There is some hope that this good thing could live on after June 30. If the housing market and the economy is not in full recovery mode by late spring, there is already discussion about Congress extending the tax credit again, according to Jaret Seiberg of Concept Capital, a Washington-based research group.In the article, CNN tells happy stories about people who receive the money, but completely ignores the fact that other people have to pay for it eventually, plus interest.
All our problems would go away if everybody just received free money from the government, wouldn't they?
I support stimulus spending. All I ask is that the spending add to our country's physical or human capital stock (i.e. useful infrastructure or knowledge), because those contribute to economic growth. Spending taxpayer money to transfer pre-existing houses from one person to another doesn't do that.