May 28, 2024

Joe Biden is desperate when it comes to finding votes as he seems to be losing people left and right. 

He’s tried buying votes with the student loan “cancellation” fiasco which just transfers the debt to the backs of other American taxpayers who didn’t agree to it and didn’t get the benefits of loans. He doesn’t understand/care that subsidizing the sky-high college prices will only make the problem worse in addition to making other people pay for the cost of his actions. 

Biden has another effort going this week when he posted about his “housing plan.” 

My dad always used to say that the way you build wealth is by building equity in your home.

My housing plan would help Americans achieve homeownership by giving households $400 a month for two years when they buy their first home.

No, it sounds like his prior plan of trying to buy votes using other people’s money. And does anyone really believe Biden that his father actually said that? That’s just nonsense. 

But this reveals Joe Biden’s glaring economic ignorance in big honking bright lights. 

First, as many pointed out, this would amount to subsidizing the demand and would only make the problem worse while driving up prices.

Despite that insight, the president’s proposals to subsidize home buying will, all else equal, increase demand while leaving supply constraints in place. That will only raise prices further. People who claim new federal subsidies will be no better off. Anyone who misses out on the subsidies will be worse off.

But Biden doesn’t understand that. 

Then what happens when the subsidy stops and people can no longer pay the high mortgage rates? Bring on the foreclosures, and we have another crisis. 

Plus, it’s Biden’s bad policies that led to inflation which led to the higher interest rates that have driven the costs of home buying up and out of reach for most people. Rather than understanding what he did that was wrong and fixing it, he wants to just go down the wrong path again. He wants us to pay other people’s student debt and mortgages now. He just never learns his lesson. 

But he doesn’t care about how this may hurt everyone and everything, all he cares about is getting people to vote for him. Consequences don’t matter. 


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