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Congress must refocus on the economy and housing following health care reform
With the passing of widely publicized and highly contentious health care reform legislation last week, congressional leaders must now refocus efforts to address the interrelated employment and housing crises which continue to impact millions of Americans.
While imperfect, there are benefits from health care reform, including providing health insurance and medical care to society’s most vulnerable populations. However, the heated, partisan battle for health care reform has effectively stalled solutions for more urgent economic issues.
Lawmakers’ obsession with health care reform has had a dramatically negative effect on the job and housing markets. Washington has taken its eye off the ball when it comes to the economy, and as a result, continuing record joblessness has remained unchecked, creating the greatest financial backslide since the great depression. A natural effect of this historic downturn is a tidal wave of defaults on existing debt, especially mortgages.
Employment is the cornerstone to financial recovery that legislators must address. Half of all real estate foreclosures are directly attributable to job loss, and 3.5 million people, 1.35 million of them children, are likely to experience homelessness this year. Existing programs, including the administration’s Housing Affordable Mortgage Program have also failed to serve targeted beneficiaries. Obama's announcement ... more

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