That is the stat this morning in the Wall Street Journal. One in seven mortgages is behind on payments or already in foreclosure. That is a big percentage and is up from one in ten last year. 7.5 million households are in danger of losing their homes and those bad loans are going to hit someone’s balance sheet (and you can rest assured that eventually it will be you the taxpayer). Things are not getting better in the housing market and both demand and financing are still shaky at best. The artificial demand for new housing starts has apparently dried up and new housing starts are down 10.6%.
Also this morning, 29 states saw unemployment rise and 13 saw it go down. One of those that saw a “reduction” was Michigan from 15.3% to 15.1%. Now that is progress for ya! I imagine that the “reduction” has more to do with people giving up or moving out of our state than any increase in jobs.
So for those of you keeping score, the “stimulus” package that we just had to have for $800,000,000,000 or so has accomplished: higher unemployment and higher mortgage foreclosures. We are still hearing whispers about the need for the Son of Stimulus, the Stimulus That Is Not A Stimulus, Cash For Christmas or any number of other schemes. If one stimulus was a failure, think how catastrophically bad a second stimulus would be! In spite of the gross incompetence of this administration, the Congress and the government in general we are still threatened with a socialized medicine bill that no one wants, no one understands and no one can pay for.
Let’s hope President Obama spends more time on his “Grovel-A-Thon” worldwide tour. At least when he is out making a fool of himself and shaming our nation, he is not at home further destroying our economy.