Friday
May212010
Volcker Revelation: Stiff New Tax Needed To Cover New Spending
Friday, May 21, 2010 at 10:05AM Listen to Paul Volcker discuss the impact of increased spending the need to cover with new taxes (VAT, Carbon, Energy):
Friday, May 21, 2010 at 10:05AM
Reader Comments (8)
I just read that business leaders across the country have turned on Obama. Most probably didn't support him to begin with, but those that did have turned on him and turned hard. I await the day that the majority of idiots who voted for him follow suit.
A carbon tax will not help the environment, it will help the budget by screwing the economy. That sounds like a terrible idea.
What is Volker smoking?? Evidently he didn't hear about Hauser's law which recognizes that federal tax receipts never exceed 20% of the GDP, regardless of the underlying tax rates. This has been shown to be the case year after year since 1929 (not just the past few decades).
If the taxes Volker is contemplating are implemented, then GDP will go down accordingly (and that isn't what we want is it?). Any of the taxes mentioned will be a hit on the economy (and employment).
The problem is SPENDING!!! Cut the SPENDING to reduce the deficit!
When all you've got is hammers in your bag, every problem looks like a nail. All Democrats have in their bag is more government and more taxes. How about we tax Democrats at a higher rate?
Does anyone in government anywhere in the world know how to balance a checkbook?
I like that idea Herb. And to answer your question Friggy, it would appear as not.
I think that we getting stiffed. And the economy is going to be a stiff too.
Herb: You're exactly right. They know that cutting spending will be painful, and they will resist it at all costs (no pun intended).