Krugman: If The Bush Tax Cuts Are Extended, Then It's Time To Lose All Faith In America's Future

Paul Krugman's latest regards the Bush tax cuts, and not surprisingly he's dead set against extending them, at least for the richest 1%.

His argument is basically: Extending them will cost the government $680 billion in more deficit over the coming 10 years, and will only benefit an incredibly narrow slice of the population (not small businesses, contrary to the claims of some), and that ultimately you can't take any deficit hawk seriously if they advocate this extension.

(What's more, he notes, that the majority of the $680 billion won't even go to the richest 1%, it will go to the richest 0.1%.)

So given what he sees as the obvious absurdity of their extension, he opines:

So far, the Obama administration is standing firm against this outrage. Let’s hope that it prevails in its fight. Otherwise, it will be hard not to lose all faith in America’s future.

Now don't miss: 11 new tax hikes coming in 2011 >

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