The plan, titled “A New Way Forward For The Middle Class,” proposes to build upon Biden initiatives like student loan debt cancellation, industrial policy, huge subsidies for green energy and going after corporations for alleged price gouging. Prior to quitting the presidential race under immense political pressure, voters were largely dissatisfied with Biden’s economy, which had come to be defined by 40-year high inflation.

“Harris isn’t going to stray very far from current Biden policies,” Ryan Young, a senior economist for the Competitive Enterprise Institute, told the Daily Caller News Foundation. “She is trying to steer a middle course between carving out her own identity, but without implying that Biden has pushed bad policies, which she has been promoting for the last four years.”

Kamala Harris Economic Plan by Nick Pope on Scribd

Harris aims to “[make] corporations and the wealthiest Americans pay their fair share in taxes,” something she plans to do by essentially replicating the $5 trillion tax hike that Biden’s fiscal year 2024 budget request called for. Some of Harris’ “common sense” reforms that would fuel this tax hike include a 25% unrealized capital gains tax for high-earning Americans and a top capital gains tax rate of 33%, an aggressive-but-less-ambitious alternative to the 44.6% rate that Biden has proposed.

“Americans should be deeply concerned about any political program attempting to brand a massive increase in taxes – in this case, including a tax on unrealized capital gains – as ‘new,’” Peter Earle, a senior economist at the American Institute for Economic Research, told the DCNF. “Increasing the reach of the confiscatory claws of the government while simultaneously amping up spending is how the US has accumulated $35 trillion in debt, over $100 trillion in unfunded liabilities, and debased the dollar by 90 or more percent in fifty years … And to the extent that few specifics are given, there’s no reason not to assume that Harris’ policy goals are not simply a continuation of Bidenomics.”

Those tax increases may be necessary to pay for the litany of entitlements Harris is proposing.

“Vice President Harris and Governor Walz are fighting for a future with affordable, high-quality child care and pre-K, long-term care, and paid leave, while supporting care workers and family caregivers,” the economic plan reads, without attaching any price tag to the proposals. Biden either endorsed or pursued each of these policies during his term as president.

Harris’ plan also calls for a $25,000 subsidy for qualifying first-time homebuyers. This would actually end up raising home prices, in large part because “the best way to reduce housing prices is to build more housing, not to subsidize existing housing,” according to Young.

Biden has previously proposed a similar $10,000 tax credit for first-time homebuyers and those selling their first homes.

A Harris-Walz administration “will invest in building the energy industries of the future here in the United States, keeping the well-paid union jobs of the future here at home” while building on the Inflation Reduction Act (IRA), Biden’s massive climate law. Beyond hundreds of billions of dollars to subsidize the green energy industry, the IRA also features tax credits that Americans can claim to install things like heat pumps and rooftop solar in their homes.

Undecided voter in Georgia: “If you look at the statistics now, we’re far worse now than we were before. Everything is worse now with Biden and Harris.”pic.twitter.com/poBh0V6lN0

— Daily Caller (@DailyCaller) September 20, 2024

Harris touts these credits in her new plan, stating that they allowed “more than 3.4 million American families [to save] $8.4 billion in 2023.” Missing from the economic plan is the fact that more than half of those savings were claimed by people making more than $100,000, and that six-figure-plus earners were over three times more likely to claim the credits, according to Internal Revenue Service data.

Like Biden, Harris is also promising to be a strong ally of organized labor if elected.

“She will also prevent misclassification of employees, and override so-called ‘right-to-work’ laws that prevent workers from freely organizing,” Harris’ economic plan states. “She will also continue to fight for manufacturing and infrastructure projects that benefit from significant public support to be subject to strong prevailing wage requirements, as well as Project Labor Agreements for construction projects above appropriate minimal thresholds.”

Notably, “right-to-work” laws do not prevent workers from organizing; such laws simply give workers the choice as to whether or not they would like to join a union or pay union dues, according to the National Conference of State Legislatures. Many of the subsidies Biden unleashed on the American economy include labor requirements that advantage labor unions.

