Latest / The Ben Ferguson Podcast / Swing State Voters say NO to Bidenomics

Transcript

Swing State Voters say NO to Bidenomics · The Ben Ferguson Podcast

• 0:01
  Speaker 1: All right, before we get into the big stories of
• 0:03
  Speaker 1: the day, I just have to say I got to
• 0:05
  Speaker 1: see one of the coolest things I've ever gotten to
• 0:06
  Speaker 1: see in my entire life, and that was this eclipse.
• 0:10
  Speaker 1: Oh my goodness, if you didn't get to see it,
• 0:13
  Speaker 1: you better not miss another one. I don't even know
• 0:15
  Speaker 1: how many years it is until there's this again, but
• 0:18
  Speaker 1: I have to tell you this was amazing. And in fact,
• 0:21
  Speaker 1: my producer, who's geeking out over this deer has just
• 0:24
  Speaker 1: said it's going to be in in twenty sixty one,
• 0:26
  Speaker 1: the next time we're going to have a chance to
• 0:28
  Speaker 1: see what I just got to see.
• 0:29
  Speaker 2: Yesterday.
• 0:31
  Speaker 1: I had the just amazing experience of traveling to Kurrville, Texas. Now, Curveville,
• 0:37
  Speaker 1: Texas is the same spot that NASA went to basically
• 0:42
  Speaker 1: broadcast and record this eclipse. Why because it was going
• 0:47
  Speaker 1: to be the total darkness and the longest period of
• 0:50
  Speaker 1: darkness anywhere in the United States of America. Now I
• 0:54
  Speaker 1: got invited to come to Curveville to experience this, and
• 0:58
  Speaker 1: I just have to tell you it was mind blowing
• 1:02
  Speaker 1: to be middle of the afternoon, lunchtime with my kids,
• 1:06
  Speaker 1: my family and get to watch this with their cousins
• 1:09
  Speaker 1: and all of a sudden, I mean, you're now let
• 1:11
  Speaker 1: me explain.
• 1:11
  Speaker 2: This to you, just because it was so cool.
• 1:14
  Speaker 1: Kerrville is like an hour and twenty minutes outside San Antonio.
• 1:19
  Speaker 1: When I say it's total darkness at night, it is
• 1:22
  Speaker 1: you can't see a foot in front of you when
• 1:25
  Speaker 1: you walk away from the house. It is there's zero
• 1:28
  Speaker 1: ambient lighting from any city. There is nothing there. There's
• 1:32
  Speaker 1: no radio towers you can see, or blinking lights on anything.
• 1:35
  Speaker 1: It is total wilderness style darkness. It is incredible. It
• 1:40
  Speaker 1: is amazing place by the way, if there's a full
• 1:42
  Speaker 1: moon or to see the stars, but to be there
• 1:45
  Speaker 1: in the middle of the day with no one else
• 1:48
  Speaker 1: around on a ranch and get to watch this was
• 1:53
  Speaker 1: just truly phenomenal. It also, and I just say, one
• 1:57
  Speaker 1: of the coolest things about this is is is getting
• 2:00
  Speaker 1: to watch your kids see it and they'll remember it,
• 2:03
  Speaker 1: and you know, it's a core memory and they're going
• 2:05
  Speaker 1: to see it and remember it.
• 2:06
  Speaker 2: For the rest of their lives.
• 2:09
  Speaker 1: And that for me as a dad, getting to watch
• 2:11
  Speaker 1: them be so excited getting there a few days early,
• 2:14
  Speaker 1: getting in the excitement, the anticipation, and you can explain
• 2:18
  Speaker 1: it to them.
• 2:18
  Speaker 2: My kid are younger.
• 2:19
  Speaker 1: I've got twins or five and a seven year old,
• 2:22
  Speaker 1: and you can talk to them about what they're going
• 2:24
  Speaker 1: to see, but until they experience it in the middle
• 2:27
  Speaker 1: of the afternoon, there was nothing that I could say
• 2:31
  Speaker 1: or my wife could say to them that was going
• 2:33
  Speaker 1: to give them, I think, preparation for the moment that
• 2:37
  Speaker 1: was about to happen. And it was this moment of like,
• 2:40
  Speaker 1: are we okay? Is everything okay? Yes, everything is okay.
• 2:43
  Speaker 1: Oh my gosh, what's happening? And it also just reminded
• 2:46
  Speaker 1: me going back and I can't imagine. We know a
• 2:50
  Speaker 1: lot more now, right. We have technology, we have the internet,
• 2:53
  Speaker 1: we can we know when these things are going to happen.
• 2:56
  Speaker 2: There's fore warning.
• 2:57
  Speaker 1: But I if you ever watched eighteen eighty three on
• 3:02
  Speaker 1: TV or any older movies about America and the Trail
• 3:08
  Speaker 1: of Tears, or traveling or just living out on a
• 3:12
  Speaker 1: prairie or in Kerville, where I mean we find I mean,
• 3:15
  Speaker 1: for goodness sakes, I'm not exaggerated.
• 3:17
  Speaker 2: I say this.
