsidies can be applied to apartments that are 50% ABOVE fair market rates? I’m opposed in any event, but why not say that poor people will only have to pay 30% of their income to rent as long as they limit themselves to apartments 25% BELOW the average rent? In what world does Harris think poor people who can barely afford an average price apartment gets to rent an above-average luxury apartment for peanuts, and one which an average owner can’t afford? The poor will be living higher and fancier than average-earning people!
Also, it will make the price of houses crash. People with modest incomes who could afford to buy a starter home will now likely choose to rent a gorgeous, upscale apartment for a a fraction of what they’d have to pay in a mortgage. The impact will be felt all the way up.
So can I retire, sell my old money pit house and get a luxury rental cheap?
Only if you can keep your income low.
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