Globe 100 | The Big Think

Poterba: Higher taxes likely inevitable

New taxes will be needed to pay for recovery

“Given the challenges that lie ahead, the odds of tax reform during the next decade are much higher than usual.”

James Poterba, MIT professor

on the need for new taxes

By James Poterba

May 19, 2009

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The federal government is cutting taxes, spending heavily, and running up trillions of dollars in deficits to stimulate the economy. Once a recovery gets underway, the priority will switch to balancing the budget in the face of rising government commitments, particularly Social Security and Medicare. (Full article: 293 words)