I don’t want to be an [insert slang term for the rectum here], but sometimes it is necessary to be an [insert slang term for the rectum here], for the good of our society and of ourselves.

William Teach, who graciously pinch hits for me on the days I cannot attend to my poor site, noted:

Hot Take: Pro-Life Republicans Want Illegal Alien Children At Border To Die

by William Teach | Saturday, May 14, 2022 | 7:00 AM EDT

This is one of the reasons it’s really just about impossible to have conversations with the hardcore leftists: they take a small conversation and dial it up to 11, as we see from this Rolling Stone piece:

‘Pro-Life’ Conservatives Are Mad the Government Isn’t Letting Migrant Infants Starve to Death

William Vaillancourt | Friday, May 13, 2022 | 2:08 PM

There’s a baby formula shortage in the United States. Republican lawmakers and conservative media members are taking frustration out on immigrants.

Fox News hosts have spent the past 24 hours raising hell over immigrant babies at the U.S.-Mexico border receiving formula, arguing that it should instead be distributed to Americans first. “[For] American families there’s a shortage, but if you’re a migrant, don’t worry because Uncle Sam has a stash of that,” Fox & Friends host Steve Doocy said Friday morning.

There’s more at Mr Teach’s original.

No, Republicans do not want illegal immigrant babies to starve; we want them to thrive, but we want then to thrive in Mexico!

If the illegals know that there’s food, including baby formula, waiting for them, north of the border, they will try to come north of the border. If they are made aware that there is no food, and no baby formula, waiting for then north of the border, they won’t cross the border.

We put cheese in mousetraps to lure the mouses[1]Yes, I know that the plural of mouse is mice, but mouses is a Picoism. into the traps; set a mousetrap without bait, and mice won’t get trapped in it. The same logic applies to humans; if there’s no food awaiting them, they won’t show up!

I’ve said it before: to be a conservative, you have to be willing to be an [insert slang term for the rectum here], because being a Nice Guy™ simply brings about the bad behavior you want to prevent. That’s why George Soros-sponsored prosecutors like Larry Krasner generate an increase in crime, because in the course of being a Nice Guy™ and not locking up the bad guys, they enable the bad guys.

I don’t want to be an [insert slang term for the rectum here], but sometimes it is necessary to be an [insert slang term for the rectum here], for the good of our society, and of ourselves.

References

References
1 Yes, I know that the plural of mouse is mice, but mouses is a Picoism.

Philadelphia Councilwoman Jamie Gauthier doesn’t want her “Black and brown” constituents paying more in property taxes

One great thing about moving back to our home state of Kentucky from Pennsylvania: property taxes are much lower in the Bluegrass State! Property taxes on what was our home in Jim Thorpe are currently listed as $3,228 according to Zillow, while we paid slightly under $400 in property taxes on our current abode last October.

No, $400 is not a typo!

Black and brown homeowners unfairly targeted by Philly’s new property assessments

The Kenney administration cannot claim to center either racial or housing equity if they are making it more difficult for working class and Black and brown homeowners to afford to their homes.

by Councilwoman Jamie Gauthier (D – 3rd District) | Wednesday, May 11, 2022

Councilwoman Jamie Gauthier (D-Philadelphia). Photo from her city biography page and is a public record. Click to enlarge.

Philadelphia prides itself on its high homeownership rates, especially among working class residents. But the massive property assessment increases that were announced earlier this week present an immediate threat to this fact of life in our city — especially in Black and brown neighborhoods experiencing rapid gentrification. A disproportionate number of these neighborhoods are in the 3rd Councilmanic District, where residential assessments have increased by 50% on average.

