“Ownership society” is a slogan apparently coined by former U.S. President George W. Bush, especially during his re-election run in 2004. The idea seems solid enough. It is based on the belief that the welfare of individuals is related to their ability to control their own lives and wealth, rather than relying on government handouts.
The idea seems to have originated in Britain, and was one of the planks in Margaret Thatcher’s campaigns. The idea is solid. It would be nice if it worked in reality. The problem is when, in the headlong rush to get everyone qualified for home ownership, the government forces lending institutions to make loans to people with no hope of affording them.
Then you get financial meltdown fiascos like with Fannie Mae and Freddie Mac.
The truth is everyone shouldn’t get a home loan just because they show up at the bank with a pulse. Home ownership is the American Dream but not everyone has proven themselves worthy of it. They don’t deserve it yet. They haven’t earned it. They should be renters while they work on building a body of life’s work that says, “I’m a good risk for home ownership.”
That’s what the American Dream should be. What value is it when every unqualified twerp can put themselves in a house and then lose it two years later to a foreclosure because home ownership is completely out of their financial reach at the time? Doesn’t mean they won’t get it some day. It just means they need to prove themselves worthy.