• 3:17
  Speaker 1: We go arrowhead hunting when we're in Currville, So this
• 3:21
  Speaker 1: is like total weird wilderness. And the thought I kept
• 3:27
  Speaker 1: having when I was watching this was Can you imagine
• 3:31
  Speaker 1: how much you would be freaking out if this happened
• 3:36
  Speaker 1: when you didn't know it was going to happen, Like
• 3:38
  Speaker 1: can you imagine working on the farm or traveling by
• 3:43
  Speaker 1: horse and buggy or i should say covered canopy wagon
• 3:48
  Speaker 1: and all of a sudden, or even you're in a
• 3:50
  Speaker 1: big city like in New York City back in the
• 3:53
  Speaker 1: early days when this happened, or wherever it would be
• 3:57
  Speaker 1: in the country where the path was and all of
• 3:59
  Speaker 1: a sudden, to just anywhere in the world where this
• 4:02
  Speaker 1: has happened before, without there being warning, without you knowing
• 4:05
  Speaker 1: this was a thing, without you knowing this a possibility,
• 4:08
  Speaker 1: you would think the world was ending. You would think
• 4:10
  Speaker 1: it was like the end of the world for those minutes,
• 4:13
  Speaker 1: and then think about, Okay, we didn't just die. Is
• 4:19
  Speaker 1: it gonna happen again tomorrow? And is it gonna happen
• 4:21
  Speaker 1: for longer? Or let's take it a step further. Is
• 4:24
  Speaker 1: this gonna happen and and and it will We won't
• 4:29
  Speaker 1: have daylight for the majority of the time. I mean,
• 4:32
  Speaker 1: your mind would be racing, wondering what just happened. And
• 4:37
  Speaker 1: then I'm not sure if it makes it better or worse,
• 4:39
  Speaker 1: and it would only happen once in your lifetime, probably right,
• 4:42
  Speaker 1: because you would be sitting there, especially with life expectancy
• 4:46
  Speaker 1: back then, it would be one time in your life.
• 4:48
  Speaker 1: And I'm wondering if you'd be like, you know, every
• 4:50
  Speaker 1: day for the next six weeks, six months, year, two
• 4:53
  Speaker 1: years ago.
• 4:53
  Speaker 2: Man, I wonder if that's gonna happen again. I wonder
• 4:55
  Speaker 2: if that's gonna happen again. What was it? What just happened?
• 4:57
  Speaker 2: How did that happen?
• 4:59
  Speaker 1: And just the thought process of that was when I
• 5:04
  Speaker 1: was watching this clip was truly I think, mind blowing
• 5:06
  Speaker 1: because you're prepared and it still blows your mind, rocks
• 5:11
  Speaker 1: your world, however you want to describe it. Watching kids
• 5:14
  Speaker 1: see it who can't get their head around it yet
• 5:17
  Speaker 1: was even more of a magical moment. But going back
• 5:22
  Speaker 1: one hundred and fifty years, two hundred years, five hundred years,
• 5:26
  Speaker 1: whatever you want number of years back and having this
• 5:30
  Speaker 1: happen while you're in the middle of a normal day,
• 5:32
  Speaker 1: I cannot imagine you would be probably thinking, all right, well,
• 5:36
  Speaker 1: I'm going to heaven.
• 5:37
  Speaker 2: This is it.
• 5:38
  Speaker 1: This is the end of the world, and it's all
• 5:41
  Speaker 1: ending right now in the middle of the afternoon and
• 5:43
  Speaker 1: everything's gone to you know what, and I'm done like that,
• 5:47
  Speaker 1: There's a part of me that things that had to
• 5:49
  Speaker 1: be was like I was talking to die as my
• 5:50
  Speaker 1: producer about this, and where he was it wasn't totally total,
• 5:57
  Speaker 1: you know, full eclipse, like where I was in Curvily.
• 6:00
  Speaker 2: It was in Arkansas.
• 6:01
  Speaker 1: But even then, I'm like, dude, can you imagine can
• 6:04
  Speaker 1: you imagine one hundred years ago, one hundred and fifty
• 6:06
  Speaker 1: two hundre years ago, if that happened in a normal
• 6:08
  Speaker 1: day what you would have been thinking? And he said
• 6:11
  Speaker 1: the same thing. Couldn't imagine it. So I just want
• 6:13
  Speaker 1: to give you that perspective. It also just reminded me
• 6:16
  Speaker 1: how amazing it is that we have and if you
• 6:19
  Speaker 1: listen to show you know, I am a believer. I
• 6:22
  Speaker 1: believe in God, and there was something very spiritual about
• 6:26
  Speaker 1: this moment as well, because it's like, what an awesome
• 6:31
  Speaker 1: God to be able to do things like this and
• 6:34
  Speaker 1: you have these days are normal, normal, But to me
• 6:36
  Speaker 1: it's just like a reminder but yeah, hey, guess what,
• 6:39
  Speaker 1: I'm still in charge and can do amazing things like this.
• 6:45
  Speaker 1: That was my takeaway from it, and That's what I
• 6:48
  Speaker 1: also told my kids as well. I was like, this
• 6:51
  Speaker 1: is the magic, and I hate using the word magic
• 6:54
  Speaker 1: because somebody's going to criticize me for that, so let
• 6:56
  Speaker 1: me rephrase it. This is the in my opinion, I think,
• 7:02
  Speaker 1: the glory of God's creation and how incredible it is
• 7:08
  Speaker 1: what he did to create this world, and it's just
• 7:13
  Speaker 1: a glimpse of what he can do as a creator.
• 7:17
  Speaker 1: And I love that aspect of this. So I hope
• 7:20
  Speaker 1: you got to be a part of it. I hope
• 7:21
  Speaker 1: you got to see it, and it was truly amazing.
• 7:24
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  Speaker 1: AMO in your account today. Now let's get into some
• 9:01
  Speaker 1: of the big news that day, and it's going to
• 9:03
  Speaker 1: deal with the economy. There is some problems with our
• 9:08
  Speaker 1: economy right now. Everybody knows that the problem now is
• 9:12
  Speaker 1: in Swing state voters. There is even a bigger problem.
