Last Chance, America

Author: 
Joseph Isenbergh

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.