Mortgage rates have spiked above 7% across the nation. This means higher housing costs. It’s part of why people are saying, “Can’t afford life.” Well, we can change this. To do that, we have to understand what has happened.
Two decades of U.S. spending on war after war, the imperious response to Covid-19, and huge tax giveaways have generated massive inflation. High-interest rates and home unaffordability steer that inflation onto the backs of those who can afford it least — American workers.
There are many things we can do to address this problem. Soon I will be announcing a program to make homes affordable again. The centerpiece is an approach that will reduce interest rates to 3% for millions of new mortgages. It’s a version of the approach first proposed by my uncle, President John F. Kennedy, 60 years ago. We need it now. #Kennedy24
