Obama Announces Plan to Tax Honest Homeowners Who Paid Their Mortgages

By Mike Adams, February 18, 2009 | Key concepts: Homeowners, Bailout and Foreclosure

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A new "homeowner bailout" plan announced by Obama promises taxpayer money to pay interest payments on homeowners who bought homes they couldn't afford.

Or, put another way, all the responsible Americans who made their mortgage payments on time and who lived within their means are now going to be forced to pay for those who lived beyond their means and bought houses they couldn't afford.

Welcome to America, where nobody is allowed to lose anymore: Not Wall Street bankers, not homeowners, and not even schoolchildren playing a game of kickball. "Everybody's a winner!"

Except that everybody isn't a winner. The hard-working, honest Americans who pay their taxes and live within their means are now being forced to pay up and bail out all the scoundrels, bankers and over-spenders who put themselves in financial jeopardy and now expect everybody else to cover their losses.

I remember a day when people behind on their house payments actually had to sell their homes and move into something smaller that they could afford. Such sensible decisions are apparently no longer tolerated in America's new economy.

The lesson in all this? It is now becoming obvious that the only way to get ahead in America is to fall way behind. Fall behind on your mortgage payments and your neighbors pay it for you. Fall behind on your derivative investments and the Treasury bails you out. Fall behind on automobile manufacturing and the government subsidizes your complacency with repeated multi-billion-dollar bailouts.

The end result, of course, is that the whole nation falls behind as idiot economic policies become the latest political fad to daze the public with the illusion of free money.

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Obama Announces Plan to Tax Honest Homeowners Who Paid Their Mortgages

From Nytimes.com: The first group is made up of people who cannot afford their mortgages and have fallen behind on their monthly payments. Many took out loans they were never going to be able to afford, while others have since lost their jobs.... more

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