Nov
14

Fiscal Follies

 The Congressional budget resolution allowing for tax reform proposes increasing the debt over the next decade by $1.5 trillion on top of the already projected $10.1 trillion debt increase. The argument is that faster growth will pay for itself. I am skeptical. Tax cuts can pay for themselves if the reduction in rates is huge, or if the economy suffers from high levels of unemployment. Neither is currently the case.

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