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Richard Carlucci's avatar

It is probably worth tackling the elephant in the room when it comes to housing costs: every purchase of a house for a price that the buyer thinks is astronomical and indicative of the sheer lunacy of the housing market, is also a sale of a house that the seller thinks is a potentially life changing influx of cash in exchange for an asset that they invested in and feel entitled to profit from.

There is a generation of people who are counting on the sale of a house at a high price to partially fund their retirement. Any policy designed to provide relief to the buyer in that situation will, by definition, also provide pain to the seller. And those sellers are very typically older people (boomers, often), who vote.

So in truth, we will not deal with housing until we are ready to turn the page on the boomer generation. Because we have to piss off the old people to fix this, and to date our country has been categorically incapable of committing to any course of action that does that. So we won't fix the housing market until we are capable of crossing that bridge. And I wholeheartedly support racing towards that goal.

This would be a huge deal. Perhaps the most important thing that our country could do. Our governments at every level are currently struggling under the accumulated weight of having to deal with 50 years of boomer bullshit. Every stupid political battle they had, every compromise to please the special interests of their generational priorities, every convoluted plan to deal with (or avoid dealing with) all of the self-indulgent nonsense that they marinated in since the 70's.... All of it has crippled our institutions and enfeebled our government.

Now that the people themselves are clearly so infirm as a generation, can we finally take power from them and move on? If we can't, then we will allow our country to be driven over a cliff by what is essentially a ruling class of senile, barely lucid octogenarians.

Instead, we should make housing the first stand in this generational battle. Piss off the sellers (the elderly) for the greater benefit of the buyers - families, students, workers - you know, the future of the country! Any society whose decisions favor the past rather than the future is doomed to collapse. So let's prioritize prosperity for the future rather than for the past.

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Chaz's avatar

I think a huge cause for Biden's unpopularity is inflation, and the average American falsely assuming that the President is the one primarily responsible for controlling it.

If this global inflation had not occured, and we were instead in a "regular" economy, the average voter could easily have gotten on board with focusing on climate change, cash benefits, voter rights reform, and the like.

I imagine the history books are going to include a quip about how inflation was very high under Biden's Presidency. But will they also mention how any economist would attest that the vast majority of power to control inflation is vested outside of the Oval Office? I doubt it.

And that's kind of bullshit, frankly: how someone can do the right things, but bad events happen outside their control, so people just assume it's their fault. Everytime I read an article that casually mentions Biden's approval and inflation, I feel like I'm taking crazy pills. How hard is it for the media to acknowledge that it's mostly outside of the president's control? And why do even the more enlightened writers, including yourself, simply take it as a given that people will blame the president for inflation or the economic cycle in general, without stopping to comment on how unfair that is? Why is this a thing that we are ok with, or don't bother trying to fix?

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