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To: blam

These dumb*sses in Congress are starting to view it like having a mortgage... You may only make 60 or 70 grand a year but you can buy a $300,000 house and mortgage it

They honestly believe they can have a 300 to 400% debt to income ratio


16 posted on 02/10/2021 5:22:51 PM PST by Mr. K (No consequence of repealing obamacare is worse than obamacare itself)
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To: Mr. K

for that analogy to be appropriate, the income would be tax revenue (~6 trillion) and the
house price would be our national debt ($29 trillion)

adjusting for the analogy...
a mortgage of ~$300k on an income of $60k would be barely sustainable.
the home owner would be expected to pay ~5% interest which yields roughly $17k/yr in payments.
for that to work, we’d have to reduce our spending by almost 30%... which never happens

the proper analogy is more like a credit card.
15% interest.
and more applied to the card in a year than paid off.
resulting in ever increasing debt.


19 posted on 02/10/2021 5:43:03 PM PST by sten (fighting tyranny never goes out of style )
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