"Almost two weeks ago, when they figured no one was watching, the Republican-dominated House of Representatives, by an overwhelming 292–121 margin, voted to increase funding for the Federal Housing Administration. Just as government debt hit $15 trillion, edging closer to 100 percent of GDP, these self-proclaimed scourges of spending decided Uncle Sam should continue subsidizing mini-mansion mortgage loans — up to nearly three-quarters of a million dollars."
. . .
"Not housing for the poor, mind you, nor even for the middle-class — luxury homes. The real-estate market is so depressed at the moment that the median sale price of a single-family home is less than $170,000. Even in high-cost areas like Los Angeles, the Wall Street Journal reports, it has plunged to less than $325,000. Yet the Republican House — installed by the Tea Party in a sea-change election to be the antidote to Obamanomics — decided the taxpayers should guarantee FHA loans up to $729,750. Had they not acted, the public obligation would have been reduced to “only” $625,500 per FHA loan — couldn’t have that, right?"
. . .
"If Republicans really thought the growth of government was unsustainable, they’d stop growing it. As it is, the truly profound difference on “a vision of government” is between those who believe that government “growth” is unsustainable versus those who realize that government is unsustainable as is — those who grasp that throwing untold billions at Baby Boomer palaces is not compassion; it is the grandest of larceny, robbing our children and grandchildren of the chance for prosperity our forebears laid down their lives to preserve for us.
"It was only a decade ago that we were getting by on 18.2 percent of GDP, and only about half a decade ago that a $400 billion annual deficit (about a trillion less than what we’re running now) was considered unconscionable. Where are the Republicans who are going to tell us how we get back to that?"
. . .
"Obama Democrats demagogue about the need to balance spending cuts with tax hikes. Republicans predictably respond that they were willing to compromise. When you are $15 trillion in debt, a debate over whether we should borrow another $6 trillion or another $5 trillion is not an exercise in compromise. It is an exercise in insanity."
Saturday, November 26, 2011
Andrew McCarthy: Republicans Subsidize Mansions
Andrew McCarthy in National Review: