I'll come right out and say it, the real villians in these things are senior citizens who lobbied to get massive breaks on the backs of everyone else based solely on the fact they're old and on a "fixed income". Never mind that for many that "fixed income" is many times what hard working folks are earning who would love to have a fixed income instead of their current highly uncertain one. By all means let's ensure we provide financial assistance to those who are old AND poor. But based on age alone, BS. Cue up all those who moan about the evils of political correctness to tell me how horrible I am to criticize the elderly.
I think you're wrong, Sig -- but I think you're gonna agree with me: the real villains are the politicians who gutlessly, evilly kicked the budgetary can down the road -- getting THREE generations of Illinoisians hooked on more sweet-milk from the gov't teat than they -- as a society, as an economy -- could afford. They just STOLE it from the future generations, KNOWING that the bill would eventually come due. I'm right next door in Indiana, and I've been watching this shit since I came here in 1985. Idiots -- who keep electing worse, evil idiots.
Seems the Northeast tax+spend disease is starting to spread across the country. Slowly but inevitably across the country property taxes and state income tax will get to a level where the economic activity slows to a dim flicker. Plainly put, because of the loss of the SALT deductions, people will end up paying more overall taxes creating less discretionary money to spend in the local economy. This will result in a feedback loop with loss of local jobs, less tax revenue for the state, etc. But I don't think this is about bad politicians or lazy populace - it is simply the eventual equilibrium state for any mature developed economy - one where only about a third of the population pays income tax and the rest fall under safety net programs. And economic growth settles to about 0% to 0.5% annual GDP growth. I think the US will come to this point in about 15 to 20 years. Europe much sooner, Japan already there.