Even AOC Feels The Effects Of Biden’s Economy As Housing Costs Soar
Democratic Congresswoman Alexandria Ocasio-Cortez shared her frustrations with the financial cost of being part of Congress on Instagram, alluding to the cost of living increase in bog cities in Biden’s inflationary economy.
According to Ocasio-Cortez, members of Congress are required to occupy one residence in Washington, D.C., as well as one in the state they represent. She told her followers that the result is “class dynamics” within Congress. She also noted that the requirement causes economic strains for those who struggle to afford two residences.
“It’s insanely expensive, there is no stipend or per diem for it, and you’re not allowed to write it off even though your job forces you to have it,” she complained.
“This creates real class dynamics in the House,” she wrote in a post on her Instagram story.
“Many sleep in their offices, but if you are caught, it could get bad for many reasons, including violations,” she continued.
She then points to the rising cost of living, a result of Biden’s poor economic policies since taking office. “I rent in both cities. It’s so so much… We have to find a new apartment in NYC soon and I’m STRESSED. Rent is wild and the idea of [apartment] searching and moving while legislating and campaigning is yikes.”
The New York representative makes a salary of $174,000, well above the average pay rate of most Americans. That amount was set in 2009 and has remained unchanged, with no increase in line with the Bureau of Labor and Statistics cost of living increase standards.
Ocasio-Cortez argued the requirement to occupy two residences makes things costly for those with working-class backgrounds, and the stress can interfere with her role. While it is often hard to agree with the far-left member of Congress on most things, this is a relatable reality for many Americans.
Since Biden has taken office, and the country has mostly reopened following the COVID pandemic, housing costs have substantially increased, along with all other essentials.
A recent report from the real estate brokerage Redfin showed that asking rent on average has gone up 15% in 2022 over last year. And in May, the monthly median asking rent was over $2,000 for the first time, the most significant increase in more than two years. Rent inflation in single-family home rentals was up 26% in 2021.
However, in major cities, like New York and D.C., rent has jumped as much as 40% in the last year. With rent rising about 4x faster than income since 1985, Americans are forced to move to cheaper, subpar units or spend significantly more of their earnings on rent.
Rent prices nationwide increased an average of 2% annually from 2012 until 2021. However, in 2021 and 2022, rent prices nationwide have increased an average of 3.8%.
Most Americans spend more than 30% of their annual income on housing. Inflated prices resulted in the average worker effectively losing 2.4% of their pay in 2021, which will undoubtedly increase throughout 2022.
CPI rent/housing/OER data is 7-9 months delayed. The Fed will be hiking deep into a housing crash https://t.co/BWZqBweysi
— zerohedge (@zerohedge) July 17, 2022
It will be a while before we understand the full impact of Biden’s economy. The Consumer Price Index, which measures inflation, draws data points on housing that is delayed by months. Undoubtedly, many Americans will continue to feel the impacts as energy and food costs rise, outpacing income growth for most.
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