Obamanomics Delivers....Poverty

[Dad2three]

Household income was lower when Bush left office than it was the day he became President too. So does Bushanomics create poverty too, chief?

The poverty rate consistently increased under Bush. Under Obama it has been statistically steady during the past 4 years.

The claim of this thread title is absurd. That said, one would have hoped poverty would decline and it has not.

Poverty Rate U.S. Poverty rate 1990-2013 | Statistic
View attachment 50317

. December 2007


The Economic Consequences of Mr. Bush


The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.

The Economic Consequences of Mr. Bush


The Economic Blue Screen of Death

OCT 2008

In fact, MEWs contributed over 3% to GDP growth in 2004 and 2005, and 2% in 2006. Without US homeowners using their homes as an ATM, the economy would have been very sluggish indeed, averaging much less than 1% for the six years of the Bush presidency. Indeed, as a side observation, without home equity withdrawals the economy would have been so bad it would have been almost impossible for Bush to have won a second term.


We already know what economic policies work best for our country. Clinton knew that we had to cut spending and increase revenues. We had revenues of 20.6% of GDP and a surplus in 2000. Then something terrible happened, the Republicans gained complete control in 2001 and instead of sticking with what was working they decided that their ideology was more important. The debt has gone up $12+ trillion since then.


Obamanomics Delivers....Poverty | Page 3 | US Message Board - Political Discussion Forum

what would you do if you had to think for yourself???

The answers to hypothetical questions are sometimes interesting.

 

[bedowin62]

B-B-B-B-B-B-B-BUT I GOT ALL THESE CHARTS!!

and my Mommy said i'm smarter than you!!!


lmao what a loser!!

 

[bedowin62]

it is what it is loon......................................PROGRESSIVE FAILURE!!

 

[bedowin62]

MOMMY MOMMY mean ol right-wingers are bothering me!!!

 

[Dad2three]

In 2001/2002, Bush created "America's Home Ownership Challenge" in which he challenged the private lending sector as well as Fannie Mae and Freddie Mac to make more than 5.5 million new minority and low income mortgage loans. To meet his challenge to the private lending industry, 24 of our largest banking and lending companies pledged to make 1.1 trillion dollars in low income and minority loans.

You can find all of the official documents in the White House Press Releases if you use "America's Home Ownership Challenge" as your search term in the White House archives.

Bush aggressively pushed the private lending industry to make over 1.1 trillion in low income and minority lows and to "create more creative" loan products to do it. He pushed them to "loosen credit standards" and pushed them to make the most risky loan products available to the riskiest buyers. Then, he turned to Fannie Mae and Freddie Mac and threatened to rewrite their regulatory charters.

The government-sponsored corporations created to increase the liquidity of mortgage markets, so more capital would be available for mortgage loans, are supposed to lead the market in reaching underserved populations. While these corporations have increased their commitments to these efforts, they lag behind private lenders in this regard, according to government studies. The Administration will revisit the regulatory goals for these corporations’ purchases of affordable housing loans, which are set to expire in 2003. The federal government should demand more and should hold such publicly-chartered corporations accountable for better performance.

(From Bush’s Press Release entitled "A Home of Your Own EXPANDING OPPORTUNITIES FOR ALL AMERICANS, PRESIDENT GEORGE W. BUSH JUNE 2002" regarding his "America’s Homeownership Challenge).

The Bush Administration issued the following press release:



Under President Bush's leadership, overall U.S. homeownership in the second quarter of 2004 reached an all-time high of 69.2 percent. Single-family housing affordability is at its highest level in 30 years, and minority homeownership set a new record-high of 51 percent in the second quarter.


The President has called on Congress to work with him on additional steps to promote homeownership in America. He has set bold goals for homeownership, including his challenge to the Nation to create 5.5 million new minority homeowners by the end of the decade - and he has now set an additional goal of 7 million new affordable homes.


(White House Press Release – "Increasing Affordable Housing & Expanding Homeownership).


Through the Republican Congress in 2003 and the Bush Administration's work through HUD and the FHA, the Bush Administration forced Fannie Mae and Freddie Mac to, for the first time, make available riskier loan products to minority and low income buyers.

