Matthew Marlin's analysis does not support his position. Our earlier research of industrial revenue bonds is correct and we continue to argue that the IRB program creates economic inefficiencies, increases the federal deficit, and serves no apparent public purpose. The elimination of the program is in the best interest of the nation.
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References
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Congressional Budget Office (1981) Small Issue Industrial Revenue Bonds. Washington, DC: Government Printing Office.
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MUSGRAVE, R. A. (1969) "Cost benefit analysis and the theory of public finance."J. of Econ. Literature3 (September): 797-806.
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MUSGRAVE, R. A. and P. B. MUSGRAVE (1984) Public Finance in Theory and Practice. New York: McGraw-Hill.
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PASCARELLA, T. A. and R. D. RAYMOND (1982) "Buying bonds for business: an evaluation of the industrial revenue bond program."Urban Affairs Q.18 (September): 73-89.
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RIVLIN, A. M. (1983) "CBO's position on tax-exempt financing for private activities."Municipal Finance J.4, 4: 303-313.
