News Story of the Day: Since the economic collapse, home ownership in the United States has crumbled. After some modest quarterly gains in home ownership rates, the number has fallen dramatically since 2008. Renting, ostensibly, has become the new norm. But as more Americans rent, they’re also facing another issue: soaring rents.
Rent inflation has skyrocketed by a quarterly average of more than eight percent for 43 million Americans. This is the highest in recorded history, and it’s four times the inflationary target of Janet Yellen’s Federal Reserve. That’s astounding, and will prove troublesome for renters, especially with the number of renters and the cost of rent projected to go up (SEE: 13 million Americans expected to spend half of income on rent by 2025).
Yet, for whatever reason, all the talk is about deflation and many say there is no inflation occurring in the U.S. Ultimately, there is no inflation if you don’t live under a roof.
Chart of the Day: Apple hasn’t had a great last 12 months. Since last April, Apple shares are down 26 percent to $96, while year-to-date it’s down about nine percent. MarketWatch has a nice chart looking at the rise and decline of Apple’s stock. Here is that chart:
Illustration of the Day: When do you ever hear about people climbing through barbed wire so they can escape a free market capitalist system? Never. This is rightly pointed out by John Hinderaker on the PowerLine blog. Meanwhile, people try to flee their own countries (Mexico) to go to a country (United States) that can help them prosper.
Quote of the Day: Cafe Hayek’s Don Boudreaux is eloquent in this quote, describing minimum wage laws as government rape:
“Minimum-wage legislation – despite the patina of ‘scientific’ justification that some economists strain to coat it in – is the bullying bastard off-spring of special-interest groups mercilessly taking advantage of people who are ignorant of basic economics. Yet unlike the victims of real rape, the victims of this species of legislatively arranged rape are under the delusion that those who are taking cruel advantage of them are really making sincere love to them.”
Video of the Day: If you haven’t heard, UMass College held an event about triggers and political correctness that featured comedian Steven Crowder, columnist Milo Yiannopoulos and Professor Christina Hoff Sommers. Apparently, the event was too much to handle for social justice warriors, special snowflakes and feminists. The mere thought of open dialogue and conversation was too much to bear so they disrupted the entire one-hour event. Well, Crowder had enough so he pretty much told off those people in an epic rant.
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