Granderson: There are two Americas. Falling mortgage rates matter only to the wealthy one |
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There was a McDonald’s in my neighborhood that we would drive by often when I was growing up. Each time, I would read about the weekly sale advertised on the marquee underneath the golden arches. Occasionally, I would ask my folks if we could stop at that McDonald’s on the corner. And each time their answer was: “Do you have McDonald’s money?”
There’s a grown-up version of that conversation as well. For the first time in nearly four years, mortgage rates have dropped below 6%. But just how many Americans have home-buying money right now?
Half of us struggle to pay our monthly mortgage or rent, according to a recent survey. More than 80% of prospective buyers said last year that difficulty coming up with a down payment plus closing costs was holding them back.
For folks who can buy a home, the falling mortgage rates are great news: Even just one percentage point can represent tens of thousands of dollars over the life of a mortgage.
However, when nearly a quarter of Americans report living paycheck to paycheck, the recent mortgage rate news only highlights the growing disconnect between America’s economy and its people. It’s like hearing the Dow Jones industrial average has crossed the 50,000-point threshold when the wealthiest 10% of Americans own more than 90% of the stock and nearly half of all private-sector workers don’t have access to an employer-sponsored retirement plan.
Democrats are right to point out the shortcomings of President Trump’s economic policies. But what are the policies they are pushing to address the expanding chasm between the haves and the have-nots? Campaigning on the principles of democracy — free speech, peaceful transfer of power, due process — is a response to what Republicans are doing wrong. But those aren’t the issues that motivated voters and brought Trump back to power.
Trump won his second election in part because he sold a vision of wealth — and the promise of wealth acquisition is also part of the American dream. George Washington, John Hancock, Thomas Jefferson … the founding fathers were among the richest men in the colonies. Yes, the American Revolution was a fight for sovereignty. And that was not all philosophical. The American dream was always a material one, with wealth and ownership as centerpieces.
Modern progressives, especially elected officials in office, do not like to talk about money in that way, but the reality is that protecting democracy requires more than upholding the Constitution. It includes making sure people feel as if democracy is working for them. People will assess........