Bidenomics Update: Key Part of American Dream Harder to Achieve

Plus: Movies Are Part of the Culture War

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Bidenomics Update: Key Part of American Dream Harder to Achieve

Housing affordability in the U.S. has hit record lows. Bloomberg News reported that it is particularly affecting cities like Milwaukee, a key swing state in Wisconsin, andn possibly the 2024 election. Milwaukee witnessed a sharp decline in rental affordability, and its mortgage burdens increased significantly in the past year. It’s a similar story in cities across the country.

Bloomberg News reported:

That could shape voters’ views of their own prosperity and the wider U.S. economy, creating a political vulnerability for President Joe Biden — especially with young voters, who are hard-hit by declining housing affordability. Biden can ill afford any setback in a state he won by just 20,682 votes in 2020. Philadelphia, another major population center in a closely fought battleground state, is also among the U.S. metros with the largest increases in mortgage burdens last year, according to Zillow data. “It contributes to a general sense that the American dream is out of reach, and that if the Democratic Party promises a middle-class American dream and it’s failing, then I think those voters are more likely to listen to the Republican Party,” said Wendy Schiller, a Brown University political science professor.

The article noted that Millennial and Generation Z voters, a growing segment of voters, are significantly impacted by the housing affordability crisis. They largely supported Biden in the 2020 election but express concerns about his economic policies. Housing issues, including the inability to buy a home, are a major source of unhappiness among younger generations. The question is whether they’ll ignore their own interests and vote for Biden again, vote for the Republican candidate, or simply stay home.

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