By KIMBERLEY HAAS
A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families.
During a hearing, Ways and Means Republican Leader Rep. Kevin Brady said American families and workers are finding that President Joe Biden’s economy is “cruel.”
“Working women haven’t had it this bad in decades. The dangerous baby formula shortage, rising crime, and inflation, and now housing they can barely afford to live in. Just as with crushing gas prices, Democrats in Washington are blaming everyone under the sun for the cruel rise in housing costs: builders, local investors and developers who make the construction of new homes and neighborhoods a reality,” Brady said.
He added, “Republicans have held our ground against more inflationary spending and higher taxes that turn into higher prices for consumers. Democrats blame us too.”
Brady said the average home price has gone up $100,000 since Biden took office. He said under President Donald Trump paychecks were rising at record levels, especially for people of color.
According to Jeff Ostrowski at Bankrate.com, giddy sellers are sifting through multiple offers, while frantic buyers are forced to pay more than asking price.
He writes that the home prices are up “a whopping” 45% since the coronavirus pandemic began in March 2020.
Nick Timiraos at The Wall Street Journal reports that climbing housing costs are set to keep inflation elevated this year while Emily Badger and Eve Washington at The New York Times say the housing shortage is not just a coast crisis anymore.
In a YouTube video, Brady says that two out of three Americans are dipping into their savings and using their credit cards more to get by. He said Republicans will reconnect workers with businesses and drive costs for consumers back down again.
Inflation jumped by 9.1% YOY in June, more than analysts predicted and the largest gain since 1981, according to data released by the Labor Department.
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Email story ideas to Editor Kimberley Haas: [email protected]