Are You Paying Your Bills Like A Sucker In A World Of Obamanomics?

Are you a sucker?

If you’ve actually been working hard to pay your own bills, you sure are.

Imagine two houses, the same square footage, built by the same developer, right next door to one another.   You bought your house two years ago the same month as your neighbor, with both homes closing at about the same price.

You’re working two jobs to pay your bills, and you literally envy the rats in the rat maze, who not only eventually get to the end of the maze, but actually get a tasty treat, too.  When all you do is work.  And then work some more.

You wonder how your neighbor – who doesn’t seem to be working anywhere near as hard as you – manages to make ends meet.

And then you find out that you’re paying nearly three times more for your mortgage at nearly three times the interest rate.  Why?  Because you work hard, pay your debts and play by the rules – like a sucker.

“People are able to come here, and in the same day, restructure their mortgages saving $500, sometimes over $1,000 a month,” says NACA’s charismatic leader, Bruce Marks.

We saw another homeowner, Althena Peet, actually embrace her lending counselor, tears streaming down her face. “My monthly payments were $1,888 per month, and its down now to $687.64. That’s with 2 percent interest. I just can’t believe it,” Peet exclaimed.

While Althena gets a great deal, another homeowner with the exact same mortgage who paid his bills would be shelling out that $1,888 a month, leaving some to question whether such foreclosure rescues are fair, or wise.

Among those with concerns is professor Paul Habibi with UCLA’s Anderson School of Management. “It’s not fair,” he says. “It penalizes those who play by the rules, and those who are in dire need and may have not played by the rules and got into mortgages they can’t afford, are now able to get some help. It’s kind of the old adage of taxing success and subsidizing losses. We are seeing that prevail in the housing market.”

Habibi argues that, while well-intentioned, such foreclosure rescue programs could have unintended consequences. “It creates a moral hazard, and that is basically the premise that people would behave differently if they knew that they had a parachute saving them than if they didn’t.

“And in this case, those who do play by the rules, and are paying their mortgages continuously are suffering in a sense, relative to those of their peers that are being helped out.”

You’re working two jobs to make ends meet and pay your bills.  That used to be the right thing to do.

But not in Obamanomics.  Now, working hard and paying your contracted debts is the stupidest thing you can possibly do.

The moral of the story in Obama’s America is DON’T PAY YOUR BILLS.  Because only suckers pay their bills these days.

The right thing to do under Obamanomics is to quit one of those two jobs, and then qualify for a sweetheart deal; one in which you don’t have to pay what you promised on a contract you would pay.  Just don’t watch Fox News while you’re sitting on your ass in front of the boob tube, is all Democrats ask.

It’s a great way to go, until America collapses under socialism.

But then again, only suckers care about stuff like that.

Tags: don't pay your bills, home, moral hazard, mortgage payments, Obamanomics, pay your bills, penalizes those who play by the rules, socialism, taxing success and subsidizing losses