Throughout his first term, Biden repeatedly alleged that corporate greed and price gouging has led to price spikes for goods like gasoline and groceries, for example, while many economists and observers have actually blamed his tax-and-spend agenda for driving inflation. Nevertheless, Harris seems keen to continue blaming companies for higher prices, at least rhetorically.

A prospective Harris-Walz administration “will go after nefarious price gouging on essential goods during emergencies or times of crisis,” the plan states. Harris had previously trotted out a broader version of this policy in August, but she and her team subsequently specified that de facto price controls would only take effect in the wake of emergencies, like natural disasters or a pandemic.

“If one were to undertake an exhaustive research program to determine an economic policy which, throughout history, has not only failed repeatedly but caused tremendous damage on the way to inevitable failure, it would be price controls,” Earle told the DCNF. “For 4,000 years political authorities have been trying to freeze prices without causing shortages and extensive economic ruination and [have] been unsuccessful.”

The Harris campaign did not respond to a request for comment.

Owen Klinsky contributed to this report.

Featured Image: Screen Capture/CSPAN

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

The reality is that Bidenomics is working exactly as it was intended to work. Like Kamala Harris said, “Bidenomics is working!”

It’s challenging to suspend disbelief in this notion because no matter how badly Joe Biden, Kamala Harris, and the regime operates, most Americans work under the assumption that they’re not trying to tank the economy. It’s easier to blame incompetence, wokeness, and poor fiscal policies than to assume a darker intention. But the intention of tanking the economy comes from a false but persistent ideology that the regime won’t say out loud. They want to replace the system with Modern Monetary Theory and to do that requires everything that’s happening right now.

In other words, they think they’re doing “good” by destroying what we know to be a strong and vibrant American form of capitalism. This is how we know their intentions. If they openly discussed installing Modern Monetary Theory in America, their actions would be exactly what they are today.

MMT requires high unemployment, inflation, and a massive population surge from external sources. Does any of that sound familiar? As much as I loathe Wikipedia, their initial overview of Modern Monetary Theory is actually quite accurate:

Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.

According to MMT, governments do not need to worry about accumulating debt since they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone, to reduce the spending capacity of the private sector.

MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists. MMT is also strongly opposed by members of the Austrian school of economics, with Murray Rothbard stating that MMT practices are equivalent to “counterfeiting” and that government control of the money supply will inevitably lead to hyperinflation.

We know two things for sure. First, the Biden-Harris regime is working behind the scenes to lay the foundation for a near future iteration of Modern Monetary Theory. The reason we know this is ironic because it appears to have been an unintentional admission by the Chair of the White House Council of Economic Advisors, Jared Bernstein.

According to Fox News back in May:

A viral video of President Joe Biden’s chief economic adviser, Jared Bernstein, appearing to struggle to explain how monetary policy works has raised new questions about the administration’s handling of the economy.

Bernstein, who chairs the White House Council of Economic Advisers, was interviewed for a new film called, “Finding the Money,” a documentary made by advocates of Modern Monetary Theory (MMT) – a controversial line of economic thought. One of MMT’s central tenets is that government budget deficits don’t matter for countries like the U.S. that borrow money in their own currencies. Proponents argue this means the government should use tax and spending policies to manage the economy and address inflation instead of the central bank’s monetary policies.

“The U.S. government can’t go bankrupt, because we can print our own money,” Bernstein says in the video. He was then asked by the interviewer, “Like you said, they print the dollar, so why does the government even borrow?”

Bernstein’s reply seems to indicate uncertainty – at best – about monetary policy.

“Again, some of this stuff gets – some of the language and concepts are just confusing. The government definitely prints money, and it definitely lends that money by selling bonds. Is that what they do? They sell bonds, yeah, they sell bonds. Right? Since they sell bonds, and people buy the bonds, and lend them the money,” Bernstein replied.

If reading that makes you think he sounds like an idiot, watching it is even more disturbing.

The other thing we know for sure is that many Democrats have been pushing for the foundation of MMT to be built for years. If you don’t recall hearing many of them mention Modern Monetary Theory, it’s because they’ve been using a different name: The Green New Deal.

As Alexandria Ocasio-Cortez’s former Chief of Staff Saikat Chakrabarti famously noted, the Green New Deal wasn’t about the environment. It was about economic change. He would know. He’s the primary architect of the legislative abomination.

The Daily Caller noted his comments from 2019:

“The interesting thing about the Green New Deal, is it wasn’t originally a climate thing at all,” Chakrabarti said to Inslee’s climate director, Sam Ricketts.

“Do you guys think of it as a climate thing?” Because we really think of it as a how-do-you-change-the-entire-economy thing,” Chakrabarti added.

So when Kamala Harris says Bidenomics is working, she’s not misspeaking. She’s not delusional. Bidenomics is working exactly as it was always intended to work, as is the entirety of the Biden-Harris regime. We have to stop assuming they’re just idiots and realize that to be that stupid requires intent.

If you take a test with 100 multiple-choice questions, one can expect to get around a quarter of them right if they just answer “C” on every question. That’s based on ignorance and incompetence. To get EVERY question wrong means they know the right answer and they’re willfully picking the wrong one. That’s insidious intent and that’s exactly what we’re seeing from the Biden-Harris regime. They’re getting literally everything “wrong.”

The regime has acted to raise crime, inflation, and the illegal alien population. They have acted to reduce security, access, and freedom. These are all extremely important precursors to an economic collapse that would allow them to usher in Modern Monetary Theory as the “solution.”

In fact, it would be the only possible “solution” once the debt reaches a point of no return, which many believe has already happened.

Over the remaining months of the election I am going to be working to educate as many as possible about MMT, economic collapse, and Bidenomics. If, God forbid, Harris is able to steal the 2024 election, then I will shift focus to educating how we fight back before it’s too late. All of this will be done through my revived project, the Economic Collapse Newsletter on Substack.

The chain currently has “Going Out Of Business” sales that offer customers massive discounts of between 30 to 70 percent off, and the company’s website is no longer operational.

Shoppers can find reduced prices on top national brands like Nike. Additionally, select store fixtures, furniture and equipment, including TVs and registers, are available for purchase.

The 40-year-old chain, which operated in Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island, will permanently close after the final day of business on July 14. (Related: Casual dining restaurant chain Hooters CLOSES several locations nationwide as “restaurant apocalypse” worsens)

Dave Barton, president of Bob’s Stores, announced the news, stating, “We regret that our financial position necessitated the liquidation of Bob’s Stores. Bob’s has been a stalwart of our local communities for nearly 70 years, and we know our customers remember us as having been there for major moments in their lives. We remain grateful to our vendors, suppliers, customers, and employees for all of their support over the years.”

Gift cards and merchandise credits will be honored through the close of business on July 14. Since the website is non-functional, all clearance sales will occur in-store.

Closure announcement comes following bankruptcy filings

Less than two weeks ago, Bob’s Stores and its sister retailer, Eastern Mountain Sports (EMS), filed for Chapter 11 bankruptcy. The two retailers share a 240,000-square-foot headquarters and depot in Meriden, Connecticut.

In May, parent company GoDigital Media Group announced plans to lay off 150 staff members and close 10 stores across both brands. Despite these cost-cutting efforts, the company filed for Chapter 11 bankruptcy on June 21. While Bob’s Stores suffered a worse fate afterward, there are no further closures or staff reduction plans for EMS.

Brick-and-mortar retailers, particularly those selling sporting goods, have struggled in recent years. Families most affected by inflation have prioritized spending on food and essential clothing over non-essential items like sports goods.