I will admit to some amusement that The Philadelphia Inquirer’s use of the Associated Press Stylebook has led to the “Black and brown” formulation when it comes to race. The AP decided that black was to be capitalized when referring to race, but white was not. Continue reading

LGB Admin Cancels Massive Oil Lease Sale

Would the sale help gas prices right now? It might, since it would show positive movement in the commodities market. Or, it might not make any difference for a while. Regardless, this shows that the Let’s Go Brandon admin couldn’t care less about the pain at the pump American citizens are experiencing. What’s the highest price you’ve seen? There’s a station out in Knightdale right near I540 and Knightdale Blvd that was at $4.25 yesterday. It was also the first one I saw that hit $4.19 during the last surge. That was as high as it got. Things are getting worse.

Biden admin cancels massive oil and gas lease sale amid record-high gas prices

The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior Wednesday, as Americans face record-high prices at the pump, according to AAA.

The DOI halted the potential to drill for oil in over 1 million acres in Alaska’s Cook Inlet, along with two lease sales in the Gulf of Mexico. The move comes as Biden has taken a few actions to combat high gas prices, despite his administration’s generally hostile approach to the oil industry. Continue reading

Bidenomics: you are poorer in real terms, and your retirement plan is worth less Are you better off today than two years ago?

Due to taking Staff Sergeant Pico to her reassigned Army Reserve unit in advance of her deployment to Kuwait, Mrs Pico and I spent a few days in William Teach’s home state of North Carolina. When we fueled up in Kentucky, last Tuesday, before leaving, gasoline was $3.779. Naturally, I noticed that gasoline prices were higher in the states through which we traveled, West Virginia, Virginia and North Carolina, but not being familiar with fuel taxes in those great states, I didn’t pay very much attention.

Until yesterday, that is, as gasoline prices are now around $4.299 back in the Bluegrass State! Continue reading

A “solution” from a leftist stuck in 1930s thinking

When I spotted this article on my feed, I went to the New York Magazine original, because I prefer to cite from the original. Alas! the original is hidden behind a paywall, but it doesn’t matter, since MSN is providing it for free!

The Democratic Party Is Wasting Its Grassroots Energy

Opinion by Sam Adler-Bell | Sunday, April 24, 2022

Sam Adler-Bell, from his Twitter biography.

When I was young, my activist friends and I would often speak of something we called the movement. “This will be good for the movement,” we’d say.” Or, “They do good movement work.” He was a “movement lawyer”; she, “an artist dedicated to the movement.” I assumed this expression referred to something real: international socialism, maybe, or the trade unionism. I wasn’t sure. Surely, I thought, there must be a movement out there to which we all belonged, and to whose future victory our meager efforts — as environmentalists, labor organizers, anti-war activists — were contributing. But that wasn’t so. Later, I realized the term was more like an incantation, the expression of a wish that all this various activism might one day coalesce into something worthy of the name. For the time being, “the movement” was a linguistic gesture with no referent, a half-ironic shibboleth with which we signaled our belonging and our willingness to nurture each other’s precious illusions and beliefs. Playfully we toasted “to the movement,” unsure whether our cheeks reddened out of shame at our cynicism or our sincerity.

I’m reminded of these episodes when I contemplate the sorry state of the Democratic Party. No doubt, the Democrats’ gruesome midterm prospects are, as the social scientists say, overdetermined. Midterms tend to punish the president’s party anyway, and basically every other input is bad: Biden is unpopular, inflation soars, and Putin’s war has pushed food and fuel prices even higher. It’s a bad hand, and none of the plausible last-ditch, Manchin-approved policy interventions or executive orders seem like aces.

But surveying the landscape from a few hundred feet higher, another striking deficit looms into view: There appears almost no grassroots energy or urgency of any kind on the Democratic side. After four years of fever-pitched marching and movement-building by anti-Trump resistors, antifascists, Democratic Socialists, and Black Lives Matter militants, the sudden quiet from the country’s left flank has been deafening. Where, I find myself asking, is the movement?

