Krugman: Let’s Take a Hike (In Taxes To Reduce the Deficit)

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Paul Krugman

I say Paul should take a hike. The thing I really don’t understand is if people like Paul Krugman want higher taxes, why don’t they give up their deductions and make all their charitable contributions to the government, but leave me out of it because I don’t agree.

“…When I listen to current discussions of the federal budget, the message I hear sounds like this: We’re in crisis! We must take drastic action immediately! And we must keep taxes low, if not actually cut them further!

My description of the budget debate is in no way an exaggeration. Consider the Ryan budget proposal, which all the Very Serious People assured us was courageous and important. That proposal begins by warning that “a major debt crisis is inevitable” unless we confront the deficit. It then calls, not for tax increases, but for tax cuts, with taxes on the wealthy falling to their lowest level since 1931.

And because of those large tax cuts, the only way the Ryan proposal can even claim to reduce the deficit is through savage cuts in spending, mainly falling on the poor and vulnerable. (A realistic assessment suggests that the proposal would actually increase the deficit.)…”
Read more here:Times

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