Tom Durbin is mad.
He’s mad at the government, mad at the banks and mad at the people who have gotten in over their heads and can’t make their mortgage payments.
“They don’t set aside money for a rainy day, and they don’t know the concept of budgeting, and as a result, they get in trouble,” the retired Castle Rock resident said. “They lie about what they make, they take no responsibility for their actions, and they walk away from their homes. They’ll do it again and again if they get bailed out.”
Durbin isn’t alone in his anger about President Barack Obama’s stimulus package and housing rescue plan. In Denver, and nationwide, the ire runs deep.
The foreclosure prevention plan provides $75 billion to help lenders lower borrowers’ monthly payments and reach the administration’s goal of keeping up to 9 million families in their homes.
Patty Silverstein, an economist with Development Research Partners, said Obama’s plan is needed to prop up the housing market and boost consumer confidence. That’s the only way to move the economy forward.
“Consumer activity is 70 percent of total economic activity,” she said. “Declines in housing values, increased foreclosures and uncertainty over jobs all play into the consumer psyche.”
Jon Caldara, president of the Independence Institute in Golden, said there is no reason for the government to solve people’s financial problems.
“When Barack Obama told Joe the Plumber he wanted to spread the wealth, he really meant it,” Caldara said. “You’ve got people who have gone without to keep their mortgages going, and those people who haven’t been that disciplined or made bad decisions get rewarded.”
He said the plan sends the wrong signal — that government will rescue you if you’re irresponsible.
Jason Clark, a financial planner and money manager, said he’s irked that his tax dollars are bailing out his competition. The economic downturn has forced him to sell assets such as his truck and house to keep his business afloat, he said.
“I’m just a small-business owner, and I’ve done everything right,” Clark said. “When the government takes the money and gives it to my competition, it just seems un-American to me. We’ve built this country on hard work and perseverance.”
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
