Soaring government debt is in the U.S.’s future, and at borrowing costs that will continue to decline. See the excellent Holman Jenkins at the Wall Street Journal if you’re doubtful. Arguably the most influential business and economics writer in the world, in his most recent column Jenkins wrote that “Tax reform is in the industrial world’s future one way or another to deal with its debts.” Jenkins would prefer a carbon tax to raise revenue meant to allegedly shrink the debt.
What’s notable isn’t the carbon tax Jenkins prefers, it’s that he believes more government revenue is the way to solve what he deems a growing debt problem. It’s further confirmation that on the debt, the only real difference between Democrats, supply siders, libertarians, Republicans, and Jenkins, is in how they would raise tax revenue to supposedly reduce it.
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