Let them eat over-valued housing

[joanna bujes]

At 10:08 PM 06/15/2002 -0400, Paula wrote:
>Bush said he wants to expand government aid to create a $1 billion
>``American Dream Down Payment Fund'' to help as many as 40,000 low-income
>families buy a first home every year with grants of about $5,000.
>
>
>Bush also proposed $2.4 billion in tax credits for housing developers that
>build affordable housing in ``distressed'' areas, a project he said would
>lead to construction of 200,000 new homes.

Yup. Pure pork. Note that almost all of this money goes to developers, 
financiers, and bureaucrats.

For example: if you divide one billion by forty thousand, you get $25,000. 
But, as noted above, the buyer only gets a grant of $5,000.

If you divide 3.4 billion by 40,000, you get 1,075,000...but the 
individuals only get $5,000.

So here you have a govt program ostensibly aimed at helping the poor where 
nearly all the funding goes to middlemen and developers.

What a joke! And the media is not even bothering to do the math. Kinda 
reminds me of those HUD inner-city give-aways of the late seventies.

Joanna