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Mortgage defaults, American Government, Financially irresponsible

Abrogating responsibility



I recently saw a commercial on television that began with the words, ”Smoking is a treatable medical condition.” Foolish me; I always thought that smoking was one of those bad habits in which people with little will power indulged. But then lately I’ve noticed that a lot of “bad” behavior is considered excusable for one reason or another.

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Rapists and murderers offer poverty or an abusive family life as an excuse for their misdeeds. Bill Clinton blamed his extramarital philandering on a sex addiction, while each and every day sees ever new and more creative excuses for inappropriate behavior. Just last week, Rep. Barney Frank (D. Mass.) talked about the US government’s planned $275 billion bailout package aimed at stopping foreclosures on owner-occupied homes with mortgages in default. Frank told “Face the Nation” host, Bob Schieffer that the foreclosures would be a “macro-economic” problem affecting the whole economy and therefore it was important to make sure homeowners in default of their mortgage could remain in their homes. Well, that’s one way to look at it. Another way might be that the government is acting as enabler-in-chief, expecting a small percentage of American taxpayers to foot the bill for homeowners who really can’t afford to own a home. Even if a flood of foreclosures drives the real estate market further into distress it is unconscionable that the US government should be bailing out individual homeowners in default, much less banks or automobile manufacturers. It flies in the face of everything that the ethos of America has stood for over the past 200 years and creates a two-tiered economy with those who are working and productive shouldering the burden of those who aren’t. It’s a practice that fosters failure, while punishing success. No one seems more committed to this practice than the president. Ramping up spending to unheard of levels and looking to make less than 2% of American taxpayers foot the bill is more of what got us into this mess to begin with and redefines the term “irresponsible”. Obama plans to raise the taxes on the “wealthy” by an additional $636 billion and increase taxes on business by another $353 billion. Only problem is with deficits far in excess of one trillion dollars (that’s twelve zeros, folks) the plan to rape “the rich” isn’t going to provide enough revenue to pay for these grandiose schemes. So it’s inevitable that at some point down the line there will be a definite redefinition of what constitutes being “rich”. What’s more, the money supply in the US has been doubled over the past year, meaning that the US government is keeping those printing presses running round the clock, a practice that will result in both higher interest rates and the devaluation of the greenback. The democrats’ criticism of George W. Bush’s deficits is a clear case of the pot calling the kettle black, as Barack Obama’s whopping $1.75 trillion deficit is nearly three times that of Bush’s and amounts to 1/8 of the country’s gross domestic product. No wonder the country’s banks are in trouble and they soon will be in more trouble as the government monopolizes all available capital, which is guaranteed to result in rampant inflation and higher interest rates. Anyone who remembers the late 1970s, when Jimmy Carter was in the White House will remember interest rates closing in on 20% and the annual rate of inflation at 10.75%. Barack Obama’s “stimulus” of the economy is likely to result in a similar outcome. Obama has shown that he cannot be taken at his word, as his campaign promise to get rid of earmarks is worthless, given the bill he just signed contains well over 9,000 earmarks for everything from a museum in Harry Reid’s home state, canoe trips in Hawaii and of course earmarks for both Joe Biden’s Delaware and Barack Obama’s Illinois. The government is setting a poor example for the citizens of America by engaging in a reckless round of deficit spending that could well result in bankruptcy. No wonder the Democrats are eager to bail out homeowners in default of their mortgage. What they’re really telling people through their fiscal policies is that it’s okay to be financially irresponsible.


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Klaus Rohrich -- Bio and Archives

Klaus Rohrich is senior columnist for Canada Free Press. Klaus also writes topical articles for numerous magazines. He has a regular column on RetirementHomes and is currently working on his first book dealing with the toxicity of liberalism.  His work has been featured on the Drudge Report, Rush Limbaugh, Fox News, among others.  He lives and works in a small town outside of Toronto.

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