07/07/2011 09:13 am ET Updated Sep 06, 2011

Simon Johnson: Tax Reform The Answer To U.S. Debt Crisis

Three views emerge on whether the United States will default on its government debts, as I talk to people on and close to Capitol Hill. The first is, hopefully yes, and this August offers a good opportunity. The second is, possibly yes, but this would be bad, so we need some form of fiscal austerity. The third is, under no circumstances, and any talk of a need for austerity is a hoax.

Read more on New York Times