Biden Made Home-Ownership 80% More Costly, Out-of-Reach for Most

(The housing market is not immune from inflationary woes as buyer’s purchasing power has significantly diminished in four years.

Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow.

“The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago.

“Home shoppers today need to make more than $106,000 to comfortably afford a home,” according to the report. “That is 80% more than in January 2020.”

A monthly mortgage payment for a typical U.S. home has nearly doubled since January 2020, the report notes, up 96.4% to $2,188. The calculations are based on a 10% down payment.

Home values also increased over 42% in the last four years, with the typical home nationwide worth roughly $343,000, according to Zillow’s January market report. Mortgage rates in January 2020 were 3%, the report notes. By February 2024, they are closer to 7%.

While costs have increased, wages have not.

In 2020, a household income of $59,000 a year “could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment,” the report notes. “That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.”

Four years later that analysis no longer holds true. Today, roughly $106,500 is needed to comfortably afford a mortgage payment, the report states, “well above what a typical U.S. household earns each year, estimated at about $81,000.”

In seven major housing markets, a minimum household income of $200,000 is needed to comfortably afford a typical home, the report notes.

The report’s analysis was based on quarterly median household income from the American Community Survey, Moody’s Analytics, and the Bureau of Labor Statistics’ Employment Cost Index.

The findings were announced as total household debt reached a record $17.5 trillion in the fourth quarter of 2023, according to a Federal Reserve Bank of New York report.

Mortgage debt increased by $112 billion in Q4 2023 to reach $12.25 trillion. Balances on home equity lines of credit increased by $11 billion, the seventh consecutive quarterly increase after Q1 2022. There are currently $360 billion in aggregate outstanding balances, the Fed states.

Credit-card debt reached a record $1.13 trillion in 2023, increasing by $50 billion, or 4.6% over the year, the report notes. Other personal debt, including retail cards and consumer loans, grew by $25 billion.

Auto-loan debt increased by $12 billion to $1.61 trillion, “continuing an upward trajectory seen since 2011.” At the same time, car insurance rates surged 26% nationwide over the last year and are expected to remain elevated until 2025, according to a Bankrate report.

Report: 5 More RINOs Could Leave Congress to Give Dems Majority before 2024 Election

(Ken Silva, Headline USA) The Republican majority in the House is getting thinner and thinner.

After Rep. Ken Buck, R-Colo., made a surprise announcement Tuesday that he will be leaving Congress by the end of next week, the RINO representative said more resignations could be coming down the pipeline. When asked by Axios about receiving criticism from colleagues over his decision to resign, Buck reportedly replied: “I think it’s the next three people that leave that they’re going to be worried about.”

Bucks’ imminent departure leaves the GOP with a two-seat majority in the House. Three more Republicans leaving would, of course, put the Democrats in charge.

Newsweek reported that as many as five Republicans could leave before the 2024 election. Conservative radio host Dan Bongino spelled out the implications of this.

“Who’s going to be the speaker? Yeah, his name is Hakeem Jeffries. Wouldn’t that be interesting that never-Trumpers leave Congress right before the election? All of the investigations right before the election. The chair of those committees would change as the Democrats retake the majority,” he said this week.

“Either Ken Buck’s a liar or he’s telling the truth that there are three more Republican goons set to leave,” he said, adding that Jefferies could also tank the House investigations into the Biden family.

“So, this year’s Jan. 6 election-certification process could be run by Hakeem Jeffries? Does someone have something on these guys? Is there some kind of honeypot operation going on?” he added.

For now, such a scenario remains speculative. Newsweek reached out to five anti-Trump Republicans— David Valadao, Thomas Massie, Chip Roy, Larry Bucshon Greg Pence and Mike Gallagher—and the ones who responded said they aren’t resigning before the end of their terms.

“This speculation is unfounded. Congressman Roy has no plans to resign,” Roy’s office told Newsweek.

The Republicans most likely to resign seem to be Pence—the brother of the former vice president—and Gallagher, according to Newsweek.

“Like Buck, Pence and Gallagher may opt to resign sooner,” the outlet said.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Rep. Loudermilk Mulls Pressing Charges against J6 Commission for Hiding Evidence

(Ken Silva, Headline USA) House Administration Subcommittee on Oversight Chair Barry Loudermilk, R-Ga., has indicated that he may pursue criminal charges against the members of the Democratic January 6th Commission who destroyed or suppressed evidence about the Capitol Hill uprising.

Loudermilk’s comments come on the heels of his subcommittee releasing a mammoth report on Jan. 6. According to the report, Jan. 6 Commission officials Reps. Bennie Thompson and Liz Cheney failed to turn over video recordings of witness interviews and depositions despite using these recordings in their high-profile, primetime hearings.

Loudermilk told Just the News on Wednesday that he’s mulling his next step for accountability.

“As far as holding people accountable, yes, they should be,” Loudermilk said. “But I think that’s going to be a little ways down the road, because there is so much more information that we need to get. And we need to build not only this, to get the truth out to the American people, but see just how big this case potentially is for obstructing.”

Loudermilk added that he will decide on what to do after his subcommittee resolves access to the evidence that is still missing and determines responsibility. He said options range from a criminal referral to the Justice Department for obstruction to censure by Congress or a referral to the House Ethics Committee for investigation.

“Those are options. We also have to look at what other options are there. There’s also censure-ship, ethics, obviously, but also consider there are members of that Select Committee who are no longer members of Congress. So they may fall under a different scenario,” he said.

“So we do have the tools of members of Congress, but also, active members of Congress have certain protections. So we’ll have to work on that. Because as you talked about earlier, we’re in uncharted territory right now. And so we’re going to have to work through this.”

According to Loudermilk, his subcommittee has  recovered over one hundred deleted or password-protected files, including some files that were deleted days before Republicans took the majority.

However, the Jan. 6 Commission also hid multiple transcribed interviews of witnesses who had firsthand knowledge of Trump‘s actions on January, according to his subcommittee report.

Among the suppressed interview transcripts were those taken for the commission’s “star witness,” Cassidy Hutchinson. The report said Hutchinson conducted three transcribed interviews with the Select Committee before substantially revising her story in her fourth transcribed interview. “Despite knowing how significantly her testimony changed, the Select Committee promoted it as fact,” the report said.

Perhaps the most glaring contradiction exposed in the report is Hutchinson’s false statement about President Donald Trump trying to grab the steering wheel of his presidential vehicle and lunging toward his security detail when he was informed that he would not be taken to the Capitol following his Jan. 6 rally.

“Reps. Thompson and Cheney were aware that the Secret Service agent driving the SUV on January 6 directly refuted Hutchinson‘s testimony. Despite this, they still included her testimony in the Final Report and insisted it was credible,” the report’s summary said.

Ken Silva is a staff writer at Headline USA. Follow him at twitter.com/jd_cashless.

Restoring Sound Money: The Bob Murphy Show Interviews Jp Cortez

(Money Metals News Service) In an enlightening episode of The Bob Murphy Show, host Bob Murphy delves into the world of sound money with Jp Cortez, the passionate Executive Director of The Sound Money Defense League.

The episode unfolds the narrative of Cortez’s journey from a student intrigued by Austrian economics at Auburn University to joining the team at Money Metals Exchange and spearheading its grassroots legislative campaigns and other initiatives aimed at restoring sound monetary systems in the United States.

The conversation begins with Cortez detailing his academic foray into economics, largely influenced by his proximity to The Mises Institute and his chance assignment on Ron Paul during high school.

Bob and Jp explore the foundational aspects of sound money, emphasizing the constitutional and economic rationales for advocating gold and silver as real money, in contrast to the inherently unstable and inflation-prone fiat currency.

Together, they delve into the historical backdrop that led to the severance of the dollar from its gold and silver roots, highlighting key legislative and policy shifts that have contributed to the present-day monetary predicament.

Bob Murphy also mentions his book, Understanding Money Mechanics (Robert P. Murphy), published by the Mises Institute.

According to the podcast host and book author, this book provides the intelligent layperson with a concise yet comprehensive overview of the theory, history, and practice of money and banking, with a focus on the United States. Although the author considers himself an Austrian school economist, most of the material in this book is a neutral presentation of historical facts and an objective description of the mechanics of money creation in today’s world.

