No Housing Crisis for Bush, McCain’s Got No Plan to Improve Economy
9th May 2008
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- Housing crisis? What housing crisis? Looking out the White House window, Bush can't see one, so it must not be there. Because why else would he threaten to veto Democrats' housing rescue plan, aimed at preventing foreclosures and stabilizing the housing market? Even congressional members of his own party are signaling support for the measure (not that it's an election year or anything). Yet the Lame Duck-in-Chief is calling the plan to help troubled homeowners "a burdensome bailout that would open taxpayers to too much risk." Unlike the $5 trillion experts predict we'll spend on the Iraq war. Or the $30 billion bailout to Bear Stearns.
- If Bush doesn't think the nation's homeowners and consumers need help getting by, maybe he should talk with retiree Josephine Powe, a member of the Alliance for Retired Americans. Says Powe: “An extra dollar or two per gallon may not seem like a lot of money to a big oil executive, but to a senior on a fixed income, it is everything. When our costs go up and our income does not, that dollar means you don't know if you're going to have enough money to buy food after you fill up the tank.” Powe testified this week on Capitol Hill in favor of the Consumer-First Energy Act, introduced by Senate Democrats, which would lower prices by placing a 25 percent windfall profit tax on any energy company that doesn’t invest in new energy sources and end $17 billion in tax breaks for Big Oil.