Tom Sweetnam
Platinum Member
I sat up till the wee hours and watched Fox Business early this this morning. Subjects covered were the real estate market and the further erosion of middle class income compared to the rich. The National Association of Realtors reports that going into the first quarter 2015, per capita home ownership in the US is at its lowest level in 20 years. Furthermore, urban rents have risen to the point that that the average house rent now represents 30% of gross income. If you're not in a two-income domestic partner situation in many urban areas, you're probably dead in the water.
Furthermore, banks are reporting that the average American household has very little savings today, 21 days reserve being the norm. Add the considerable inflation we see at the grocery store year to year (especially last year), and all the economic fairy tales out of Obama's pie hole don't add up to squat.
Demonstrating the growing rift between the rich and everybody else, is the fact that housing starts in the low & mid seven-figures are booming, while those in the low & mid six figures are flat. It's been more than 15 years since The Economist started sounding the warning knells regarding the dangerously lopsided distribution of income in the US, to the point that our very free market system is in danger of collapsing.
Furthermore, banks are reporting that the average American household has very little savings today, 21 days reserve being the norm. Add the considerable inflation we see at the grocery store year to year (especially last year), and all the economic fairy tales out of Obama's pie hole don't add up to squat.
Demonstrating the growing rift between the rich and everybody else, is the fact that housing starts in the low & mid seven-figures are booming, while those in the low & mid six figures are flat. It's been more than 15 years since The Economist started sounding the warning knells regarding the dangerously lopsided distribution of income in the US, to the point that our very free market system is in danger of collapsing.