December 23, 2011

mark_steyn

Mark Steyn is filling in for Rush today… On the utter irrelevance of the payroll tax controversy…

Economists say that to sustain a healthy housing market, this country needs to sell 700,000 new homes every year. It was 315,000 in 2011. Now, that 700,000 figure is not going to be reached under any conceivable circumstances because Fannie and Freddie and the subprime mortgage and all the rest of it so distorted the housing market that this country now has about twice as many large family homes as it’s gonna need for the foreseeable future. So the problem here is an immense structural one. And the idea that giving you an extra $20 a week for another eight weeks… if you earn $50,000 a year, you will benefit from this dramatic Christmas gift from the President, $20 a week for an extra eight weeks, so what’s that? Two, twenty by eight, that’s $160. One hundred and sixty dollars. And we are supposed to be grateful that President Obama was so serious about this $160 – he cared so much, about you getting your extra $20 a week – that he was willing to stay in Washington, and not fly out to Hawaii for his vacation until today.