In a debate on CNBC, I point out that America is in fiscal trouble because of the reckless spending of the Bush-Obama years.
Amazingly, my opponent at first claimed that taxes have no impact on the economy, though he then modified his statement to acknowledge some effect.
I think the best part of the interview was when I explained that there are several policies that impact economic performance, but that it’s always better to have lower tax rates rather than higher tax rates.
The worst part of the interview is that I got frozen out of the final part of the discussion.
I would have liked to make two final points. First, that all of our long-run fiscal challenge is the result of built-in growth of government spending, and second, that balancing the budget is easily achievable in just 10 years if policy makers limit the growth of spending to just 2 percent yearly.