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President Bush’s recent trip to Atlanta is a good example of how government keeps growing beyond its proper boundary. Mr. Bush says government should increase American home ownership for 5.5 million families between now and 2010. His proposal calls for government solutions for three barriers to home ownership.
According to the President, the first barrier to home ownership is the down payment. Mr. Bush wants to use taxpayer money for 40,000 down payments every year. How can a person undisciplined enough to save for a down payment, make monthly mortgage payments?
According to the President, the second barrier is a lack of affordable housing in certain neighborhoods. Mr. Bush proposes $2.4 billion worth of tax credits for neighborhoods where housing is scarce. Mr. Bush hurt affordable housing when he implemented import tariffs on Canadian lumber. His tariff added over $2000 to the cost of every new home built in Atlanta, and Bush’s Commerce department has raised the tariff at least once since it was implemented.
According to the President, the third barrier to home ownership is the complexity of the paperwork. He said, “There’s a lot of fine print on these forms. And it bothers people, it makes them nervous.” Mr. Bush should take this message to the IRS and Congress. Fine print and double talk are their specialty; and unlike mortgage bankers, their fine print can imprison and kill.
The President told his Atlanta audience that the Department of Housing and Urban Development was going to purchase an additional $440 billion of home loans from mortgage banks supporting his ownership program. Government should not be in the home loan business. If mortgage banks are not willing to risk their money, what gives Mr. Bush the right to risk mine? Mr. Bush should risk his own money.
Unfortunately this is just one example of how politicians constantly expand government and their power at our expense. The CATO Institute recently published a report saying the American taxpayer will spend over $87 billion on corporate welfare during 2002.
Government has nothing to give you without first taking it away from somebody else.
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