1 in 5 US Renters Risk Eviction by 9/30/2020

[Obiwan]

It seems that the renters' irresponsibility is probably what's putting them out on the street, dummy!!!

That depends on whether or not rent requires more than 30% of your earnings, and how many jobs you have to work every month to pay your rent and support a family.

Trump mishandling of a national pandemic is more responsible for what renters are experiencing today than anything else.

Actually, the GOVERNORS handled everything, so you can blame the imbecile that you elected to that position...

 

[georgephillip]

Then you are wrong. 5,10,15 million households getting evicted may well indeed crash the economy.

How would that work for a 2020 October Surprise?

Fox News Poll: Biden widens lead over Trump; Republicans enthusiastic, but fear motivates Dems

 

[georgephillip]

Renting is an expensive, short-term option for housing. Owning is generally cheaper in the long run, if you have the money or the steady income to make the payments. Taking responsibility yourself for roofing repairs and other building maintenance will save you a lot of money in the long run, but it's not for couch potatoes.

Capitalism ensures most of the money goes to those who already have the most; Covid-19 has shown business as usual (socialism for the rich and homelessness for the working poor) is no longer consistent with public health:

Coronavirus and capitalism: How will the virus change the way the world works?

"Capitalism is facing at least three major crises.

"A pandemic-induced health crisis has rapidly ignited an economic crisiswith yet unknown consequences for financial stability, and all of this is playing out against the backdrop of a climate crisis that cannot be addressed by 'business as usual.'

"Until just two months ago, the news media were full of frightening images of overwhelmed firefighters, not overwhelmed health-care providers."

 

[justinacolmena]

Capitalism ensures most of the money goes to those who already have the most

That's business money, not personal wealth. It goes for capital plant, property, and equipment, which keeps workers at work and, ultimately, produces the goods to pay their wages.

 

[badger2]

That's right, it's not for couch potatoes. CP's are the pivot twixt the impossibility of socialism and capitalism (or communism, for that matter). Keep fighting for a return to "one week's ages for one month's rent." But the capitalist always already owns the means of production, which is problematic. Why throw the Rent Pimp into this machine as a monkey wrench?

 

[badger2]

Post #192 "Who owns all of those houses?" Yes, a good question. Who owns the land under all those houses? Because the musician in LA gave tiny homes to the street people, and the city took them away. Grafitti: "One Week's Wages for One Month's Rent." But the capitalist always already owns the means of production, which is problematic, as is saving up for down payments.

 

[Toddsterpatriot]

Post #192 "Who owns all of those houses?" Yes, a good question. Who owns the land under all those houses? Because the musician in LA gave tiny homes to the street people, and the city took them away. Grafitti: "One Week's Wages for One Month's Rent." But the capitalist always already owns the means of production, which is problematic, as is saving up for down payments.

Post #192 "Who owns all of those houses?" Yes, a good question.

If they're unaffordable, no one owns them.

But the capitalist always already owns the means of production,

Does an employee of a capitalist earn wages?

 

[badger2]

#227: Or the bank/real estate company. Yes, the employee of a capitalist earns wages, though the extorted part of the labor may be left out of the equation.

 

[Toddsterpatriot]

#227: Or the bank/real estate company. Yes, the employee of a capitalist earns wages, though the extorted part of the labor may be left out of the equation.

What is "the extorted part of the labor"?

 

[georgephillip]

That's business money, not personal wealth. It goes for capital plant, property, and equipment, which keeps workers at work and, ultimately, produces the goods to pay their wages.

Income and wealth gains for individuals have gone to those with the most money over the past forty years, and much of the "business money" has gone into stock buybacks which provide the already wealthy with ever more income.

A Guide to Statistics on Historical Trends in Income Inequality

"The broad facts of income inequality over the past seven decades are easily summarized:

• The years from the end of World War II into the 1970s were ones of substantial economic growth and broadly shared prosperity.
  • Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s.
  • The gap between those high up the income ladder and those on the middle and lower rungs — while substantial — did not change much during this period.
• Beginning in the 1970s, economic growth slowed and the income gap widened.
  • Income growth for households in the middle and lower parts of the distribution slowed sharply, while incomes at the top continued to grow strongly."

 

[Toddsterpatriot]

much of the "business money" has gone into stock buybacks

You should have bought stock.