A significant portion of the interview is dedicated to discussing the league’s strategy and successes in state-level legislation. Cortez outlines the multifaceted approach of Money Metals and its public policy arm, from eliminating taxes on precious metals to enabling states to invest public funds in physical gold and silver.

These initiatives, he explains, are designed to reduce barriers and provide alternatives to fiat currency, fostering an environment where individuals and states can opt for sound money practices.

Particularly intriguing is the discussion on state depositories, which Cortez identifies as a safeguard against federal overreach and a step toward reestablishing gold and silver’s monetary role.

The conversation also touches on federal efforts, albeit with a more skeptical tone regarding their immediate impact, yet acknowledging their importance in the broader sound money movement.

Key Questions and Answers from the Interview with Jp Cortez on The Bob Murphy Show:

What led Jp Cortez to become involved with sound money principles and the Sound Money Defense League?

  • Answer: Cortez’s interest in sound money principles was sparked during his time at Auburn University, where he was exposed to Austrian economics through proximity to The Mises Institute. A chance assignment on Ron Paul in high school also steered him towards libertarian ideas. His educational background and passion for human freedom led him to his role as executive director of the Sound Money Defense League.

What are the core objectives and strategies of The Sound Money Defense League?

  • Answer: The League’s main objective is to advocate for stable and constitutional monetary systems, primarily through legislative victories and educational campaigns. They aim to remove barriers to using gold and silver as money, such as sales taxes and capital gains taxes on precious metals, and to educate lawmakers and the public on the importance of sound money for individual liberty and economic stability.

The Sound Money Defense League also publishes the Sound Money Index, a yearly scorecard ranking every state in the country by their pro- or anti- sound money environments.

What specific legislative successes have the Sound Money Defense League achieved?

  • Answer: The League has seen over a dozen legislative victories across various states since 2018. These include removing sales taxes on gold and silver, establishing gold and silver as legal tender, empowering state treasurers to invest state funds in physical gold and silver, and more. Cortez highlighted significant progress in states like Wyoming, which became a sound money haven after passing comprehensive sound money legislation in 2018.

How can individuals get involved and make a difference in their state’s monetary policy?

  • Answer: Cortez encourages individuals to engage with their state representatives and become active participants in their state legislature. He explains that a small number of phone calls or emails can significantly impact state legislation and that grassroots advocacy is a powerful tool for enacting change at the state level.

What is the significance of state depositories for gold and silver?

  • Answer: State depositories for gold and silver safeguard against federal overreach and provide an infrastructure for individuals and states to store and transact in precious metals. They represent a step toward re-establishing gold and silver as practical monetary alternatives, protecting citizens’ wealth from inflation and fiat currency devaluation.

What are the challenges and future directions for The Sound Money Defense League?

  • Answer: While there have been many successes, challenges remain, such as overcoming political inertia and educating a broader audience on sound money principles. The future direction involves continuing to push for sound money legislation at both the state and federal levels, expanding the educational outreach, and fostering a greater public understanding of the importance of a stable and constitutional monetary system.

Throughout the interview, Cortez underscores the practicality and impact of grassroots advocacy in state legislatures. He encourages listeners to engage with their state representatives, emphasizing the tangible difference individuals can make in shaping sound money policies.

The dialogue encapsulates a sense of urgency and optimism, reflecting a belief in the possibility of a monetary system that champions stability, liberty, and economic sanity.

In summary, The Bob Murphy Show episode with Jp Cortez (Ep. 312 JP Cortez Pushes For Sound Money at the State Level) offers a compelling exploration of the sound money movement, blending historical insights with contemporary legislative initiatives.

Cortez’s journey and the strides made by Money Metals Exchange and the Sound Money Defense League illustrate a fervent and ongoing quest to restore sound monetary principles, one state at a time.

Learn about legislative initiatives in your state and across the country, and receive the latest precious metals news and promotions, by signing up your email at MoneyMetals.com.

Hamas-Backing Kamala Linked to ‘Racist’ Jewish Country Club in L.A.

(Luis Cornelio, Headline USA) Vice President Kamala Harris and her husband, Second Gentleman Doug Emhoff, have found themselves embroiled in controversy as members of an elite country club currently facing serious allegations of racial discrimination. 

