8 Pages Posted: 20 Jul 2011
Date Written: July 18, 2011
This essay addresses the current fiscal situation of the U.S. economy – in particular the federal budget deficit and mounting public debt. The essay argues that the most urgent step to be taken is to raise federal taxes, despite the possible dampening effect on short-term growth (which can be palliated in other ways). Failure to raise taxes substantially, and soon, will greatly compound the harm to the U.S. economy from the profligate fiscal policies of the past decade.
Suggested Citation: Suggested Citation
Isenbergh, Joseph, Last Chance, America (July 18, 2011). U of Chicago Law & Economics, Olin Working Paper No. 561. Available at SSRN: https://ssrn.com/abstract=1888644 or http://dx.doi.org/10.2139/ssrn.1888644