Although sports retailers experienced a boost during the pandemic as people attempted to stay fit, they have since faced declining sales.

Barton, who also serves as CEO of EMS, informed the bankruptcy court that the company owes PNC Bank $30 million. Furthermore, Bob’s Stores owes an additional $27 million in unpaid rent and other debts.

Bob’s Stores and EMS have long histories in Connecticut. Bob’s Stores was named after founder Bob Lapidus, who opened the first store in 1954 in Middletown, Connecticut.

The brand was acquired by Marshalls and TJ Maxx owner TJX in 2003 before being sold off again in the aftermath of the Great Recession in 2008.

Burt Flickinger III, managing director of retail consulting firm Strategic Resource Group, commented: “Bob’s and EMS know how to run good, profitable, and productive stores that offer great merchandise with great value, but they’re facing an accelerating retail ice age.”

In 2024, many smaller chains, already reeling from the pandemic, have faced higher business costs, particularly labor. There have been nearly 2,600 store closures so far in 2024.

Recently, Walmart closed three more underperforming locations, and Rite Aid is shutting down 27 pharmacies.

Dollar stores have also been severely affected, with 99 Cents Only announcing in April that it would shutter all 371 of its locations across California, Texas, Arizona and Nevada. Additionally, 1,000 Family Dollar and Dollar Tree stores will be permanently shut down over the next few years.

Watch this clip from Breitbart News Daily breaking down the big lies coming out of the White House regarding the state of the American economy.

This video is from the NewsClips channel on Brighteon.com.

More related stories:

• Rite Aid to CLOSE 27 more stores due to ongoing bankruptcy proceedings.
• Biden’s economy is COLLAPSING as companies everywhere announce bankruptcies, closures fueled by runaway inflation.
• America is in the middle of a “restaurant apocalypse,” an ominous sign for the U.S. economy.

Sources include:

• DailyMail.co.uk
• FoxBusiness.com
• Brighteon.com

“Stop & Shop will make some difficult decisions to close select underperforming store locations to help ensure the long-term health and future growth for our business,” a spokesperson for the supermarket chain said in a statement.

According to NY Post:

The Massachusetts-based company currently operates nearly 400 stores in five states — the Bay State along with New York, New Jersey, Connecticut and Rhode Island. It has “remodeled” and made improvements to nearly half its stores.

It’s not a big deal, right? Actually, there is more than nuance that should be understood about this news. Here are the key takeaways:

Being Aloof Ahead of the Election

Despite breaking the news at an investor meeting and communicating the scope of their plans to their biggest benefactors, the chain has not released any information to the public. This is conspicuous because there is no viable reason to remain aloof at this stage unless their plans are to hold the information until a more opportune moment.

Considering there won’t be a better time for the sake of the company or investors to go into details about their plans now, it’s safe to attribute their secrecy to the current election cycle. Instead of just being another example of how poorly the economy is performing, they’re doing the minimum required disclosure to the pubic and quiet disclosure to major investors. They will hold details until after the election.

This Is Driven by Democrat Policy, Not Bidenomics

It’s easy to take every foul turn in the economy and blame it fully on the Biden-Harris regime, but this isn’t one of those. Consumers and producers are feeling the negative effects of Bidenomics, but grocery stores aren’t nearly as affected. Instead, this particular series of closures can be attributed to Democrat policies which have reigned in the Northeast for decades.

That’s not to say that Bidenomics didn’t contribute to the challenges. People with less money relative to price hikes are obviously buying less. But food is a necessity which is why inflation doesn’t necessarily harm a grocer’s bottom line as much as the consumers and the producers.

Food regulations, taxes, and mismanagement of infrastructure have more direct impacts on the profitability of a grocery store than inflation or other elements of Bidenomics. This falls more on local Democrats than the White House.

War on Food

It isn’t just leftist political maneuvers that harm grocers. Food in general is under attack on multiple fronts in the United States which is why inflation has hit sustenance costs harder than other areas.

