For this reason, even if we call U.S. Treasury securities ( TLT ) "debt," they have very little in common with debt securities such as mortgages and corporate bonds. My view is that the U.S. government, regardless of whether Barack Obama or Mitt Romney is President in 2013, will continue to exhibit an inflationary bias, making investments that thrive in that environment more ideal. Homebuilders, real estate, and financial institutions might also be losers in one sense, since the mortgage tax deduction might get chopped in this proposal, but this might be partly offset by a general economic boost.