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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Chispas who wrote (59312)	11/11/2006 3:04:40 PM
From: RealMuLan	Read Replies (2) of 116555

Here is the solution, tax more<g>--Hike taxes to eliminate shortfall, says Rubin By Aaron Siegel November 10, 2006 investmentnews.com Former Treasury secretary Robert E. Rubin urged lawmakers to increase taxes in order to rid the U.S. economy of its $250 billion fiscal shortfall, according to published reports. "You cannot solve the nation's fiscal problems without increased revenues," said Mr. Rubin, while speaking at the Economic Club of Washington yesterday. "I think if you were to increase taxes right now, you would have probably about zero negative effect on the economy." Mr. Rubin served as Treasury secretary from 1995-1999 in the Clinton administration and helped end a string of budget deficits during that period, bringing the government into a brief surplus before it slipped back into deficits after President George W. Bush took office in 2001. "We have large projected fiscal deficits from the 2001 and 2003 tax cuts instead of the surplus that we should have had during this period of growth," he said, especially with the United States soon facing increased social security spending for a wave of retiring baby boomers, he added. Mr. Rubin is now the chair of the executive committee of Citigroup Inc. in New York.

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