Deficit Panel

The chairs of Obama's deficit reduction panel have made their recommendations, and of course they have hit some nerves. Included in the list of strategies are eliminating the tax exemption for health care plans and interest on home mortgages as well as increasing the age to collect social security. I can't really see either of the tax break changes happening - although I do like the later one (mortgage interest) if it is phased in.

I was frustrated by Republicans on the campaign trail (although honestly no more than I have been with Democrats, including Obama, on the campaign) and their vague and useless talk about decreasing spending. Any meaningful decreases will need to cut services for important and widely-used programs. (For a really good sense of the cost of programs, see this "tax receipt".)

Now at least Republicans will have to weigh in. Do they want to increase the age for social security benefits (unpopular but maybe necessary)? Do they want to eliminate popular tax breaks in the name of decreasing overall taxes and simplifying the tax code? We'll wait and see.