By contrast, the conservative grassroots are ablaze. The parents, pundits, and propagandists behind the “critical race theory” crackdown, and now, the moral panic over LGBTQ educators, have been startlingly successful — not only at creating media spectacles, but at recruiting activists, electing school board members, and passing laws. Anti-abortion measures, meanwhile, sweep the country in anticipation of a possible repeal of Roe v. Wade. And, all along, one-term president Trump has defied political gravity, attracting crowds to his rallies and playing de facto party boss from his spray-tan Tammany Hall in Palm Beach. The right, in other words, is on the march. The left is nonexistent.

Could it possibly be that the left had nothing other than hatred for Donald Trump? Their policy was never more than Get Trump, to the point that it devolved into Trump Derangement Syndrome.

A couple paragraphs further down:

Democratic efforts to capture the energies of the 2020 BLM uprisings were similarly demoralizing for all involved. Mayors made fitful, largely self-defeating gestures at constraining their police forces, while party leaders gave a pathetic half-hug to the movement and tip-toed around its politically inconvenient slogan. The abolitionist critique — that the problem is not merely police departments, but a social order that requires them — was then metabolized by elite liberalism into a surfeit of yard signs, nonprofit donations, and various Robin DiAngeloisms of the board room. (Not to mention a $6 million house for a few of the BLM movement’s most savvy self-promoters.)

While it’s true that I concentrate most heavily on Philadelphia, 2021, the year after the evil reich-wing President Trump left office, and as all sweetness-and-light Joe Biden moved into the White House, the homicide rates skyrocketed, setting new records in Philly and jumping dramatically in other major cities, cities which have been controlled by the Democrats for decades. Philadelphia’s last Republican mayor left office when Harry Truman was President! The effects of the ‘defund the police’ attempts were huge increases in violent crime. While newspapers like The New York Times and The Philadelphia Inquirer kept their reporting on such to a minimum, the more visually oriented television news media put the stories in front of viewers, and in most places residents get their news from television, not the paper.

Mr Adler-Bell’s seeming throw-away line that the problem is “a social order that requires” police departments is wholly naïve”: he seems to think if there are no police and no laws, everything will be peaches but the cream, that there will be no violence and no theft.

And the trouble is, at the moment, (when it comes to movement mobilization) the right is doing it better. Movements of the right are reaching deeper into communities, finding them in the places where they already gather, and strengthening the solidarity they already feel for one another — in many cases, channeling it toward cruelty. As Schlozman told me, “the great rediscovery” of people like Christopher Rufo and Ron DeSantis “is that parents know other parents, and right-wing parents know other right-wing parents, and they can talk to each other, and that is a great reservoir of connection to be politicized.”

Here’s where Mr Adler-Bell gets it way, way wrong. What he forgets is that parents are almost exclusively heterosexual, and while some are sympathetic to the homosexual rights movement, and even transgenderism, they almost exclusively support it for other people. Homosexuality or transgenderism is not something normal parents wish on their own children, because those things are prescriptions for a difficult life. Those with gender dysphoria are looking ahead to unnatural hormone treatments and surgical intervention which produces only a simulacrum of the opposite sex; it doesn’t turn males into real women, nor females into real men. Those who are homosexual are looking ahead to more difficulty in finding long-term mates, and the traditional expectations of middle-class life, a home with children in a suburban home just appear alien to many of them.

Then you get people like Will Thomas, the biologically male swimmer who has decided that he’s a woman named ‘Lia,’ going out and dominating women’s collegiate swimming, and demonstrating for the public at large to see that no, he isn’t really a woman. Even for very liberal parents, there may be a lot of support for Mr Thomas’ case, but it’s not something that they want for their own children!

The civic bonds on which Trumpism is built are often the inheritance of past injustice (as Gabriel Winant once provocatively put it, “Whiteness itself is a kind of inchoate associational gel …”), but they are real. And while the right builds a movement, the Democrats attempt to call one into being — by giving more and more money to insular activist NGOs that speak an alienating language to people in places where they do not frequent, among people they do not already know.

