Does Obama actually want America to get back to work?

By Bill Wilson

Does Barack Obama actually want America to get back to work? That is the question that I asked myself as I read about his latest brainstorm: forcing mortgage lenders to not collect payments from those who are unemployed.

As reported by the Washington Post, “Banks and other lenders would have to reduce the payments to no more than 31 percent of a borrower's income, which would typically be their unemployment insurance, for up to six months. In some cases, administration officials said, a lender could allow a borrower to make no payments at all.”

While a typical Obama sound bite idea, in principle this is just another in a long series of economic disasters that has flowed daily from this Administration. It seems intent on plummeting the nation into Third World status.

Ronald Reagan’s old adage applies: “If you want more of something, subsidize it; if you want less of something, tax it.” In this case, Obama’s basic plan is to use what remains of the $700 billion Troubled Asset Relief Program to subsidize unemployment and sloth.

As a result, that is what they are going to get — a lot more of it. While everyone is sympathetic to the hardship faced in this tough economy, every American who pays their bills and plays by the rules is being screwed to the wall by Obama’s new mortgage bailout.

But, it’s even worse than that. The irony of Obama and his cohorts attempting to force the ever-shaky mortgage banking industry to cover the loans of the unemployed is that it creates the very real possibility of a double dip financial crisis. What bank is going to lend money in an environment where the government essentially demands that they not collect the debt? Of course, in the end, someone pays, and as usual it is the poor slob who pays his mortgage every month, or wants to buy a new house.

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