At a Tuesday afternoon press conference, President Obama said homeowners who “decide” not to pay their mortgage for a month or two are deadbeats.
Of course, most people who get behind on their mortgage would not consider it much of a choice when they simply don’t have the money.
While speaking on the need to increase the debt ceiling, the president said America’s credit worthiness is one of the most valuable things we have and it’s “not something we should even come close to fooling around with.”
“I say, imagine in your private life,” Obama said. “If you decided that I’m not going to pay my mortgage for a month or two — first of all you’re not saving money by not paying your mortgage. You’re just a dead beat. And you can anticipate that will hurt your credit. “
After spending billions of taxpayer dollars on mortgage relief programs, only to see many of those assisted default a second time, It would appear that Obama arrived at this conclusion a little too late.
This is not the first time Obama has made this analogy. Speaking of the debt ceiling from the Rose Garden last Tuesday, he applied the same scenario to a car loan: “Think about that. If you buy a car and you’ve got a car note, you do not save money by not paying your car note. You’re just a deadbeat.”
As for raising the debt ceiling, Obama’s position today is in stark contrast to the position he took in 2006 as a freshman senator from Illinois:
“Increasing America’s debt weakens us domestically and internationally. Leadership means the buck stops here. Instead, Washington is shifting the burden of bad choices onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. Therefore I intend to oppose the effort to increase America’s debt limit.”