If you believe that economic growth is the only thing that can fix budget deficits and create massive numbers of new jobs, talk of new tax increases, by any other name, is depressing.
Sunday, August 21, 2011
1% Tax Increase Will Reduce Gross Domestic Product 3%
Christina Romer, who was chairman of Mr. Obama's Council of Economic Advisors, has done some research on the impact of tax increases, and concluded that increasing taxes by one percent of GDP for deficit-reduction purposes leads to a three-percent reduction in gross domestic product.
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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