From the article:
Many buyers decided that the largest-possible house was a better idea than a retirement fund or a child's education.
and
The American dream traditionally meant that
anyone could get ahead based on ability and hard work. But over the past
few decades, the United States government created incentives through
housing programs and the tax code that changed the dream for many
Americans. Middle-class families began to think of homes as investments,
not just shelter. When the housing market crashed, everyone
suffered—homeowners, investors, wage-earners and taxpayers.
Aggressive
housing programs have not always helped the poor and middle class. The
median net worth of American adults is now one of the lowest among
developed nations—less than $45,000, according to the
Credit Suisse
Global Wealth Databook. That compares with approximately $220,000
in Australia, $142,000 in France and $54,000 in Greece. Almost a third
of American adults have a net worth of less than $10,000. Those
statistics don't convey the pain endured by millions of American
families who lost their homes.
Source: Michael Milken, "How Housing Policy Hurts the Middle Class," The Wall Street Journal, March 5, 2014
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