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That was fast. A mere two days after Democrats capture Congress claiming they wouldn't raise taxes, former Treasury Secretary Robert Rubin tells them they should do so anyway.
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True to form.
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By the way, the federal deficit for fiscal 2006 was only 1.9% of GDP, which is lower than all but eight years since 1975. Add in the budget surpluses at the state level, and the overall U.S. fiscal "deficit" is economically trivial. It is all but irrelevant to Mr. Rubin's complaint that the U.S. borrows too much from "foreigners." Those foreigners invest here because of safety and soundness and the expected after-tax return. The quickest way to drive away those investors is to reduce that return by raising taxes.
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But but but!! I thought we were BROKE!
Excellent article.