You didn’t think that was possible, did you? 

Housing prices have spiked 47 percent since 2020, a bigger increase than happened for all of 2010 to 2019—a time when America struggled to recover from a major housing market crash. Combined with massive inflation, that’s made it virtually impossible for the average middle-class American to even think about buying or selling. 

Just look at what’s going on in a handful of middle-America states.

Last month a Wall Street financial watchdog group said Georgia was “the most at risk state in the nation for market disruptions, rental increases and unsafe conditions from private equity investment in housing.” In Wisconsin, home sale prices have doubled in recent years while the median household income has only increased by 20%. And not to be outdone, a university study recently found Michigan has a statewide housing shortage of 190,000 units. 

Biden Saves The Day?

But Biden has the answer, or so he says. He wants to give money to first-generation homeowners so they don’t have to tighten their belt or make the same smart choices you’ve had to make for your entire life. That’s a $25,000 bribe per vote. Except that it’s not Biden’s money—it’s yours.

And that’s just the start. Biden also wants to give a $10,000 subsidy to first-time home owners and anyone who sells a starter home. 

He’s also called for the federal government’s mortgage-backing entities, Fannie Mae and Freddie Mac, to start waiving title insurance requirements for mortgage refinances. The American Land Title Association has called this scheme a “purely political gesture offering a false promise of savings for homeowners while exposing consumers, lenders, and taxpayers to greater financial risk.” Obama Administration FHFA director Ed DeMarco expressed serious concerns about the risk as well: “waiving traditional title insurance coverage does not make the risk go away. Someone is holding it.”

And where does that risk go? If you remember the 2008 recession, caused by bad housing policies, you remember that it goes straight onto your shoulders, and into your bank account. But Big Joe’s administration seems to have a short memory. The Federal Housing Finance Agency is considering allowing Freddie Mac to purchase and guarantee second mortgages for borrowers who already have a loan backed by Freddie. Not only would this proposal exceed the scope of Freddie’s mission, but it could put taxpayers on the hook for up to $1.5 trillion in home equity loans.

Biden Doubles Down

So, let’s recap: After increasing inflation and housing prices to record highs—which means that new home mortgages are far too expensive for middle-income and poor Americans’ wallets—Biden is enacting new policies that will send housing prices even higher. Even renters aren’t safe—the more that people can’t buy, the more they will rent, which will send renting prices through the roof, on top of landlords charging more to make up the difference on the high mortgage they have to pay. And that’s before Biden’s proposed rent control policies create their own unique chaos in the market.

Meanwhile, you are working to feed your family, pay the rent or mortgage on time, and pay your taxes so you don’t have the IRS coming after you. Big Guy Joe is turning around and handing those tax dollars out to people who might not be ready to take on home ownership, and waiving the very things that reduce the risk in the home lending business – down payments and title insurance. Then, he’s asking Average Joes to guarantee these same borrowers second mortgages.

But that shouldn’t be a problem for most Average Joes. After all – if you make only $11,000 a year, Big Guy Joe says you’re rich.