This is not a glitch. Grocery stores shutting down in 2024 are part of the plan to bring food insecurity to Main Street America. Costs are not going to go down and any increases in income will be more than offset by rising inflation. It behooves Americans to take control of their food sourcing any way they can.

For some, this comes down to simply building relationships with local farmers and ranchers. Starting or enhancing a garden or even a homestead is a best practice.

Others, particularly those in cities, may not have easy access to farmers and they may not have the room for a garden. The best advice is to leave the cities, but that’s not practical or even possible for many. The best option in such a situation is to stock up on as much shelf-stable food as possible. Even a surplus of inexpensive (for now) canned foods is better than having to rely on government if the food supply chain breaks down.

Some would say that just because a grocery store chain started chopping stores that we shouldn’t panic. In reality, this is just one in a long line of events that point to the notion that taking control of our personal food supply is a best practice whether disaster strikes or not.

Sound off about this article on the Late Prepper Substack.

What we are witnessing is so similar to a very shocking incident that recently happened in Brazil.

A very disturbed woman, seeking a loan, actually wheeled a corpse into a local bank…

Now Joe Biden, seeking another term, is wheeling out the corpse of the U.S. economy and pretending that it is still alive.

But no matter how many fake numbers they give us, we all know the truth.

Last week, I came across a very sad post by an elderly man on a popular Internet forum, and it was one of the most heartbreaking things that I have read in a very long time…

For the first time ever, the wife went to the local food bank yesterday. We had dinner last night because she did. My heart is crushed. I have always been able to keep food in our house. We met in 84 , married in 92 and we have had some tough times sure enough. But it’s never been like this. I don’t know how people are making it. Our bills are all paid. So we are indeed fortunate. The past two years has been an ever increasing decline in our ability to make ends meet. The cost of literally everything has taken what we use to put in the bank for road trips to the coast or mountains. Now we can’t afford to even feed ourselves.

How much more are you going to take from us? You democrats have brought us low. Now we can’t even afford to eat. The wife and I are thin anyways. The wife, she weighs maybe 95 pounds. I can not let her go without food. Now I will never retire. I will die with my work boots on.

Am I alone in this? Am I the only one who has lost so much just in the last two years? Are we the only couple going without food? In all my years things have never been this bad.

Are you democrats proud of yourselves? Is this what you wanted? An elderly couple who worked their whole lives Now begging for food?

This elderly man is employed.

But the cost of living crisis has gotten so bad that he and his wife literally cannot afford enough food to eat.

This is our economy now.

And with each passing day, even more American workers are being laid off.

In fact, we just learned that Nike has decided to lay off hundreds of workers at their world headquarters…

US athletic footwear and apparel company Nike announced late in the cash session on Friday that it is undergoing a restructuring effort to trim costs at its World Headquarters (WHQ) located in Beaverton, Oregon.

Michele Adams, VP of People Solutions at Nike, might be the most hated person at the company this afternoon. In a letter to staff, she wrote that “approximately 740 employees at WHQ” will be “permanently” laid off by late June.

No job in the private sector is truly safe at this point.

In recent months, we have seen dozens of large companies in the U.S. conduct mass layoffs.

And a lot more layoffs will be coming in the months ahead.

Meanwhile, the real estate industry continues to tank.

Last month, sales of previously owned homes were down 4.3 percent…

Sales of previously owned homes dropped 4.3% in March compared with February, to a seasonally adjusted annualized rate of 4.19 million units, according to the National Association of Realtors. Sales were 3.7% lower than in March 2023.

High interest rates are killing home sales, and they are absolutely devastating the commercial real estate industry.

But the Federal Reserve is scared to reduce interest rates at this point, because that will just make our cost of living crisis even worse.

They have trapped themselves in a no win situation.

After years of incredibly bad decisions, those that are running our economy are out of good options.