The Federal Housing Administration Mortgage Program.In 2002, the President issued America’s Homeownership Challenge to increase first-time minority homeowners by 5.5 million through 2010. The Federal Housing Administration (FHA) mortgage program is an important tool for reaching that goal. In 2006, 31 percent of those using FHA mortgages were minorities purchasing their first home. The 2008 Budget continues Administration efforts to modernize FHA by improving its ability to reach traditionally underserved homebuyers (aka those who do not normally qualify for loans), such as low- and moderate-income families, individuals with blemished credit, and families who have little savings for a down payment.

(From Bush Administration’s White House Press Release entitled, "Focusing on the Nation’s Priorities – Meeting America’s Housing Needs").

The Bush Administration through HUD, also required Fannie and Fredde to give a higher percentage of their loans to loan-income and minorities that otherwise would not qualify for the loans.



That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.


And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.

(From White House Speech archives – "President calls for Expanding Opportunities to Homeowners" at St. Paul AME Church in Atlanta, Georgia).





BUSH ADMINISTRATION ANNOUNCES NEW HUD "ZERO DOWN PAYMENT" MORTGAGE Initiative Aimed at Removing Major Barrier to Homeownership


LAS VEGAS - As part of President Bush's ongoing effort to help American families achieve the dream of homeownership, Federal Housing Commissioner John C. Weicher today announced that HUD is proposing to offer a "zero down payment" mortgage, the most significant initiative by the Federal Housing Administration in over a decade. This action would help remove the greatest barrier facing first-time homebuyers - the lack of funds for a down payment on a mortgage.


Speaking at the National Association of Home Builders' annual convention, Commissioner Weicher indicated that the proposal, part of HUD's Fiscal Year 2005 budget request, would eliminate the statutory requirement of a minimum three percent down payment for FHA-insured single-family mortgages for first-time homebuyers.

"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal."
Preliminary projections indicate that the new FHA mortgage product would generate about 150,000 homebuyers in the first year alone.
"This initiative would not only address a major hurdle to homeownership and allow many renters to afford their own home, it would help these families build wealth and become true stakeholders in their communities," said Commissioner Weicher. "In addition, it would help spur the production of new housing in this country."

The Administration, through HUD, further forced Fannie Mae and Freddie Mac to offer riskier 3, 5, and 7 year arm loan products to low income and minorities.

BUSH ADMINISTRATION ANNOUNCES NEW ADJUSTABLE-RATE MORTGAGE PRODUCTS TO ENHANCE HOMEBUYING OPPORTUNITIES

40,000 More Families (PER YEAR) Expected To Benefit From New Offerings


WASHINGTON – The Department of Housing and Urban Development is proposing to enhance homebuying opportunities by expanding its offerings of adjustable-rate mortgage (ARM) products on FHA-insured mortgages. Potential homebuyers would be able to choose mortgages with periods of three, five, seven or ten years, depending on their needs, during which time the interest rate would be fixed. "By offering additional types of FHA-insured ARMs tailored to the financial conditions and desires of the borrowers, we are creating more homeownership opportunities," said HUD Secretary Mel Martinez today in a speech to America’s Community Bankers. "We estimate that as many as 40,000 families a year will choose these new adjustable-rate mortgages as their way of financing their home purchase."

(HUD Press Release).

Bush and the Republican Congress forced Fannie Mae and Freddie Mac to make zero-down loans and adjustable rate 3, 5, and 7 year arms to the riskiest buyers. Fannie Mae and Freddie Mac were forced to effectively finance 103 percent of the mortgage (including closing costs).

The Administration often pointed to the huge increase in housing as one of its greatest successes.

[The Administration has] Helped Americans buy homes, expanding the homeownership rate to nearly 70 percent and the minority homeownership rate to over 51 percent nationwide. With approximately three million minorities owning a home for the first time, the Nation now has the highest minority homeownership rate in its history. Furthermore, the Administration is ahead of schedule in achieving the Presidential goal of adding 5.5 million new minority homeowners by 2010.

(From Bush Administration’s press release entitled "Expanding Home Ownership" under section entitled "Accomplishments").




LMAOROG

 

[rightwinger]

So, what are we going to do about this distribution of wealth problem Rabbi is so concerned with?

