Unemployment in America

Many in China and elsewhere believe the U.S. economy is too sick to be cured. Nobel Laureate Gary Becker disagrees but says recovery requires some unpalatable medicine.

University of Chicago Economist and Nobel Laureate Gary Becker says: I have been arguing on this blog and elsewhere that the best approach now is for Congress and the president to concentrate on increasing long-term economic growth. This would require low taxes on investments, encouragement to basic R&D, and sharp reductions in expected government spending, especially on social security retirement income and Medicare and Medicaid. Tax revenue would also have to increase, and this could be accomplished through widening the tax base, such as by eliminating the tax exemption on mortgages, by flattening out income tax rates, and perhaps also by adding a value added tax.

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