America 1919

Chapter 1573 - 573: Young People of the United States, Are You Ready to Shoulder Heavy Mortgages?

Hearing Siegel Bowie’s response, everyone in the room burst into laughter again.

They were all executives from Venus Bank, with annual incomes calculated in millions of US Dollars.

Who among them didn’t have several properties and luxury cars?

Café Jackson laughed and said, "I think the same way, but do you know that in the United States, people like you make up less than 1%?"

Siegel Bowie and the others showed puzzled expressions.

Café Jackson continued, "When I was in the Cabinet, I noticed one thing."

"Young people nowadays can’t afford to buy houses!"

Jackson’s words made everyone present reflect, from just now when Jackson said he wanted to expand the territory for Venus Bank.

To now, when Jackson shifts the topic to marriage and buying a house, it’s obvious there was foreshadowing.

Jackson continued, "I think there’s a song everyone must have heard, right?

’Besides love, I can’t give you anything’!"

Siegel Bowie and the others nodded, as they indeed had heard this song.

Actually, this song has been around for quite some years, but it only became popular in 1928, and now it is increasingly favored by young people.

Jackson continued, "I have a set of data here, let’s analyze it together!

The marriage rate dropped from 10.14% in 1929 to 7.87% in 1932.

Likewise, the birth rate fell from 18.9% in 1929 to 17.4% in 1932.

There’s also data on mass sales of contraceptives, with annual sales totals ranging from 125 million to 250 million US Dollars. These items are sold not only in drugstores but also at gas stations, tobacco shops, and various other establishments—certainly not just to married persons."

Virgil House gradually understood what Jackson meant.

"Sir, you mean to say, it’s becoming increasingly difficult to get married, and yet these people want to enjoy the life they should have."

Jackson neither confirmed nor denied, continuing, "Let’s believe that these young people are in love. If so, why can’t they get married?

It’s simple, because the unemployment rate is high.

Ordinary working families can no longer afford to support more people."

If these statistics don’t give you a concrete idea of the current situation in the United States.

Then consider the late 1970s, when the East began its reform and opening up, and countless young people returned to the cities from the countryside.

However, the state couldn’t complete job assignments for these youths.

They and their families were crowded in houses of just over ten square meters.

And at this point, a young person of marriageable age suddenly announces they want to marry!

What would their family react like at that time?

This essentially meant another person would cramp into an already crowded home.

And at the same time, there is also an income-less person waiting to be fed daily.

This is the current situation in America.

Unemployed young people and their girlfriends love each other deeply and sincerely wish to marry.

What would they face?

Would they postpone marriage due to their real situation and resolutely live apart?

Or, could they somehow persuade their family to support them, most likely still living in their parent’s guest room, attic, or some other corner?

Older generations also find it challenging to feed another mouth.

Many fathers have worked hard for years, pinching pennies, dreaming of retiring, and now don’t know how much longer their jobs will last. Hearing that a young son wants to bring home a bride to deplete the family’s savings, they would angrily react.

Some older people can afford this expense, sheltering the young couple, but their upbringing makes them believe: any self-respecting young person should not marry until he can support his wife. They hold fast to this principle, speaking of a spoiled generation, they always say, they never thought about marriage until they earned 40 US Dollars per week, and refuse to support any nonsense like this.

As a result, many young couples have to resort to alternatives than getting married immediately: occasionally finding a room in a cheap hotel or a shack in a motel to get by for a night.

These young couples hate such stealthy meetings, despise the conventions forcing them to be sneaky, but still feel that their actions are correct—a response to basic needs.

Additionally, there are many others, even more unfortunate, with unemployed parents’ unemployed children, drifting from place to place during the Great Depression, hitchhiking across the country, surfing freight trains to wander everywhere. For these people, marriage became a distant thought.

And yet, even among these people, there’s a hint of something new in the mindset.

A sense of the deliberate changing of moral norms.

A feeling that stolen love is a ’modern’ adventure.

Challenges are real.

A person does his best, restrained or unrestrained, depending on their needs rather than personal principles, whether such principles are moral, aesthetic, cautious, or convenient.

Even if conventions are no longer observed, it’s only because they’re outdated and meaningless; but that doesn’t mean one doesn’t long for the security that marriage could bring.

In summary.

Now, young Americans want to marry, but the prerequisite for marriage is to have a house.

Whether rented or owned.

"So, sir, do you mean we should venture into the real estate business?"

Siegel Bowie thoroughly understood Jackson’s intentions.

Jackson nodded, "Exactly, young people want to marry and own a house of their own.

Then we shall fulfill their wish!"

Though everyone understood Jackson’s point, they felt his idea was somewhat fantastical.

"Sir, the biggest problem is that these people don’t not want to buy a house; they simply can’t afford one.

According to last year’s Venus Bank real estate industry analysis report, over a hundred real estate companies went bankrupt across the country in just these recent years.

There are also hundreds of thousands of home loans uncollectible, making this industry very risky at the moment!"

Virgil House spoke.

The other attendees nodded.

Jackson laughed and said, "To summarize your point, young people today can’t afford the down payment to buy a house, and since they are unemployed, they can’t pay off the mortgage during the housing period!"

Everyone nodded again.

Jackson laughed, "If that’s the case, then we will introduce a 0 down payment purchase, so that these young people waiting to own their new home can have their property.

Moreover, we will specify that those eligible for 0 down payment loans are young people with jobs.

Wouldn’t this reduce the risk of them being unable to repay the loan?"

Even though installment payments are already quite advanced in the United States now.

They still haven’t heard of anything like a 0 down payment.

Especially in a significant industry like housing.

"Ladies and gentlemen, you must believe that under President Roosevelt’s leadership, the US economy will improve, and people will gradually start getting jobs.

By then, ’living’ will still be their primary condition to solve."

Jackson continued.

At this moment, someone suddenly interjected, "If that’s the case, won’t these people be burdened with a mortgage all their life!"

Although Jackson didn’t explicitly say it, everyone understood very well that if it truly was a 0 down payment, the loan interest rate would inevitably increase.

By then, this generation of young Americans would either simultaneously bear student loans, home loans, or choose one or the other.

Jackson laughed, "We’re not holding a gun to their heads!"

Everyone nodded, agreeing with Jackson’s point.

Young Americans, are you ready to shoulder the burdensome mortgage?