Sen. Mike Lee, R-Utah, is now positioned at the forefront of a fight over managing our national debt. Yet his own experience with debt is appalling.
In 2012, as reported in numerous media, he dumped nearly $400,000 in home loan debt on his lender through a short sale of his $1.1 million home in Alpine. Why? Because he wanted to be a U.S. senator ($175,000 salary) so badly that he was willing to take a cut in income that would no longer support his payments.
What kind of judgment or planning is this? What kind of example is this to all Americans whose largest and most important loan is their home mortgage. Should we walk away from debt when inconvenient?
He didn’t lose his job or have serious medical costs or other extenuating causes — it was just inconvenient and in the way of his ambitions. Most importantly, how does this now make him an expert in managing our debt?