Saturday, December 29, 2012

Promises, Promises - Again


              GregMankiw has a wonderful article in the New York Times today in which he pays homage to the laws of arithmetic.  Those laws say that you cannot forever spend more than you collect in taxes.  Neither party, as Mankiw notes, has taken proper account of those laws.  If we want entitlements of the size currently promised, given the aging of the population and the advances in medical science and life expectancy, taxes will have to go up.  A lot.  On everybody.  Unless, of course, we can repeal the laws of arithmetic.

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