Aggressive housing programs have not always helped the poor and middle class. The median net worth of American adults is now one of the lowest among developed nations—less than $45,000 ... That compares with approximately $220,000 in Australia, $142,000 in France and $54,000 in Greece. Almost a third of American adults have a net worth of less than $10,000. Those statistics don't convey the pain endured by millions of American families who lost their homes.(source infra)
Michael Milken: How Housing Policy Hurts the Middle Class - WSJ.com: " . . . . the private sector is well-positioned to assume much of the government's role. Thanks to booming capital markets and accommodative central banks, there is tremendous liquidity worldwide.... Investments in quality education and improved health will do more to accelerate economic growth than excessive housing incentives. That will give everyone a better chance to achieve the real American dream."
The problem in Washington is too much money, too much government and misallocating money on the wrong programs and policies. But will anyone tell Washington (assuming they will listen) that they are doing more harm than good?
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