Fiscal Policy: If You Want to Play the Hand, You Have to Ante Up...

Glenn Hubbard, writing in the Wall Street Journal, wants "President Obama [to:]... commit to retaining the low tax rates Congress passed in 2003."

Seems to me that he wants to play his hand without anteing up any of his chips.

Thus for me the dominant consideration is that this is the Wall Street Journal trying, once again, to weaken and impoverish America by raising the long-term debt and its burden on the economy. If there were PAYGO-style offsets on offer to fund the extension of the...