The U.S. Senate was expected to approve a massive housing market rescue bill on Saturday and President George W. Bush was ready to sign it soon, amid questions about how much it will help.
… The 694-page legislation would set up a $300 billion fund under the Federal Housing Administration to help distressed homeowners get more affordable, government-backed mortgages and get out from under exotic mortgages they cannot afford.
Here is yet another example of treating a symptom of our economic ills instead of the disease itself. Instead of addressing the root cause of declining incomes and benefits – high-paying manufacturing jobs lost to free trade with overpopulated nations and steadily rising overpopulation right here in the U.S. – we try to mitigate the effects by making it easier for people to borrow money to stay afloat. It’s exactly the same thing as treating the unaffordability of health care by providing government-funded insurance instead of by boosting incomes by bringing back all of the jobs that we gave away with our free trade global welfare program.
All the while, the government calculates an inflation index, the Consumer Price Index, or CPI, that makes it appear that incomes are keeping pace with inflation when, in fact, the CPI grossly understates increases in the cost of living (something the government itself admits). In effect, anything that rises faster than the CPI becomes unaffordable – especially health care and, more recently, housing.
We don’t want to continue mortgaging our descendants’ future to keep up an illusion of prosperity, Uncle Sam. We want our jobs back!!