From Brad Miller's Facebook account...
“As bad as the foreclosure crisis has been, we haven’t seen the worst of it yet. Unless we get a handle on foreclosures and the decline in home values, nothing else we do to fix the economy is going to work,” Rep.
Our country is currently suffering through the deflation of a real estate bubble. Homes became over valued and now real estate values are now trending down toward their true values.
This is painful for all of us who own real estate but is acutely painful for those who invested at the height of the bubble.
Bill Miller supports a grade school solution.....re-inflate the bubble. We have tried this for over a year now and failed.
---75 Billion was allocated to be used toward a load modification program that has an 87% failure rate according to the inspector general.
---Another program, The Federal Housing Tax Credit, attempted to reinflate the housing bubble with a first time home buyer's cash incentive of 8 grand and in the second iteration of the bill $6500 for repeat buyers. Real estate values continued to fall. Fail.
Now, it appears Brad Miller is pushing to double down on his failed grade school economics and further increase our debt.
Brad Miller is bad for North Carolina. Brad Miller is bad for the United States. Send Brad Miller back to school so the he can grow beyond grade school economics this November.