We read in yesterday’s Wall Street Journal that the interest rate on the average long-term U. S. mortgage rate (thirty years) has topped 7% for the first time in more than two decades. (The current rate is 7.16%.) Recall that rates hovering at about 3% were obtainable under the Trump administration less than two years ago. So what is the actual effect of interest rate hikes well above 130% on those seeking to buy a new home, typically the young purchasing for the first time or the middle aged seeking to upgrade to a nicer residence?
Well, if you put down $100,000 and financed $400,000 on a new half-million dollar home, your note would go from $1688 to $2704. You would be paying an additional $1016 per month for the next thirty years. On a million dollar home, you would just double the additional amount of your note, which would go from $3376 to $5408, and prepare to live with the whopping increase of $2032 per month for the next thirty years of your life! These mortgage note increases mean the end, for now at least, of the dreams of millions of Americans of owning a new home.
Predictably, housing demand is declining even as housing prices are going down. Now this happened precisely because Joe Biden has flooded the economy with so much money since his inauguration that we have entered a needless, pointless inflationary cycle which forced the Federal Reserve to raise interest rates to cool down the economy. This will take awhile, and in the meantime your current home will likely be less valuable and the cost of buying a new home will likely be higher, all because Joe Biden and the Democrats wanted to “transform” the economy. Thanks a lot, Joe.
But this article is not just about the increasing costs of owning a new home. Rather, it is about the horrific effect of putting leftist ideologues in charge of the greatest nation on Earth. This is what you get when you elect a doddering and ineffectual president who then hands the reigns of government over to committed progressive Marxists who seek to transform the greatest nation on Earth into something other than the greatest nation on Earth.
And this is only one element in the unfolding disaster which Joe Biden and the Democrats have perpetrated upon the country. Because progressives either don’t believe in or choose to ignore traditional economic and social theories, they passed multi-trillion dollar spending bills which flooded our economy with gobs of money in order to achieve social equity, knowing full well that the inevitable result would be rapid inflation.
That’s why they opened the prisons and reduced police funding in the name of social justice, knowing full well that the result would be hundreds of deaths, tens of thousands of injuries, and tens of billions of dollars in property damage.
That’s why they made off-site voting the preferred method of casting a ballot, as opposed to the traditional method of voting at the polls in front of election officials. They knew full well that this would undermine confidence in our elections, which could eventually spell the death of our democracy, but they were more interested in boosting their vote totals.
That’s why they closed the schools, forced adults to wear masks and inject untested vaccines into their bodies, and even told them where they could and couldn’t go, for the the better part of two years. They knew full well this would undermine our childrens’ education and force adults to submit to experimental vaccinations, but it was more important that they let everyone know who was boss.
Now for committed progressives this incredibly expensive and dangerous social experiment is worth all the aforementioned collateral damage- it’s just part of the cost of achieving their ultimate goal of transforming our society into a leftist egalitarian paradise. In fact, the loss of social cohesion, the decline in living standards and traditional values, the pending national bankruptcy, and even the suffering of millions of their fellow citizens, are to be actively sought if they hasten the progressive victory.
And that is precisely why they must be stopped! So go vote, and make sure that your friends and family all vote in this most consequential mid-term election of our lifetimes. Early voting has begun and will continue through November 1st from 8:30PM-6PM.(Early voting polls will be closed on Sunday, October 30th.) The election hot line number to report problems is (800) 883-2805; the election fraud number is (800) 722-5305.
P. S. I am pleased to report that Wednesday, for the first time ever, the statewide Republican early vote exceeded the Democrat early vote 48% to 37%! Let’s keep up the pace.