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I'm not certain that my income level will last, but buying a house is my vote that tomorrow /will/ be better than yesterday.

Mortgages are just loans, that's not the relevant part. The relevant part is what the mortgage is being used for. If it's being used as means of owning property and if you always have positive net equity in that property then you're not saddled with a mortgage for 30 years. If you're smart you keep around a bit of savings and if you find yourself in a situation where you can't pay your mortgage any more you simply sell the house (or rent it) and move somewhere cheaper.

Don't know why this was downvoted. The GP appears to believe no one ever has bad luck and everyone is as fortunate as he.

"The GP appears to believe no one ever has bad luck and everyone is as fortunate as he."

Do you honestly believe that that was the point I was trying to convey? My point was that there are ways for individuals to mitigate the risk and impact of those "bad luck" situations, without the need for government spending.