The Philadelphia Inquirer, in publisher Lisa Hughes’ ‘ant-racist’ mode, has tamped down on reporting about the violence in the city, but the public know about it anyway. When Mr Adler-Bell complains about “whiteness”, he’s forgetting one important thing: white liberals are very much part of the white community, and in some of our very liberal but nevertheless internally racially segregated cities, those white liberals can see, just as well as we evil conservatives that much of the crime and violence in the cities is not all that big a problem in the white areas. Even the Inquirer has said that the key to reducing violence in the city is greater racial integration. “Whiteness,” it seems, has an actual value

The alternative — and you’ll be just shocked to hear me say this — is the only one that has ever worked. That is, the labor movement: a movement of the left that mobilizes and draws us together on the basis of our most basic associations and material interests. As Tammi and Marvin once put it, “Ain’t nothing like the real thing.”

Here Mr Adler-Bell again misses the mark. The unionization movement has long been in decline in this country, because the nature of work has changed. We are, sad to say, no longer a nation of large industrial production, but one of financial, information technology and consumer service workers. It takes a whole day’s training to replace a clerk at Seven-Eleven, not the months or even years of training in some industrial jobs. Automobile companies, for example, no longer need trained welders, but people who can run the computers which run the welding robots.

The response to COVID-19 has exacerbated it: people working from home are difficult to unionize because they are largely setting their own working conditions.

But there’s something much more subtle happening that Mr Adler-Bell has missed. Retirement plans have gone from the defined pension benefits ideas — and I personally know of people who had really great company pension plans which all fell apart when the Pennsylvania steel industry collapsed — to individual contribution with company match 401(k) plans. 401(k) plans are great: you can take them with you if you change jobs, rolling them over to your new company’s plan, rolling them over into an individual retirement account, or sometimes just leaving them with your old company’s plan. But the key factor is that most of them make money by investing your retirement funds into stocks and bonds. All of a sudden, employers are no longer the enemy, but a company workers want to see prosper, because there’s no cutting off your own nose quite like wishing failure on a company in which you are invested! Employees and companies are no longer enemies, but partners.

401(k) plans have made us all capitalists!

Mr Adler-Bell does not like that at all! His writing “the Marxist in me” tells us that he is at least sympathetic with socialist goals, if it isn’t quite an admission that he is an out-and-out socialist, but 401(k) plans and frequent job switching and remote work are things which contribute to individualism among people, not socialism. I may have discussed my 401(k) investment options with co-workers, but my choices are mine and their choices are theirs. If my investments are out-performing one of my friends, I would tell him about it, and leave the choice up to him about whether to change his investment strategy, but those would still be individual choices, not some sort of union/worker solidarity.

Mr Adler-Bell seems stuck in the 1930s, when Walter Duranty was sending us glowing propaganda reports about that workers’ paradise, the Soviet Union. He dreams of a labor movement that never was, based on a vision of a society that doesn’t exist.

Gentrification is a good thing!

On its website main page Thursday morning, The Philadelphia Inquirer, in plugging a new story, Philadelphia’s gun violence crisis through the eyes of those experiencing it, there was a link to an older story, Philly blocks besieged by shootings have long endured poverty, blight, and systemic racism. Dated September 16, 2021, I had seen it before. The story documents some of the blocks with the highest number of shootings, and tells us what we already knew:

But in Philadelphia, the epidemic of gun violence has been intensely concentrated in just a handful of neighborhoods and several dozen blocks — like the one where Johnson was killed, according to an Inquirer analysis. These shootings have left behind a breathtaking level of fear and trauma among a fraction of the city’s residents, nearly all of whom are Black and brown.

I admit to being wryly amused by the Inquirer’s stylebook, seemingly copied from the Associated Press, which decided that, in reference to race, “black” should be capitalized, but “white” should not. The stylebook led to “black” being capitalized and “brown” being left in lower case. Social justice, racial justice, and just generally being #woke[1]From Wikipedia: Woke (/ˈwoʊk/) as a political term of African-American origin refers to a perceived awareness of issues concerning social justice and racial justice. It is derived from … Continue reading leads to some real stupidity.

