$8000 becomes how much when added to our deficit? I say let it expire

By
Real Estate Agent with John L Scott Real Estate

Last weekend, I watched the movie "300" again with my husband.  I love the bravery and the commitment of those soldiers.  I always love stories about people who are willing to stand alone.  As the last scene of the movie clearly depicts, being the last man standing give the enemy a lot of ability to take aim at you.  In the case of the "300", it looked like a gazillion arrows came raining down.  Maybe it was even two gazillion.  

Through the centuries, warriors have known what it means to have been a Spartan.  And it did not prevent recruitment in the future for as the messenger returned to the city in Greece, millions continued to become Spartan warriors.  King Leonidas is legendary.   I am no Spartan but I have a bit of warrior in me.  I'm willing to take a few arrows so our DEFICIT doesn't grown even MORE!  

I wish I could say this is apolitical but when it comes to taxes and our deficit, it's political.  

 We received a suggestion for the National Association of Realtors to appeal to our Congressional representatives to extend the $8000 tax credit for First Time Home Buyers.  

 I didn't press the button.  

I didn't click the box.  

I don't think they should extend it.  

Do we only object to adding to the deficit when it concerns other people?  Doesn't the government hold enough sway over real estate business?   

I was thinking about this in conjunciton with the Cash for Klunkers which isn't a whole lot different.   I read that over 700,000 vehicles were purchased during that program.  So figure $4500 credit for each of those 700,000 cars and that adds up to $31,500,000,000. I'm happy for the car dealers who have been hurting and hope they actually DO get the money from the federal government.  

But isn't that $31 billion that's getting added to the deficit or did congress have that cash lying around?  Just so people could drive newer cars?  China is probably happy and the scrap metal dealers who sell to them.   S

o I don't know what the total will be for the $8000 tax credit, but I don't want it added to the deficit.   And there's that other part of me from the 70s who has a distrust of government.  What if they change the tax tables and that $8000 isn't really $8000 by January when everyone starts filing their taxes.  Just saying.  

And I don't even want to start on how some of the banks actually benefited through this economic meltdown. Some of those banks are the very ones that are making it extremely difficult for people to sell their homes and hard for some to even buy bank-owned houses.  It's crazy.   It's almost like an additional bank bailout only right now it looks like the homebuyer benefits the most.  

I figure these creeping increases in taxes which is inevitable, will hit about the time my son begins his teaching career and wants to buy a home.  Who will help him?    He's a spartan and he will make it on his own with help from family as well as sacrifice and patience.   

If we continually submit to Xerxes and The Immortals, won't we eventually lose our freedom?  
It's not as bad as a gazillion arrows, but it's no legacy to leave for our kids and grandkids.  

Comments (1)

Melissa Anderson
Mortgage of Texas & Financial - San Antonio, TX

Thank you for having the guts to write a post that does touch on the political issues our country and economy face.  I'm sure this will be a very interesting thread.

The first time home buyertax credit probably will not be extended.  Obama said he did not see the need to extend or create additional stimulus at this time.  Bernake said the recession was over.

Cash for clunkers destroyed many cars that young teenagers or families with lower income would have been happy to buy.

I'm afraid taxes will rise as a result of this out of control spending.  Money doesn't grow on trees.

Sep 16, 2009 12:44 PM