Thursday, Jun. 18, 2009
Higher taxes
There's just no way to square the cost of current recession-fighting efforts, future Medicare commitments and the various goals of the Obama Administration with the current level of taxation. Taxes are going to have to go up, and raising rates on just the very richest won't be enough. The only alternative is what some call the inflation tax — reducing the relative size of the country's debts by letting prices rise across the board. But that has its costs too. The free-lunch era is over.