The Los Angeles-based club, known as the Hillcrest Country Club, is at the center of a scathing lawsuit filed by attorney Alexander Winnick and his brother Matthew Winnick.  

The lawsuit, which has gained attention for its disturbing accusations, slams the club as a “racist aristocracy” with “depraved standards.” 

Harris, who has acknowledged the club as one of her favorite places in California, is quoted at the beginning of the lawsuit: “In times like this, silence is complicity.” 

The Daily Mail initially reported on the lawsuit, highlighting the involvement of notable figures like former presidents Bill Clinton and Richard Nixon, who have been pictured at the exclusive club. 

Allegations of sexual abuse, drug use and depositions are also mentioned in the Los Angeles lawsuit against the exclusive members-only country club. The lawsuit alleged that the club discriminates against non-Jewish individuals.  

The plaintiffs clainm that the club discriminates against non-Jewish individuals. According to the lawsuit, the country club was founded in 1920 “for the Jewish community” that has “refused admission to women and severely limited admission to non-Jewish members.” 

Despite the disturbing allegations rocking the club, Harris and Emhoff, who is Jewish, have openly bragged of her likeness to ii. In an interview with the Los Angeles Times, the couple listed the country club among their favorite places in California. 

“Vice President Kamala Harris and her husband, Second Gentleman Doug Emhoff, recently sat down with The Times for their first joint interview since Harris took office,” the LA Times reported on Jan. 7, later listing the country cub. 

The lawsuit seeks unspecified monetary damages, according to the Mail.

The news of the lawsuit comes more than a week after Harris demanded an “immediate ceasefire” by Israeli military forces in the Hamas-governed Gaza Strip. Hamas, a designated terrorist organization, and other left-wing extremists have urged for a ceasefire since the terror group invaded southern Israel on Oct. 7.

Hypocritical Kamala Claims Trump Will ‘Weaponize’ DOJ against His ‘Political Enemies’

(Headline USA) Vice President Kamala Harris claimed last week that former President Donald Trump will “weaponize” the Justice Department against “his political enemies” if elected in November.

Harris made the dangerous and divisive comment during an interview with NBC’s Peter Alexander a few days after President Joe Biden’s State of the Union address. In the norm-violating speech, considered by many to be less an address to the nation and more a campaign event, Biden disparaged his “predecessor,” without naming Trump directly, more than a dozen times.

The vice president echoed Biden’s concerns, telling Alexander that voters would have to choose between “democracy” and tyranny this November.

“If you want to just look at the split screen to understand what’s at stake, on the one hand, you’ve got Joe Biden—someone who is competent, who has principles, who has accomplished more than many presidents even hope for,” she claimed. “And on the other side of that split screen, you’ve got the former president, who glorifies dictators and has said he’ll be a dictator on day one.”

Trump “has said that he will weaponize the Department of Justice against his political enemies” and that “he’s proud of the fact that he had picked three members of the United States Supreme Court who took a constitutional right from the women of America to make decisions about their own body,” she continued.

The irony of Harris’s complaint was not lost on the Republican National Committee, which pointed out that Biden’s own Justice Department has targeted Trump by bringing charges against him for the mishandling of classified information and for his role in the Jan. 6 uprising at the U.S Capitol—something that both Biden and Harris have likewise both made wildly exagerrated claims about in the past.

Harris was also asked during the NBC News interview whether she would agree to debate Trump’s eventual vice president pick.

She, like Biden, deflected and refused to confirm one way or the other.

“Peter, we just got through the State of the Union,” Harris responded. “And I’m just so excited about what we accomplished.”

NBC Uses Familiar ‘No Evidence’ Trope to Deny Haitian Cannibals Entering U.S. En Masse

(Luis Cornelio, Headline USA) A left-wing media outlet has attempted, albeit unsuccessfully, to discredit credible concerns regarding the turmoil unfolding in Haiti and its potential ramifications for the southern border and U.S. national security. 

In a news piece published on Thursday, NBC News dubiously claimed that conservative voices, including Elon Musk, are “weaponizing unverified claims of cannibalism coming out of the conflict to advance a political agenda on immigration.”  

