Thursday, November 5, 2009

When To Stop?

Congress just doesn’t know when to stop. They think that Cash for Clunkers worked and so they wanted to extend it. If you look at the data, it didn’t actually work as intended. The idea was to get consumers to trade-in their gas guzzlers for newer better mileage vehicles. Well, guess what? Most vehicles traded in were pickup trucks. Good, because they get bad mileage. However, they were replaced with new pickups! That’s BAD! Also, more foreign auto manufacturers benefited than expected. Chalk one up for Congress. Free money to replace guzzlers with New guzzlers!

What Now?
Congress in its infinite wisdom wants to extend the first-time homebuyers giveaway. However, the housing market is still quite depressed. Congress hopes to fix that by adding more money for new home buyers. What Congress hasn’t done (again) is to look at what actually happened with their wonderful money giveaway for first-time home buyers. This time, there was an incredible amount of fraud.

Kids aged 4 years old, actually qualified for the $8,000 credits! Existing homeowners were given the credits also. Why even some of the IRS employees submitted fraudulent claims. Valid claims were supposed to come from low and middle income first-time home buyers purchasing a home between 01/09 to 11/09.

To date, 1.4 million people have claimed the credit to the tune of over $10 Billion in taxpayer’s money, which of course, was added to the national deficit! However, because Congress threw this program together so quickly, they forgot to add safeguards to prevent the frauds that are occurring on a regular basis.

And you want them to be in charge of your health care?

Action To Take

Tell your representatives to stop wasting your money. AND… don’t vote for them in the 2010 mid-term elections.

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