• 9:16
  Speaker 1: Now we're being told for Joe Biden, take a listen
• 9:20
  Speaker 1: to this.
• 9:21
  Speaker 3: The poll also finds negative perceptions about the economy do
• 9:25
  Speaker 3: remain a problem for the incumbent. Sixty three percent of
• 9:29
  Speaker 3: Swing state voters say the US economy is in not
• 9:32
  Speaker 3: so good or poor condition, while it's just thirty six
• 9:34
  Speaker 3: percent say it's an excellent or good condition.
• 9:38
  Speaker 1: You listen to that number. Sixty three percent of Swing
• 9:44
  Speaker 1: state voters say that the economy is not so good
• 9:48
  Speaker 1: and or poor, only thirty six percent described as excellent
• 9:53
  Speaker 1: or good. And we know who those people are. Those
• 9:55
  Speaker 1: are hardcore liberal Democrats who refuse to admit that the
• 9:58
  Speaker 1: economy is hurting right now, and so therefore what they're
• 10:01
  Speaker 1: saying is I'm sticking with my guy. That thirty six
• 10:04
  Speaker 1: percent is almost exactly the correlation between those that give
• 10:07
  Speaker 1: a good approval rating of Joe Biden, which means the
• 10:10
  Speaker 1: president is upside down on this now, Ralph Norman went
• 10:15
  Speaker 1: on Fox News and said this about the economy right now,
• 10:19
  Speaker 1: as Joe Biden has a new tax plan and he
• 10:22
  Speaker 1: says it will have tremendous impact on the economy, saying
• 10:25
  Speaker 1: he's deliberately derailing our economy with this new Biden budget
• 10:31
  Speaker 1: that they're also saying will kill eight hundred and seventy
• 10:35
  Speaker 1: seven thousand new jobs. The Tax Foundation warning this would
• 10:40
  Speaker 1: have catastrophic consequences for our economy.
• 10:43
  Speaker 2: Listen, kind to assess.
• 10:45
  Speaker 4: The president's tax plans.
• 10:47
  Speaker 2: He's telling us what another four years would look like.
• 10:49
  Speaker 2: What's the impact, Well, it's.
• 10:52
  Speaker 5: Going to be a tremendous impact, Marioll at every sectors
• 10:55
  Speaker 5: of the economy. You know, in South Carolina, we are
• 10:58
  Speaker 5: a growth state. We have businesses movement here. But what
• 11:01
  Speaker 5: he's doing is is pretty much derailing this economy. And
• 11:04
  Speaker 5: he's done it the three and a half years has
• 11:06
  Speaker 5: been in office. You know, in capital gains of twenty
• 11:09
  Speaker 5: eight percent, the regulations that he's putting on businesses. We
• 11:13
  Speaker 5: can't take it anymore. And so this is a real
• 11:16
  Speaker 5: Mike Johnson is going to have a big decision to
• 11:18
  Speaker 5: make in the next five to six months. Is he
• 11:22
  Speaker 5: going to let the Democrats continue this, but we're going
• 11:24
  Speaker 5: to stand up and fight. And I hope we're going
• 11:26
  Speaker 5: to fight.
• 11:26
  Speaker 1: Well, that's I hope we're going to fight, he says there,
• 11:30
  Speaker 1: and he's right about that. Now, let's talk about this
• 11:33
  Speaker 1: budget for a second, so that you understand this budget.
• 11:36
  Speaker 1: This budget that the President has put forward is a
• 11:39
  Speaker 1: seven point two trillion dollar budget. Seven point two trillion
• 11:49
  Speaker 1: dollar budget. It is a budget that will break this country.
• 11:54
  Speaker 1: The Tax Foundation said Biden's budget cuts wages by one
• 11:58
  Speaker 1: point six percent as well. That's another one of their concerns.
• 12:02
  Speaker 1: And they also said this about the budget, saying, not
• 12:05
  Speaker 1: only does it do that, but they said Biden's budget,
• 12:08
  Speaker 1: on top of that one point six percent loss, will
• 12:11
  Speaker 1: also have this.
• 12:13
  Speaker 2: Catastrophic effect on our economy.
• 12:15
  Speaker 1: And that is the fact that with this budget, they
• 12:17
  Speaker 1: believe that the majority of Americans will actually be losing
• 12:21
  Speaker 1: a massive amount of their income to new at taxes.
• 12:26
  Speaker 1: In fact, they say it will reduce the economic output
• 12:29
  Speaker 1: by two point two percent. And that's exactly why you
• 12:33
  Speaker 1: heard that warning from the House Budget Committee Congressman Ralph
• 12:39
  Speaker 1: Norman from South Carolina. He's telling you what this president
• 12:43
  Speaker 1: is going to do and what four more years looks like.
• 12:46
  Speaker 1: So if you think things are bad now, right, we
• 12:48
  Speaker 1: go back to the stat that I just gave you
• 12:50
  Speaker 1: a moment ago. Sixty three percent of voters in swing
• 12:53
  Speaker 1: states now say that the economy is either in poor
• 12:56
  Speaker 1: shape or not so good of shape.
• 12:59
  Speaker 2: That is significant, kitt.
• 13:01
  Speaker 1: And then you have a congressman coming out saying, look,
• 13:04
  Speaker 1: I'm on the budget committee, this is what the President's
• 13:06
  Speaker 1: budget is. This will be the biggest increase we've ever
• 13:09
  Speaker 1: seen in taxes in this country. It's going to hurt
• 13:12
  Speaker 1: the American worker like you've never seen before. Now, look
• 13:15
  Speaker 1: the President of United States of America, he keeps coming
• 13:18
  Speaker 1: out and lying to you. This is what he had
• 13:21
  Speaker 1: to say this last week about the economy, trying to
• 13:23
  Speaker 1: Jedi mind trick you that everything's actually fine when it's
• 13:25
  Speaker 1: a disaster. You know.