Let's start by raising upper tax rates to 50% for all income over 1million
Then tax capital gains at the same rate as earned income
Place a sales tax on all stock transactions
Raise minimum wage to $15 an hour
Make all medical and education expenses tax deductable

That's a good start isn't it Rabbi?

 

[American_Jihad]

Obamanomics in Catastrophic Action
How Obama's new mortgage program is steering America toward another housing-market collapse.
January 22, 2016
John Perazzo

Remember a few years ago, when the American housing market collapsed as a direct result of government policies that—in the name of racial justice—pressured banks to approve mortgage loans for massive numbers of underqualified nonwhite applicants? Remember how that collapse set in motion the financial crisis that then-presidential candidate Barack Obama repeatedly called “the worst economy since the Great Depression”? And remember how Obama—who had long been a leading proponent of precisely the policies that had triggered the crisis—cast himself as the savior who was going to restore fiscal sanity and untangle the whole big mess?

Well, now Savior Obama and his White House are excitedly introducing Americans to their latest brainchild, the “HomeReady” mortgage program—offered through Fannie Mae and designed to help borrowers in “low-income” and “high-minority” census tracts. “For the first time,” boasts Fannie Mae, “income from a non-borrower household member [e.g., a roommate or family member] can be considered to determine an applicable debt-to-income ratio for the loan.” And if those combined incomes aren't enough to qualify an applicant for a mortgage loan, HomeReady comes with additional built-in “flexibilities” like “allowing income from non-occupant borrowers, such as parents.” In other words, just keep rounding up everyone you know, until you can scrape together a 3% down payment and show a combined income that's high enough to qualify for an individual loan. This makes the slipshod lending standards that caused the crisis of 2008 look exacting by comparison.

What about minority applicants with bad credit? No problem there, either! As Investor's Business Daily notes, “You can qualify with a FICO credit score as low as 620, which is subprime.” In fact, even the term “subprime loan”—meaning a loan that has a high interest rate and less favorable terms in order to compensate the lender for the high credit risk incurred—has received a thorough makeover from Obama & Company. From now on, such transactions are going to be called “alternative loans.” See? No more “subprime” crises—ever again! Ain't it grand?

The government policies that led to the housing market collapse of 2008 initially emerged in the mid-1970s, when Democrats in Congress began a campaign to help low-income minorities become homeowners. This led to the passage, in 1977, of the Community Reinvestment Act (CRA), a mandate for banks to make special efforts to seek out and lend to borrowers of meager means. Founded on the premise that government intervention is necessary to counteract the fundamentally racist and inequitable nature of American society and the free market, the CRA was eventually transformed from an outreach effort into a strict quota system by the Clinton administration. Under the new arrangement, if a bank failed to meet its quota for loans to low-income minorities, it ran the risk of getting a low CRA rating from the FDIC. This, in turn, could derail the bank's efforts to expand, relocate, merge, etc. From a practical standpoint, then, banks had no recourse but to drastically lower their standards on down-payments and underwriting, and to approve many loans even to borrowers with weak credit credentials. As Hoover Institution Fellow Thomas Sowell explains, this led to “skyrocketing rates of mortgage delinquencies and defaults,” and the rest is history.

...

Obamanomics in Catastrophic Action

 

[The Rabbi]

So, what are we going to do about this distribution of wealth problem Rabbi is so concerned with?

Let's start by raising upper tax rates to 50% for all income over 1million
Then tax capital gains at the same rate as earned income
Place a sales tax on all stock transactions
Raise minimum wage to $15 an hour
Make all medical and education expenses tax deductable

That's a good start isn't it Rabbi?

Yes! If you want to solve the income disparity problem that is an excellent way to go. Because if you enacted all thhat crap everyone would be equally poor and miserable, which is always the result of Democratic socialist policies.
A+ Nutjobber for demonstrating that Democrats favor trickle down poverty while Republicans want everyone to be wealthy.

 

[francoHFW]

The dupes live on an imaginary planet. Funny how Fanny and Freddie' s share of the market went from 75% to 25% when the Boooshie "regulators" came in, and suddenly absolutely unworthy people got toxic loans....Great job! How'd that work out?