News item today: Consumer spending down.

Seems to me that's a good thing. Maybe people have been scared into living within their means. Maybe this will lead to people saving money.

By the way, one way to improve our nation's overall economic health and inject money into the ailing banks: stop taxing savings. How about if we made all interest earned in savings accounts and CDs tax free?

Taxing something is a way of discouraging it. China's savings rate, as reported by CNBC on 10/30/08, is 24%, and they don't tax it. In the US, it's less than 1%, and here interest is taxable as ordinary income.

I believe in freedom for all. The political left in this country favors freedom in social policies (allowing abortion and gay marriage, for example), in general, but favors restrictions regarding economic policies (tax more and redistribute income). The political right generally favors freedom in economics but is more restrictive with social policies.

True progress and unity will be found in the political arena when someone stands up to say they favor freedom in all areas. "Keep your laws off my body and off my 401K!" "Allow consenting adults of any persuasion to marry and allow consenting adults to opt out of Social Security, forfeiting their obligations to it and their benefits from it." Taxes should be as flat as the figurative level playing field of social policy.

Both political sides will have to "give" a little on those restrictions they hold dear, but give them time and they will see the wisdom of granting freedom to all.