Over the last several years, the economic, social and cultural conditions within the United States have markedly deteriorated. Indeed, it appears that average Americans are struggling to make ends meet in increasing numbers, and the country in general continues to plunge deeper into debt. The 46th president of the United States Joe Biden has presided over a period of arguably poor economic development. Early in his term, Biden sanctioned massive amounts of new spending by the federal government deemed necessary for the “economy” and the purpose of relief during the COVID-19 pandemic. Trillions of dollars were printed, flooding the market with currency. This spending contributed at least in part to record levels of inflation. The cost of living has skyrocketed, and 6 out of every 10 Americans are estimated to be living paycheck to paycheck. As the fourth of July holiday approaches for the summer of 2024, the cost of an average family barbecue continues to rise, and statistics show that average food costs have increased 30% for typical items since the 2019 calendar year.
The housing market continues to be a major issue for many Americans as home affordability has arguably reached its most challenging levels in American history. Home prices have increased to such extents that now in 99% of the nation, for families earning the median income of around $70,000 a year home ownership is unaffordable. Despite the crazy prices, mortgage rates did fall to 6.8% on average, their lowest levels since June of this year. This rate was for a typical 30 year mortgage.
People generally speak with their wallets and move with their feet. In high-cost, high tax states like New York and California, there has been a mass exodus of residents over the last several years. Even in progressive California, a state known for its diversity, natural beauty, and awesome weather, people are fleeing. In Los Angeles, television and film employees are quickly relocating.