• 13:28
  Speaker 2: But mister President, I'm feeling I'm feeling. You know, my
• 13:31
  Speaker 2: buck isn't going as far.
• 13:32
  Speaker 6: What do you say to those folks about the economy
• 13:35
  Speaker 6: and what's going on. Well, I say, we have the
• 13:37
  Speaker 6: best economy in the world. We've got to make it better.
• 13:39
  Speaker 6: We really do have the best economy in the world.
• 13:41
  Speaker 6: Jobs are up, more than they've ever been. We're in
• 13:44
  Speaker 6: a situation where the lowest unemployment rate in fifty years
• 13:47
  Speaker 6: is maintained.
• 13:48
  Speaker 2: We have people who just but people who look I.
• 13:51
  Speaker 6: Think we're going to find out that what happened is
• 13:53
  Speaker 6: a consequence of the crisis we had on health is
• 13:58
  Speaker 6: have a lasting effect to.
• 14:00
  Speaker 2: Get people to move in. And we're ready.
• 14:03
  Speaker 6: I mean, I think the country's ready to come together
• 14:05
  Speaker 6: in a way that I mean not necessarily.
• 14:08
  Speaker 2: I'm truly optimistic. Now.
• 14:12
  Speaker 1: Our rokers giving easy questions the president. That's what the
• 14:16
  Speaker 1: Today's show does, right, They coddle him and they caddle
• 14:20
  Speaker 1: him because that's what they do. But Biden, you could
• 14:23
  Speaker 1: hear there, his brain just shut down and went to
• 14:27
  Speaker 1: coronavirus during this rambling answer defending the economy, saying we
• 14:33
  Speaker 1: have the best economy in the world.
• 14:34
  Speaker 2: That's a lie, we do not.
• 14:36
  Speaker 1: And he's sitting there and then he goes into coronavirus
• 14:38
  Speaker 1: and everybody's like, what are you talking about? Now, that's
• 14:41
  Speaker 1: the guy who's in charge of this country right now.
• 14:43
  Speaker 1: In theory, I think the people behind him at the
• 14:45
  Speaker 1: White House are actually running the country. But they can
• 14:48
  Speaker 1: convince him, I think of anything so if they say, hey,
• 14:50
  Speaker 1: we need a seven point two trillion dollar budget, he
• 14:51
  Speaker 1: says okay, because he doesn't know what's actually happening. There
• 14:57
  Speaker 1: is a lot going on with our economy right now,
• 15:00
  Speaker 1: and it's not just financially. It's also the strain that
• 15:04
  Speaker 1: is being put on our economy when it comes to
• 15:06
  Speaker 1: legal immigrants coming across the southern border, and it is
• 15:10
  Speaker 1: making the prices of not just goods and services skyrocket,
• 15:14
  Speaker 1: but mostly where people are feeling it the most is
• 15:16
  Speaker 1: in home prices.
• 15:18
  Speaker 2: Now.
• 15:18
  Speaker 1: A couple of days ago I talked about this warning
• 15:22
  Speaker 1: with you that Americans now need more annual salary than
• 15:26
  Speaker 1: at any other time in the history of this nation
• 15:30
  Speaker 1: to a ford to afford a medium price home.
• 15:35
  Speaker 2: How much is it up? A staggering amount?
• 15:39
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• 16:01
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  Speaker 1: Usa dot com slash Ben or call them one a
• 17:29
  Speaker 1: hundred sixty fifty five eight eight four three freedom goold
• 17:34
  Speaker 1: Usa dot Comtom Benferguson sent you. All right, let's get
• 17:37
  Speaker 1: back to what I was talking about a second ago
• 17:39
  Speaker 1: with home prices and how bad it is in this country.
• 17:41
  Speaker 1: Now this came out a couple of days ago. Did
• 17:45
  Speaker 1: Americans now need an annual salary of more than one
• 17:50
  Speaker 1: hundred and ten thousand dollars to afford a median price home? Now,
• 17:55
  Speaker 1: it's not just it's one hundred and ten. I want
• 17:57
  Speaker 1: you to understand what it was back in twenty twenty.
• 18:00
  Speaker 1: So this is four years ago. It was just seventy
• 18:04
  Speaker 1: five thousand. So you're gonna have to make basically forty
• 18:07
  Speaker 1: thousand dollars more to afford the same home that you
• 18:11
  Speaker 1: could afford in twenty twenty when Donald Trump was leaving office. Now,
• 18:17
  Speaker 1: to put into even more perspective, Jerry Willis Fox Business,
• 18:20
  Speaker 1: dear friend of mine, gave the report just to give
• 18:23
  Speaker 1: you even more perspective. Listen carefully, because then I have
• 18:26
  Speaker 1: more information about what this is doing to younger home
• 18:29
  Speaker 1: buyers listen, The.
• 18:30
  Speaker 4: Average home buyer needs to make over one hundred and
• 18:32
  Speaker 4: ten thousand dollars to afford the average home. A new
• 18:36
  Speaker 4: bank Rate study showing that the required salary to make
• 18:39
  Speaker 4: that purchase has jumped forty six percent in just four years.
• 18:43
  Speaker 1: Now, let me just hit pause there and ask you
• 18:46
  Speaker 1: this question. How many of you listening have had your
• 18:48
  Speaker 1: salary increase by forty six percent over the last four years?
