03/26/2013 09:32 am ET Updated May 26, 2013

Simon Johnson: 'If Anything, The Tax System Should Become More Progressive'

WASHINGTON, DC - When economists discuss "fiscal adjustment," they typically frame it as an abstract and complex goal. But the issue is actually simple: Who will bear the brunt of measures to reduce the budget deficit? Either taxes have to go up for some people, or spending must fall - or both. "Fiscal adjustment" is jargon; what austerity is always about is the distribution of income.

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