Under reasonable projections, the unified budget deficits over the next decade will average 3.5 percent of GDP. Compared to a balanced budget, the unified budget deficits will reduce annual national income a decade hence by 1 to 2 percent (or roughly $1,500 to $3,000 per household per year, on...

The President's Advisory Panel on Federal Tax Reform has submitted an important set of proposed structural changes that would generally move the tax system in the right direction. However, at the tax rates the Panel proposes, the plans will not bring in the revenue the U.S. needs.