As unchecked gun violence has reached unprecedented heights this year, it has continued to disproportionately batter these same communities, where residents also endure higher poverty levels, lower life expectancy, and more blighted housing, the analysis shows.

Naturally, the “anti-racist” Inquirer wants to blame everything but race, unless it’s the racism of white people!

After several paragraphs noting violent areas, including the blocks around the intersection of Kensington and Allegheny Avenues, about which we have written previously, and around which the Philadelphia Police Department has mostly ignored the open-air drug markets, I came to these two paragraphs, two I found very important:

The vast majority of the city’s developed[2]By “developed,” article authors Chris Palmer, Dylan Purcell, Anna Orso, John Duchneskie, and Jessica Griffin meant blocks not devastated by crime and neglect, blocks in which the … Continue reading blocks with housing — more than three-quarters of them — haven’t experienced a single shooting since 2015. Entire swaths of Center City, Northeast Philadelphia, Chestnut Hill and Roxborough, far whiter and wealthier than the rest of the city, have not seen a shooting for years.

Neighborhoods like Graduate Hospital, Fishtown, and University City — where years of reinvestment have ushered in more wealth and opportunity — are just a few minutes’ drive from shooting hot spots. But they rarely experience gun violence.

“(Y)ears of reinvestment have ushered in more wealth and opportunity”, huh? Let’s not beat around the bush here: the writers managed to avoid the word itself in their long article, but the word is gentrification.

Gentrification is the process of changing the character of a neighborhood through the influx of more affluent residents and businesses.[3]“Gentrification”. Dictionary.com.Lees, Slater & Wyly 2010[page needed] define gentrification as “the transformation of a working-class or vacant area of the central city to a … Continue reading It is a common and controversial topic in urban politics and planning. Gentrification often increases the economic value of a neighborhood, but the resulting demographic displacement may itself become a major social issue. Gentrification often shifts a neighborhood’s racial or ethnic composition and average household income by developing new, more expensive housing and businesses in a gentrified architectural style and extending and improving resources that had not been previously accessible.[4]West, Allyn (5 March 2020). “Baffled City: Exploring the architecture of gentrification”Texas Observer. Archived from the original on 22 June 2020. Retrieved 21 June 2020., [3][5]Harrison, Sally; Jacobs, Andrew (2016). “Gentrification and the Heterogeneous City: Finding a Role for Design”. The Plan. 1 (2). doi:10.15274/tpj.2016.01.02.03.

The gentrification process is typically the result of increasing attraction to an area by people with higher incomes spilling over from neighboring cities, towns, or neighborhoods. Further steps are increased investments in a community and the related infrastructure by real estate development businesses, local government, or community activists and resulting economic development, increased attraction of business, and lower crime rates. In addition to these potential benefits, gentrification can lead to population migration and displacement. However, some view the fear of displacement, which dominates the debate about gentrification, as hindering discussion about genuine progressive approaches to distribute the benefits of urban redevelopment strategies.

But it appears that the residents of these poorer neighborhoods don’t want wealthier, and let’s be honest here, whiter people moving in:

In a plan for a safer, vibrant 52nd Street, worried West Philly neighbors see gentrification looming

Angst is roiling minority neighborhoods as they struggle to balance the opportunities and the threats created by gentrification. “West Philly is the new Africa,” one resident warned at a community meeting. “Everyone wants the property that’s in West Philadelphia.”

by Jason Laughlin | February 21, 2020

The topic of the community meeting — a plan to beautify 52nd Street, to make it safe, welcoming, and prosperous once again — was, on its face, nothing but good news for West Philadelphia’s long-declining business corridor.

Yet the audience of about 50 residents and retailers, mostly African American, grew increasingly agitated as urban designer Jonas Maciunas flipped through a PowerPoint presentation of proposed improvements. Many weren’t seeing a vision of a neighborhood revitalized from Market to Pine Streets. Instead, in the talk of redesigned intersections, leafy thoroughfares, and better bus shelters, they heard the ominous whisper of gentrification.

