Oct. 8, 2013, Fairfax, VA—Americans for Limited Government President Nathan Mehrens today issued the following statement noting the irony of Barack Obama calling delinquent mortgage borrowers “deadbeats,” comparing them to Congress questioning whether the nation can continue increasing the national debt by more than $1 trillion a year via the debt ceiling:
“The Obama Administration throughout its entire tenure in office has pushed for mortgage principal reduction policies, cramdowns, and refinancing — all for delinquent mortgage borrowers. Borrowers who he now openly labels as ‘deadbeats.’ Obama’s comments reflect his lack of understanding of how household budgeting works, which looking at this annual budget, makes sense, since he never proposes that budget be balanced ever again.
“So of course he wants to call Congress ‘deadbeats’ for questioning whether or not the nation can afford to increase the national debt $1 trillion a year and rising. He has no idea why folks might find themselves in dire straits and may be foreclosed upon because of economic hardship. He must believe the U.S. too is somehow impervious to financial distress, so why would he be worried about borrowing too much money? Anyone who questions the fiscal trajectory we are on must just be a ‘deadbeat,’ in Obama’s mind.
“Obama’s reckless fiscal policy that we can borrow as much as we want for perpetuity is reminiscent of how mortgage borrowers and lenders got themselves into trouble in the housing bubble, only now it is the fate of the entire economy that hangs in the balance.”
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