Mr. Orszag told The Wall Street Journal that the "unusual situation" the government finds itself in—with other countries willing to finance U.S. debt at low rates—"won't last." And, he added, "when it flips, the question is how do you get ahead of that to avoid the downward spiral" of rising interest rates, a plunging dollar and a sinking economy.
...
In a 2004 paper with Brookings economist William Gale, Mr. Orszag suggested tackling the deficit through a tax on carbon emissions and a value-added tax—a sales tax levied on all retail and wholesale transactions.
via online.wsj.com
I always feel stupid for not buying into Ricardian equivalence. At least there is at least one top-level economist who believes in crowding out.
