Note to reader; The article below is another carefully placed “news” story, which pits the billionaires against the downtrodden. In this case, this news outlet suggests that the solution for the housing crisis would be for tax jurisdictions to build “social housing”.
These local governments would raise money by taxing the wealthier and instituting “mansion” taxes, as well as floating bonds to develop public/private trusts that would build, own, and manage this multifamily housing for the middle class.
This concept, which has already been developed in a few areas of Europe, differs from previous failed public housing initiatives that targeted those living below the poverty line. Instead, these government sponsored housing projects would be promoted to the middle class and those gainfully employed.
As the middle class is increasingly priced out of home ownership forever, these tax jurisdictions would encourage the growing disenfranchised to reside in these newly built social housing developments.
These carefully placed propaganda pieces disguised as news stories are growing in number and the Harris regime will respond by encouraging the Federal government to get involved on the local level, so that the local tax jurisdictions are well funded. These social housing developments will be promoted as a way of providing affordable accommodations for local workers such as teachers, government employees, blue collar grunts, fireman, policeman, and other first responders, etc.
Crisis, reaction, solution; Indeed, Communism is alive and well in the United States and a majority of the population will embrace this solution.
How billionaire investors are ‘supercharging’ the U.S. housing crisis -Raw Story
A new report out Monday puts “into numbers the trend that ordinary Americans have known to be true for years,” said economic justice advocates behind the analysis: “Their everyday struggles of affording a home are made worse by the sweeping influence that billionaires have over the market.”
The Institute for Policy Studies (IPS) joined Popular Democracy in compiling a 71-page report titled Billionaire Blowback on Housing, aiming to get to the bottom of growing concerns in recent years about how Wall Street, as Democratic vice presidential nominee and Minnesota Gov. Tim Walz said earlier this month, is “buying up housing and making them less affordable.”
The two groups found that a small number of wealthy individuals and their investment arms, who control “huge pools of wealth,” have spent some of their vast resources on “predatory investment and wealth-parking in luxury housing”—contributing significantly to the crises of unaffordable rents, out-of-reach homeownership, and homelessness.
Billionaires are “supercharging existing problems” in the housing market, according to the report.
The authors take issue with assumptions about what is driving the housing crisis, which is characterized by record-breaking homelessness in 2023 with more than 653,000 people unhoused; half of tenants paying more than 30% of their income on rent, making them cost-burdened; and a significantly widened gap between the income needed to buy a house and the actual cost of a home.
“The real estate industry would like you to believe the problem is entirely one based on supply and demand,” and that regulations need to be changed to allow for the construction of more affordable housing, reads the report. But with 16 million vacant homes across the U.S.—28 for every unhoused person—”the reality is that the owners of concentrated wealth… are playing a more pronounced role in residential housing, thereby creating price inflation, distortions, and inefficiencies in the market.”
Signifying the U.S. real estate market’s “emerging status as global tax haven,” the number of vacant units in some communities exceed the number of unhoused people partially because wealthy investors are acquiring property and intentionally leaving it vacant, found IPS and Popular Democracy.
“The reality is that the owners of concentrated wealth… are playing a more pronounced role in residential housing, thereby creating price inflation, distortions, and inefficiencies in the market.”
For example, in 2017 there were more than 93,500 vacant units in Los Angeles and an estimated 36,000 unhoused residents, with vacancies treated as “a structural feature of the market thanks to the presence of a small class of wealthy investors who engage in speculative financial behavior.”
Billionaires and their investment firms, such as Blackstone—now the world’s largest corporate landlord—are also “taking advantage of the tight low-income rental market, lack of publicly funded affordable housing, displacement after the foreclosure crisis, and inaccessible homeownership to get into the business of single-family and multifamily home rentals, and buying up mobile home parks,” the report reads.
In one section of North Minneapolis, private equity firms including Pretium Partners “snatched up blocks of single-family rental homes, added fees on top of rent, and then proceeded to neglect the maintenance and upkeep of their properties.”
Blackstone now owns 300,000 residential units across the U.S. and nearly doubled its portfolio in 2021. With $1 trillion in assets, it owns 63,000 single-family homes, 149,000 apartment units, and 70 mobile home parks.
Corporate ownership of rental housing stock “has not translated into housing stability, particularly for working-class households and communities of color,” reads the report. “Rather, corporate landlords have concentrated their predatory investment practices—flipping, rent gouging, habitability violations, and evictions—in lower-income communities of color.”
