Obama Takes on Foreclosures Next

Speculation that Obama’s next target in the economy would be the housing market seems to have come to fruition today, as numerous media outlets have reported that Obama has indeed created a proposal to offer aid and relief to some 9 million American home owners currently facing forclosure.

I for one foolishly suspected that The President might let the dust settle a bit following the signing of a bloated, $787 billion “stimulus” package within the last week (view my take here) before taking more action in the economy and spending more money.  Thus, I was mistaken and a bit too optimistic it appears…

The following has been reported about his foreclosure crisis proposal:

  • The estimated package is rumored to carry a price tag of roughly$75 billion.
  • Approximately 9 million families/homeowners would receive aid (2.9% of the total population of the United States).
  • Crunching the numbers, each family would receive an average of $8,333.33 of assistance.
  • Only families facing foreclosure or upside down in their current mortgages (they owe more than their home is worth) are eligible. 
  • The money for the proposal will come directly from the $700 billion financial stimulus package already passed a few months ago by the Bush Administration.  So it “would come at roughly zero cost to taxpayers” (President Obama’s own words).

I obviously can’t speak for anyone else… but in my opinion, these are just disgusting facts.  President Obama’s quote of this proposal coming at roughly zero cost to taxpayers is just a blatant lie… and the fact that a meager 2.9% of Americans will be getting a large amount of money from the government to help them out of a situation that they got themselves into (through either stupidity or ignorance), makes me furious.  Our entire culture seems to become more and more about giving money to people who don’t deserve it, and don’t know how to be effective members of the economic society of this country.

I’m tired of bailing out people and companies.  At some point it needs to stop.  Auto makers, mortgage lenders, people who shouldn’t have owned homes in the first place… what’s next on Obama’s bail out list?  Cigarette companies?  How about Casinos?  I’m sure they are feeling the pinch of the shrinking economy.

This needs to stop.  President “Messiah” needs to take a lesson from the Bible (as the Christian man that he supposedly is), and stop giving away the fish for free.

 Further Reading:


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