• 18:54
  Speaker 1: Forty six percent. Now, I know people have gotten raises, Okay,
• 18:57
  Speaker 1: I saw a lot of people get raises. I gave
• 18:59
  Speaker 1: raises over the last four years, especially when you're trying
• 19:02
  Speaker 1: to get people to work during COVID and things changed.
• 19:05
  Speaker 1: But I don't know anybody that got a forty per
• 19:07
  Speaker 1: six percent raise on average. Now, there's some that did,
• 19:10
  Speaker 1: right like, I'm sure there's some of the other listening
• 19:12
  Speaker 1: right now that you've got a promotion or you went
• 19:15
  Speaker 1: to work for yourself and things are going well right
• 19:17
  Speaker 1: now and you're making forty six percent more than you
• 19:19
  Speaker 1: were in twenty twenty. But I'm asking for a whole
• 19:22
  Speaker 1: of the country. How many average workers that work nine
• 19:26
  Speaker 1: to five jobs, that don't own their own business, that
• 19:30
  Speaker 1: are working for someone else got a forty six percent
• 19:33
  Speaker 1: raise in the last four years. That doesn't happen for
• 19:38
  Speaker 1: the average American. It can happen for maybe one percent,
• 19:41
  Speaker 1: two percent, three percent. I don't know what the number is,
• 19:43
  Speaker 1: but it's not the majority of Americans. And you would
• 19:46
  Speaker 1: need ninety percent of Americans to average a forty six
• 19:49
  Speaker 1: percent increase in their salary over the last four years.
• 19:52
  Speaker 1: Now here's the other part that you need to understand.
• 19:54
  Speaker 1: If you look at the average salary to ford a
• 19:57
  Speaker 1: medium home in this country, back in twenty twenty, it
• 20:00
  Speaker 1: was seventy five, nine hundred and thirty nine dollars. That's
• 20:03
  Speaker 1: what you need to make a year to be a homeowner,
• 20:05
  Speaker 1: and a median priced home in January of this year,
• 20:09
  Speaker 1: you need one hundred and ten thousand, eight hundred and
• 20:11
  Speaker 1: seventy one dollars to afford the same home. Now, let's
• 20:13
  Speaker 1: look at home prices. Okay, so not only do you
• 20:16
  Speaker 1: need to make forty six percent more to move into
• 20:19
  Speaker 1: that house, but the average home price is up now
• 20:22
  Speaker 1: forty two percent. So what is a median This is
• 20:26
  Speaker 1: middle of the road home. This is kind of home
• 20:28
  Speaker 1: ownership for you and a family, maybe one kid, possibly
• 20:32
  Speaker 1: two all right, like is your is you're growing? This
• 20:35
  Speaker 1: is the middle of the road medium priced home. Do
• 20:38
  Speaker 1: you know what the number is now in this country?
• 20:40
  Speaker 1: It will now cost you over four hundred thousand dollars
• 20:44
  Speaker 1: to own that home. Now that used to be a
• 20:46
  Speaker 1: dream home in the past, not anymore. That's medium. So
• 20:49
  Speaker 1: so it costs now more than ever just to get
• 20:52
  Speaker 1: an average house. And it cost you a salary that
• 20:55
  Speaker 1: had to got forty six percent since twenty twenty to
• 20:58
  Speaker 1: get that average house. Keep listening to what Jerry Willis says.
• 21:02
  Speaker 4: Home buyers only needed to make seventy six thousand back
• 21:05
  Speaker 4: in twenty twenty, and the issue widespread. You now need
• 21:09
  Speaker 4: a six figure salary to buy the average home in
• 21:11
  Speaker 4: twenty three states, including the District of Columbia. Four years ago,
• 21:16
  Speaker 4: that number was just six mortgage rates.
• 21:19
  Speaker 2: Of course, better thay, it's just stop there and dissect that.
• 21:22
  Speaker 1: In January of twenty twenty, there were only six states
• 21:25
  Speaker 1: in America where you need a six figure salary meaning
• 21:28
  Speaker 1: one hundred thousand and one dollars, okay, to afford a
• 21:33
  Speaker 1: medium home. So the majority of America, Okay, look at
• 21:37
  Speaker 1: the map. Only six states did you have to make
• 21:39
  Speaker 1: one hundred thousand and one dollars or more to afford
• 21:43
  Speaker 1: a medium home price. That number has now skyrocketed from
• 21:47
  Speaker 1: just six states to twenty three states in four years.
• 21:51
  Speaker 1: That is catastrophic to our economy because what that means
• 21:55
  Speaker 1: is is people are having to pour more money than
• 21:57
  Speaker 1: ever before into the dream of homeownership, and that means
• 22:01
  Speaker 1: they have less money for other things like goods and
• 22:03
  Speaker 1: services and their kids in private school or whatever it
• 22:06
  Speaker 1: may be, a car, as all the other prices of
• 22:09
  Speaker 1: goods and services have also skyrocketed.
• 22:12
  Speaker 2: That's not all.
• 22:13
  Speaker 4: Mortgage rates, of course, have played a small role in
• 22:15
  Speaker 4: the bump, but home prices have buy and large kept
• 22:18
  Speaker 4: pace with a needed salary to buy them. They average
• 22:21
  Speaker 4: home up forty two percent, sitting at four hundred and
• 22:24
  Speaker 4: twelve thousand dollars.
• 22:26
  Speaker 2: Let me just put that into perspective.
• 22:28
  Speaker 1: I mentioned a moment ago that it cost you four
• 22:30
  Speaker 1: hundred and twelve two hundred and twenty seven dollars in
• 22:33
  Speaker 1: February of twenty twenty four to afford a median home.