The billionaire class and its private equity firms, said Chuck Collins, co-author of the report and director of the Program on Inequality and the Common Good at IPS, has “severely disrupted” the housing market.
“This is not your grandparent’s gentrification—but a hyper-gentrification fueled by concentrated wealth driving up land and housing costs, expanding short-term rentals, and treating housing like a commodity to speculate on or a place to park wealth,” said Collins. “The billionaires are displacing the millionaires, and the millionaires are disrupting the housing market for everyone else.”
The report calls on policymakers to expand social housing—housing developed by the government or a not-for-profit entity to ensure individuals, households, and families are guaranteed housing as a human right, which cannot be sold for profit.
Social housing could be paid for by levying mansion taxes, regulating predatory practices in the real estate market, and taxing billionaires.
Local communities can also protect residents and generate revenue for affordable housing through actions including:
•Establishing “Housing First” programs to rapidly provide permanently affordable housing to the unhoused and end the criminalization of homelessness;
•Limiting corporate ownership of housing and passing laws requiring ownership transparency so corporations can no longer secretly buy up neighborhoods;
•Passing ordinances giving apartment and mobile home tenants the “first option to buy” when their communities come up for sale;
•Prohibiting owners from keeping units vacant for long periods of time; and
•Creating local Offices of Social Housing and Social Housing Development Authorities to function as supportive infrastructure, with the input of tenant unions, unhoused people’s organizations, and other impacted community members.
“Billionaires see housing as a way to boost their bottom line, instead of a necessity to survive. This current system doesn’t serve our communities,” said Analilia Mejia and DaMareo Cooper, co-executive directors for Popular Democracy. “We need to do better. That starts with re-shaping our systems to look out for the needs and desires of working families, instead of billionaire investment and speculation. We need to safeguard renters’ rights, and drastically expand the availability of permanently and truly affordable quality housing.”
Link to original article:
What about the “Great Taking” book and doco by the ex Wall st guy?
Have you seen it and do you agree with it?
I’ve been asked about it a lot of times over the months and I do not agree with it. I haven’t read it but know the synopsis. It’s a common refrain in the alt media and the great taking has been going on for at least 50 years now since the gold window was shut and the manufacturing capacity was off shored to our enemies.
QE solved many of the issues that plagued the economy in the past, especially that of Bank runs, pension insolvencies, and such.
The book was probably written with the vetting of the senior editors in Arlington and McLean Virginia. I wouldn’t waste my time reading it.
The great taking has already been occurring. I may be worth several million dollars, for instance, but I can in no way afford to retire. The great taking? Ha! What a farce. We’ve already been taken. A million is worth nothing.
NAACP Capital will be the worst performing equity fund. This one is a laugher….
Civil Rights Leader NAACP Dives Into Investing With New Fund
(Bloomberg) — The NAACP, the country’s biggest civil rights organization, is entering the investment world with a new impact fund that will focus on overlooked communities.
The 115-year-old group is looking to raise $200 million to invest in fund managers and startups “focused on closing gaps facing communities of color,” according to a statement Friday.
“Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to breed healthy competition in a global economy,” NAACP President and CEO Derrick Johnson said in the statement. “We’re seeking to change that.”
Founders from underrepresented groups face steep barriers to funding. Last year, for example, venture funding to Black-founded startups in the US fell to its lowest in seven years. At $705 million, the figure was less than 0.5% of the $140.4 billion that went to US-based startups overall, according to Crunchbase.
Racial Discrimination
The new NAACP fund comes at a time when efforts to address those gaps are facing legal attacks from conservative activists. One such high profile case involved the Fearless Fund, an Atlanta-based venture capital firm that was sued by Edward Blum’s American Alliance for Equal Rights.
Blum argued that the fund’s grant program for Black women entrepreneurs was discriminatory toward other races, and Fearless Fund ended up shutting down the program. Blum was behind the racial discrimination suit against Harvard that ultimately led the Supreme Court to end affirmative action for college admissions.
It’s the NAACP’s first vehicle investing in fund managers or startups, a spokesperson said via email. The fund may invest in businesses led by Black or Brown managers as well as people of other backgrounds looking to address problems for those communities, the spokesperson said.
The organization has tapped venture capital investor and consultant Jay Lundy as a managing director to lead the venture, dubbed NAACP Capital.
