Stephen Moore shows how Biden is 'killing the American Dream'

September 4, 2023
Robert Ayers

Stephen Moore just published a piece in which he demonstrates how President Joe Biden is "killing the American Dream of homeownership." 

Moore is a conservative writer and television commentator who focuses on economic issues. He is a senior fellow at the Heritage Foundation and a chief economist at Freedom Works.

On Sunday, the Daily Caller News Foundation published a piece by Moore called, Biden's Killing the American Dream of Homeownership.

Before we get to what Moore has to say, some context is necessary.

Bidenomics = American Dream?

In mid-August, Biden made a stop at a wind and solar energy production plant in Milwaukee. There, Biden sought, among other things, to tout the so-called economic success of his administration and to sell Americans on "Bidenomics."

"Bidenomics is just another way of saying 'restoring the American Dream.'  That’s the ba- — that’s what it is, just restoring the American Dream," Biden said.

This is a refrain that Biden said numerous times over the summer.

In Milwaukee, Biden continued, "I believe every American willing to work hard should be able to get a job no matter where they live — in the heartland, small towns; raise their kids on a good paycheck; and keep their roots where they grew up."

"That’s the American Dream. That’s Bidenomics," Biden added.

Not so fast, says Moore

Moore, in his Daily Caller piece, disputes this idea that Biden's economic policies are "the American Dream." Moore writes:

Isn’t a big aspiration of the American dream owning a home? Biden keeps making first-time homeownership harder for young families for two reasons.

One of these reasons, according to Moore, is the "overall jump in inflation and the slower increase in wages and salaries" which, under Biden, have made homes more expensive. And, the other reason is "the steady rise in mortgage rates under Biden."

In light of this and other things, Moore asks, "How in the world can Biden call his economic policies a success?" Implicit in this question is how can Biden call his economic policies "the American Dream."

Moore goes on to explain how Biden's economic policies are not the American Dream and how his policies are destroying "civic pride."

Moore concluded by arguing that there is a way to fix the situation. He wrote:

There is one reason to feel today’s downward spiral can be reversed. Back in 1980 when Jimmy Carter was president, mortgage rates weren’t 7%; they reached above 17%. Voters rebelled against the economic mayhem and chased Carter out of office. Ronald Reagan came into the White House, and with wiser economic fiscal policies, mortgage rates quickly fell in half and then lower still. It can happen again.

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