Opinion Columns & Blogs

December 11, 2012 12:00 AM

Jack Shakely: Let’s take the plunge off the fiscal cliff

In February 2003, 450 economists, including 10 of the 24 living Nobel laureates in economics, made a public plea to President Bush not to enact the recent tax cuts passed by Congress. These tax cuts, officially called the Jobs and Growth Tax Relief Reconciliation Act of 2003 but forever known as the Bush-era tax cuts, would not do what they promised, the economists argued. Instead, they said, the cuts would “worsen the budget deficit, increase inequality, decrease the ability of the U.S. government to fund essential services, while failing to produce economic growth.”

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