Peter Morici Gets the Mortgage Interest Deduction Wrong on NPR

University of Maryland economics professor Peter Morici misrepresented the Republican's proposed change in the mortgage interest deduction in a debate with my friend Jared Bernstein on Morning Edition. Morici said that the proposed cap would only hit people paying more than $500,000 in interest on their mortgage. In fact, it would cap the amount of principal on which interest could be deducted at $500,000.

Morici is correct that this would hit very few people, since it means having an outstan...