I saw this story about skyrocketing rental rates and wondered how the average American is going to be able to afford the cost of the roof over his or her head on top of the Obamacare rape of personal finances happening across the country and set to accelerate in 2014 – 2018.
There are now 43 million renter households, or 35 percent of all U.S. households, the highest rate in more than a decade for all age groups, according to Harvard’s Joint Center for Housing Studies. That’s 4 million more renters today than there were in 2007. For those aged 25 to 54, rental rates are the highest since the center began record keeping in the early 1970s. <source>
Let me understand this: the economy is STILL not in recovery FIVE YEARS into Obama’s two terms in office, and yet rents are “…the highest since the early 1970s…”.
We are in the midst of the worst rental affordability crisis that this country has known, said Shaun Donovan, U.S. Secretary of Housing and Urban Development.
Wow, someone from Obama’s own administration has dared to speak the truth; I wonder if Obama will fire him for it?
Now here’s where Barack Obama is choking the life out of the middle class:
Half of all U.S. renters today pay more than 30 percent of their incomes on rent. That’s up from 18 percent a decade ago, according to the Harvard center.
So when you combine the fact that 30% of your income is for rent, and then health care insurance costs are also skyrocketing, you have a recipe for personal financial collapse, which is a recipe for the collapse of the American economy.
How are Americans going to afford to live, and spend?
They are not going to be able to.
They will have to cut back on non-essentials as the United States increasingly resembles a failed South American state.
And this is exactly what Barack Obama wants.