Staff Reports
In a country led by Joe Biden, the cost of rent in big cities across the United States has continued to surge alongside the escalating inflation, exacerbating the economic struggles facing American families.
According to data from Realtor.com, rent in 18 of the nation’s 50 largest metropolitan areas increased in the past year, with the Northeast and Midwest experiencing the most significant spikes. Cities like Chicago, New York, Boston, and Indianapolis saw median rent increases ranging from 3.3 percent to 4.3 percent.
MarketWatch calculated the gross income over 12 months required to rent in the most expensive cities in the US: pic.twitter.com/Ivimmj5Kph
— unusual_whales (@unusual_whales) April 30, 2024
Notably, the top five cities experiencing the highest rent increases are governed by Democrats, a concerning trend as the November election approaches. Experts attribute the soaring rents as a major contributing factor to the widespread inflation that has become emblematic of the Biden presidency.
Economist Austan Goolsbee, president of the Federal Reserve Bank of Chicago, has highlighted the challenge of taming inflation, pointing to housing as the primary stumbling block. He noted that while rental inflation remains subdued in red states in the South and the West, it continues to be a significant issue in blue states in the Northeast and Midwest.
The situation is particularly dire in cities like Boston and San Jose, where median rents exceed $3,000 per month. It’s a startling contrast to cities in Republican-led states, where only one out of the ten cities with median rents above $2,000 per month is located.
Looking ahead, experts warn of the looming threat of stagflation, a scenario characterized by sluggish economic growth coupled with rising inflation. Wall Street analysts have expressed concerns about the U.S. economy following disappointing first-quarter GDP data, with some speculating a return to the stagflation witnessed in the 1970s.
Joe Biden’s leadership faces mounting scrutiny as the economic pressures on American families continue to mount, prompting questions about the administration’s priorities, including the management of illegal immigration and foreign aid disbursements.
As the country navigates through these challenging times, The Western Journal emphasizes the importance of rallying support in the fight against those seeking to silence voices that uphold American values and to preserve the future of the nation.
