Props to Obama on Iraq and Mortgages

Obama’s “residual force” is of course a way to keep us in Iraq for years (like McCain wanted)

House Speaker Nancy Pelosi , D-Calif., suggested a smaller contingent of 15,000 to 20,000 troops, and said she wanted to study Obama’s proposal. “I don’t know what the justification is for the presence of 50,000 troops in Iraq,” Pelosi told MSNBC on Wednesday.

House Defense Appropriations Subcommittee Chairman John P. Murtha , D-Pa., said only a complete withdrawal would suffice. “I don’t think we need to leave anybody there,” he said. “They have got to be on their own. Their presence alone makes them vulnerable.”

Likewise, Obama’s “upper income” limit on mortgage deducations should slow the reemergence of the high end of the home price bubble

The tax increases would … [reduce] the value of such longstanding deductions as mortgage interest … for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.

Now for Obama to let GM go bankrupt and stop throwing away money on F-22s

3 thoughts on “Props to Obama on Iraq and Mortgages”

  1. “should slow the reemergence”: that bubble ain’t NEVER coming back.

    “Now for Obama to let GM go bankrupt”: after hooking up AIG w/ another 60 large just this week, not to mention the hundreds of bils tossed at the banks, obama will never be seen to flush 5mil jobs. GM will get as much as they want.

    F22s: small change, and arguably a “jobs creator.” not that the military couldn’t stand a 10%, cut-the-fat, reduction, but why does the DoD have to be the only governmental body to take a hit. oh right, our first marxist president.

  2. A simplistic calculation, if a homeowner in the 33% bracket had $30,000 of mortgage interest, their federal income taxes would be $1,500.00 more. A family in the 35% bracket would pay $4,200 in federal income tax on home mortgage interest of $60,000.

    Will that prevent hyperactive balloon inflaltin’? Duuno. It should take away a modest bit of lung capacity.

    I do remember people thinking the loss of deductibility of interest on car loans would kill car buying, and that the loss of the deductibility of credit-card interest would kill credit cards. I’m sure the course of those activities was altered, but not much – and that was a total loss of the deduction.

  3. doug,

    that bubble ain’t NEVER coming back.

    You have more faith in human nature than I do.

    “Now for Obama to let GM go bankrupt”: after hooking up AIG w/ another 60 large just this week, not to mention the hundreds of bils tossed at the banks, obama will never be seen to flush 5mil jobs. GM will get as much as they want.

    I expect so.

    F22s: small change, and arguably a “jobs creator.”

    I would prefer that wealth-destroying activities are limited to simply burning up cash and burrying the ashes in enormous pits. F-22s create a cycle of wealth destruction, and of course hurt the Pentagon’s efforts to project force abroad.

    not that the military couldn’t stand a 10%, cut-the-fat, reduction, but why does the DoD have to be the only governmental body to take a hit.

    As the Secretary of Defense is skeptical of the F-22 platform, I assume by “the Pentagon” you mean the Joint Chiefs of Staff and associated contractors. I care more about winning wars than pleaseing either of them.

    sonofsamphm1c ,

    Well said.

Leave a Reply

Your email address will not be published. Required fields are marked *