“It just seems that when white people decide to come back to a certain neighborhood, they want it a certain way,” said Carol Morris, 68, a retired elementary school teacher.

Morris’ declaration opened the floodgates of fear and anger that recent night at the Lucien E. Blackwell West Philadelphia Regional Library. Maciunas and Jesse Blitzstein, director of community and economic development for the nonprofit Enterprise Center, which is spearheading the project, were peppered with skeptical questions ranging from the validity of surveys showing community support for the improvements to the maintenance of trees that would be planted.

There’s more at the original.

As we have previously noted, the Editorial Board of the Inquirer have told us that racial segregation is very much part of the problem in city residents feeling unsafe, and Philadelphia is one of the United States’ most internally segregated big cities. But that very same Editorial Board, less than two years ago, were very wary about gentrification. To be fair — and I so rarely am when it comes to the Inquirer — the Board have at least mixed feelings when it comes to gentrification.

While Philadelphia and the Inquirer haven’t been so blatant as to say so directly, the liberal city of Lexington[6]Fayette County was one of only two counties, out of 120 total in the Bluegrass State, to be carried by Joe Biden in the 2020 election. has. As we have previously noted, Lexington said, directly, that it was concerned about gentrification, and, “Most new owners being more affluent and differing from the traditional residents in terms of race or ethnicity.” The city was concerned about white people moving into heavily black neighborhoods.[7]Lexington’s Hispanic population are not large enough to really dominate larger neighborhoods.

Philadelphia is not concerned about black residents moving in and integrating nearly all-white neighborhoods, and that is what the Inquirer’s Editorial Board said ought to happen. But somehow, liberal cities don’t seem to want that to happen in reverse, don’t seem to want white people moving into majority black neighborhoods.  Yet, as the Inquirer noted:

Neighborhoods like Graduate Hospital, Fishtown, and University City — where years of reinvestment have ushered in more wealth and opportunity — are just a few minutes’ drive from shooting hot spots. But they rarely experience gun violence.

Gentrification seems to reduce violence!

Gentrification ought to be something every city wants. Not only do revitalized properties raise property values around them, but when white ‘gentrifiers’ move into a majority black neighborhood, they are clearly white people who have no racist attitudes toward blacks, people perfectly willing to have black neighbors. Is that not a good thing?

References

References
1 From Wikipedia:

Woke (/ˈwk/) as a political term of African-American origin refers to a perceived awareness of issues concerning social justice and racial justice. It is derived from the African-American Vernacular English expression “stay woke“, whose grammatical aspect refers to a continuing awareness of these issues.
By the late 2010s, woke had been adopted as a more generic slang term broadly associated with left-wing politics and cultural issues (with the terms woke culture and woke politics also being used). It has been the subject of memes and ironic usage. Its widespread use since 2014 is a result of the Black Lives Matter movement.

I shall confess to sometimes “ironic usage” of the term. To put it bluntly, I think that the ‘woke’ are just boneheadedly stupid.

2 By “developed,” article authors Chris PalmerDylan PurcellAnna OrsoJohn Duchneskie, and Jessica Griffin meant blocks not devastated by crime and neglect, blocks in which the housing was not dilapidated, but they couldn’t quite bring themselves to say that.
3 “Gentrification”Dictionary.com.Lees, Slater & Wyly 2010[page needed] define gentrification as “the transformation of a working-class or vacant area of the central city to a middle class residential and/or commercial use”.
4 West, Allyn (5 March 2020). “Baffled City: Exploring the architecture of gentrification”Texas Observer. Archived from the original on 22 June 2020. Retrieved 21 June 2020.
5 Harrison, Sally; Jacobs, Andrew (2016). “Gentrification and the Heterogeneous City: Finding a Role for Design”. The Plan. 1 (2). doi:10.15274/tpj.2016.01.02.03.
6 Fayette County was one of only two counties, out of 120 total in the Bluegrass State, to be carried by Joe Biden in the 2020 election.
7 Lexington’s Hispanic population are not large enough to really dominate larger neighborhoods.

