Half of US tenants can’t afford to pay their rent. Here’s what’s ahead

The Chinese are finding this out.

 

Yeah? How come China has so many millionaires, then? Does their money mean nothing? To them? To people or firms they buy from?
In communist days and now - you could / can buy lots of great things in Russia or China - cars, Paris fashions, jewellery, IF you have tons of money. Oh yeah - money means a LOT about how you'll live, there! And the reverse - if you have a lot of money - and Putin or Xi don't like you --- the you won't have it any more. That's "meaningful," too? Remember Mikhail Khodorkhovski?

I don't believe there's a place on earth - with a population exceeding 5 - where money doesn't "mean anything." If the pop.is much over that, then money likely means everything. In the more miserable places on the planet, money means you might have a way out.

 

Simply because China is not a communist state. If it were, they wouldn't tolerate widespread wealth inequality. China is a brutal, corrupt, self-serving dictatorship but they haven't been actual communists for a very long time.

 

I also understand that it is common for the rich in China to move funds out of the country to keep a "nest egg" off shore.

 

Same as here.

 

Thanks. Of course. I needed that. I still stick by this, though.

 

It's an interesting question. Does money "mean anything" if you can't buy anything with it except what the State authorities permit you to buy? China also has strict capital export rules. Yes, very wealthy Chinese do get their money out through various corrupt schemes but this activity is forbidden under severe penalties unless as specifically licensed by the State.

Money in a totally controlled economy does not, it seems to me, equate to demand. Ration points or import licenses or similar government control is demand. But for the thousandth time, I'm no economist.

 

Well -- that's the situation a "black market" is for, right? And always. one arises. There is no such thing as a "totally" controlled economy. Cuba came pretty close, though.

 

And in Communist Russia, there were special upscale stores, where the elite of the Party could buy imported luxuries - from foie gras to fashion - and ordinary Russians could not. At times, the ordinary people were lucky if there was ANY basic food to be had, in the stores they could access. A particularly distasteful form of "control" I guess.

I have no doubt China has the same provisions for their Party high-rollers. I sometimes suspect our Canadian Government of similar schemes. I know for certain, that health care is a totally different picture for Government bureaucrats, compared to ordinary Canadians. I've never claimed that Canada was perfect -- or without corruption. That would be crazy.

 

rental crisis:

https://www.yahoo.com/finance/news/fed-high-cost-rent-registered-110700927.html

"Rising rents have become a substantial burden for many Americans, prompting some to resort to innovative strategies to cut down on their housing expenses.

Just look at Arslan Shono. Shono's home is a 2014 Chevy Suburban, which he has ingeniously converted into a compact dwelling complete with a bed, a portable toilet, a kitchen and even solar panels on the roof."

 

I did. Something is wrong. He's working. He's an RN. He shouldn't HAVE to do this. I bet he has huge parking hassles and it probably costs quite a bit.

It's a reminder to me that a whole lot of the homeless I see are working. They work. The system doesn't any more. Greed needs greater control. Naysayers can pontificate from their suburban wherever. I don't care.

 

He said he didn't have to live in his vehicle, but that he just hates paying rent. But there are plenty of others who live in their vehicles out of necessity and it's a shame.

 

Right. He did say that. I missed that. He just didn't like paying $1,800 a month. And right - others have to live in vehicles.
So -- I stick to my conclusions about something being wrong. And you're 100% right, too.

"Makes me wanna holler -- the way they do my life!" (Inner City Blues - Marvin Gaye)

 

Maybe I should move to Turkey Scratch AR, or Jug's Corner MS - or Smooth Rock Falls. Ontario.
Somewhere they don't have Urban Blight -- or Urban anything....

https://www.arkansasheritage.com/blog/dah/2022/04/19/turkey-scratch-arkansas

"Muddy (Waters) was born as McKinley Morganfield in the nearby crossroads community of Jug's Corner. Visitors are welcome to sit on the replica shack's front porch. From here: https://www.roadsideamerica.com/tip/72102

 

... dang the timer. Smooth Rock Falls: https://smoothrockfalls.ca/

 

People are struggling with the high cost of living.
The US President is asking questions:

https://www.cnn.com/2024/02/06/politics/the-us-economy-is-doing-well-president-biden-wants-to-know-why-so-many-americans-are-still-feeling-bad/index.html

By many metrics, the US economy is humming along. The jobs market is robust; consumers are spending again; and inflation has eased to a three-year low.

That has prompted President Joe Biden to repeatedly ask his advisers: Why then are so many Americans still not feeling great about the economy?

The significant gulf between a string of positive economic indicators and the public’s stubbornly grim sentiment about the US economy has been the subject of the president’s frequent inquiries when he has spoken with members of his economic team in recent weeks and months, sources familiar with those discussions told CNN.

 

True - but that's not all of it.

(1) You don't feel great about the economy, if you have no place in it - no job.
(2) You don't feel great about it, if you're burdened with huge educational debt - that you can neither pay or get free of.
(3) You don't feel good about the economy if you're burdened with huge medical debt - or any other form of debt, that's big enough to cause you problems.
(4) You don't feel good about things when you haven't got enough to eat - because of what it costs, now.
(5) Or - worst of all, if you're sick, have little money and your health insurer has just refused to fund your operation or chemo costs because of pre-existing conditions, exclusions, limitations or some other loophole.
(6) Or you can't pay your rent and now have no place to live.
(7) Or you worked 25 years in a plant and now they're forced into closure - and your pension may be gone -- along with your job.

C'mon. Steve. there are PLENTY of reasons, not just one. Jerkwad newshounds are just that - they're not the whole problem.