Phony ‘recovery’: Home ownership at 18-year low

by John Seiler | July 30, 2013 11:54 am

[1]More proof there has been no “recovery”:

“The U.S. homeownership rate, which soared to a record high 69.2 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes.”

Home ownership is at an 18-year low. That takes us back to 1995, under President Bill Clinton.

And the 2004 “high” number was only because of the Bush-Greenspan “bubble economy” based on massive deficits from wild spending, lower interest rates, easy money and lax lending rules from Fannie and Freddie. Even Bush’s tax cuts were bogus because they were temporary.

Obama — who should be remembered as Bush III — has continued the anti-middle class policies of Bush II.

Humorously, Obama has been touring[2] some areas boasting about how he was helping the embattled middle class. Well, he could start by repealing the 2 percentage-point FICA tax increase of Jan. 1 this year, which he agreed to with “anti-tax”/really tax increase Republicans in the House. And which boosted the middle class’s taxes by $1,000 a year. Then he could agree to repeal Obamacare. Then…

Oh, what’s the use. If you’re in the middle class, both parties just want to gouge you to line the pockets of themselves and their Crony Capitalist masters.

 

 

Source URL: https://calwatchdog.com/2013/07/30/phony-recovery-home-ownership-at-18-year-low/

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