These days most Americans say our country’s headed in the wrong direction – and when they say that they mean people are having a hard time making ends meet.
Now it looks like we face a new problem: A housing shortage – not due to lack lumber or homebuilders but because of politics.
Before inflation rolled upward, and the economy rolled downhill, for years politicians kept interest rates low – which meant wealthy elites and donors to politicians watched their wealth boom. But, at the same time, there was enough spillover that it also helped small businessmen and middle-class families. Working families could get a mortgage – and buy a home – at a low rate.
Then inflation soared, politicians raised interest rates, and working families landed in a trap. If they needed to move, or downsize, the cost of their new mortgage went up – a lot. Worse, their children couldn’t afford to buy a home.
It’s an old story: Politicians held down rates, helped elites, spent money they didn’t have, piled up debt, inflation hit, interest rates shot up, and middle-class families were stuck.
Politicians created those problems – and politicians can’t fix them. To get our economy back on the right track we need honest leaders with common sense – who’ll tell politicians, No more. Enough. Stop.