Apparently Senator Charles Schumer and many Republicans think so according to the NYT. Couldn't the NYT find someone who does not think it is a good idea to hand someone a $15,000 check from the government just because they have bought a new home?
For purposes of comparison, this equal to roughly 5 years worth of a kid's health care under the State Children's Health Insurance Program and three years of TANF checks. It is difficult to see how someone is doing us any favors by buying a house. In many markets, there is still a bubble that has not yet fully deflated.
I suppose Schumer wants and the Republicans are hoping to keep these bubbles from deflating so that housing will be unaffordable for new families moving into these areas. Current home buyers can also expect to take a big hit when they sell their house a few years from now when we no longer are giving out $15k checks to home buyers and mortgage rates at back at 7 percent. However desirable these outcomes might be, it would be good if the NYT could weigh them against other potential uses of this money or find an analyst who could.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved