President Bush Mentions Housing Market in Remarks on Economy
In his remarks on the economy this morning, President Bush did mention the housing market. The New York Times reports on some of what President Bush said about the housing market:
Mr. Bush said he had also urged Congress to pass legislation that would help address problems in the housing market by modernizing the Federal Housing Administration, reforming the Fannie Mae and Freddie Mac loan agencies, and allowing state housing agencies to issue tax free bonds to refinance subprime loans.
Even if Congress did approve the measures put forth, would it really help? It would do nothing to change the perception of debt in this country, and it there’s nothing it could do in terms of the foreclosures that have already taken place. Putting the taxpayer further on the hook for fixing the housing market troubles may not result in overall economic health.
President Bush went on to blame Congress for the current state of the housing market, as well as other aspects of the faltering economy. He did make it a point to tout his tax rebate, and also to avoid the word “recession.”
Energy prices and the economy
President Bush also cited energy prices as a problem for the economy, and mentioned drilling in ANWR and using corn ethanol as solutions. However, Democrats were quick to point out, in their rebuttal, that both of these solutions are not short-enough term to really help the current economy, and that they do not offer practical solutions even for the future.
In the end, it is doubtful that any measures taken now, including the tax rebate, would truly help the economic situation. After all, this is a very large change in the way the economy has been going, and it will take some adjustment.
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