Asness:
The only way to finance a big European-style state is to have it paid for by massive taxation of everyone, mostly the middle class. Right now, we are avoiding honest debate on this fact.
There will be large tax increases on the middle class. There is no getting around it, if people want so many government benefits. Those Obamacare taxes are just the beginning. With that will come ever-slowing growth of jobs and income.
The downward creep of regular tax increases has already begin (h/t Insty): The Stealth Tax Hike -- Why the New $450,000 Income Threshold Is a Political Fiction.
I remain confused about why Europe seems like a good role model for a vigorous economy with opportunity for all.
Now Democrats Aim for a Trillion in New Taxes. It's never enough.