• 22:38
  Speaker 1: Right now, do you know what that number was for
• 22:41
  Speaker 1: the same exact damn home in January of twenty twenty
• 22:45
  Speaker 1: two hundred ninety thousand, two hundred and sixty four dollars.
• 22:48
  Speaker 1: Two hundred and ninety thousand dollars is what it cost
• 22:51
  Speaker 1: you for the same home that would cost you today
• 22:54
  Speaker 1: to buy for four hundred and twelve thousand change. That
• 22:56
  Speaker 1: is a forty two percent increase. That is unsustainable. You
• 23:00
  Speaker 1: cannot continue to have houses go up by forty two
• 23:03
  Speaker 1: percent over a four year period indefinitely. And there's no
• 23:06
  Speaker 1: way in hell that wages can keep up with that.
• 23:09
  Speaker 1: Where you used to have to make seventy six thousand
• 23:11
  Speaker 1: at for that home and now you've got to make
• 23:13
  Speaker 1: one hundred and ten thousand plus just to get into
• 23:15
  Speaker 1: an average home.
• 23:17
  Speaker 2: That's not all. It gets worse now.
• 23:20
  Speaker 4: Even though the housing market may be pricing people out,
• 23:22
  Speaker 4: people shouldn't be too quick to think that renting is
• 23:25
  Speaker 4: the solution. Since President Biden took office, rents are up
• 23:29
  Speaker 4: nearly twenty one percent.
• 23:32
  Speaker 1: So twenty one percent rents are up because you may
• 23:34
  Speaker 1: say yourself, well, Ben, I'm just going to sit on
• 23:36
  Speaker 1: the sidelines, right. I had a good friend they're renting
• 23:38
  Speaker 1: the other day. They're renting for years, and they had
• 23:41
  Speaker 1: a good deal on the rent. They liked the house,
• 23:43
  Speaker 1: they'd made it their own. They probably should have bought
• 23:45
  Speaker 1: the house or bought another house when interest rates were low,
• 23:47
  Speaker 1: but they didn't, right because the rent was a good
• 23:50
  Speaker 1: deal and they liked where they live and it felt
• 23:52
  Speaker 1: like home.
• 23:53
  Speaker 2: They got to.
• 23:53
  Speaker 1: Notice February saying hey, you got sixty days to move out,
• 23:57
  Speaker 1: and what they found was is that they now can't
• 24:00
  Speaker 1: even afford the same house that they were renting because
• 24:03
  Speaker 1: it costs so much money because rent rates have skyrocketed
• 24:08
  Speaker 1: since they signed their lease with someone who basically figured
• 24:11
  Speaker 1: it out. Like, that's what this really boils down to.
• 24:13
  Speaker 1: They figured it out. The guy who has a house
• 24:15
  Speaker 1: is going to do one of two things. Either he's
• 24:17
  Speaker 1: going to raise the rent a lot, which I don't
• 24:19
  Speaker 1: think that's what he's actually doing. I think he's saying,
• 24:22
  Speaker 1: I'm gonna cash out because I feel like there's a
• 24:25
  Speaker 1: bubble coming, Okay, Like I think that's what they're realizing,
• 24:30
  Speaker 1: that there's a bubble.
• 24:31
  Speaker 2: I want my money.
• 24:33
  Speaker 1: If you've got a house, it's two hundred thousand dollars
• 24:35
  Speaker 1: four years ago, and you can cash out now and
• 24:38
  Speaker 1: you can put four hundred plus thousand in your pocket,
• 24:41
  Speaker 1: you may say, let's do that and I'll get out
• 24:44
  Speaker 1: of the rental game for a little bit and cash
• 24:46
  Speaker 1: out for retirement. Just take the four hundred thousand and
• 24:47
  Speaker 1: invest it because interest rates are up and you're now
• 24:50
  Speaker 1: getting a lot more for that four hundred thousand dollars.
• 24:52
  Speaker 1: If you invest it in basic money markets, you don't
• 24:55
  Speaker 1: even have to take big risks. In fact, you could
• 24:57
  Speaker 1: take extremely low risks. And this is hour we are
• 25:00
  Speaker 1: in this country because of Bidenomics. You can also look
• 25:06
  Speaker 1: to trends when it comes to the economy, and one
• 25:09
  Speaker 1: trend that I want you to know about is where
• 25:11
  Speaker 1: we are with gold prices. Gold right now, as I'm
• 25:15
  Speaker 1: recording this is up almost two percent alone today at
• 25:21
  Speaker 1: two thousand, two hundred ninety seven dollars and fifty cents
• 25:24
  Speaker 1: an ounce. Why is gold up from I'll give example,
• 25:28
  Speaker 1: if you go back to the beginning of October, it
• 25:30
  Speaker 1: was about eighteen hundred dollars an ounce. Why to go
• 25:33
  Speaker 1: from eighteen hundred to two thousand, two hundred and ninety
• 25:35
  Speaker 1: seven hours One simple reason, because people are afraid of
• 25:39
  Speaker 1: what's happening right now in this country. They're afraid of
• 25:42
  Speaker 1: what's happening with our economy. They're afraid about what's happening
• 25:47
  Speaker 1: with all of these basic issues that I just described. Now,
• 25:50
  Speaker 1: here's another headline for you that I want to give you,
• 25:53
  Speaker 1: And this is a little bit of a contradiction of
• 25:56
  Speaker 1: the last headline that I had for you, but it's
• 25:58
  Speaker 1: one that shows you how quick things even change. And
• 26:01
  Speaker 1: I'm not saying for the better, I'm saying for the worse.
• 26:03
  Speaker 1: Home buyers.
• 26:04
  Speaker 2: Is the headline from Yahoo Finance. Home buyers need to.
