Let me start with the end, and then you go read the entire piece: “The point I’m making here isn’t that taxes are all we need; it is that they could and should be a significant part of the solution.”
Gotta love Krugman. From the New York Times:
The supercommittee was a superdud — and we should be glad. Nonetheless, at some point we’ll have to rein in budget deficits. And when we do, here’s a thought: How about making increased revenue an important part of the deal?
And I don’t just mean a return to Clinton-era tax rates. Why should 1990s taxes be considered the outer limit of revenue collection? Think about it: The long-run budget outlook has darkened, which means that some hard choices must be made. Why should those choices only involve spending cuts? Why not also push some taxes above their levels in the 1990s?
I hope the President is listening to this man. When I met David Plouffe at a book signing a couple of years ago, I mentioned Paul Krugman. David responded, “He certainly has his opinions.”
Yes, David, he does. But they’re informed opinions and the man has a Nobel Prize in ECONOMICS.
Someone at the White House, someone in Congress, PLEASE! Page Paul Krugman! We need the conscience of a liberal today, not narrow ideologies!