But even though economic conditions are so bad right now, Joe Biden and his minions would like us to believe that everything is just great and that a new golden age of prosperity is right around the corner…

It is mind-blowing that Biden’s campaign ads still claim he helped the ordinary American worker. The economic bad news just keeps coming, as inflation climbs up and up in spite of propaganda to the contrary, real wages drop, and the value of the dollar goes down both at home and abroad. And even while real wages are decreasing, inflation is costing Americans an estimated $1,000 extra every month.

The rich are doing well, but the rest of us are struggling. The wealthiest Americans reportedly increased their fortunes by $195 billion just in Biden’s first 100 days in office back in 2021, and it didn’t stop there. Economist Dave Brat noted on April 10 that the wealth of America’s top 1% hit a record $44 trillion. The top 1% own half of our country’s individually held stocks, while 87% of such stocks and mutual funds belong to the top 10% of Americans.

Biden’s economy helps the uber-rich, but it is absolutely disastrous for ordinary Americans.

If you are ultra-wealthy, you are probably doing extremely well in this economic environment.

But just about everyone else is really struggling.

We really do have a “Weekend at Bernie’s economy”, and the Democrats really do have a “Weekend at Bernie’s candidate”…

That video would be a lot funnier if it wasn’t so true.

By now, most of you realize that this story is not going to end well.

In my latest book entitled “Chaos”, I included a lot of practical tips that will help you get prepared for what is ahead of us.

A major economic meltdown has already begun, but we are still only in the early chapters.

And it has become exceedingly clear that the guys that are currently running the show are definitely not equipped to lead us out of this mess.

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Around one in five homeowners and renters said they are skipping meals to afford housing under President Joe Biden’s economy, according to a Friday survey conducted by real estate company Redfin. The undecided voters, which included Americans from Pennsylvania, Michigan and Wisconsin, cited housing and inflation for preferring Trump’s policies.

“I think he’s been absolutely disastrous for the economy,” a Wisconsin voter named Nathan said.

All eight voters raised their hands when asked if they “think President Trump’s policies on the economy would be better for your family, personally.”

The consumer price index (CPI), a broad measure of the price of everyday goods, jumped 3.5% on an annual basis in March and 0.4% month-over-month, according to the Wednesday Bureau of Labor Statistics release.

“We have areas here in Pennsylvania where it’s just at a standstill right now. Like, things are supposed to be being built and the interest rates are just way too high for people to, you know, invest and start moving around,” a Pennsylvania voter named Virginia said. “The interest rate is so high right now and I know they’re trying to cut the inflation down, but like, if nobody is building, no businesses are really coming to Pennsylvania right now to keep us moving forward.”

Tenisha, a Michigan voter, said she is having difficulty purchasing a home for the first time.

“I feel like he doesn’t even take accountability at all with what’s going on,” Gigi, a Pennsylvania voter, said. “Not even accountability, like he’s in denial that it’s happening.”

A Michigan voter named Omar, who previously voted for Biden, said the former president is “gaslighting” the American people.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

Nearly one in five homeowners and renters reported skipping meals to afford housing in Biden’s economy, according to a new survey conducted by Redfin. The median asking rental price increased from less than $1,700 when Biden took office in January 2021 to nearly $2,000 as of February, according to Redfin’s data.

While rent prices jumped last month, they’re relatively stable compared to the past two years.

The median asking rent in February was $73 below the record high set in August 2022, but was still $387 higher than it was in February 2020, prior to the pandemic. pic.twitter.com/cAgVjW9xOe

— Redfin (@Redfin) March 21, 2024

Americans made other sacrifices to stay in their homes, with 20.7% reporting working more hours, 20.6% saying they have sold their belongings, more than one in six having dipped into retirement savings and 15.6% reporting that they’re putting off medical care to afford housing payments.

As of February, the median household earned $30,000 less than it would need to afford the median home in the United States, according to Redfin. When Biden took office in 2021, the median household earned thousands more than would be required to afford the median home.

