News for 07/15/2009- Be your own landlord, Bad to Worse, Up for Some Light Reading?, Give Me Liberty
Obama mulls rental option for some homeowners-sources from Reuters
Government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration’s thinking said on Tuesday. Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters. Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty. As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said. (Reporting by Patrick Rucker; Editing by Diane Craft) .
(Ed note: good thing as interest rates climb and unemployment climbs this may become needed more than anyone now realizes)
The Economy Is Even Worse Than You Think by Mortimer Zuckerman at WSJ
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.
Ed note- he lists ten reasongs why we’re in more trouble than we think: estimates given are believed low, Employers requesting their workers take unpaid leaves are up, 1.4 million unemployed not counted in figures, many are underemployed and thus not counted, work week now aveages 33 hours for rank and file workers, Avg length of unemployment of 24.5 weeks is highest in history, compensation averages remain flat, goods production sector is way down, hiring after recession lets up will not happen quickly as workers there will have hours increased before hiring begins, unemployment nationwide projected to soon be stagnant at 11%
Read the House Dems’ Health Bill by Kevin Waterman at Americans for Tax Reform
As sad as it is to say, no one really expects that members of Congress are going to read a bill before they decide to pass it. Usually that means they see nothing wrong with pushing a bill out late and then quickly voting before anyone else has a chance to read it either. Lucky for us though, the House Democrats have let slip the full text of their healthcare bill. We know they won’t read it, so it’s up to us.
Americans for Tax Reform has already made note of several serious problems with the bill, including:
insurance mandates for both individuals and businesses
an excise tax on health insurance
steps towards full double-taxing of corporate income earned abroad
and of course, the new surtax on small businesses and high income earners
However, with 1,018 pages there’s bound to be some other surprises left in there. So if you can, do the work Congress won’t and read the bill. Leave a comment to let us know anything you find so we can make sure everyone else knows about it too.
Read the bill here: http://edlabor.house….
Bring Back the Declaration of Independence by Matt Hawes at Campaign for Liberty
So, President Obama, we’ve asked if government works, and the answer is a resounding no. Why? Because of the overreaching vs. limited question you claim is outdated. Big government has had decades to make its case, and if its closing argument doesn’t drive our nation over the cliff, let us hope we have learned our lesson. Unfortunately, the president failed to realize he had answered his own question in the preceding paragraph of his statement, saying: “Now, there are some who question the scale of our ambitions — who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.” Our Republic can ill afford any more big plans from the federal government, but it has always needed — and has always had room for — the big plans of the individual, the big dreams of the new arrivals to its shores. From those who would create products for or entertain millions, to the ones who wish nothing more than to be left alone to live their lives in peace, our country does indeed have room. Though our nation can do more than just tolerate big plans, our system is built on the fundamental concept that you should not be able to forcibly take money from others to pay for them. President Obama was correct when he said that free men and women have achieved great things. It is their freedom, and not the government, that works. Why then, does our system insist on regulating and burdening them as much as it can get away with? Because we have allowed it to. So, what can we do to recapture the vision our Founders had when they declared their independence to the world? (the suggested solutions can be found in the full article, linked above)