Vladimir Lenin: “The best way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation”.

Buying a house today costs ~$33,000/yr, 46% of the pre-tax median household income.

Post-tax, homebuyers in the US are spending ~70% of their income on home payments.

Monthly payments are rising everywhere.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) September 2, 2023

Basic necessities are becoming luxuries, the epitome of "free" money from stimulus and 0% rates.

— The Kobeissi Letter (@KobeissiLetter) September 2, 2023

This is what socialism does. It turns everyone poor and only gives a select few wealth.

h/t rimper