A Modest Proposal

If Bush raises taxes just a little, the U.S. may grow out of its deficit

O.K., he's President. Read my lips: he ought to raise taxes. But not much! What's called for is not something so dramatic as to throw the economy into recession. That's the last way to lower the deficit. What's called for is a tax hike that would raise some money (I'll get specific in a minute) and that would lower interest rates by showing the financial markets we have the will to attack the deficit (but the wisdom not to shoot ourselves in the head by attacking it too hard). Lower interest rates would cut the deficit still further.

These two bites...

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