The latest Atlanta Fed GDP estimate precludes any “recession.” All powered with fiscal deficit spending. The public debt outstanding rose to another new ATH yesterday to $35.809 trillion.
So, excuse me for mocking fixed income investors. While the Fed subsidizes borrowing costs (even now), asset owners make out well. Keep your cash in money market funds. I laugh at CD holders. Why lock up liquidity and get the same returns as money market funds?
What will happen when mortgage rates rise to 10% leading up to the FORCE MAJEURE? More of the same, higher house prices.
Debt to the Penny
https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny
I get asked how the Fed continues to subsidize borrowing costs even if it isn’t adding assets to its balance sheet.
The answer is simple. The Fed effectively backstops the entire credit market. By insuring all bank deposits above and beyond the FDIC $250k limit, by letting banks deposit at the Fed without limits or allowing them to not have to mark to market their debt securities, etc… the Fed runs a centrally managed monetary system.
A family member told me there were people living in their cars on her street. But I read this morning that they’re forcing migrants to leave the NY hotels. Is the party over? Where are they going to put them?
Soylent Green is coming to all the streets. What started out as the “migrant” “crisis” in the blue areas is coming to Fairfax County and your street. Houses will have to be protected with firearms, which is one of two reasons why the government (which hates the white man’s guts) wants our guns. Of course, the other reason being for defense during Jacob’s trouble.
As long as we have guns like AR-15s and semi-automatic weapons, the synagogue’s communist puppets will tread lightly. The communists in control of the Democrat party know that people like we are will shoot and kill these low-IQ foreign marauders. This isn’t murder, this will be in defense of family and town.
Here’s the thing. I have a 140 IQ, so it can be very painful and frustrating trying to discuss biblical and current world affairs with the average “saved” person. I clearly see things most others cannot or refuse to recognize. Saved women are even more trying for they bring their feminist poison baggage to the table. My wife has maybe a 115 IQ on a good day, so the relationship can be a one-sided one in which I allow her to feel like she gets victories from time to time. Nothing worse than an attractive white European woman.
Ever wonder why white men are avoiding white women on the dating apps in ever greater numbers? White man is royalty. Asian, Hispanic, and all other breed women want to pair off with a successful whitey man. We white men are the real prize. We European Caucasian men are the synagogue’s true enemies. White European Caucasian men descended from the lost sheep of the house of Israel.
I digress…. 🤣🤣🤣
I was asked by a reader regarding what I thought about an unrealized capital gains tax on assets under a Harris regime.
It’s of my opinion, given what I know how the Federal government operates and who is actually running it, that I suspect the ultimate outcome will be some sort of ad valorem tax that will be levied as opposed to some sort of unrealized cap gains tax.
A system of unrealized capital gains taxes will most likely face judicial opposition on constitutional grounds. However, a system of ad valorem taxes could be more viable.
Federal ad valorem taxes would not be unique as there are many nations that already have such a system.
Property taxes, for instance, are an ad valorem tax and is levied on an annual basis based on some sort of assessed value. I suspect that as inflation and asset prices continue to escalate higher, the federal government will try to implement some sort of asset ad valorem tax in lieu of an unrealized capital gains tax
Knowing how the enemy works, I suspect that’s the ultimate objective all along. The Harris regime will scare the crap out of asset owners and then offer a compromise, which will be an ad valorem tax.
I believe, you are correct sir! The goal is to strip everyone of ownership and make serfs and peasants of us all.
I observe certain changes to regulations at the US Treasury and DHS. For instance, the federal government is now requiring the owners of anyone who has an interest in an LLC to divulge that interest to the US Treasury. My attorney and accountants keep sending me emails regarding this. I have not completed any of this as of yet.
The reasons for this new requirement are primarily twofold;
•The government has plans to impose an ad valorem tax and wants to identify each person related to particular assets.
•The government will eventually begin to confiscate assets of those whom they deem seditious. This will most likely occur post force majeure. Seditious people will not renounce the Bible, relinquish their firearms, nor take the necessary rounds of body altering injections; let alone the Mark.
We Israelite Caucasians are going to have to make some very tough decisions going out toward the end of the decade.
Any true Christians like us will have to give up a lot during the tribulation to stay true to God. When they switch to a digital currency then the government will have a chokehold on our assets and way of life.
They will freeze our assets if we don’t get the required vaccines, or if we don’t give up our guns, or if we support the wrong cause and/ or candidate.
