Thursday, February 5, 2009
$900 Billion and counting
Considering the muslim influence of his heritage, does the President eat pork? No, he just sponsors it. President (elected!) Obama and congress' stimulus (simulated) plan is in the senate, where details are being finalized. The current version includes a 10% (of the home value) home-buyer tax credit, up to $15,000. Wow, I could pay off the taxes I owe with that credit! Too bad I don't have a job. Hmm, I guess that won't work; I'll just have to stay in student housing, which is still affordable. When my wife, Emily, and I lived in Minneapolis, our rent for a 1-bedroom apartment was more than what we pay currently for a 2-bedroom apartment. However, the average wage in Minneapolis, which is much higher, more than made up for the difference. I fear the implementation of new temporary government programs (not the tax cut) meant to fix things like the housing market may have a long-term negative effect on the earning power (and housing-obtaining power) of the common citizen. My father, a financial coach, said, "Once a government program is in place, it is impossible to get rid of." How much of an impact will this new tax break have on the housing market? I think that depends on what happens with the rest of the "porculus plan" (term used by Rush Limbaugh).
Subscribe to:
Post Comments (Atom)
I am also afraid that our biggest investment our Government has made, in the "stimulus" package is stimulation of re-election not the economy or jobs.
ReplyDeleteYou are right on with that comment. With their vote, they can claim they acted to help their constituency, when it may be done as a self-serving maneuver.
ReplyDeleteHey, its never too early to work on reelection!
ReplyDeleteYou owe $15,000 in taxes!!??? (just kidding, I don't need or want to know ;)
The more pork, the better the feast. Incentives to buy a home will only help if there is someone who wants to buy the one you are leaving behind. At least this time it is a genuine tax "credit" and not a loan.
Here is my question: How does this help homeowners in distress.......wait....it doesn't! An "stimulation" caused by buying a home or five is lost when one goes into foreclosure. Until you plug the holes bailing the boat is pointless. Besides, I hear pigs are great swimmers.