The Deficit. The Debt. Americans are strangling themselves economically. So:

• Restore all income taxes to the pre-President George W. Bush level, not just those for people earning $250,000 or more.

• Tax the banks $90 billion as proposed by President Barack Obama to pay for their bailout. Then break them up — making them small enough to fail.

You will find these measures repellant, of course, if you’re happy with the estimated $1.6 trillion U.S. budget deficit for the year ending Sept. 30.

Since excessive government encouragement of home ownership contributed to the subprime mortgage crisis:

• Eliminate income-tax deductions for property taxes and mortgage interest.

• Break Fannie Mae and Freddie Mac into four mortgage- buying companies and get them off the federal dole.

You’ll be against these moves, naturally, if you think we can easily afford a budget deficit of $1.3 trillion in fiscal 2011.

Because we need curbs now on out-of-control entitlements:

• Raise the retirement age for collecting full Social Security benefits to 72. Raise the age for Medicare eligibility to 68.

You won’t want to do this, certainly, if you’re delighted that the national debt now stands at $12.3 trillion, compared with $900 billion 30 years ago.

There’s money to be saved on diverse fronts:

• End the wars in Iraq and Afghanistan on the current schedules. Not levying a war tax to pay for these conflicts — which Americans initially would have supported — was a blunder.

• Kill farm subsidies. It’s true that nature can damage farmers. It’s also true that in another industry, a rival’s new product can ruin a company.

Finally: Reduce government.

• Without denigrating what these folks do, does the president really need both a Council of Economic Adviserss and a National Economic Council? The government has both the U.S. Postal Service and the Postal Regulatory Commission. We have a Selective Service System but no draft.

Of course, you will have no problem with these government entities if you’re not worried about the national debt increasing to an estimated $18.5 trillion by 2020. But the noose is getting tighter.

(Pauly is a Bloomberg News columnist.)

(9) comments

glenroy
glenroy

LOL…post it…..this isn’t Oxford, England….jingo is a polite way of referring to propaganda or BS…take your pick.

I’m not much of a news watcher per se…but even I know Fox has more viewers than all the liberal news programs combined… over the years Fox has consistently had the highest news objectivity rating, ratings compiled by nonpartisan think tanks, including Pew which is a Liberal Think Tank. That is a scientific rating not public opinion….

Must be tough being part of the public that Lincoln referred to as ‘some of the people all the time’…..


Raven
Raven

hmm... ol Pauly works for Bloomberg news, and Bloomberg is based in New York, so I guess he did last more than a new york minute kevin?

kevin
kevin

Yeah, take away the mortgage deductions and have even MORE people defaulting on their loans. THAT will really help the economy.

There is NO WAY the Federal Government can extricate Fanny and Freddie from the mess they caused; they have TRILLIONS in unfunded liabilities that we are all going to be paying for for years to come (and our kids and grandkids).

I would be willing to give up my farm subsidies IF the government quits subsidizing ethanol production and lets the market determine if we should be burning food for fuel...

post-it

By definition, I guess one might find more Jingo on Fox news than the DNC web site...

"Jingoism is defined in the Oxford English Dictionary as "extreme patriotism in the form of aggressive foreign policy". In practice, it refers to the advocation of the use of threats or actual force against other countries in order to safeguard what they perceive as their country's national interests, and colloquially to excessive bias in judging one's own country as superior to others – an extreme type of nationalism."

glenroy
glenroy

Ol Pauly wouldn’t last a New York minute in the real world…. With all the major national publications and MSM are going bankrupt since the commoner quit buying jingo packaged as news/commentary….they can get it for free on the DNC site.

These trillion dollars deficits are because Obama is running for reelection buying off every two bit corrupt union he can, pandering to the ACORNs etc.

It would be way too fair, not to mention honest, to tax the ill begotten monies the liberals at Freddie/Fannie and Wall Street pocketed ruining our economy...instead of adding another 90 billion to our taxes… takes a practicing fool to think a bank tax wouldn’t be paid by the bank customers….

Raven
Raven

yep.....in other threads we have plenty of people saying cut this and cut that for the state budget but no one willings say what program they use they are willing to see cut or reduced....they want their cake and be able to eat it too.

Valleylocal

Start with bringing home unnecessary troops from friendly embassys. Do we really need troops all over the world? Then Iraq, asap, what a costly mistake that was. Maybe Cheney can help pay for that war from all the kickbacks he received from Haliburton over the last 8 years. Then seriously revise all these government pensions. How ridiculous is it that you work for 20 years and get a lifetime pension? I had a relative on the police force who broke his ankle and got a lifetime pension! What!?!??! He was totally fine and used to laugh about it how he had it made on the taxpayer dime. Ever hear of a desk job?

vocal-de-local
vocal-de-local

Like it!

a teacher
a teacher

Wow! There is something in here for everyone to hate. That probably means he's got a point.

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