The median home in the United States cost $417,700 as of the fourth quarter of 2023, according to the U.S. Department of Housing and Urban Development. Some states, like California, are even more expensive, with the median costing $675,667 as of January, according to Zillow.

In May 2022, the Biden administration announced an action plan intended to increase the supply of housing and reduce the burden of rent on Americans.

As interest rates remain high and the nation faces a shortage of construction workers, however, the number of new homes being built declined between 2022 and 2023, according to Census Bureau data.

Thousands of construction workers are tied up in green transportation projects pushed by the Biden administration.

Experts are concerned that Biden’s spending, particularly his recent proposed budget, may increase inflation, further increasing the cost of living for Americans.

As of April 6, an average of 57.8% of Americans disapproved of Biden’s handling of the economy, according to ReaClear’s aggregation of survey data. By contrast, 68% of Americans recall the economy being better under former President Donald Trump, according to a poll released by CBS News in March.

The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

We didn’t need a poll to reveal the frustrations of youngsters working two or three jobs just to afford rent, auto payments, and avocado and toast. The writing has been on the wall, especially on social media feeds of TikTok and X:

The struggle is real for the new generation, which is just now learning that working a 9-5 isn’t as easy as college. pic.twitter.com/FvAeYkTddt

— Ian Miles Cheong (@stillgray) October 25, 2023

A lot of people seem to think this mindset is unique to Gen Z. It’s not.

Every generation goes through this. Watch Reality Bites, where a group of 20-somethings in the early 90s deal with the exact same struggles and emotions as described in this video.

pic.twitter.com/7h1gAN3c7R

— Matthew Kobach (@mkobach) October 20, 2023

The Gen-Z girl who complained about the 9-5 work schedule has a comment for Business Insider (which tried to find out where she works) about the stress of finding a job as a post-grad. She's got a point. pic.twitter.com/4ExfWrELLF

— Ian Miles Cheong (@stillgray) October 27, 2023

Woman defends Gen-Z not wanting to work a 9-5 for the rest of their lives

"I don't want to work my tail end off, wasting all of my life working, just to barely be able to pay my bills" pic.twitter.com/BxaTXjaxcd

— Unlimited L's (@unlimited_ls) January 8, 2024

The new Gallup poll of 18-29-year-olds validates the Biden administration, which seemingly cares more about illegal aliens and the LGBTQQIP2SAA community (not sure what all those letters mean), is quickly losing the young vote.

People in that age cohort are more than twice as likely to cite the economy as their top concern compared with older adults in recent Gallup data. And while all voters are more worried about the economy now than they were heading into the 2020 presidential election, the pessimism has spiked the most among those under 30. –Bloomberg

It’s a wake-up call for the Biden administration. A recent Bloomberg News/Morning Consult poll reveals a surprising trend: Former President Trump is leading President Biden 47% to 40% among voters 18-34 in swing states. This is a significant shift from the last presidential cycle when Biden won 61% of voters under 30.

The Biden administration understands they desperately need Gen-Z and millennial support to win in November. They are trying everything in their power to buy votes by bailing out youngsters with student debt (despite the Supreme Court ruling).

Youngsters are coming of age in one of the worst economic periods this nation has seen in a generation. Elevated inflation is crushing household finances.

With the election cycle well underway, there are mounting risks inflation could accelerate once again, and gas prices at the pump are rising.

Bidenomics has been a colossal failure, and young people are seeing that and are furious with the elderly, senile president who should be in a retirement home. Young people are beginning to understand they might never be able to afford the average American home as that dream died a long time ago. These frustrations are showing up in the polling data.

Median incomes have only risen by 23% over the same period, leaving many people unable to enter the housing market. In 2020, a household earning $59,000 per year could afford a typical home priced at $240,815. At that time, this income level was below the US median income of $66,000, meaning more than half of American households had sufficient funds to buy a home without overextending their budgets.

