In a recent article, I suggested five revenue raising measures that would yield $573 billion annually and thereby cut significantly into the US budget deficit. Earlier, I suggested legalizing drugs, and I estimated that would yield an additional $32 billion a year. In short, while government expenditures cuts will have to be made, tax increases can also play a significant deficit-reduction role as well. But should be done about the Bush tax cuts?
The impact on economic growth from various treatments of the expiring Bush tax cuts are examined.
Robert J. Samuelson has an Op-Ed in The Washington Post that argues for an extension of all the Bush tax cuts. Seven economists respond in The New York Times. There was also a survey of economists by CNN a week ago that we also include in the debate.