• 26:08
  Speaker 1: Earn eighty percent more than they did in twenty twenty
• 26:12
  Speaker 1: to afford a home in today's market. So they're not
• 26:15
  Speaker 1: referring to the medium home price anymore. They're saying just overall.
• 26:20
  Speaker 1: Yahoo Finance and Wealth putting this out, saying, as US
• 26:24
  Speaker 1: housing prices rise, is home ownership still even achievable? That
• 26:30
  Speaker 1: is Yahoo Finance. Listen to what they said on their
• 26:33
  Speaker 1: online show.
• 26:34
  Speaker 7: Well, for many Americans, home ownership is seeming more and
• 26:37
  Speaker 7: more out of reach. According to new analysis from Zillo,
• 26:41
  Speaker 7: home prices have jumped forty two percent since twenty twenty,
• 26:44
  Speaker 7: but the average person needs to earn eighty percent more
• 26:48
  Speaker 7: than they did at that time in order to comfortably
• 26:51
  Speaker 7: afford a home in today's market. So why are homes
• 26:55
  Speaker 7: becoming less and less affordable. That's the big question here
• 26:57
  Speaker 7: with the latest We've got our very own Molly moorehead Molly,
• 27:00
  Speaker 7: what's going on here? And why is it so hard
• 27:02
  Speaker 7: to be able to afford a home right now?
• 27:05
  Speaker 1: Hey, Brad.
• 27:06
  Speaker 8: So, in addition to that increase in home prices, which
• 27:09
  Speaker 8: forty two percent is not nothing, inflation has been on
• 27:13
  Speaker 8: the rise since the pandemic, and interest rates have followed,
• 27:17
  Speaker 8: and so that means the cost of financing a home
• 27:20
  Speaker 8: is so much more than it was four years ago.
• 27:22
  Speaker 8: If you look at the average rate on a thirty
• 27:24
  Speaker 8: year loan, in March of twenty twenty, it was three
• 27:27
  Speaker 8: and a half percent. Today it's around six point eight,
• 27:31
  Speaker 8: six point nine, And so it's this double whammie of
• 27:34
  Speaker 8: higher home prices and higher financing costs.
• 27:38
  Speaker 7: So what advice do you have for prospective home buyers
• 27:41
  Speaker 7: out there right now?
• 27:43
  Speaker 8: Yeah, well it's not easy. This is a tough market.
• 27:46
  Speaker 8: But a couple of things you can do. Our number
• 27:48
  Speaker 8: one watch the Fed. A lot of economists market watchers
• 27:52
  Speaker 8: think that we still have three interest rate cuts potentially
• 27:56
  Speaker 8: coming this year from the Federal Reserve and that will
• 28:00
  Speaker 8: help the rate. You qualify for on if you apply
• 28:04
  Speaker 8: for mortgage, and so if you're in a position where
• 28:06
  Speaker 8: you can time your home purchase a little bit, you
• 28:09
  Speaker 8: don't have to buy right now, then watch what happens
• 28:12
  Speaker 8: more broadly with interest rates, because that can help you.
• 28:16
  Speaker 8: Second would be negotiate agent commissions. This was not really
• 28:20
  Speaker 8: in play until very recently with this settlement with the
• 28:24
  Speaker 8: Realtors Association. There has long time been a kind of
• 28:27
  Speaker 8: de facto six percent commission, but now all of that
• 28:32
  Speaker 8: is negotiable. So go into your home purchase ready to
• 28:36
  Speaker 8: negotiate your what your agent's going to get paid.
• 28:39
  Speaker 1: So this is their advice. Yes, home pricing is out
• 28:43
  Speaker 1: of control. You may hope, and you can hope that
• 28:46
  Speaker 1: maybe prices come down. Okay, that's a possibility, is that
• 28:51
  Speaker 1: home prices might might come down.
• 28:54
  Speaker 2: Okay, just might come down.
• 28:57
  Speaker 1: They're probably not, but they might, and you shouldn't negotiate
• 29:00
  Speaker 1: with your real term what their commission is, and that
• 29:03
  Speaker 1: might help you. Now you notice at the beginning of
• 29:06
  Speaker 1: this they said, not only our home price up forty
• 29:09
  Speaker 1: two percent since twenty twenty, They say that's because both
• 29:12
  Speaker 1: rates and borrowing costs of skyrocket. Notice they don't blame
• 29:16
  Speaker 1: the Biden administration's policies for this. They just act like, Oh,
• 29:19
  Speaker 1: this is just some random thing that's happening, And I
• 29:21
  Speaker 1: get that this is yahoo. They're liberal, all right. But
• 29:24
  Speaker 1: what they did tell you the truth on was and
• 29:26
  Speaker 1: they didn't go with medium price homes.
• 29:28
  Speaker 2: They just were giving you the overall average.
• 29:30
  Speaker 1: You need to earn eighty percent more to comfortably afford
• 29:35
  Speaker 1: a home in today's market. Now, why they say comfortably
• 29:37
  Speaker 1: afford If you want to be maxed out in your budget,
• 29:40
  Speaker 1: it may be less.
• 29:42
  Speaker 2: But if you want to.
• 29:43
  Speaker 1: Enjoy and retire and save for retirement and have a
• 29:47
  Speaker 1: balanced budget in your home, you literally need to earn
• 29:51
  Speaker 1: eighty percent more to comfortably afford a home in this
• 29:54
  Speaker 1: market than you did in twenty twenty. That is what
• 29:57
  Speaker 1: this election is going to end up being about, my opinion.
