According to Wallison and Pinto, this mission has shifted to FHA, who "... now accounts for 60 percent of all US home purchase mortgage originations," and, "FHA just announced its intention to push almost half of its home purchase volume into subprime territory by 2014-2017."
But perhaps the week's prize for taxpayer abuse must go to former VP Al Gore.
Gore, as reported by the Wall Street Journal, admitted to a group of college students that government subsidies of ethanol are a bad idea.
The energy and environmental benefits of ethanol are "trivial," he said, but "It's hard once such a program is put in place to deal with the lobbies that keep it going." Then he added that his own support for these subsidies was driven by his presidential ambitions.
We're drowning in spending and debt because theft is legal in Washington. This is our problem and the Bowles Simpson commission totally ignores it.
Similarly, it ignores that taxation should not be a political tool for social policy. It should be a mechanism, kept as simple as possible, to raise the funds to pay for the legitimate functions of the federal government.
Hopefully, the Tea Party movement was about getting real in Washington. We'll find out over time how serious it all is.
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