A Looming Housing Crisis Being Ignored
A Looming Housing Crisis Being Ignored
Forbes released an article earlier today, October 3, on the current state of housing in America. The gist of the article is that people were giving impassioned speeches at a housing conference, warning of a looming crisis so bad that 2008's collapse will seem like a simple and quick hiccup in the market. That should strike fear in the heart of every America, and it should be a huge call to action to America's federal government. Alas, the government cannot be bothered. In nearly two years as President, Joe Biden's administration has not only failed to support housing legislation, but they haven't uttered a single word about the potential coming crisis. For most experts, however, they cannot stop ringing the bell here. Housing prices are at a record high, while there's also a housing shortage. Everyone middle-class and under has been frozen entirely out of the housing market. New construction is at an all-time low. And what are the politicians doing about it? Absolutely nothing, as far as anyone can tell, and America's mainstream media sure isn't helping by also ignoring the issues.
Nearly every single available home or plot of land in America is being bought up by multinational corporations like Blackrock and Vanguard, and many by the literal Chinese government, which leaves American citizens struggling for housing. And nobody steps in to do anything about it. The housing market nearly sent the entire planet into a depression over a decade ago, and now you couldn't pay the government to care about the market.
Government's Priorities Have Never Been with the People
It's tough to talk about how much the government has failed the people and to give an objective assessment of the undemocratic way American politicians dictate terms to the populace. The reason is that too many people are polarized. If you criticized the government under former President Trump, his fans called you a socialist. If you criticize the government now that Joe Biden is President, his fans, and the mainstream media, call you a dangerous MAGA extremist. The government in total, both parties included, is failing the American people, especially in terms of housing.
To date, in only a few short months, the American federal government has sent over $40 billion to Ukraine to stage a proxy war against Russia. No, that is not a partisan take on the topic. Politicians stood on the floor of Congress before Russia invaded and literally stated that America's intention was specifically to operate a proxy war against Russia, without the loss of American lives. So, it's just the loss of American capital, and a lot of innocent Ukrainian lives. That's where the US government is at. While they've been sending unfathomable amounts of money overseas, they have yet to pass any spending bills for the looming housing crisis. Fewer new homes are being built than in the past hundred years in America, and the government does nothing. It's worse than that even; the government is actively involved in ensuring that states are not allowed to open the flood gates on new home construction.
Usually how it works is simple. States start up brand new housing projects, and the federal government, typically via HUD, steps in and helps out. Now not only is the federal government refusing to help out; they're actually actively attempting to stop states from building, citing virus concerns and other reasons.
Hundreds of thousands of Americans are currently homeless, and millions cannot afford to pay their rents and mortgages. While all this happening, the federal government is spending untold amounts of money on two things: A proxy war with Russia, and providing monetary benefits for the over two million illegal immigrants who have entered America since 2021. If you want to know how pitifully bad this is, and how culpable the federal government is in the housing crisis, just let these numbers sink in. In 2020, during Trump's last year, HUD's federal budget was over $40 billion. How much was HUD's budget under the supposedly progressive Joe Biden? $21 billion. In other words, Biden slashed HUD's budget in half.
In 2020, HUD couldn't even come close to keeping up with affordable housing, Section 8, and everything else on its plate. To know that their budget was just sliced completely in half should be criminal, but good luck finding a corporate news network to report on this. They're too busy pretending Ron DeSantis caused a hurricane.
Hopefully America's housing market bounces back in a big way. If it does, it's no thanks to a federal government that consistently ignores the problem.