“As governments worldwide try to spend their way out of recession, many countries are finding themselves in the same situation as embattled consumers: paying higher interest rates on their rapidly expanding debt…. Even a single percentage point increase could cost the Treasury an additional $50 billion annually over a few years — and, eventually, an additional $170 billion annually.” (New York Times, Thursday)
Higher taxes, here they come.
FEE Timely Classic
“Undertaxed or Overspent?” by E. C. Pasour Jr.
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