The report, written by tech reporter David Ingram, claimed that there is “no evidence” to substantiate the assertion that some gang members are making their way to the U.S. 

The report also highlights a viral video depicting what seems to be a Haitian gang member stripping the skin off a burned individual, presumably a member of an opposing gang.

“The claims are getting tens of millions of views on the social media platform X, where false or misleading information has spread since Musk bought the app and slashed content moderation,” Ingram wrote.

However, within the same report, NBC News confirmed that the video is indeed from Haiti and relates to a local gang formerly known as the “Cannibal Army.” 

NBC News claimed: “In some videos, the most prominent examples being at least two years old, alleged members of violent gangs in Haiti appear to bite into human flesh.” 

Quoting their own experts, the report continued: “Experts said these videos are likely part of propaganda campaigns designed to scare rivals and terrorize local Haitians rather than a reflection of common or normalized behavior.” 

Despite NBC News’s assertions, the turmoil in Haiti—currently lacking a functioning government following the resignation of Prime Minister Ariel Henry earlier this week—has prompted drastic responses from federal, state and regional governments. 

Among those responding is Florida Gov. Ron DeSantis, who declared in a tweet the deployment of 250 National Guardsmen “to the southern coast of Florida,” adding, “We cannot have illegal aliens coming to Florida.” 

In response to the internal turmoil, Secretary of State Antony Blinken convened a multinational meeting in Jamaica to discuss the imminent action regarding Haiti. 

“Fundamentally, we need to see security, because it’s very hard to do either of the first two things in an environment that is profoundly insecure,” Blinken said. 

Blinken’s remarks come less than a week after the U.S. Embassy in Haiti ordered the evacuation of some members amid the violence. 

DHS appeared to echo some of the concerns raised by conservatives, stating that potential Haitian illegal aliens will be deported if they “do not have a fear of persecution or torture.” 

According to Fox News, the agency added: “Those interdicted at sea are subject to immediate repatriation pursuant to our longstanding policy and procedures. The United States returns or repatriates migrants interdicted at sea to The Bahamas, Cuba, the Dominican Republic, and Haiti.” 

Moreover, Rebecca Zimmerman, an assistant secretary of defense for homeland defense and hemispheric affairs, informed Congress that the federal government is “alert” to the possibility of an influx of illegal aliens, according to Fox News. 

The Dominican Republic, Haiti’s neighboring country, has ordered the mass deportations of Haitian nationals residing in their country illegally. 

French newspaper Le Monde reported that thousands of Haitians have fled to the Dominican Republican. One Dominican agent scolded the illegal aliens, saying, “They’re like animals.”

‘Not on My Watch’: Trump Debunks Biden’s Social Security, Medicare Lies

(Dmytro “Henry” Aleksandrov, Headline USA) On March 13, 2024, Donald Trump once again confirmed that he would never touch Social Security or Medicare after Joe Biden twisted his words to make people think otherwise.

Trump pledged that he would never do anything to cut Social Security or Medicare during his first print interview since locking down the Republican nomination for president for a third straight election.

“I will never do anything that will jeopardize or hurt Social Security or Medicare. We’ll have to do it elsewhere. But we’re not going to do anything to hurt them. There are so many things we can do. There’s so much cutting and so much waste in so many other areas, but I’ll never do anything to hurt Social Security,” he said.

Trump’s comments come after Joe Biden’s recent attack on him after a CNBC interview in which the former was talking about cutting waste and fraud in government spending.

Biden twisted Trump’s words to make it appear as though he supported cutting the retirement programs that Americans have come to depend on when they get older.

“Not on my watch,” Joe Biden wrote.

When asked about entitlement reforms during the CNBC interview, Trump expressed his support for cutting waste and fraud while also making clear that he opposes cuts to Social Security and Medicare.

“So, first of all, there is a lot you can do in terms of entitlements, in terms of cutting. And in terms of also the theft and the bad management of entitlements — tremendous bad management of entitlements — there are tremendous amounts of things and numbers of things you can do,” he said.

Trump also added that Biden and Democrats represent a threat to these critical programs, a detail that Biden didn’t bother to highlight.

“[Democrat and Biden policies] end up weakening Social Security because the country is weak. I mean, take a look at outside of the stock market… We’re going through hell. People are going through hell,” he said.

