Weekend Editorial Roundup
Here are the highlights from this weekend’s editorials on fiscal and budget policy:
The New York Times believed that the suits made by various state attorney generals would not be successful and criticized them as political posturing. Specifically, they cited Congress' broad power to regulate interstate commerce, arguing that with the way the individual health insurance mandate was structured, it would pass for regulating interstate commerce.
The Washington Post claimed that the Obama Administration's new (or modified) homeowner relief plan will do little to turn around the housing market. They argued that improvements in the wider economic picture must take place first for any significant recovery in the housing market to occur. Additionally, they pointed to the fact that the current mortgage relief plan is signficantly lagging behind foreclosures, so the new plan isn't likely to work much faster.
The Los Angeles Times believed that the Administration's new homeowner relief plan is somewhat unnecessary. They pointed out how a few major banks are already starting to write down the amount owed on underwater loans, so using taxpayer money to encourage banks to do so might not be necessary. With banks coming around on reducing the principal amount owed, The Times thinks that that aspect of the plan is unnecessary.
The Denver Post praised the student loan reform that passed in the reconciliation bill to health care reform. They appreciated "end[ing] the sweet deal that private lenders have had", saving $61 billion over ten years, of which some will be used to increase the maximum Pell grant level. They argued that with the significantly rising cost of higher education, expanding Pell grants is a much needed move.