Interesting observation. It's really hard to shake off the shackles of presentism and imagine what the US would look like on an alternative timeline where the US government had not aggressively promoted home ownership and easy credit. The economy and legislation are now so thoroughly distorted in favor of home ownership that it's difficult to imagine how things could have been different.
Specifically, I'm wondering if there was a time when we were having the same debate about housing that we are now having about college tuition, but that it has been long enough (and there have been economic gains for homeowners) that we conveniently forget how much our longstanding policies drive up housing prices. The idea of buying a home on a full year's salary sounds crazy, but then again there was a time when 4 years of college could be paid off fully via part time work while at school, something that is distant pipe dream these days for the majority of jobs within the reach of most college students.
A cost revolution in creating housing is much less likely than MOOCs killing the 3rd tier colleges.
I'd like to be in an alternate universe without the Iraq and Afghanistan wars. Afghanistan is famously The Graveyard of Empires, and I wonder if we are not just staggering around with a mortal wound, with another crash coming to bring us down comprehensively. Nationalizing the ibanks instead of TARP would be a nice alternate universe, too.
I think we are the alternate universe. Bush's win over Gore in 2000 was so ridiculous that a half-assed intervention by time-traveling experimental historians almost seems like a reasonable explanation.
It is interesting, and sad, to think of how much may have ended up hanging on a couple of hundred Florida voters. Of course, it may be wrong to think that a Gore presidency would have been all that different.
Specifically, I'm wondering if there was a time when we were having the same debate about housing that we are now having about college tuition, but that it has been long enough (and there have been economic gains for homeowners) that we conveniently forget how much our longstanding policies drive up housing prices. The idea of buying a home on a full year's salary sounds crazy, but then again there was a time when 4 years of college could be paid off fully via part time work while at school, something that is distant pipe dream these days for the majority of jobs within the reach of most college students.