 

[georgephillip]

It will have zero effect on the white liberal claim that it is a racist policy responsible so relax

Most of those already homeless are adults and a majority have white skins; that could change drastically over the next six months.

Racial Disparities in Homelessness in the United States - National Alliance to End Homelessness

 

[georgephillip]

If it happens, there will be mayhem. During a plague. This year's "October Surprise" will be:

When it happens, debt will play the same role it played in 2008

Coronavirus and capitalism: How will the virus change the way the world works?

"Worse, governments are now extending loans to businesses at a time when private debt is already historically high.

"In the United States, total household debt just before the current crisis was $14.15 trillion, which is $1.5 trillion higher than it was in 2008 (in nominal terms).

"And lest we forget, it was high private debt that caused the global financial crisis."

 

[georgephillip]

About 20 years ago rental laws were passed that far benefited the tenant over the property owner. This was the beginning of do gooder local and state and county governments catering to the lower denominator at the expense of the higher one and casting the owner as the bad guy

Yeah there are some slumlords but it’s mostly good people providing good housing for people who far too frequently can’t take care of themselves and try to pin that on the owner.

This pandemic portends a break in the chain of payments.
Renters won't be able pay rent.
Landlords will fail to pay mortgages.
Wall Street speculators will pick up the assets for pennies on the dollar, just like 2008.

A $60 Billion Housing Grab by Wall Street

 

[georgephillip]

Only if we continue this nonsense. It all depends on if Democrats force a non-stop lock down. Yeah, could turn this country into a socialist Venezuela Hell Hole.

Have you noticed how the MAGA-Virus is indifferent to political party or nation state; how are things working out for the Trump of the Tropics in Brazil?

The MAGA Virus will shut this economy down for good if we reopen without first controlling its spread; why is that so hard for conservatives to see?

If Trump had done his job five months ago as was done in countries like Japan, South Korea, and much of the EU, the hit to US GDP would have been minute compared to what it will be because conservatives put an imbecilic con man in the White House.

EU prepares to ban American travelers as borders reopen on July 1

 

[justinacolmena]

Renters won't be able pay rent.
Landlords will fail to pay mortgages.

Which is why owning, or even borrowing to own a home, is often cheaper than renting: the landlord has to clear a profit from the rental income after making the mortgage payments, and paying for maintenance and repairs to the house.

 

[georgephillip]

Not happening though. Simply put, it isn't happening. The medical infrastructure isn't overloaded, and never was.

Remember the situation now, is still not has bad as it was during the first month of the outbreak.

224,000 deaths from the MAGA-Virus in the US by November 3rd is a current projection.

Is that acceptable to you?

Would it be more or less acceptable with a Democrat in the White House?

 

[georgephillip]

Here in Ohio, they setup a huge emergency ward in the convention center. All setup for the huge massive influx of critical Covid-19 death patients.

Never used it. Never. They tore it down already. Waste of money.

Regardless of your local conditions, Trump has failed miserably to combat the MAGA-Virus on a national level, which, of course, is exactly what's required during a national pandemic:
New projections from University of Washington COVID-19 study adjusts projected death toll from virus

America's Pandemic Failure Makes It an Outcast

"The coronavirus pandemic is surging in many parts of the world and threatens to rebound in many more.

"But one of the globe’s worst hot spots is the U.S., thanks to slapdash pandemic management that basically leaves each state to fend for itself, and not always well.

"So today you have the governors of New York, New Jersey and Connecticut, with their worst outbreaks hopefully behind them, announcing (probably unenforceable) quarantines for travelers from America’s new disaster zones, of which there are too many."

 

[georgephillip]

But that's what Left-wingers want. Hugo Chavez, was practically a divine king in his country. If you had something he wanted, he simply confiscated it from you. Your homes your land, your business, everything you worked for in your life, if he wanted it, he stole it.

Do you have a link to support that claim?

 

[georgephillip]

Someone has something you want, so you take it, using the power of government.

And no group of individuals in history has used government to line their pockets as effectively as capitalists:

https://www.cepr.net/documents/cns_policies_2006_07.pdf

"Patents and copyrights are government-granted monopolies.

"They raise the price of the protected items by as much as several hundred percent above the free market prices, creating perverse incentives and leading to large economic distortions.

"While patents and copyrights provide incentives for innovation and creative work, it is possible to design more efficient mechanisms that don’t require as much interference with the market."