We will have to give up everything when we refuse the “mark”.
Brace yourself. We will eventually have to flee to the wilderness. All jurisdictions have been or will soon be infiltrated by these multi cultural globalists which will turn over every area to the NWO.
The Richie’s and yuppies who flee the cities to rural areas are liberal multiculturalists who will bring their baggage of high taxes, high crime, and foreign colored mongrels with them. I believe a lot of traditionallly red areas will go blue in this election cycle because of this.
I just came back from Northeastern Maine and I see this happening as I speak. It was a place of hardworking, white conservatives who drive pickup trucks.
These people are being replaced by self entitled, college educated liberals from the cities and suburbs (flatlanders as they are called up there by long time locals). It is going blue in front of my eyes.
The only safe place is getting your spiritual self in line with Jesus Christ and finding fellowship with others who have the same goal.
I really foresee us being required to register all assets with the government so they can track all that you own. There will be heavy punishment if you refuse to register any asset.
If you refuse the Mark when that time comes then your assets will be permanently frozen and/ or confiscated.
That’s right
Central bank digital currency is the game changer.Look at the social credit system in China. The SOS will be able to manipulate your every move, purchase distance you can travel, job, transportation, etc. A true serf! And he causeth all, both small and great*, rich and poor*, free and bond, to receive a mark in their right hand*, or in their foreheads
And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
NYSE to Extend Trading to 22 Hours A Day on Arca Exchange
(Bloomberg) — The New York Stock Exchange is extending trading on its Arca equities venue to 22 hours on weekdays, capitalizing on global demand for US stocks.
The largest US stock exchange will offer trading on Arca — one of its main venues — from 1:30 a.m. to 11:30 p.m. eastern time on all weekdays, excluding holidays, it said in a statement Friday.
The move, subject to regulatory approval, makes US listed stocks, ETFs and closed-end funds available for trading outside the normal 9:30 a.m. to 4 p.m. window. NYSE said the DTCC will continue to clear all trades in the extended hours.
The initiative underscores the “growing demand for our listed securities around the world,” said Kevin Tyrrell, the exchange’s head of markets.
Extended trading hours, also known as overnight trading, have become more common since the pandemic for allowing investors to react to market moving events right away rather than waiting until after. Firms like Robinhood Markets Inc. and Interactive Brokers Group Inc. started enabling customers to buy and sell US stocks 24 hours a day, five days a week.
The New York Stock Exchange fired-up the debate about 24/7 markets in April when it polled industry participants about non-stop trading. NYSE Group Inc. President Lynn Martin said in an interview with Bloomberg TV in May that the poll showed “there are a lot of things to consider, mainly on the infrastructure side” if it’s going to be implemented in a responsible way.
The reasons why UST notes and bond yields are rising are simple. As the Fed cuts short term rates, there will be less attractiveness to own any Treasuries. I own them via a money market fund.
As the Fed cuts rates, there will be less interest in holding the shorter dated ones. The problem is that there isn’t a trade off substitute effect between short and long dated ones. So, as the rates fall, inflation is sparked and investors stay away from all of them.
Investors and traders ask; how will the US government continue funding their deficit spending at prevailing yields? If the Fed cuts rates, the USG will find it increasingly difficult to fund in the short end, thus longer dated issuances will have to take over. But who will take the inflation and duration risks involved in holding longer dated issues, given what the USG is doing?
Ipso facto, Treasury securities suck.
A true conundrum n the making.
By design
You’re right about us being replaced! They’re reinstating the draft BUT FOREIGNERS ARE EXCLUDED!
THIS SHOULD GET EVERY AMERICAN HOPPING MAD! THEY WANT TO KILL AMERICANS AND REPLACE US WITH FOREIGNERS!
Fixed income markets certainly did not like the economically bullish data this morning. Jobless claims come in lower than expected while the PMI composite comes in higher. Both manufacturing and services for several ticks higher than the consensus. Bonds have been struggling since 8:30 this morning.
What do you think of this article Stone?
https://healthimpactnews.com/2024/the-u-s-financial-system-built-upon-a-foundation-of-lies-is-crashing-beware-of-the-coming-bank-bail-ins/
I wouldn’t pay this any mind. These aren’t the things you need to worry about. This financial system is very durable, despite the continual cause of collapse. This monetary and financial system will be revamped after the force majeure.
