Government Morons…Unbelievable, Simply Unbelievable!

Posted By on December 18, 2011

Extend and pretend, benefit extentions looked all set to go….but not so fast, they may not get approved after all.  On Sunday House Speaker John Boehner flatly ruled out approval of a Senate agreement to temporarily extend the payroll tax cut through February.  

But,  Senate Majority Leader Harry Reid (D., Nev.) said if Mr. Boehner rejected the Senate agreement, forged with Senate Minority Leader Mitch McConnell (R., Ky.), then he would be responsible for a $1,000 tax increase on almost every working American next year.

The bright guys who came up with this plan have a mechanism to pay for it. They’re going to charge homeowners a new fee for the next ten years. If you get a mortgage from one of the federal agencies (90% of mtg. market) you’ll pay an extra price. It comes to $15 a month if your mortgage is less than $220k. But if you live on either coast or in any big city, the cost of housing will force you to pay a bigger price. $45-50 a month is a more realistic way to consider the implications. What’s an extra $600 a year? It’s just another nail in the coffin for housing.

The legislation results in mortgagors directly subsidizing doctor’s Medicare reimbursement rates! How stupid is that? What are these people thinking of?  This is terrible economic policy, and every legislator who signs the Bill, knows that fact.

The bumbling fools in D.C. have done it again. They’ve screwed us all one more time. 

On Saturday the Senate agreed to a bill that would A) extend unemployment benefits B) extend the 2% payroll tax deduction and C) delay a cut in Medicare reimbursement rates. The deciders agreed to do all the extending, delaying and pretending for two lousy months. In other words, Congress will be back at it over these critical issues in less than six weeks.

The two-month extension amounts to $33b that will be retained in the economy. I would not be surprised if the benefit of the stimulus will be lost by the continued uncertainty that is being caused by D.C. What has been “accomplished” is just a loss.

The bright guys who came up with the plan have a mechanism to pay for it. They’re going to charge homeowners a new fee for the next ten years. If you get a mortgage from one of the federal agencies (90% of mtg. market) you’ll pay an extra price. It only comes to $15 a month if your mortgage is less than $220k. But if you live on either coast or in any big city, the cost of housing will force you to pay a bigger price. $45-50 a month is a more realistic way to consider the implications. What’s an extra $600 a year? It’s just another nail in the coffin for housing.

By far and away the weakest link in the economy is housing. There is not much that can be done about it. It takes time and there will be pain. But there is no excuse for congress to force homeowners to absorb the full cost of the stimulus. The legislation results in mortgagors directly subsidizing doctor’s Medicare reimbursement rates! How stupid is that? What are these people thinking of?  This is terrible economic policy, and every legislator who signs the Bill, knows that fact.

Bruce Krasting’s blog

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