The Republican congressional leadership is trying to push permanent repeal of the estate tax through the Senate this week--without, of course, any offsetting spending cuts to neutralize the impact on the federal deficit. This is, as Bob Reich pointed out, a deficit-widening move of about the same order of magnitude as Social Security's long-run 75-year deficit.
I haven't found anybody serious willing to argue that this $5 trillion present value increase in the deficit and steeply regressive change in the tax code is good public policy, save for Ed Prescott:
Is there any other serious economist arguing that this is a good deal? Any other half-serious economist? Quarter serious?
UPDATE: Jeff Miron and Greg Mankiw sign up. Both of them, however, make arguments for a deficit-neutral repeal of the estate tax--estate tax repeal coupled either with reductions in spending or increases in other taxes. But that's not what's on offer, is it?