Wed 22 Aug 2007
One thing we really should take a look at while our government is spending itself silly is our part of the US National Debt. Roughly, with 200 million taxpayers, our debt is $50,000 per person. Most home loans depend on the income of two people so that is an extra $50k for a total of $100,000 that is NOT figured into the home loan calculus. I know, why make it harder? My point is not to make it harder, but illustrate how much debt we are in.
If you included all the “off budget” stuff like Social Security and Medicare and other payments the government has promissory notes out on, the total debt starts creeping toward the $50 trillion mark. This startling number puts the tax debt per taxpayer at a quarter of a million dollars.
If you had to include THOSE figures on your home loan application, no one would be buying a home these days.
God help us if China decides to devalue the dollar. If it does, well, my calculator doesn’t go that high.
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4 Responses to “ The evils fo sub-prime lending! ”
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August 22nd, 2007 at 12:10 pmThe evils fo sub-prime lending!
click to enlarge One thing we really should take a look at while our government is spending itself silly is our part of the US National Debt. Roughly, with 200 million taxpayers, our debt is $50,000 per person. Most home loans depend on the income of …
August 22nd, 2007 at 9:41 am
Yeah, I read something about this awhile ago.
The problems with the housing economy going to hell is causing problems all over the world. there are a variety of reasons for this…and the War in Iraq is not necessarily one of them (not to say that it is not a factor…as it could very well be).
Either way…this stinks. We really need to stop worrying about what is going on in other people’s back yards until ours is taken care of first.
August 22nd, 2007 at 9:59 am
I would like to believe the Iraq War is keeping young people from buying houses but that’s really too complicated to figure out, no?
August 22nd, 2007 at 10:47 am
In many ways this falls into that same category of “See, look at how many _____ (roads, libraries, bridges, schools, etc.) we built in Iraq.”
Excuse me, please. Shouldn’t those people be bragging on how many _____ (roads, libraries, bridges, schools, etc.) we built in America???
Of course, “those people” are more interested in cutting taxes and not spending money in America, so I guess we’ll never hear them bragging on that, will we?
Anyone been driving on I-35 in Minneapolis lately?