You know who I mean? I mean the guy who couldn't afford to buy a home in this crazy market AND DIDN'T! I mean the guy who has been renting and paying his taxes and living responsibly. I mean the guy who works two jobs and saves what he can while providing for his family. The blue collar guy who busts his ass every day and wants the American Dream of owning a home and giving his kids some stability.
You do the math.
We hear all sorts of sad stories about people whose homes are "under water" or who are facing foreclosure. But why should our attention be arbitrarily focused on these particular people, rather than on the many other people who would benefit from being able to buy those same houses, if the prices came down? The government is artificially keeping the prices up with subsidies and with pressures on lenders to accommodate the current occupants.
Sowell
3 comments:
ok. rhino. let's see how fast you're gonna give up your tax exemption for your mortgage interest, which is essentially a subsidy.
It's not a subsidy. It's a tax cut, and considering the fact that I pay over 10k per year in property taxes for a VERY modest home, AND I'm in the highest income tax bracket I think I will keep it for as long as I can.
The difference is that if I ran into hard times I wouldn't expect you to pay my mortgage. It's not your responsibility. And it's not mine to pay for idiots who bought homes they can't afford just because they wanted them.
Sowell is smart.
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