I will note that in Australia, interest on your home mortgage is likewise not tax deductible. We have also had a decade of budget surpluses, and indeed a sustained run of surpluses exceeding projections (selling resources to China's been a decent earner). We have also had a pretty well-regulated financial sector and no bank failures. However, we still had an over-inflated housing market - one of the highest appreciation rates in the world this decade.

All consumer debt interest used to be deductible. That was eliminated in the mid-80s and only the mortgage interest deduction remained. This is one reason home equity loans became so popular, you can use them to buy things instead of credit cards and still deduct the interest.

Is house flipping a thing out there, billytea? I imagine it's not common in cold Canada.

Is house flipping a thing out there, billytea? I imagine it's not common in cold Canada.

I don't think it's a big part of the market. Investment properties, conversely, did become hugely popular. (Interest is deductible on those, being an expense related to generating income.) Not sure where that now stands.

This is nice: the Vatican has stated that the theory of evolution is fully compatible with Christian faith, and rejected 'intelligent design' as acceptable science or theology. [link]

(Interest is deductible on those, being an expense related to generating income.)

That is apparently what started our crazy policy: [link]

It was never intended for individual households.

unlike our own insolvent Social Security.

Uhh not true. Social Security is one of the few financially sound things in the United States. Medicare is in trouble, exactly as much trouble as the rest of the U.S. healthcare system. By conservative estimates Social Security has enough in the trust fund to pay all scheduled benefits through 2049, and after that enough o pay more than current beneficiaries receive (in real inflation adjusted dollars). With modest adjustment, such as removing the cap on taxable wages it should be able to pay all scheduled benefits (including scheduled increases) indefinitely, not just through 2049. But even looking just through 2049, anyone on this board have savings or a private pension you are confident will be sound through 2049, and will pay quite decent benefits after that?

The reason I take off on that is that the idea that social security is "insolvent" is part of a propaganda campaign to cut social security. A lot well intentioned people pick that up, but it is still nonsense.

Timelies all!

They put a new fire alarm system in at work. This would be fine, except that they're testing it frequently during work hours. (Alarm plus flashing lights plus repeating announcements makes it hard to focus on work)

Can we please send him to jail RIGHT NOW?

The owner of the peanut company at the heart of the massive salmonella recall refused to answer the lawmaker's questions — or any others — Wednesday about the bacteria-tainted products he defiantly told employees to ship to some 50 manufacturers of cookies, crackers and ice cream.

yes, please.

mac threw away some of his homework at school this morning before he went to class, he also didn't bring home books he had homework in (for 2 days), he also didn't write down some of his homework today. I gave him some extra homework, special mom homework. mac is not thrilled with my existence tonight. no tantrums though, so there's that.