Americans can't wait for Congress to get their act together
Congress is currently refusing to pass a $447 billion jobs package proposed by President Obama, and without any other promising proposals to boost a sluggish economy, the president is hitting the road with a new mantra: "We can't wait," reports The New York Times.How I faced my $20,000 credit card debt, and paid it off in three years
Two major initiatives the president is planning to reveal will deal with housing and student loans — two major sources of debt in American households. Nearly a quarter of homeowners have found that they are "underwater" on their homes, or owe more than their houses are worth. There has also been a sharp increase in the number of student loan borrowers who have defaulted on their loans.
President Obama is planning to announce policy changes that ease the repayment of federal loans used to pay for college, and change the eligibility standards to make more homeowners qualified for lower-cost, "ultra-low rate" mortgage loans under the Home Affordable Refinance Program (HARP).
This sounds all fine and dandy, but Congress will need to take more drastic action to fix the failing economy. As Zachary Goldfarb points out in The Fiscal Times, Obama's original plan to help homeowners has been a huge disappointment, with the administration spending just $2.4 billion of the $50 billion promised in the president's original plan. Goldfarb says the president and his administration were cautious against taking dramatic action like using taxpayer money to forgive mortgage debt (and rightfully so). We've discussed previously why forgiving debt like student loans would be a terrible way to fix the economy.
If there's one thing the president is right about, it's that we can't wait. Our leaders in Congress needs to get over their political posturing and get a jobs bill passed.Saddled with two mortgages
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