Article Written by Michele Marano, published Aug 30, 2016
I am not here to poke Washington in the face, but I am writing to let you know how the Presidential election will affect our nation’s real estate market. One would not typically correlate the two, but when you put the items on the table that encompass an election; a new President, economic security, job security, and national security – the health of our real estate market is directly affected.
First of all, it’s important to understand the meaning of globalization (go to Wikipedia, if you don’t know). Globalization does not place our citizens, values or our country’s respect first. Once you’ve grasped the meaning, it will become obvious to you that globalization does not put our country to work.
First and foremost, jobs in the U.S. drives our economy. Our country has a wealth of resources and jobs are derived from them. That means oil, gas – and every segment of the energy sector- including coal. Agriculture, fishing, water, etc., are all resources that create jobs. In addition, we cannot generate jobs in the U.S. while companies are moving their operations overseas. Corporate inversion doesn’t work for the American people, it takes away jobs and is used to avoid tax burdens. It puts the wealth of large corporations above the integrity of our county. As most of you know, we’ve destroyed our manufacturing and lost more jobs to China- and other countries. Also, when the flow of immigration floods the lowest income bracket, there is no room for people to advance and it puts downward pressure on workers’ incomes. This all plays into the downward effects of our economy.
We need a national economy again – not a global economy. We need prosperity, jobs brought back to the US – manufacturing that operates here. We need trade deals that puts the U.S. ahead of other country’s’ economies. We need to use our resources to grow jobs. We need policies that strengthen our security. Our country needs to grow its core. Status quo does not make us prosper. Jobs make us grow. Jobs grow our economy and a healthy economy allows every American the ability to own a home. Owning a home is not a privilege. It’s a part of being an American; people want to work, have job security, economic security and feel safe. That’s how this election will affect real estate.
Globalization is a movement – a direction in which our current administration has led the U.S; a path where the democratic nominee, Hillary Clinton will likely continue. Donald Trump, the Republican nominee, does not opt for this direction. Britain spoke and just removed itself from a globalized union. While our election in the U.S. takes place in less than 100 days, we will find out just how many Americans want to continue down this global path. People do not purchase or invest in real estate when they are challenged by economics, jobs and security. Economic challenges come from a lot of areas – income, expenses, taxation, and the uncertainty of it all.