Feldstein Says Raising Taxes Could Cause Recession

Harvard University economics professor Martin Feldstein said raising taxes on the wealthiest Americans could push the nation back into a recession and urged that all Bush-era tax cuts be extended for two years.

Feldstein, a member of the committee that dates the beginning and end of recessions, said President Barack Obama’s proposal to allow tax cuts for the wealthy to lapse “is going to slow the economy down and could push the economy into recession again next year.”