Ex CEA head Austan Goolsbee just started a new blog. His first post responds to Glenn Hubbard:
Hubbard’s numbers seem in pretty serious danger of violating the league’s substance abuse policy.
His claim that the President’s budget requires large taxincreases on the middle class to stabilize the debt is just factuallywrong. Just go look at the CongressionalBudget Office’s numbers. They examined thePresident’s budget and directly refute the central claim of the op-ed:http://www.cbo.gov/sites/default/files/cbofiles/attachments/03-16-APB1.pdfFigure 2 on page 6 shows their forecast of debt as a shareof GDP with the President’s budget–and it’s stabilized and falling without anytaxes on the middle class. Figure 1shows similar stability on the deficit.