Media hyping of the current financial crisis has resulted in additional stress for Americans. We know the Housing Market plays a key role in the crumbling finances of our nation. However, we to look at all of the causes of this current morass.
The Housing debaucle, i.e., millions of over-priced bundled mortgages, is real, and as Realtors, we contributed our share to a damaged economy. However, we need to step-back and look at other factors underlying our bankrupt nation. First, the loss of high paying jobs in the "rust belt" states over the past twenty years foretold a genuine loss of earning power for American families. It also necessitated the entry of millions of women into the job market in order to support their families.
"Media Shapers: and corporate spokespersons told us twenty years ago, the future is in the "service industry." Yes, to an extent. In reality, service workers, largely female and young, rarely make the kind of income to necessary to sustain a family and buy a home. The question is "who generates the wealth to maintain a service economy"? Added to this problem, is the "continued decline in worker earning power" despite being the hardest working nation on the globe.
A second major issue contributing to our nation's bankruptcy is "war debt." Granted, we don't know how much the Iraq/Afghanistan war will finally cost in rehabilitation of military personnel, lives lost, and secret commitments to Middle Eastern governments. But, the expense has eroded the dollar, weakened support from other nations, and increased our National Debt beyond human understanding. Many strategists believe the U.S. will be in continuous military conflict for the remainder of the Century.
Thirdly, the Trickle-Down theory of economic growth resulted a shift of wealth from the middle class to an elite number of million and billionaires. The investment of this wealthy elite in long-term environmentally sensitive jobs, heavy industries, and our nation's roads, rail, and water systems is undocumented.
The Housing Industry and Mortgage crisis is far from the only reason our nation is bankrupt. Lack of genuine investment and trust in the future of "everyday" Americans is elephant in the kitchen.
Realtor & Leasing Specialist. My focus is the North Austin market (including retirement living). Call me to assist you in finding the perfect home or land.
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