This is the direct consequence of the Federal Reserve’s decades of unprecedented stimulus: extremes of wealth and income inequality that gave the wealthiest households the means to bid up housing to the point it’s no longer affordable to the bottom 90%.
The superficial conclusion that the reason why housing is unaffordable is a scarcity of housing misses a key dynamic in supply and demand: who has too much money and where do they park it??
The reality is obvious but conventional analysts don’t see it, largely because it doesn’t fit the approved narratives. Here’s why housing is unaffordable to the bottom 90%:
1. The U.S. economy is a bubble economy that funnels the vast majority of gains into the top 10% who own 90% of all income producing assets. Bubbles create astounding sums of unearned wealth and distribute it very asymmetrically: the already-wealthy who inherited assets or acquired them when they were cheap reap most of the gains.
Please examine the first two charts below to see how this works. The first chart shows that the top 10% own between 85% and 95% of all income producing assets: business equity, stocks, bonds and other securities, and non-home real estate, i.e. second homes and income-generating properties.
The second chart shows that Household Net Worth–concentrated in the top 10%–soared far above GDP in the Bubble Economy, in effect creating $55 trillion out of thin air and handing 90% of it to the wealthy. Recall that net worth is assets minus liabilities such as debt, so this is what’s left after subtracting liabilities/debts. The less wealthy tend to have fewer assets and more debts, so someone may hold title to a $1 million home, but if their mortgage is $900,000, their net worth is only $100,000.
Joe, what do you think of this? There is an election in less than 2 month and these clowns are trying their best to hire all these new employees before the new mayor gets in office. If I was the new mayor I would get rid of all of them and do my own search and hire my own staff! This is ludicrous and Randy Taylor needs to tell them to slow down and wait until after the election.
Salisbury Chief of Police finalists announced
22 hours ago Sarah Ash
SALISBURY, Md. – The City of Salisbury has announced the four finalists for Police Chief.
Officials say they used Strategic Government Resources (SGR) to assist in conducting the national search that brought in 29 applications from candidates in 15 states.
The finalists are as follows:
David Meienschein began his public safety career in 1987 as a Police Officer and K-9 Handler with the Salisbury Police Department. He has been promoted through the ranks and has been serving as Acting Chief of Police since June 2023. He has held many administrative and operational positions within the police department, focusing on Community Oriented Policing, crime reduction, and police-community relations.
Howard Drewer currently serves as the Operations Commander for the Salisbury Police Department, where he has worked for the past 25 years. His responsibilities include supervising four patrol shifts, developing crime reduction strategies, coordinating with private, civic, and governmental organizations to promote safety, and managing critical incidents.
William Riley is currently the Security Supervisor for the Virginia Institute of Marine Science of William and Mary, where he has served since 2022. He previously served in local government public safety as Chief of Police for the Inkster, Michigan Police Department for seven years and Chief of the Selma, Alabama Police Department for seven years. He began his local law enforcement career in Newport News, Virginia, moving up the ranks from Patrol Officer to Detective, Sergeant, and Lieutenant, and retired from the agency as Captain of the Criminal Investigations Unit.
Matthew Davis is the First Deputy Director in the Illinois State Police Officer of the Director, where he has served since 2019 and has been accountable for more than 1,800 sworn officers and 950 civilian employees, delivering public safety services to Illinois communities. Before this, he spent almost two decades in the Department’s Division of Forensic Services as Assistant Deputy Director, Commander, Chief of Staff, Field Supervisor Crime Scene Investigator. He has also served as Assistant Deputy Director for the Illinois State Police.
The City is conducting onsite interviews Thursday and Friday, which will include community tours, a panel interview with the Citizen Police Chief Search Committee, a public and a Departmental Meet & Greet, and a final interview with the Mayor and City Administration panel.
One word > BIDEN !!!!!
Because they are too high.