portland independent media center  
images audio video
newswire article commentary united states

government

Health Bill Raises Economic Concern For Real Estate

Has Obama discounted the collateral economic damage and costs the current health bill proposals will cause Americans via surcharges and higher taxes?
Sen. Harry Reid's state, Nevada has the nation's highest number of foreclosures. Ironically Reid has the power when bringing together different health-care proposals for a vote, to either help or destroy future home ownership for millions of Americans.

All current health care proposals mandate taking 8 to 10 percent of middle class income: that lost income would no longer be available to the middle class to qualify for loans to buy homes or other kinds of property. The costs of government-mandated health insurance may cause many home buyers not to qualify for home mortgages. Nevada already suffering from foreclosures might have its housing market decimated. More homeowners would have difficulty paying their mortgage and credit cards if government takes 8 to 10 percent of their income for forced health insurance and penalties.

Historically, fewer home-buyers, have lowered home selling prices and caused a reduction in property taxes collected by county governments: the current drop in home values and property taxes has forced many county governments to ask federal agencies for money, further increasing federal deficits: that may worsen if home buyers are thwarted by the costs of forced health insurance and penalties.