Bidenflation: We’re lucky we bought when we did!

As I have previously noted, we bought a house for my sister-in-law in December. Because we were not going to live in the house ourselves, the interest rate, 3.75%, was 1.00% higher than if we had lied about it and said that we would reside there. Technically, it’s rental property for us, though we do not expect to make a profit on it. When we go to our eternal rewards, the ownership will pass to our children and our nephew.

We negotiated the interest rate in November, and closed in early December.

Today, in reading an article, Report: Majority of renters can’t afford to buy in their city, in The Washington Post, I saw referenced one I had missed last week:

Mortgage rates hit 5 percent, ushering in new economic uncertainty

Rates have risen faster than many economists had expected, and they are starting to temper the housing boom

By Kathy Orton and Rachel Siegel | April 14, 2022 | Updated April 14, 2022 at 2:41 p.m. EDT

Mortgage rates swelled above 5 percent for the first time in more than a decade — an unexpectedly rapid ascent that has begun to temper the U.S. housing boom and could usher new uncertainty into an economy dogged by soaring inflation.

The 30-year fixed-rate mortgage, the most popular home loan product, hit the threshold just five weeks after surpassing 4 percent, according to Freddie Mac data released Thursday. The average has not been this high since February 2011.

The run-up comes as the Federal Reserve has launched a major initiative to rein in the highest inflation in 40 years. Fed officials are betting that higher interest rates will slash inflation and recalibrate the job market. But their plan also rests on the assumption that higher rates will cool demand for housing, especially while homes themselves are in such short supply.

There’s more at the original.

From the first article cited:

  • The average home in the U.S. costs seven times the average national household income.
  • Homeownership is unaffordable for the majority of renters in 71 percent of metro areas.
  • In 13 metro areas, 10 of which are in California, at least 90 percent of renters are priced out of owning a home. The three metro areas outside of California are in Cape Cod, Hawaii and Boulder, Colo.
  • In the D.C. metro area, 70 percent of renters can’t afford to buy a home, according to Porch’s analysis. Their calculations found that the average home is priced at $526,296 and that 30 percent of households rent in metro areas. Those renter households have a median income of $56,400, while the median income needed to buy the average house in the area is $64,055.

There’s one obvious flaw here: the paper is comparing income to the “average” home, but may homeowners, including yours truly, first bought what would be considered a ‘starter’ home, which will cost well under the average home price. People buying more house than they could afford, along with the sub-prime lenders encouraged by the government, triggered the crisis in 2007-2008.

The key is to not enable people to buy more house than they can afford.

Bidenomics! Americans are 2.5% poorer than they were 12 months ago.

The inflation numbers are out, and they’re ugly!

We have previously noted the January, 7.5%, and February, 7.9%, year-over-year inflation rates, and the March figure was released this morning.

8.5%.

From The Wall Street Journal:

    U.S. Inflation Hit Four-Decade High in March

    Consumer-price index rose 8.5% from year earlier, driven by skyrocketing energy and food costs

    by Gwynn Guilford | Tuesday, April 12, 2022 | 8:45 AM EDT

    U.S. inflation rose to a new four-decade peak of 8.5% in March from the same month a year ago, driven by skyrocketing energy and food costs, supply constraints and strong consumer demand.

    The Labor Department on Tuesday said the consumer-price index—which measures what consumers pay for goods and services—in March rose at its fastest annual pace since December 1981, when it was on a recession-induced downswing after the Federal Reserve aggressively tightened monetary policy. That marks the sixth straight month for inflation above 6% and put it above February’s 7.9% annual rate–well above the Federal Reserve’s target.

    The so-called core price index, which excludes the often-volatile categories of food and energy, increased 6.5% in March from a year earlier—up from February’s 6.4% rise, and sharpest 12-month rise since August 1982.

