When people couldn’t afford housing during the Great Depression, they built shantytowns from scrap construction supplies and named them “Hoovervilles,” after President Herbert Hoover. Today, Americans increasingly live out of their cars because they can’t afford housing. If history is any guide, will parking lots full of Americans soon be known as “Bidenvilles”?
And what a crisis it is. The average home in the city sells for $930,000, while most of the housing available for rent is not apartments but luxury homes targeted at wealthy people on vacation. Indeed, Americans in the Great Depression faced such a cost-of-living crisis that many were forced to accept a standard of living below what their parents and even their grandparents had.
For the last several years, the government has spent, borrowed and created trillions of dollars it didn’t have. The predictable result of this profligacy was runaway inflation, followed by equally foreseeable interest rate increases. This is the kind of story you might expect from a Third World country or somewhere behind the Iron Curtain during the Cold War, not the largest economy in the world — at least not outside of a depression like the one in the 1930s.
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