I think we should be solely concerned on the upcoming force majeure, rather than anything beforehand. However, if anyone hasn’t prepared for the ongoing and accelerating cost of living increases, then he or she should be concerned. This is why I’ve always recommended to own the income generating assets. These types of assets have income flows that increase with overall price inflation. Thus, all other things being equal, the prices of these assets will continue to rise over time.
This is also something to keep in mind. I have recommended stocks of all sorts, not just dividend paying stocks. The tech stocks and all those other holdings generate income for their shareholders. Whether or not they pay it out in dividends is a side issue. When we buy shares of a company, we are buying ownership into an income generating business. The profits of these firms have been rising substantially and the bigger these companies are, the more their profits increase.
II read that Buffett dumped stock. I bought a place and am going to try to build a small cabin on the front and rent it out on Airbnb. Do you think that is a good way to go Stone? I’m still afraid of these bail-ins. Do others feel on edge about them? I don’t trust anything anymore.
I have several CD’s. Should I buy rentals with them or keep them in CD’s hoping there won’t be a bail-in? I like making interest but am so concerned about bail-ins that I fret over it.
Money market funds are yielding at least 4.5% risk-free. I would only recommend owning rentals to those who really want to do it and see the value proposition. Some people are not up to it nor want to be bothered with it. There is nothing wrong with that, each person’s different.
Personally, I could never run an Airbnb. While it may look good on paper, short-term rentals are essentially hospitality businesses and are different than long-term rentals. Unless the profit was there, I could never run an Airbnb. However, I know people who make a lot of money running airbnbs.
I would not be concerned about bank bail-ins at this point. Quantitative easing has substantially altered the landscape and the government could raise any amount of money working with the Federal Reserve to replenish any Capital starved bank. The fed and US government have already demonstrated their mutual desire to effectively insure every dollar on deposit in a bank account. The $250,000 FDIC limit no longer applies as the depositors at the banks that failed a couple of years ago didn’t lose a penny even with multi-million dollar savings accounts. Everything was made whole.
You have to figure out what’s best for you. When money market funds were yielding 50 basis points, I never would have recommended them. But now they’re yielding something more substantial and if you like the easy interest income, I would just stick with the money market funds and CDs.
I am grateful for your wisdom. I think we’re a little too old to run Airbnb’s but I was trying to think of some way to keep pace with inflation.
What do you see as the ‘Force Majeure’ being? It may sound silly but the Simpsons have predicted events prior to their happening so I think we will have some type of nuclear attack and solar storm knocking all power out. I talk with a few vets who told me that they think that the Chinese are here already waiting for the signal to attack us.
The force majeure is WWIII on American soil. To eschatological experts like we are, this will be the time of Jacob’s trouble.
This will provide the Jew synagogue with their opportunity to revamp the monetary system and our lives.
This is why the financial markets are doing what they’re doing. Deficit spending is only a means for the elite to consolidate their wealth and power over humanity before this Force majeure. Based on what I am observing, we only have slightly less than three years left to prepare. The countdown clock is on this blog’s front page.
In Canada, we have such housing already but nobody really realizes it. New builds closely resemble the housing complexes that I witnessed being built in China which were based on Soviet models. The Chinese execution looked nicer with modern looking finishes and appliances – it was all show plastic and lacquered veneer that off-gasses for years.
The Canadian execution has a combination of 1 storey, 2 storey and mostly multiplex – all clad with grey plastic wood and black vinyl windows. 30 year construction at best, and the colours show the heavy use of recycled garbage. As in China, new builds command higher and higher prices in less desirable places. New rental space starts in our little, far away town at $975/mo for 500 sqft plus everything.
There was an era in our towns history where factories opened, hired extra kids from farms, and ended up building rooming houses and homes for employees. The difference was that the businesses arrived first, prosperity came later. Now we bring the people and there is nothing for them to do here.
I’ve been reading that these social housing projects will cap rents at 30% of gross household income. So, if someone’s making $75,000 a year, the most they’ll pay for rent is $22,500. That type of household income is easily achievable for most people, though it doesn’t pay for anything anymore.
I agree with that. There is currently a law in Quebec that prevents people over 70 from being evicted or having their rent raised. So elders are having to spend more to go to old age homes or they go to apartments for seniors – those are capped at $800 and the landlord subsidised to a set maximum for the area. Nobody in their right mind takes on renters over 65. The small buildings often get sold now and displace the elderly with family members.