    On a monthly basis, the CPI accelerated at a seasonally adjusted 1.2% last month, from 0.8% in February, and the fastest one-month increase since 2005.

I understand that government bureaucrats don’t like dealing with “often-volatile” data, but I have yet to understand why “the often-volatile categories of food and energy” are excluded from the core CPI; it’s not as though consumers don’t have to pay for food and energy, every single month.

How often do you buy a refrigerator or a washing machine? How often do you buy even small appliances like toasters or kitchen blenders? Not often, I’d guess, but we’ve been to Kroger a few times already this month.

After several paragraphs telling us why prices are increasing so fast, we get to this:

    “There’s an element of sticker shock when people go to fill up their tank or go to the grocery store. Lower- and middle-income households are already having to make choices about what to buy because they’re having to pay so much more for food and energy,” (Richard F. Moody, chief economist at Regions Financial Corp) said.

Which led to this:

    Solid demand for labor has shifted bargaining power toward workers, putting upward pressure on wages, which could feed into broader price gains. Annual wage growth was 6% in March, the fastest pace since records began in 1997, according to the Federal Reserve Bank of Atlanta’s wage tracker.

    Still, wages for most are growing too slowly to offset inflation. This could push workers to demand higher wages, creating a feedback loop that puts upward pressure on inflation.

When inflation is at 8.5%, while annual wage growth was 6.0%, consumers have become automatically poorer in real terms, 2.5% poorer. But hey, this is for what 81,268,924 Americans voted!

2222 Wallace Street

We noted, on April 5th, a rowhome for sale at 4931 Hoopes Street, in West Philadelphia. The purpose was simple: to demonstrate how bad the neighborhood in which a 13-year-old was shot happened to be. We included four pictures of this disaster listing, for documentation, because photos disappear from zillow.com once a home is sold.

The house is completely unlivable, save as a squatter could make his home there. More importantly, while a house flipper might be interested in the property, he’d quickly forget the notion, because he could never recoup the money that he’d have to spend on the place to get it up to snuff because the property values in the rest of that dilapidated neighborhood are so low. Even if a flipper could buy the place for $1.00, there’s a possibility that he couldn’t make money fixing it up and selling it.

According to the zillow listing, property taxes on this place are $875 a year. If someone fixed it up and resold it, it would be reassessed, and the taxes increase.

2222 Wallace Street; the unit for sale is on the left. Photo from listing on zillow.com. Click to enlarge.

Now, why did I bring this up? There was a story in The Philadelphia Inquirer highlighting another row home for sale, in Fairmont, at 2222 Wallace Street . . . . for $875,000.

There is already a pending offer on this home.

The photos make it look well done, and it’s a beautiful home, though I will confess that were I to have redone this home, I would not have selected the styles that the remodeler chose. Nothing personal; it’s simply not my style.

Taxes? According to the zillow.com listing,[1]I tend to use zillow.com for my real estate searches, and photos of properties for sale normally disappear from the zillow listing. However, realtor.com listings tend to hold on to the photos longer, … Continue reading property taxes on this unit were $10,881 in 2021. That works out to $906.75 a month, which is higher than any mortgage payment I’ve ever had to make on any of the houses I’ve owned. Yet, as we previously noted, the Editorial Board of the Inquirer are aghast that how safe people are in the city depends upon their skin color. While I have no idea what race the family who put in the pending offer on the Wallace Street house are, generally speaking most black and Hispanic Philadelphians can only dream of owning a home in that neighborhood.

I was wryly amused that the Inquirer ran this story, given how the Editorial Board were lamenting that the city is very racially segregated, and that an $875,000 listing is not exactly one which will draw many black or Hispanic prospective buyers. Still, article author Paul Jablow has such stories about once a week.

References

References
1 I tend to use zillow.com for my real estate searches, and photos of properties for sale normally disappear from the zillow listing. However, realtor.com listings tend to hold on to the photos longer, and here is the listing on that site.