Tax Dollars Helping Reckless Borrowers
President Barack Obama is a master at using our tax dollars to buy votes. He knows recipients of largess such as that distributed through the “stimulus” and “cash for clunkers” are likely to be grateful enough to vote for him.
Billions of federal dollars are being handed out to states to help people who can’t make the payments on home mortgages. In some states it is being suggested government programs should be coupled with relief from banks to wipe out mortgage delinquencies.
Think of it: You haven’t been able to make the monthly payments on your home because you bought more house than you could afford. Now, government may bail you out, leaving you free and clear.
That is appealing in states such as California, where about one in every 325 housing units is involved in foreclosure. The rate in Florida is one in 352, that in Illinois is one in 385.
But some of the mortgage bailout money is coming from West Virginians. Here, the foreclosure rate in July was one in 7,603 housing units. Here in the Mountain State, we are more responsible in buying homes. Our reward? Helping to bail out far less conscientious borrowers and banks. Somehow, we don’t think many people here think that’s how our tax dollars should be put to work.