GREG MANKIW: Wishful Thinking And Middle-Class Taxes. “Ultimately, unless we scale back entitlement programs far more than anyone in Washington is now seriously considering, we will have no choice but to increase taxes on a vast majority of Americans. This could involve higher tax rates or an elimination of popular deductions. Or it could mean an entirely new tax, such as a value-added tax or a carbon tax.” I’m willing to scale back entitlement programs that much. . . .