Leave it to the New York Times editorial staff to find fault in the one part of the economic stimulus package that will likely have the strongest and most reverberant implications to our ailing economy.
The Senate’s version of the bill (which just passed) presently calls for $39 billion in tax credits that would allow for a $15,000 credit to anyone who decides to purchase a primary residence as long as they meet the income requirements. The House version ($3 billion), however, has paired down the homebuyer credit to include only first-time homebuyers with a maximum credit of $7,500. The New York Times thinks the House bill is the more appropriate.
Are they freakin’ kidding me!?
Our government is about to spend away nearly a trillion dollars of our children’s and grandchildren’s (and arguably our great-grandchildren’s) future and the NYT thinks they shouldn’t give a measly 3% directly back to us… to the people?! Boy, are they flat out wrong. They need to give us more credit than that (pun intended).
Consider that ever time real estate is bought/sold people buy stuff at places like Wal-Mart, Target, Home Depot, etc. As a result, state, local, and federal taxes are collected. Home buyers and sellers hire plumbers, electricians, attorneys, and well… me. And we all go out and spend a portion of what we make at Wal-Mart, Target, Sam’s Club, Home Depot, etc. This, my friends, is how the economy gets going again.
Our government needs to know that Americans don’t want the pork. We just want a small slice of the pie… our pie!