Janet Yellen Regrets Dismissing Inflation As ‘Transitory’

(Headline USA) Treasury Secretary Janet Yellen admitted this week that she regrets dismissing inflation as “transitory” back in 2021.

“I regret saying it was transitory [inflation],” Janet Yellen told Fox Business correspondent Edward Lawrence.

“It has come down,” she continued, before launching into some Clintonesque semantic wordplay to qualify her mea culpa. “But I think transitory means a few weeks or months to most people, and it’s lasted longer than that.”

Yellen made her now-infamous prediction in June 2021 that rising inflation rates would be only temporary—a prediction that she continued to double-down on for an entire year before finally admitting in June 2022 that she was mistaken. 

“We have in recent months seen some inflation, and we—at least on a year-over-year basis—will continue, I believe through the rest of the year, to see higher inflation rates, maybe around 3%,” Yellen said at the time. “But I personally believe that this represents transitory factors.”

Inflation rates eventually went on to peak at 9%—although some suspect they may have gone higher, based upon the particular gauges used to measure—and still remain well above the 1.9% rate President Joe Biden inherited when he first took office.

Data released by the Labor Department this week showed inflation climbing back up to 3.2% in recent months due to an increase in gas prices and rent.

Despite the indications in January and February that it may be back on the rise, Yellen insisted yet again that the uptick was transitory and that inflation rates would continue to come down.

She also continued to show a fundamental lack of comprehension regarding the root causes of inflation.

“The single biggest contributor to inflation is housing costs. And, we can see when we look at the market for new rental apartments, that in many parts of the country, rental prices for new apartments have actually declined, overall, flat to slightly down,” Yellen told Lawrence. “It takes a while for that to filter into the CPI.”

While most would agree that the leading cause of inflation is, in fact, the devaluation of the dollar caused by excessive government spending and the subsequent minting or creation of unbacked currency to offset it, Yellen has denied this in the face of all supporting evidence.

 

The Biden administration has repeatedly denied any responsibility for the high inflation rates, with Biden instead blaming corporations for “price-gouging.” 

Citing a report that consumer costs have jumped by 18% since he took office, Biden said earlier this year that the responsibility lay with companies to lower their costs.

“We’ve made progress, but we have more work to do,” Biden said. “Let me be clear to any corporation that has not brought their prices back down, even as inflation has come down, even supply chains have been rebuilt: It’s time to stop the price gouging and give the American consumer a break.”

Republicans Probe Biden’s Illegal Appointment of Podesta to Replace Kerry

(Dmytro “Henry” Aleksandrov, Headline USA) Republicans in Congress intensified their investigation into Joe Biden’s illegal appointment of John Podesta, a notorious Pizzagate leader, as a replacement for an ex-“climate change” tsar John Kerry, accusing the White House of doing an end-run around a law requiring Senate confirmation of special envoys.

In a letter to Secretary of State Antony Blinken, House Oversight and Accountability Committee Chairman James Comer wrote that the decision to make Podesta the country’s chief “climate change” diplomat — even though he will remain at the White House and is taking on the duties of a special presidential envoy — is a “flagrant attempt to evade” the law, BNN Bloomberg reported.

The news source reported that Republicans are concerned about a one-year-old mandate for Senate confirmation of anyone serving as a special envoy or in another position performing similar functions.

In addition to that, this requirement never applied to Kerry because he was appointed before it was enacted.

“[It] is unclear to what extent [Podesta] will retain the same powers” and the specific details of his relationship with the State Department’s climate envoy office since he took on Kerry’s duties, according to Comer.

The committee requested documents that could shed light on Podesta’s role and responsibilities as well as changes in the office’s organization, the news source added.

The climate envoy office’s work under Kerry, who stepped down last week, had been investigated by the committee before that.

Podesta, now formally the senior advisor to the president for international climate policy, is remaining at the White House, with the Office of the Special Presidential Envoy for Climate still operating and reporting to the deputy secretary of State for management and resources.

“The committee has concerns that the State Department and the White House will deliberately complicate future congressional oversight requests on the grounds that Mr. Podesta is simultaneously a White House employee and a State Department leader,” Comer wrote in the letter.