Brad Miller is pushing a bill (HR 5409) to guarantee construction loans when the market is already saturated with product.
It you want to buy a home, it is a great time to do so considering the low interest rates, the glut of inventory and battered home prices. All this is true without Brad Miller's help. Few are buying, though. The market is saying "no!" to new construction, but Brad Miller, ignoring the economic weather, sees a chance to make it appear he is helping America by making construction loans cheaper with an end result of pushing more product on a recalcitrant market.
It is your money folks; it is your debt; it is the debt of your progeny that Brad Miller wants to spend on his appearance in HR 5409.
According to Brad Miller,
We can’t tell 16% of the [Gross Domestic Product] to just hang around and wait for a while, says Miller, referring to the housing industry and its economic output.
Unfortunately, more waiting is just what we will have to do with policies like Brad Miller's.
The market needs to correct for overbuilding and Brad Miller's HR 5409 will only serve to lengthen the time it takes to correct.
Polifrog is a home builder and is tired of waiting for the market to return. Please, Brad Miller, stop tying to reinflate a construction bubble, stop your political preening and let us take our lumps so we can move forward.
Of course, government should not take the money in the first place...
Why force the inefficiencies of Taxes on the American economy then run the money through the inefficiencies of governance only to give it back again.
The amateurishness of it all leaves one's head spinning.
Brad Miller, a grade school economist.