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Monday, October 22, 2012

Sullivan: How Much Deficit Reduction for a Grand Bargain?

Tax Analysts Martin A. Sullivan (Tax Analysts), How Much Deficit Reduction for a Grand Bargain?, 137 Tax Notes 339 (Oct. 22, 2012):

Martin A. Sullivan writes about $3.4 trillion of deficit reduction that will be needed over the next 10 years to put the federal budget on a sustainable course.

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When interest rates finally turn upward, more deficit reduction will be required. I wonder how many rounds of the "grand bargain" game the public will tolerate. I'm guessing 2 or 3, after which the public will realize that promises of a permanent fix are always false.

Californians have already experienced 2 supposedly permanent fixes. Voters and businesses in California correctly expect an endless series of tax increases. If and when California's voters rebel against tax increases, the country will follow.

Posted by: AMTbuff | Oct 22, 2012 9:30:41 AM