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Look at the facts about Social Security, the housing market

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Posted: Wednesday, October 24, 2012 12:00 am

A conservative viewpoint to a letter Mr. John Lucas wrote on Sept. 1, "Liberalism builds a strong economy." He stated that liberalism is not an ideology. My suggestion: He should lookup the meaning of "ideology." That statement doesn't make sense. He stated liberalism starts with the facts and tries to solve problems.

Well, where are the liberals on Social Security? The facts: It's going to go broke, and that's a mathematical fact. The only president who addressed the issue was Ronald Reagan, who was able to work with a Democratic Congress to raise the age one could draw maximum Social Security benefits. We're living longer, so that's about as good a solution as you can have. And it's based on facts.

Nothing was done when President Bush asked the Democratic Congress to look into the Social Security problem. They said, "We have plenty of time." The Democrats are not looking out for the people, it's what they think benefits them at the voting booth.

Mr. Lucas mentioned the current financial problem that we're going through. He blames it on the Republicans. Not so fast. We all know the main problem was the sub-prime mortgages. Making loans to unqualified borrowers was a Democratic Congressional mandate made in 1992 when President Clinton was president, and gave Fannie and Freddie a new and affordable housing mission. In 1995 this mandate required regulators to make sure that banks were making loans to borrowers whose credit standing did not qualify them for a conventional mortgage loan. Rep. Barney Frank, D-Mass., the chair of the House Financial Services Committee, later said it was a mistake to force home ownership on people who could not afford it — now he tells us.

Both President George H. W. Bush and President George W. Bush warned Congress that Freddie and Fannie had grown so big that it could cause problems in financial markets. Sen. Chuck Schumer, D-N.Y., said, "I don't know what they are talking about, there is no problem with the housing market." I heard him right on the news.

Mr. Lucas should put the blame where it belongs.

Darryl Bettencourt

Lodi

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