Yesterday, Congressman Ron Paul introduced legislation to extend the First Time Homebuyer tax credit. He makes a couple of good points, but the point that I think is ridiculous and makes no sense is,
"Renewing the first-time home buyer's credit will help Americans purchase a first home with their own money, instead of having to rely on government-funded or backed programs."
You might want to read it again. It says it will help people buy with their own money. How does that happen when the tax "credit" is a credit given after a buyer buys the house? If they don't have money to buy the house in the first place, the tax credit does nothing for them and they will still need other programs to get them money for the initial purchase. They'll be able to double-dip. Government loan in addition to government tax credit.
By the way, has congress forgotten that the government has NO money?? Where is the money going to come from? Who's going to pay for this tax credit? Oh, silly me, I forgot, we're America! We can just go further and further into debt and our great-great grand children can deal with it later.
Gimme a break! Extending this tax credit, until some of our debt is paid off, is a horrible idea!
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* First Time Home Buyer Tax Credit - Legislation to Extend is Bad Idea! * was first published on donnahomesblog.com