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Friday, June 27, 2008

Idea Recycled.

I should have paid more attention fifteen years ago when a good friend suggested that we put all the Social Security Trust into home mortgages. Looking back that would have been a stroke of genius. We wouldn't have had the money for the Iraqi adventure, there would be no housing bubble, and Social Security would be funded out into infinity. Instead Social Security loads the reserves up with treasury notes and pushes the over spending debt out to our children.

The good news is that it's not too late. we could still salvage the building industry and get Social Security back on track., but the rich are going to have to balance the budget and the defense budget will need to be halved. We may also need to kill the farm programs and other subsidies. I'm thinking a property tax, not limited to real property but extending to securities and other assets at least until the national debt is all but retired.

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