Ex-Bank of England Official: Dumping Bush Tax Cuts May Bring Depression
Wednesday, 18 Aug 2010 02:35 PM
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By: Dan Weil
Many economists are worried about the possibility of a double-dip recession, but former Bank of England official David Blanchflower thinks it could be much worse than that if the Bush tax cuts aren’t extended.
“If we don’t act fast, a plunge into Depression is a growing risk in . . . the U.S.,” he writes in a column on Bloomberg.
“The so-called Bush tax cuts, which are scheduled to expire at the end of the year, should be extended as soon as possible.”
President Barack Obama and Democrats in Congress want to keep the cuts only for those with income of less than $200,000, while Republicans want the reductions to continue for everyone.
The weak economy begs for the tax cuts, implemented in 2001 and 2003, to be continued, says Blanchflower, now an economics professor at Dartmouth College and the University of Stirling in Scotland... http://www.moneynews.com/StreetTalk/Bank-of-England-Bush-Tax-Cuts-Depression-David-Blanchflower/2010/08/18/id/367832?s=al&promo_code=A8AB-1
“If we don’t act fast, a plunge into Depression is a growing risk in . . . the U.S.,” he writes in a column on Bloomberg.
“The so-called Bush tax cuts, which are scheduled to expire at the end of the year, should be extended as soon as possible.”
President Barack Obama and Democrats in Congress want to keep the cuts only for those with income of less than $200,000, while Republicans want the reductions to continue for everyone.
The weak economy begs for the tax cuts, implemented in 2001 and 2003, to be continued, says Blanchflower, now an economics professor at Dartmouth College and the University of Stirling in Scotland... http://www.moneynews.com/StreetTalk/Bank-of-England-Bush-Tax-Cuts-Depression-David-Blanchflower/2010/08/18/id/367832?s=al&promo_code=A8AB-1
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