Why it makes sense now
Think about this: when the United States Treasury Secretary writes a check to General Motors or Chrysler to bail them out money leaves the Treasury INSTANTLY. And, our National Debt goes up. When they put $325 BILLION into Citibank, Bank of America, Wells Fargo and many others - that money was instantly gone.
Did it have the desired result? No. The automakers aren't profitable at the current low level of car sales. The big banks are still not lending. They used the money for mergers and strengthening their balance sheets...
If Congress re-authorizes the personal interest deduction, NO MONEY LEAVES THE TREASURY. That's right. Our government doesn't feel it until tax filing time, when revenues will be lower. That savings is significant. Because the interest expense last year alone on our huge national debt was $487 billion.
Imagine what we could buy as a nation - or advances we could make in education and medicine - with $487 billion a year. [read more]
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