In an eerily reminiscent scene from the Great Depression, modern-day shantytowns are sprouting up across America.
However, instead of cobbled-together shacks, these new encampments are comprised of parked cars sheltering the working homeless.
As the cost-of-living crisis spirals out of control, cities like Sedona, Arizona, are setting aside parking lots complete with toilets and showers to accommodate the growing number of people unable to afford proper housing.
The housing affordability crisis has reached a breaking point, with the average home in Sedona selling for a staggering $930,000 and rentals primarily catering to affluent vacationers.
Blue-collar workers, once the backbone of the American middle class, are left with no choice but to seek refuge in their vehicles.
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This disturbing trend marks a significant regression in the nation’s standard of living, echoing the hardships faced during the Great Depression.
“The monthly mortgage payment on a median-price home has doubled since January 2021, and rents are at record highs,” explains an economist familiar with the situation.
Parts of Oakland are worse than a third world country.
They just allow people to live in absolute squalor, wherever they choose.
This looks like Hooverville during the great depression.
Welcome to Oakland’s very own Gavinville. pic.twitter.com/L58uK2E6Sh
— Michael Oxford – AKA The Santa Cruz Mountain Goat (@SCMountainGoat) June 1, 2024
The combination of soaring prices and rising interest rates has effectively frozen the housing market, making homeownership an unattainable dream for many young Americans.
The root of this crisis lies in the reckless fiscal policies implemented by the government in recent years.
Trillions of dollars have been spent, borrowed, and created without regard for the consequences, resulting in runaway inflation and subsequent interest rate hikes. The impact on the housing market has been devastating, with affordability metrics plummeting to near-record lows.
President Joe Biden, along with spendthrift members of Congress from both parties, bears responsibility for perpetuating this economic disaster.
Their unwavering support for excessive government spending has directly contributed to the emergence of these modern-day “Bidenvilles.”
Massive New “BidenVille” Emerges In Oakland, CA https://t.co/up047XjouL pic.twitter.com/ooDrn0PYM8
— 𝗠𝗔𝗚𝗔 1775🇺🇸 (@Mar50cC5O) June 2, 2024
As one displaced worker laments, “I never thought I’d be living out of my car in America. It feels like we’ve taken a huge step backward.” This sentiment echoes the frustrations of countless families who find themselves unable to achieve the same level of financial stability as their parents and grandparents.
The failure of Bidenomics has left countless Americans grappling with an uncertain future, their dreams of homeownership and financial security slipping further out of reach with each passing day.
As history has shown, the road to economic recovery is paved with prudent fiscal decisions and a commitment to allowing the market to self-correct.
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It remains to be seen whether the current administration and Congress will heed these lessons or continue down the path that has led to the resurgence of shantytowns in the world’s largest economy.
