Chosen by Asker

When banks take money out to give you a mortgage they take it from the Federal Reserve Bank. The interest that is generated from those loans goes into the deficit as a positive number. A formula was created that showed that $8,000 was the average amount interest paid by a bank over a period of 5 years (the average length a new homeowner lives in their first home). In addition to this, the more people who own homes the more personal property taxes they pay. Bottom line, however, is that in the short term, we pay for this loss with increases in taxes. In the long run, it will hopefully pay out.

by Locutus

1 month ago

Asker's Rating: 

your great grandchildren will be paying for it...

by Mar C- 1 month ago

They will print more money, Inflation will be adjusted. US will have to find more gold or start to exploit the sources of Crude Oil and natural Gas.

by Roy Loepz- 1 month ago

More debt. He is one thing that I bet Faux News didn't tell you....... The original bill introduced this spring in to both the house and the senate by Republicans actually increased the credit to $15,000 and it would've applied to all buyers. The democrats are the ones who reduced it to a slightly more fiscally responsible amount.

by Wayne Z- 1 month ago

NOT law yet, has to be passed BOTH houses of Congress and signed by Prez. Only a bill right now. Don't rely only on Fox for news, or listen very carefully. Could change before it becomes law. Be paid for the same way govt pays for everything, printing money Biggest problem has been Republicans wanting to make it even bigger, and the massive amounts of fraudulent claims, some of which were paid. .

by chatsplas- 1 month ago

My guess is that it will not become law. It is just talk and that is cheap in DC.

by Mathew- 1 month ago

so far all talk-- and yes, this debt with go on and on and on and on-------------------

by tro- 1 month ago