<p>It’s time for your daily dose of <a href="https://www.dailywire.com/collections/bidenomics" target="_blank" rel="noopener">Bidenomics</a> — where the rules are made up and the points don’t matter.</p>
<p>In today’s lesson, we’ll learn how the fact that the average American can&#8217;t afford to buy a home in 99% of the country is evidence of a historic economy.</p>
<p>On Thursday, CBS <a href="https://www.cbsnews.com/news/homes-for-sale-affordable-housing-prices/?ftag=CNM-00-10aab7e&amp;linkId=238177107" target="_blank" rel="noopener">reported</a> that real estate data provider ATTOM reviewed median home prices in 575 counties across the country and concluded that the average income earner — somebody who makes $71,214 a year — could afford to buy a home in just 1% of those areas in 2022.</p>
<p>Chief Economist at Redfin, Daryl Fairweather, told CBS, &#8220;The only people who are selling right now are people who really need to move because of a life event — divorce, marriage, new baby, new job, etc. That lack of new inventory is keeping prices high.&#8221;</p>
<p>Part of the reason why homeowners are holding onto their homes is because of high interest rates — which were hiked to historic levels in hopes of slowing down runaway Bidenflation.</p>
<p>That inflation was caused in part by massive government spending. The president&#8217;s solution has been more government spending.</p>
<p>Last week, Sen. JD Vance (R-OH) blamed part of the problem on corporations buying single-family homes as well.</p>
<p>&#8220;They have access to lower interest rates,&#8221; Vance <a href="https://myfox28columbus.com/news/problem-solvers/ohio-housing-crisis-state-federal-legislation-us-senators-jd-vance-sherrod-brown-stop-predatory-investing-act-institutional-investors-foreign-home-buyers" target="_blank" rel="noopener">told</a> ABC6. &#8220;They have access to cheaper money, and they completely crowd out the availability for homes for people who want to just buy a piece of their community.&#8221;</p>
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<p>Some of those companies have ties to the Chinese Communist Party — something Vance says is nonsensical to allow.</p>
<p>&#8220;I look around and say, &#8216;What are we doing when we&#8217;re letting the Communist Chinese Party buy up homes that should be going to Ohio citizens?&#8217; It just doesn&#8217;t make any sense.&#8221;</p>
<p>Overlooked in the housing crisis has been the role that legal and illegal immigration has played. As <a href="https://www.washingtonexaminer.com/politics/fact-check-immigration-increase-housing-costs" target="_blank" rel="noopener">flagged</a> by The Washington Examiner last spring, several studies have shown that immigration, lawful or not, impacts both rental and home-owning prices. In short, the millions who enter the country each year drive up demand, which drives up prices.</p>
<p>&#8220;I think it&#8217;s very hard to talk about the housing crisis in Ohio or across the country without talking about the immigration problem,&#8221; Vance said last week &#8220;When you let, let&#8217;s say, 10 million or 15 million people into the country illegally, those people all need homes.&#8221;</p>
<p>Given the fact that one of the most basic elements of the American dream is out of reach for the American people, you&#8217;d think Washington might want to address it. Instead, the vast majority are concerned with either making the southern border more accessible, or they&#8217;re focused on providing aid to Ukraine. Or both.</p>
<p>Given the enormity of the housing crisis, you would hope that the Republican Party would jump on solving it, thereby securing electoral victories in the process. Aside from Vance and a handful of others, not many in the GOP seem too concerned about it.</p>
<p>So, instead, Biden will continue to bloviate that the American economy is booming, we need to accept millions of foreigners each year, and that we have a duty to spend billions in Ukraine. If you haven&#8217;t picked up on it, Bidenomics is code for &#8220;America Last.&#8221;</p>
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<p><em>The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.</em></p>
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Bidenomics! Average American Can’t Afford Homes In 99% Of Country