Let Bush Tax Cuts Expire To Fight Deficit

08/12/2010 10:18 am ET | Updated May 25, 2011
  • SIMON JOHNSON and JAMES KWAK The New York Times

...The national debt is being used as a hammer to beat down any proposed government spending, no matter what its merits. If we continue to spend, the argument goes, markets will lose faith in our ability to repay our debts, interest rates will skyrocket, the dollar will collapse and our way of life will be at an end.

While this argument is plausible in the abstract, there is no reason for panic.

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