Here in my hometown in Ontario , Canada , Blackrock has been buying distressed properties for the last two years. They don’t renovate them or pay the municipal property taxes. The municipality has some deal cut with them. I have been told by “insiders” that thousands of “immigrants and refugees” are going to be brought in next year…..these dumps, owned by Blackrock and local interests, will be rented out to them and the Federal and Provincial governments will be paying the rent.
The human livestock have been properly groomed and domesticated….
Redfin Survey Reveals 26.1% Of Homebuyers Are Holding Off For Harris’ $25K Downpayment Assistance
https://www.benzinga.com/real-estate/24/10/41454253/redfin-survey-reveals-26-1-of-homebuyers-are-holding-off-for-harris-25k-downpayment-assistance
Harris will get most of the first time homebuyer votes.
Human livestock! Perfect. Well I suppose this will drive home prices up and ignite the housing market. Naturally, the dark, correct surname, illegal first time buyers get first crack!
It’s going to continue creating the very problems that have been plaguing the housing market for decades. By the time this is all over, house prices and rents and cost of ownership will be astronomical. The home price to income ratios will mirror that of Eastern and WesternEurope. They are in the high single digits. Right now, US housing prices are about 4.5 times household income.
We need to wrap our minds around this inevitability, which is why I keep pounding the table on owning residential real estate. Good luck waiting for another 2008 style collapse.
Who is Harris giving $25k downpayment to?
How can people survive all this? It’s wearing.
It truly is a Cloward Piven strategy. The Communists in government want to overburden government finances and create terrible cost of living hardships, so that the hope is a new society can emerge from the ashes. $25,000 down payment grants kills two birds with one stone.
It’s just getting started
This blog didn’t get it wrong. There’s no way that the FED can cut overnight rates without igniting inflation again. Bond traders are finally waking up to this sobering reality.
In order to keep the federal government in business, the FED needs to forget about inflation and cut rates. Only hold US Treasuries that are no more than one year in duration. I suggest holding fixed income money in US Treasury money market funds.
One more note here, notice that Bloomberg as well as the other business outlets keep stating that inflation will be higher under a Trump regime. But I beg to differ. Inflation will be higher under a Harris regime and the bond market is slowly realizing this as well.
This is an excerpt from this morning’s Bloomberg brief…
Trouble in bond markets
Bonds markets are reeling from the risk that the Fed won’t cut interest rates as much as expected.
The 10-year Treasury yield rose above 4.2% for the first time since July, setting off a surge in borrowing costs from Australia to Germany. A gauge of expected debt-market volatility, called the Ice BofA MOVE index, is now around its highest of the year.
Once again, it looks like bond investors got carried away with a rally fueled by optimistic bets for easier monetary policy — only to be hit with the reality that change may not happen as quickly as they would like. It’s a pattern that played out on repeat for the past two years. Here’s some of the reasons behind the bond market selloff this time around:
Traders are rethinking the path of US interest rates. A repeat of September’s half-point cut is already off the table. Torsten Slok of Apollo Management sees a rising chance that the Fed will hold rates in November and others think policymakers will skip in December. On Monday, Fed officials indicated to varying degrees that they plan to take rates lower, but perhaps more slowly than anticipated.
The US jobs market is strong. The economy is proving more robust than expected. The Bloomberg Economic Surprise Index, which captures when data exceeds economist forecasts, is at the highest since May.
Threat of faster inflation under Trump. The presidential race is still a coin-toss with two weeks to go, but Republican Donald Trump has the advantage over Democrat Kamala Harris in betting markets. His support for higher tariffs and looser fiscal policy has been seen as unfriendly to bonds because it means faster inflation and more debt.
Budget deficits are getting bigger.
The International Monetary Fund, which is holding its annual meetings in Washington this week, already predicts US debt will surpass 100% of gross domestic product next year. Deutsche Bank analysts also forecast the budget deficit will be between around 7% and 9% from 2026 through 2028, regardless of whoever is in the White House. The greater the deficit, the greater the issuance of bonds
We are marching right down the road of, you’ll own nothing and be happy. For the cause of racial justice and equity, the non whites will get all the bennies and will continue to be spread across the country, especially with the Harris regime, while the wealth of the haves will be confiscated for the have nots.
Just like the movie “Soylent Green “. In Soylent Green the housing was cramped and the government allocated the apartments based on “need” .
Another movie, Doctor Zhivago references the same thing.