It is all bad news when it comes to the economy; the question is, how do we fix it? The U.S. government's budget deficit is nearing a trillion dollars for the fourth straight year and unemployment remains high. With the Bush-era tax cuts that are set to expire at the end of 2012, what is the best move for continued economic recovery? President Obama says we should raise taxes on those making more than $250,000, and invest some of those additional tax dollars in social services. Others say that the richest 1% already pay more than a quarter of all federal taxes and higher taxes for job creators would slow economic growth. In this Intelligence Squared US debate, we ask "Are the nation's wealthiest not paying their "fair share," or should tax breaks be extended for everyone in the name of job creation?"Are the Rich Taxed Enough airs Sunday, November 4, 2012 at 9 p.m. on AM 1370/FM-HD 91.5-1.
Speaking for the motion is Glenn Hubbard, Dean of Columbia Business School, and Arthur Laffer, â€œThe Father of Supply Side Economics," Fmr. Member, President Reaganâ€™s Economic Policy Advisory Board. Speaking against the motion is Robert Reich, Chancellor's Professor of Public Pliday at UC Berkley and former Secretary of Labor, and Mark Zandi, Chief Economist of Moody's Analytics. John Donavan, Author & Correspondent for ABC News, moderates.