The Attack on the Mortgage Interest Deduction

Real estate is generally considered the base pillar of the middle class in America. This is why the current attack on the mortgage interest deduction is so troubling.

The government needs money. It needs it badly. We currently have a national debt of just under 13 trillion dollars. The really bad news is this figure is a drop in the bucket. Why? We have upwards of 70 trillion in unfunded liabilities coming do. The only way to deal with this is to cut spending and raise taxes. Politicians are terrible at cutting spending, but they are excellent at raising taxes.

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A great tax increase does not just happen. No, it is brought forth like the plot of a good book. You get foreshadowing of what is to come. As you turn the pages, it become more and more apparent that certain events will happen in the end. Our corporate media is preparing us for such a massive tax increase now. How so? It has started publishing attacks on the mortgage interest deduction.

The right and the left cannot agree on anything, right? Wrong. The media on each side likes to play up hot button issues like abortion and torture, but they work ominously together on key economic issues. Currently, no less than the conservative Wall Street Journal and liberal New York Times both advocate the death of the deduction in online blogs. They are hardly alone. A large canvas of online and paper published mainstream media is now pushing the termination of the deduction.

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Ah, but you are probably wondering why? Well, the federal government is bankrupt. There is no other word for it. Now there is a bigger problem. Social Security has long brought in a surplus of a hundred billion dollars a year or more. This is the first year, the program is actually paying out more than it takes in. Guess how much the government would gain by eliminating the mortgage interest deduction this year? $131 billion dollars.

Hmmm…

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