I just have to post a thought or two on the current debt ceiling/budget talks going on in Washington right now.
Here is what I simply do not understand: First, do the Republicans not understand that we can no longer afford the Bush tax increases? I lived through the 1980s and 1990s, before the tax cuts, and you know what? I did OK. And, secondly, do the Democrats not understand that no nation can withstand annual 1.7 trillion deficits? It should be clear to everyone that such a monstrous figure poses a real and current danger to our nation and is patently unsustainable.
Neither side is willing to set aside its ideology and do what needs to be done for this country. I say, eliminate the Bush tax cuts -- we will survive -- immediately cut annual spending by $300 billion -- it can be done, trust me -- raise the Social Security and Medicare eligibility age by two years for everyone, agree to limit federal spending to no more than 18.5% of GDP, which is still more than it was under President Clinton, and eliminate several tax loopholes, including the home mortage interest deduction, and call it good.
Paul
In general, I don't disagree with anything you have said. That said, as leader of a major non-profit organization I am extremely concerned that the final package will include elimination of tax deductions for charitable donations. That would undoubtedly throw the current charitable giving paradigm into chaos, especially in regard to corporate gifts and larger gifts from wealthy donors.