Biden to propose new $5,000 tax credit for first-time home buyers

[Here_4_a_Day]

JFC....the $5k thingy is a drop in the bucket compared to all the goodies/handouts!

FACT SHEET: President Biden Announces Plan to Lower Housing Costs for Working Families | The White House

Building and preserving over 2 million new homes to lower rents and the cost of buying a home President Biden believes housing costs are too high, and significant investments are needed to address the large shortage of affordable homes inherited from his predecessor and that has been growing for...

www.whitehouse.gov

Good thing the country isn't already $34,500,000,000,000 in debt or anything > https://www.usdebtclock.org/

 

[onlyTheObvious]

According to Forbes, the Iowa median home sales price is 229k. 20% of that is nearly $46,000. Median household income is about 64,000. That’s median. So you’re asking a household to save up approximately a years net wages before they can buy a house? That’s unreasonable. To put it in perspective, I bought the house I live in now for 87,000 in 1998. We put 10,000 down which was about 25% of our net income. There would be near.y no homes sold to first time buyers. Even more homes would be bought by corporations to rent for exorbitant Amounts.

many small towns almost no house is worth that.

Median means nothing. It’s like the median 401k balance in articles. It’s a joke

Giving away money causes shit to go up in price. Princess might need to downsize the dream home.

 

[abby97]

Only someone as economically ignorant as any democrat, would propose such an idiotic fix. Any seller smarter than a snail would just raise his sale price by $5k, thanks Joe, won't help the low income home buyer one bit. Ave price of a home around $400k, so $5k is a whopping 1.25%.

 

[Titus Andronicus]

I’m pretty sure for most Americans their mortgage interest doesn’t exceed their standard deduction, so that isn’t even part of the equation.

I wondered about that, but I THINK if a government tax credit results in a credit balance on your 1040, you get a refund for that amount, so this really is a cash giveaway.

 

[QuadCityHawkeye1976]

Create a problem (inflation) then hit the taxpayers and bondholders to pay for the fix.

Corporations are creating inflation dude.

 

[Jimmy McGill]

I earned a $10,000 down payment through a VA program. First BW though that she earned it while cheating on me when I was in Iraq. No hard feelings...

 

[seminole97]

Corporations are creating inflation dude.

How can corporations print money to cause a general rise in the price level?

If company A raises prices then customers necessarily have less money to spend at companies B through Z.

The only way for all companies to raise prices is for an increase in the money supply, and in our monetary system that happens on the back of federal debt.

 

[QuadCityHawkeye1976]

How can corporations print money to cause a general rise in the price level?

If company A raises prices then customers necessarily have less money to spend at companies B through Z.

The only way for all companies to raise prices is for an increase in the money supply, and in our monetary system that happens on the back of federal debt.

Inflated prices to turn record profits you twit.

 

[seminole97]

Inflated prices to turn record profits you twit.

If company A raises their prices to obtain record prices, then consumers necessarily have less money to contribute toward record profits for companies B through Z, you twit.

You didn’t address this reality at all.

Only by inflating the money supply, which in our monetary system is a function of federal government debt, can companies A through Z raise their prices together and create new (nominal) record profits.

 

[Hawgk]

 

[QuadCityHawkeye1976]

If company A raises their prices to obtain record prices, then consumers necessarily have less money to contribute toward record profits for companies B through Z, you twit.

You didn’t address this reality at all.

Only by inflating the money supply, which in our monetary system is a function of federal government debt, can companies A through Z raise their prices together and create new (nominal) record profits.

Bullshit.

‘Greedflation’ caused more than half of last year’s inflation surge, study finds, as corporate profits remain at all-time highs

Groundwork Collective crunched Commerce Department data to find shocking greedflation results. But there’s evidence of it in a lot more places.

fortune.com

 

[seminole97]

Bullshit.

Then let’s see your logical argument for how corporations can increase the money supply.

Better yet, explain how, absent an increase in the money supply, you can pay company A an increased price, and not have less money available to pay companies B through Z for their product, thus negating a general rise in prices through reduced demand for the products of companies B through Z.

Explain the argument for these conditions that convinced you.

I don’t think you can, because you’re full of shit.

 

[TonyTheTiger.1865]

Why not add to the already unfathomable deficit and drive up the price of housing. What could go wrong?😳

 

[QuadCityHawkeye1976]

Then let’s see your logical argument for how corporations can increase the money supply.

Better yet, explain how, absent an increase in the money supply, you can pay company A an increased price, and not have less money available to pay companies B through Z for their product, thus negating a general rise in prices through reduced demand for the products of companies B through Z.

Explain the argument for these conditions that convinced you.

I don’t think you can, because you’re full of shit.

Plenty of data out there that shows companies are taking advantage of consumers. I’m sorry your head is so far up your fat ass you can’t accept that.

If Trump wins nothing will change with inflation and you will still be a clown.

 

[QuadCityHawkeye1976]

Why not add to the already unfathomable deficit and drive up the price of housing. What could go wrong?😳

Your man Trump added 8 trillion to the deficit alone.

 

[seminole97]

Plenty of data out there that shows companies are taking advantage of consumers.

So you don’t have a logical argument for how corporations can increase the money supply?
None whatsoever?

Better yet, you have no explanation how, absent an increase in the money supply, you can pay company A an increased price, and not have less money available to pay companies B through Z for their product, thus negating a general rise in prices through reduced demand for the products of companies B through Z?

You don’t understand how this works.
If you did, you’d have an explanation, but you have NOTHING.

ALL companies cannot raise their prices, and thus raise ‘the general price level’, absent an increase in the money supply. The money supply is increased in our monetary system on the back of federal government debt.

I’m sorry your head is so far up your fat ass you can’t accept that.

Your problem is you ‘accept’ nonsensical notions like “greedflation” with no understanding beyond, ‘others say’.
Why do you think corporations only suddenly became ‘greedy’? Why didn’t (or couldn’t) they all jack their prices across the board by the amounts we’ve seen the last few years every year of your life?
You have no explanation because you have no understanding.
This makes you a parrot and a useful idiot for the politicians who want to blame corporations for rebalancing supply and demand at a new (higher) price level subsequent to the politicians massively increasing the money supply.

 

[B1GDeal]

Only someone as economically ignorant as any democrat, would propose such an idiotic fix. Any seller smarter than a snail would just raise his sale price by $5k, thanks Joe, won't help the low income home buyer one bit. Ave price of a home around $400k, so $5k is a whopping 1.25%.

Kinda like private schools raising their fees once they could get all those gov vouchers.