Mortgage Interest Deduction on the Slicing Block

[Wag]

This hits it perfectly on the head. People got into debt over thier heads by themselves. Now they rely on someone else to bail them out.
I've paid my mortgage every month for the last 16 years. Forgive me for trying to be concientious and actually pay back what I borrowed.
I've paid every credit card in full every month for the last 24 years. If I can't afford it now, I sure as hell ain't gonna charge it. Credit cards are utilized as an alternative to cash, NOT A LOAN. If I can't afford it, I'll work harder and wait for it.
I've had at least a part time job since my 12th birthday because I wanted the ability to buy things. I carried irrigation pipe across farm fields for $1.75/hr. in 95* heat and humidity. Now people scoff at manual labor. That's why the immigration mess is what it is.
I have what I have because I have earned it. My father left me some of what he earned when he passed(after what the goverment felt they had rights to).
I'm sorry America. Society has dropped the ball. Too many people have become fat and lazy. Now we must cater to them. There are jobs to be had, but why would people work when they can be given more sitting at home. Why would anyone want to excel when we will all be made equal.
I have "donated" too much of my kids college education money.
I have "donated" the majority of my retirement savings.
Where's my incentive to continue working and doing the right thing?

A-fuggin'-men.

--Wag--

 

[PDBusa]

With 1.2 million jobs lost in the last 2 months I think you are over simplifying a little. While you have had a very good situation albeit through hard work not everyone can say the same, no matter how hard they work. What do you say to the 1.2 million hard working people just like yourself you are now jobless? You should have worked harder to keep their jobs?

I'll give you the benefit of mis-stating your idea in the last sentence. I really don't think you meant I should work harder to keep someone else employed.

Oversimplification? Yes. But I'm no economist, nor a politician. I am an American. Possibly part of the minority who believes that hard work and honesty should be rewarded. What is the new lesson I need to instill in my kids? Don't worry, the government will take care of you? If I wanted all things equal I'd move to a communist country. Why would my son want to go out and shovel snow from some driveways (for a new banned dirtbike) if he had to share his money with the kid next door who was playing video games? Why would I let him? How do I teach him responsibility in saving for things he earns? Isn't a little competition healthy? Doesn't it support incentive and motivation? Don't get me wrong, there is little good in excessive greed, and those who benefit from wronging others need to be dealt with.

I may be wrong, but what I see is the mere fact of irresponsible lending and subsequent spending is what got the banks, and the economy, into trouble in the first place? Had they any forsight at all don't you think they may have seen the bubble bursting when the rates they were going to charge on the ARM's skyrocketed? Did they really think the borrowers would all hit the lottery and just needed a few years to play it first? What were the borrowers thinking? Easy money? When I have to pay I'll just file bankruptcy and walk away?
So yes, in my simplified world I believe that financial irresponsibility is what caused this mess.

I now have a headache.

 

[VaBusa]

A-fuggin'-men.

--Wag--

I second this

 

[FloydV]

Lets see... Renegotiate mortgages to a lower rate to help people and then turn around and make them pay more by losing the interest deduction.

For a while, I thought Obama might do something right, but lately I think he is throwing everything at the wall and seeing what sticks.