Strengthening Constitutional Self-Government

No Left Turns

Homeownership and the responsibility society

President Bush doesn’t get much credit from anyone for his "compassionate conservative" agenda. Compassion mavens like David Kuo and Lew Daly find it insufficiently compassionate. Others find it insufficiently conservative. But what I’ve always found appealing about it is the emphasis on the preparation for personal responsibility and self-sufficiency, which is clearest in the President’s homeownership initiative, which, as John Weicher notes, doesn’t get the attention its success deserves.

Discussions - 3 Comments

"Halfway through that eight-year period, half the goal has been achieved. As of June, there are over 2.7 million more minority homeowners than there were at the time of the HUD speech. Moreover, the racial disparity has been narrowing. The homeownership rate is up by almost three percentage points for minorities, compared to one percentage point for whites, according to the Census Bureau."

In the previous paragraph, the disparity between Whites and all minorities is described as over a 25% difference. So, given these numbers, the racial disparity is now decreased to a mere estimated 23%! Bush certainly is a juggernaut.

We might also note the timing of this huge increase in minority ownership. Housing values have just taken the biggest dip in 35 years.

We also might take issue with the notion that tax breaks have provided any benefit to the middle and lower classes. Our family saw two "rebate" checks for 600 bucks each, courtesy of GWB and his tax breaks. At the same time, our retirement account lost about 20 thousand dollars in less than six months. Then, our annual gasoline bill went up by 150%, in addition to our heating bill, and a 190% increase over six years in Health Care premiums.

So, since Bush took office, I have two checks for 600 bucks, which (according to my math) fails to offset about $65,000 lost to Health Care premiums, oil and gas, and 6 years of stock market woes.

How did Exxon do during the same period? How did Haliburton do? How long will most new homeowners keep those homes before they are foreclosed?

Fung:

How in the world can you complain of "stock market" woes? I do not watch it with a lot of detail, but I believe the Dow is trading at record highs.

Steve - It’s easy with a memory span longer than a mosquito’s. Right now, the stock market looks great, and I hope it continues to, but (a) it has been miserable for the entire Bush Administration until very, very recently, and (b) we have no idea how long it will last, for instance, will it continue to perform this well after November 7th?

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