Biden = Hoover 2.0
The American economy and society is about to suffer an enormous blow.
Millions of Americans are in danger of losing their homes when federal and local limits on evictions expire at the end of the year.
A new report from the National Low Income Housing Coalition and the University of Arizona estimates that 6.7 million people could be evicted in the coming months. That would approach the number of people who lost their homes to foreclosure during the 2008 financial crisis and ensuing recession.
The number of Americans struggling to pay rent has steadily risen since this summer, according to surveys from the Census Bureau. In the first week of November, about 9 million Americans, or 1 in 6 households, said they were behind on rent.
With Congress yet to pass another coronavirus relief package, about 12 million Americans are set to lose their unemployment benefits the day after Christmas, a sharp fall in income that would make it harder for many people to pay rent..."We've got a country that's about to witness evictions like they've never witnessed before," Laura Tucker, a social worker for Florida's Hillsborough County School District, told "60 Minutes."
Imagine the entire 2006-2009 housing crisis compressed into just a couple months.
That's what we are likely facing.
Then add in the Student Debt moratorium is also expiring, and what all this homelessness is going to do to the pandemic. If you are only thinking about Covid, then think again. Think TB, maybe even worse.
So is Biden prepared for the sh*tstorm he is about to inherit?
By off-chance I ran across Herbert Hoover's 1932 speech accepting the GOP nomination, 3 months before he got blown out by FDR. It was the very worst part of the Great Depression.
What stood out was that the speech could have been written by Joe Biden. A smarter, more honest Joe Biden.
"These policies and programs have not been partisan... I likewise give credit to Democratic as well as Republican leaders among our citizens for their cooperation and their help."
Biden ran on calls for a return to bipartisanship
"I first secured the creation by private initiative of the National Credit Association, whose efforts prevented the failure of hundreds of banks...
"we created the Reconstruction Finance Corporation with a capital of 2 billions more to uphold the credit structure of the Nation...This has been done not to save a few stockholders, but to save 25 millions of American families"
Bailing out the financial industry, but only to save American families. For reals!
That is Joe Biden in spades.
"we expanded the functions and the powers of the Federal Reserve banks that they might counteract the stupendous shrinkage of credit"
Turning to the Fed to save us from a credit crisis? Check.
"It was in accordance with these principles that we have insisted upon a reduction of governmental expenses, for no country can squander itself to prosperity on the ruins of its taxpayers."
Austerity during an economic downturn? Check.
"I am today organizing the private industrial and financial resources of the country to cooperate effectively with the vast governmental instrumentalities which we have in motion"
Public/Private partnerships are a favorite thing of neoliberals.
"I have insisted upon a balanced budget as the foundation of all public and private financial stability and of all public confidence.
The first necessity of the Nation, the wealth and income of whose citizens has been reduced, is to reduce the expenditures on government-national, State, and local. It is in the relief of taxes from the backs of men through which we liberate their powers. It is through lower expenditures that we get lower taxes. This must be done. A considerable reduction in Federal expenditures has been attained...
The opposition leadership in the House of Representatives in the last 4 months secured the passage by that House of $3 billion in raids upon the Public Treasury. They have been stopped, and I shall continue to oppose such raids."
Balanced budget. Lower taxes. Stopping Dems in the House.
That's Biden's MO.
"My foreign policies have been devoted to strengthening the foundations of world peace...The world needs peace. It must have peace with justice."
OK. There are differences. Hoover was a better person than Biden ever will be.