• 30:01
  Speaker 1: When media and home income have only risen twenty three
• 30:03
  Speaker 1: percent over the last four years, leaving many people without
• 30:06
  Speaker 1: the running for home ownership, they're saying, hey, most Americans
• 30:12
  Speaker 1: aren't even a candidate now for home ownership, and the
• 30:16
  Speaker 1: ones that are in the homes they're in right now,
• 30:18
  Speaker 1: they're not leaving because the interest rates are so low.
• 30:21
  Speaker 1: They couldn't afford to move even into maybe the same
• 30:23
  Speaker 1: house they have right now if they went and bought
• 30:26
  Speaker 1: the same exact home across the street because prices are
• 30:30
  Speaker 1: out of control because of inflation and interest rates. In
• 30:34
  Speaker 1: twenty twenty, a household earning fifty nine thousand dollars a
• 30:39
  Speaker 1: year could afford a typical home price at about two
• 30:42
  Speaker 1: hundred and forty grand. At the time, the income level
• 30:45
  Speaker 1: was less than the US medium income of sixty six thousand,
• 30:49
  Speaker 1: meaning more than half of American households had sufficient cash
• 30:52
  Speaker 1: flow to not only purchase a home, but also to
• 30:57
  Speaker 1: plan for retirement and save money. In other words, they
• 31:01
  Speaker 1: were able to purch a home without overextending their budgets
• 31:04
  Speaker 1: and being locked in a miserable cycle of hell every
• 31:06
  Speaker 1: month coming up short or having to cut things. Today,
• 31:10
  Speaker 1: those same people, just four years later that are shopping
• 31:14
  Speaker 1: for a home, they need their income to go from
• 31:17
  Speaker 1: fifty nine thousand a year to one hundred and six
• 31:20
  Speaker 1: thousand dollars to afford the same exact home. Because the
• 31:24
  Speaker 1: home price has gone, as I mentioned earlier, from two
• 31:27
  Speaker 1: hundred and forty thousand to three hundred and forty two thousand.
• 31:31
  Speaker 1: That means You've got to earn forty seven thousand dollars
• 31:35
  Speaker 1: more than you needed to earn in twenty twenty to
• 31:38
  Speaker 1: afford the same exact house, and that's well above today's
• 31:44
  Speaker 1: average income of eighty one thousand dollars. Now, Zillo is
• 31:48
  Speaker 1: more realistic than the other numbers I was giving you earlier.
• 31:52
  Speaker 1: Zillo's analysis is just saying, hey, this is the truth.
• 31:55
  Speaker 1: This is what's going to happen. And a point of
• 31:58
  Speaker 1: concern is also this that the bank's saying is look barely.
• 32:01
  Speaker 1: A handful of major metro areas evaluated were affordable for
• 32:06
  Speaker 1: the majority of the people living there at the median income.
• 32:10
  Speaker 1: The real estate firm defines affordability as spending no more
• 32:14
  Speaker 1: than thirty percent of your income after offering a ten
• 32:18
  Speaker 1: percent down payment, which, by the way, most people now
• 32:20
  Speaker 1: don't have the ten percent down payment because that money
• 32:23
  Speaker 1: has disappeared because the cost of goods and services and inflation. Now.
• 32:28
  Speaker 1: A senior analyst at Zillo said it this way, incomes
• 32:33
  Speaker 1: needed to purchase a home are just much much higher
• 32:37
  Speaker 1: than the typical household income. The increase in cost is
• 32:42
  Speaker 1: pricing out many families that will never get on the
• 32:45
  Speaker 1: housing ladder and will never be able to start even
• 32:48
  Speaker 1: in their starter home because of what we just described.
• 32:51
  Speaker 1: And the fact is today's typical buyers would be facing
• 32:55
  Speaker 1: a monthly mortgage payment that is ninety six percent higher
• 33:00
  Speaker 1: compaired to twenty twenty levels, so virtually double what you
• 33:03
  Speaker 1: were going to have to spend back then for the
• 33:04
  Speaker 1: same home. So there is the government numbers and I
• 33:08
  Speaker 1: gave you those earlier, and then there's the reality. And
• 33:11
  Speaker 1: Zillo is saying, you need twice as much money now
• 33:14
  Speaker 1: for a payment every month than you did in twenty
• 33:16
  Speaker 1: twenty in four years. So that's twenty five percent increase
• 33:19
  Speaker 1: a year. That's an average payment, by the way of
• 33:23
  Speaker 1: two hundred dollars a month with a ten percent down
• 33:25
  Speaker 1: payment just to get into what you would describe as
• 33:28
  Speaker 1: basically a starter home.
• 33:30
  Speaker 8: Now.
• 33:30
  Speaker 1: The main difference they say is yes, mortgage rates ended
• 33:33
  Speaker 1: January of twenty twenty at three and a half percent,
• 33:36
  Speaker 1: a little lower if you have good credit. So far
• 33:39
  Speaker 1: this year the rates have hovered between six and a
• 33:41
  Speaker 1: half to above seven, depending on your credit, but no
• 33:44
  Speaker 1: less than six and a half. And this uptick has
• 33:48
  Speaker 1: made not only the prices of goods and services go up,
• 33:51
  Speaker 1: but if it is put, would be buyers in a
• 33:53
  Speaker 1: spot where now they're basically saying, I can't afford it,
• 33:56
  Speaker 1: so now I'm.
• 33:57
  Speaker 2: Gonna rent, all right.
• 33:58
  Speaker 1: As always, please share our podcasts anywhere you are on
• 34:02
  Speaker 1: social media. It helps other people find this show. Please
• 34:04
  Speaker 1: write us a five star review that helps us as well,
• 34:07
  Speaker 1: and we'll see you back here tomorrow