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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (53736)	10/28/2000 12:44:05 PM
From: Les H	Read Replies (1) \| Respond to of 769670

The debt is just being moved to the Social Security fund. It's not being paid down. If anything, they should be in prison for misappropriation of retirement funds since they're replacing market-rate instruments with junk paper paying artificially low yields. Rethinking Carter mises.org See, the financial deregulation that you blame on Reagan was started in the 70s. You couldn't expect S&Ls to survive on just depositis and mortgages. They needed to be able to provide competitive services, such as the higher yields, investments, credit cards, consumer loans, insurance, etc. which bring other profit centers and collateral deposits. Quite a lot could be eliminated from the federal government. You could cut quite a lot from the over $ 50 billion just to operate the White House and Congress. The education department should be eliminated or reduced to student loans. Most of the over $ 500 billion is in the local jurisdictions tax. Social Security should be downsized or phased out. There are already 401Ks, IRAs, and other accounts of sizeable assets that will kick in another 10-20 years. You could eliminate a large number of tax deductions and credits: EITC, home equity mortgage deduction, phase out mortgage deductions, charitable contributions deduction, state tax deduction, etc. and drive the lower marginal tax rates down. With the lower tax rates of 5-10 percent for the lowest bracket, there's no reason to have deductions for IRAs or 401Ks also. The current tax code rewards consumption and leverage over savings.