I don't know if that's true, but the joke is funny anyway.

For his birthday, little Joseph asked for a 10-speed bicycle.

His father said, "Son, we'd give you one, but the mortgage on this house is
$280,000 & your mother just lost her job. There's no way we can afford it."

The next day the father saw little Joseph heading out the front door with a suitcase. So he asked, "Son, where are you going?"

Little Joseph told him "I was walking past your room last
night and heard you telling Mom you were pulling out. Then I heard her
tell you to wait because she was coming too. And I'll be damned if
I'm staying here by myself with a $280,000 mortgage & no bike!"