Without spending reforms, the American people should be prepared for a future that looks more like Europe and less like the United States they are accustomed to.

The federal government’s dominance in the housing finance market—both before and throughout the GSE conservatorships—has stifled private competition and worsened Americans’ financial condition, but it has done virtually nothing to increase the homeownership rate.

Executive orders and other presidential directives that conflict with the principles of individual liberty, free markets, limited government, peace, and the American Constitution should be revoked or amended by the next president.