Obama’s Economic Legacy—Home Ownership Lowest in 51 Years

September 22, 2016

The Decimation of the Middle Class Is One Topic That Must Be Addressed in Monday’s Presidential Debate, Says Financial Expert and Nationally Syndicated Host Dan Celia
 

PHILADELPHIA, Pa.—As Americans prepare to watch the first presidential debate between Donald Trump and Hillary Clinton, less than two-thirds of them will be watching from homes they actually own.

This is according to numbers for the second quarter of 2016 from the U.S. Census Bureau, which recently found that just 62.9 percent of Americans are homeowners—the lowest rate in about half-century. The number matches the lowest level in 51 years, and in fact, it’s the lowest rate since 1965, when the census even began tracking the data.

Financial expert and nationally syndicated host Dan Celia says that those non-homeowners should be listening closely on Monday about the candidates’ plans for the economy—an economy that over the past eight years has tied the hands of working-class Americans.

Celia talked about the tank in home ownership on a recent edition of “Financial Issues,” which airs daily on more than 600 radio stations and reaches millions of households via television.

“This illustrates just one more economic point on the Obama administration’s new normal of America’s economy—a 51-year-low in home ownership,” Celia said. “At one point in time, you might remember that the U.S., among the developed nations in the world, had the highest rate of home ownership. We are now at a 51-year low, just another feather in the cap of this president and his ‘legacy.’

“Here is someone who will be able to leave public office after two terms and say that he is the only president who managed a 2 percent growth rate for eight consecutive years,” Celia said. “That’s never been done in the history of the nation. And he can say that when he came into office eight years ago, there were more people working—to the tune of about 15 million people—than when he leaves office.”

Celia, who leads Financial Issues Stewardship Ministries (FISM, www.financialissues.orgadds thatObama’s two terms have decimated the middle class—and a Hillary Clinton presidency will do the same.

Just out this week, however, is some good news about home ownership. The Wall Street Journal is reporting that confidence among U.S. home builders about the market for single-family homes is rising, matching its highest level in more than a decade, since October 2005.

According to WSJ, “The National Association of Home Builders housing-market index increased six points from the prior month to a seasonally adjusted 65 in September, the trade group said Monday. The August reading was revised down to 59 from a previously reported 60. A number over 50 indicates more builders view conditions as good than poor.”

Regarding the low home ownership rates overall, U.S. News & World Report highlighted that notion that the numbers are “evidence that rising property prices, high rents and stagnant pay have made it hard for many to buy.” The most recent numbers, reports the Census Bureau, are a decrease from a 63.4 percent home ownership rate from 12 months ago.

The report also finds that the trend is most pronounced among millennial households, “many of whom are straining under the weight of rising apartment rents and heavy student debt.”

Celia also talked about this millennial spending trend, stating, “People are becoming more cost- and saving-conscious in this economy—what I call financial hoarding. And the beauty of it is that we’re also seeing this in the millennial generation. They are becoming more frugal rather than spending as they really would like. Many of them are working part-time jobs, as of course, we have the largest part-time workforce in the history of the nation under this president.

“So a couple of million of millennials who graduated over the past couple of years can’t get a job in their field,” Celia continued. “They’re working at their local retailer or wherever they can find a job. That is the new normal under the Obama administration, and this has a lot to do with this new attitude of frugality we’re seeing among millennials. Some of those very same young voters who helped put him in office have now graduated from college and can’t find a job. But there’s one problem—there is no real end in sight. You can put as much lipstick on this as you want, it’s still ugly—it’s still an ugly picture for the economy.”

“Financial Issues” recently began streaming on its own YouTube ChannelFinancial Issues with Dan Celia. The ministry also recently introduced the new Financial Issues app; learn more here. Besides more than 600 radio stations, “Financial Issues” is seen on the National Religious Broadcasters (NRB) television network, reaching 45 million households, BizTV, which reaches millions more in major markets, and Dove-TV in the Pacific Northwest. To view Celia’s recent show clips, click here.

Daily, Celia addresses important financial headlines, takes calls from around the country, and focuses on current economic trends and critical mass in corporate America. He accurately predicts rises and falls in the U.S. and global economies. He also hones in on godly financial stewardship when talking to thousands who want to honor God with their finances.

Celia also educates listeners and viewers about his stock “sell” list, encouraging those who strive to be biblically responsible with their investing to sell certain stocks based on the company’s involvement in immoral or anti-biblical issues, such as having stake in Planned Parenthood funding, pornography, same-sex marriage or other matters that are concerning to Christians.

A financial expert and author backed by decades of financial experience, Celia is personally in touch with thousands of people each week from across the country. He has worked for 35 years as an entrepreneur and businessman, and has developed a biblically responsible system of financial management with great success. Celia started his radio program in 1997 and has interviewed newsmakers, experts, lawmakers and presidential candidates. He speaks at conferences, town hall meetings and investment conferences around the country, is the author of six books and publishes a weekly newsletter.

For more on Financial Issues Stewardship Ministries, visit its web site at www.financialissues.org, itsFacebook page, the YouTube channel, Financial Issues with Dan Celia or its Twitter feed, @financialissues.

 

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To interview Dan Celia of Financial Issues Stewardship Ministries, contact Jen Retallick, 610-584-1096, ext. 100, Media@HamiltonStrategies.com, or Deborah Hamilton at 215-815-7716 or 610-584-1096, ext. 102.

Dan Celia is president and CEO of Financial Issues Stewardship Ministries and host of the national syndicated radio talk program “Financial Issues,” heard daily on more than 600 stations across the country and in millions of homes through NRB-TV, BIZ-TV and others. FISM believes that only revival will return America to its Judeo-Christian heritage and biblical values.

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