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Politics : Ask Michael Burke
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To: BGR who wrote (97130)8/1/2002 1:08:09 PM
From: Ahda  Read Replies (2) of 132070
 
Buying a house is not a God given birthright. As long as these folks can afford to pay rent - which, incidentally, has been dropping - then their monthly expenditures are not under threat of inflation.

You have to look at this with geographic location in mind the rentals in the larger areas are not dropping but the availability of rentals due to rent control is.

At any rate, around 60% of the US families already own their home.

The year 2000 which is the most current stats i could locate i believe is about 54% now.

fluctuations in home values doesn't affect majority of US families.

I believe it does as the cost of housing is part of the base of living. When housing costs are excessive the employer must increase wages or move the corporation to where the cost of labor is less. Oracle is growing in India as cost of operation is less and job market feels that in less jobs here.

But we already had this discussion 2 years back, and it didn't stick. Whatever. I guess if the price of gold goes up, that's inflation too, even though majority of the US consumers could care less

It takes quite a bit of time for before one element causes contraction in another it is not easy to predict when exactly the the general economy will feel the brunt. AG attempted to off set a slow down by creating liquidity he could not adjust labor rates.
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