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shouldn't surprise anyone. Another misguided program thanks to the democrats. Wait until you see the unfunded liabilities for medicare....
...and social security and medicaid. Cut them all, they make up 80% of our long-term debt obligations. And while we're at it get Fannie and Freddie out of the free market, and let them fail so that home prices can drop and allow for proper homeownership.
...and so that home prices can drop and allow for proper homeownership.
Ha! That's a good one and wishful thinking bro. Not likely to happen. The Feds first, second, and third priorities is going to be: keep the prices up and rising....any way they can. I am still not yet ready to bet against one more possible card they might have up their sleeve: LEGISLATE home prices. Regulate them like a utility. Mandate minimum levels (say around June '06 levels) and that no property may be sold for less. There would of course be no UPPER limit. But an absolute impenetrable floor. If someone wishes to buy a house (which there are no shortage of), they WILL pay. A few may kick and scream about it, but the dream will eventually force them into in.
The reason is as simple as it is obvious: more is more. More property and sales taxes. More folks living the equity ATM lifestyle-which in turn employs more and more people....everyone from Chevy dealerships to appraisers to loan underwriters to granite countertop salesmen.
You think Uncle Sugar is going to let THEM suffer so that someone who is priced out of the market can buy?
NOT A FREAKING CHANCE.
The house partygoers outnumber the disgruntled renters by about a 50:1 ratio.
There's really not much more that I can say to todays would-be home buyers that are not able or willing to pony up apart from:
at the rate the federal government is racking up debt for stimulating the economy with wars, welfare, and public works programs, medicare and social security will be a tiny amount. the total debt will be around 20 trillion dollars next year including the FNM/FRE debt that's backed by the government. since more than 7 trillion dollars has to be refinanced each year, the interest cost can shoot up rapidly.
Government will go for the "quick fix" and throw money at the problems and then when everything starts to collapse again they will just blame the free market and the last administration, or someone else for their failed policies.
Government will go for the "quick fix" and throw money at the problems and then when everything starts to collapse again they will just blame the free market and the last administration, or someone else for their failed policies.
That's pretty much how it goes, and so does the career of a career politician. Heaven forbid they actually take credit for something (even if it's not their fault) and address the problem, because if they did that (BIG GASP) they may not get re-elected. This isn't even a knock on Obama, Democrats, or Republicans. Anybody that can be considered a career politician must perfect the blame game in order to keep their power.
at the rate the federal government is racking up debt for stimulating the economy with wars, welfare, and public works programs, medicare and social security will be a tiny amount. the total debt will be around 20 trillion dollars next year including the FNM/FRE debt that's backed by the government. since more than 7 trillion dollars has to be refinanced each year, the interest cost can shoot up rapidly.
Your figure on liability on the three;SS;medicare and medicaid do not jive with the CBO and other experts. At the rate they are growing as to per ceantage of federal revenue by 2040 its estimated that they will consume 16% of the `18% of all revenues from all sources of federal income. That leaves 2% for everyhti9ng lese without massive tax incrases. Both parties recognise these as the giants entitlemnnts that will break the economy if not solved. We had the Braux(D) commision some years ago on SS with no results because it swas a presidental commision like the new one on the deficit. But all agree that SS is by far the easiest to solve.
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