Say what you will about George W. Bush and his cronies, but you have to hand it to the guy: During the eight grueling years of his presidency, homeownership reached an all-time high in the United States.

Every American aspires to own their own home one day and live the American dream with their spouse and children at their side, and thanks to the Bush administration, more people than ever have accomplished just that.

However, it seems former Treasury Secretary John W. Snow and the Bush Administration forgot one very important detail in their ill-conceived plan to give everyone a house: if people cannot afford their mortgages, they won’t be able to hang onto their homes for very long.

Speaking to the New York Times, Snow admitted:

“The Bush administration took a lot of pride that homeownership had reached historic highs,” Mr. Snow said in an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

Ah, the incompetence of the Bush Administration knows no bounds.

And, as always, it is us, the American people, who have to suffer for it.