Our Fiscal Future
By Arnold Kling
Economist Glenn Hubbard…reminds us that unless we see significant entitlement reform, taxes are heading higher…
There is nothing very new here, but it is good to have Glenn saying it anyway.
The history here is that Democrats and Republicans have fought over the solution to pending fiscal deficits. The Democrats have said “yes” to raising taxes and “no” to reforming entitlements. Republicans have said “yes” to reforming entitlements and “no” to raising taxes. The net result has been “no” to both, and hence no resolution. Many responsible economists have said “yes” to both, and now Hubbard appears to be shifting from the Republican side to the responsible economist side.
I recommend checking Greg’s blog daily, particularly if you are a student or teacher of undergraduate economics.