Wal-Mart Tells A Foreclosure Whopper

foreclosed tbi

We were just reading through a little more of this proposal from Wal-Mart (WMT) and liberal thinktank centre for American Progress for some kind of law that would require all employers to provide health insurance. We already said why we think it’s a ridiculous idea and that the CAP and its star blogger Matthew Yglesias are being used big-time by a company that wants to raise costs for its rivals.

In looking though their supporting letter (.pdf) this line jumped out at us big time:

In 2008, half of all people filing for home foreclosure cited medical problems as a cause.

Uh, sorry guys, but we remember 2008 pretty well. It was only six months ago. There was a big foreclosure crisis, and it wasn’t due to healthcare costs. It was due to… well let’s see… oh right, the pricking of the massive housing bubble and all that entailed.

This self-cited dreck is the same garbage Elizabeth Warren uses for her studies on bankruptcy (for all we know, that stat is plucked straight from her work), and it’s ludicrous. If, by chance, 50% of foreclosure victims say that their medical payments diverted cash away from their mortgage payments, then you could say the same thing about their food costs, or their clothing costs. But obviously, that’s not what caused the foreclosure.

There are plenty of problems with the current healthcare system. Logic like this doesn’t do their argument any wonders.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.