Today, those shopping for a home need to earn $106,000 annually to afford a median-priced home at $342,941. This is $47,000 more than they needed to earn in 2020 to afford a home and well above the current average income of $81,000.

A recent Zillow analysis has shown how difficult it has become to break into homeownership as the cost of purchasing a home has outpaced income growth, pushing hopeful buyers out of the market. In fact, only a handful of major metropolitan areas were found to be affordable at the median income. Zillow defines affordability as spending no more than 30% of your income after offering a 10% down payment.

Monthly mortgage payments have nearly doubled over the past four years, with today’s typical buyer facing a monthly payment that is 96% higher compared to 2020 levels. This equates to an average payment of $2,200 per month with a 10% down payment.

The main factors behind this increase are the significant rise in home values and mortgage rates. Mortgage rates have gone up from around 3.5% in early 2020 to between 6.5% and 7% so far this year. Limited housing supply has also contributed to the issue.

In 2023, buyers needed an income of $97,000 to afford a typical home, up from $86,000 in 2022. This was $22,000 above last year’s median household income of $75,000.

“The income needed to comfortably afford a typical home is now six figures,” said Orphe Divounguy, chief economist at Zillow. “It’s a big increase that’s due to a combination of higher prices, mortgage rates, and limited supply.”

Neither mortgage rates nor home prices are expected to ease anytime soon, with economists from Fannie Mae predicting rates to drop to 6% by the end of the year and Zillow forecasting home prices to increase by 0.9% over 2024 to an average of $349,611.

Younger buyers are also facing challenges, as the pressure of affordability has delayed their entry into homeownership. It now takes 8.5 years for a household making the median income to save enough for a 10% down payment, a year longer than it would have in 2020. The average age of first-time homebuyers has also risen from 31 to 36 in the past five years.

To overcome these hurdles, buyers are turning to strategies such as “house hacking” and seeking financial assistance from friends and family. In 2023, 21% of those who purchased reported getting financial help from friends or family, according to Zillow.

In conclusion, the affordability of homes has significantly decreased in recent years, with the income required to purchase a home outpacing wage growth. This has resulted in many prospective buyers being priced out of the market and forced to employ creative strategies to afford a home.

Article generated from corporate media reports.

“Instead of essentially requiring automakers to rapidly ramp up sales of electric vehicles over the next few years, the administration would give car manufacturers more time, with a sharp increase in sales not required until after 2030,” the people said.

This policy change comes after 3,900 auto dealers penned a letter to President Biden at the end of 2023, warning the president to reconsider the pace of EV mandates, citing a severe decline in demand for these vehicles.

“Currently, there are many excellent battery electric vehicles available for consumers to purchase. These vehicles are ideal for many people, and we believe their appeal will grow over time. The reality, however, is that electric vehicle demand today is not keeping up with the large influx of BEVs arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots,” the dealers said. 

They warned: “Already, electric vehicles are stacking up on our lots which is our best indicator of customer demand in the marketplace.” 

Last month, Ford Motor’s electric vehicle sales ran out of juice as the automaker was forced to slash production of its all-electric F-150 Lightning to April “to achieve the optimal balance of production, sales growth and profitability.”

A recent note by RBC analyst Tom Narayan said the EV slowdown is far from over:

“Key takeaways thus far from earnings season are that the EV slowdown is not showing any evidence of an inflection, Level 4 autonomy headwinds continue to persist, and fears over supplier inventory overbuild are likely overblown.”

The EV bubble is no match for elevated interest rates, and no fiscally conservative American is trying to survive the era of failed Bidenomics with a +$1,000 EV car payment.

Plus, Toyota’s chairman and former CEO, Akio Toyoda, will likely be proven right: EV cars will never dominate the global market, adding hybrids are the future.

If the alleged climate crisis is as urgent as portrayed by radicals in the White House and woke corporate media, then why does the Biden administration feel the need to move the transition goalposts if banning gas cars saves the planet?