Recommended - Like Medicare? Then Taxes Must Rise.

I recommend David Leonhardt's article in today's New York Times entitled Like Medicare? Then Taxes Must Rise. As he points out, there is no free lunch. Americans like having a strong military, they like having Medicare, they like wide highways and good bridges, they like having all sorts of government programs that cost money. The only way to sustain all those programs in the long term is to tax enough to pay for them, which we have not been doing in recent decades. Instead we have been increasing our national debt, but there is a limit to how far the world will fund our national debt, and that limit is set by how likely the world thinks we are to be able to pay it back eventually.