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Over the years, as the [housing] gains continued, more and more people took it as an article of faith that American housing was a good deal. Fannie Mae (FNMA) and Freddie Mac believed it, and sold the idea that home purchases were essential to the American dream. By 2006, after 10 straight years of increases in the S&P/Case-Shiller index, the idea that houses had been overpriced in 1996 looked idiotic. Today, the argument that house prices can go too high, or that something was wrong about them, doesn’t sound so silly. Now Americans see houses for what they really are: boxes that depreciate. This is therefore the least expensive time to abolish the deduction. We have already taken the hit -- and 2012 is also the time when we most need the $100 billion or so from the elimination.
The full text posted on Bloomberg.com here.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.