How Congress Is Getting It Wrong

How Congress Is Getting It Wrong

In the current debate over the lame duck deal, the focus seems to be solely on the issue of taxes. Raising rates or closing loopholes: which will it be? After all it’s essential that the federal government increase its revenues, right? Everyone knows the government has run out of money, and talk of another debt limit debacle is already surfacing.

Is the cause of the deficit declining federal revenues? Perhaps it's those pesky billionaires moving jobs and profits overseas? Or, there's always some way to blame oil companies or George W. Bush.

The reality is far less flattering for...