The introduction of the 50-year mortgage is nothing if not scary. It’s sad that the Trump administration feels as though the only way to fix the homeownership crisis in the country is to extend mortgage periods for laughable lengths of time. On the other hand, it’s sad that our nation has decided that the only way to alleviate the debts is by extending and compounding them.
Other options, such as mass deportations and stopping the out of control inflation rates, take time. The country doesn’t want to take its time investing in rebuilding an infrastructure that will protect middle class Americans. The 50-year mortgage is a quick fix solution that will inevitably trap generations of hopeful homeowners. We saw it happen with student loans, and now it’s happening with housing.
Young people have been sunk by their own debt. College loans were sold to high school seniors as a ticket to success. The high price of education has only grown as meal plans and room and board have been tacked on. They were told that their six figure college fees were nothing to be afraid of; once they had careers, their student loans would disappear.
Unfortunately for many, their promised careers with high paying salaries would never come. A dwindling job market paired with record high inflation created a stale economy. Most people are fine, getting by week to week, month to month, trying to ignore the looming threat of unpaid debt. However, regardless of how much money they throw at their student loans, interest rates keep them from making any progress toward financial freedom.
The burden of debt has changed how young people think. The classic American dream of getting married, buying a home, and starting a family is increasingly unrealistic. Marriage has become a frightening obstacle because many young people are hesitant about taking on their new spouse’s college debt.
Instead, they drift through life, dating or cohabitating with someone they are afraid to be legally bound to. Buying a house has become a decades long debt-sentence. The path to owning property is so long and tedious that it’s easier to rent spaces. Starting a family in an apartment or under hundreds of thousands of dollars of mortgage debt feels more nauseating than nice. As a result, young people are willing to forgo the classic American dream. They no longer want life, liberty, and the pursuit of happiness. They just want to not have their mortgage tied to their will.
Older generations often remark that young people are selfish and cynical. In many ways, this is true. Feminism and socialism have created a class of people who are proudly entitled. However, their despair is part of a greater cultural failure. Working class jobs have been ceded to illegal immigrants. Entry level positions have been shipped overseas or replaced by technology. The cost of living has spiraled under the Obama and Biden administrations. DEI programs have subverted the meritocracy, leaving smart and hardworking individuals in the dust. Young people are selfish because they were taught to be selfish. Young people are cynical because they’ve seen their hope of partaking in the American dream be systematically dismantled.
The 50-year mortgage is a choice but one served to desperate people, hungry to live a fulfilling life. The ability to kick the can of their debt a little farther down the road is tempting. The promise of owning property and building a life outside of an apartment complex is incredibly tempting. Inevitably, some people will take out the mortgage. This isn’t a moral failing but an attempt to create a life that resembles the ones their grandparents had. Other people will not take out the 50-year mortgage. They will scrimp and save, compromise, and do the best they can. Still, these courageous people will feel the effects of a decaying society. They will watch as their family members, neighbors, and friends fall into the trap of debt. They will see a country that resembles a feudal system, where people are beholden to landlords like serfs.
The American dream was a dream of personal responsibility. The 50-year mortgage is a dream of meaningless servitude. If we want to sustain our country’s heritage, we have to be wise enough to realize that it is as dangerous as a standing army.
