Just before the Christmas break, I blogged about the hundred-plus New York economists who wrote to their governor rejecting his cut services-first approach to balancing the state budget. They argued that such a move would exacerbate the economic downturn while harming vulnerable New Yorkers. A better option, they said, would be to raise taxes on those with high incomes. Yesterday, The New York Times elevated the “raise taxes, don’t cut services first” argument to the national level. The Times’ editorial (PDF) was addressed to the incoming Obama administration, urging it to stick to its campaign promise to raise taxes on...
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