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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Dan3 who wrote (156023)	10/10/2008 8:42:02 AM
From: J. P.	Read Replies (2) \| Respond to of 306849

Not a bad thought. But.... How do you know they will use their FICA break to pay down debt? And it will put the government even farther in the hole. I think most people would use the FICA break to just pay the minimum balance due on their credit cards. I don't blame people for being people. If you're handed 100K home equity loan and a 10K credit card, you are going to use it. It's human nature. I make a whole lot more than average, and struggle with credit cards and mortgages. I really sometimes wonder how a person making 60 or even 100K per year can even pay the basics. And that is the basic premise of this mess. I think that policy makers could not make this simple intuitive connection between consumption and actual earnings. People in general just don't make enough money to support the credit enabled lifestyles. Most people need to make a lifestyle adjustment back to their real earnings. Granite countertops, new porches, and hardwood floors shold not be an inalienable right provided by the government to all.