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Originally Posted by kmfarm
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WOW!
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With the deficits at a historic high, these former heads of the Federal Reserve may prefer to pay for President Obama's spending spree with taxes instead of borrowed money. But tax and spend is no better than borrow and spend. Why not just stop spending so much?
For Mr. Obama, a VAT, which appears on the surface to simply tax goods and services at the cash register, is the ideal tax. At a 17% tax rate, for example, he can quickly increase taxes by $1.5 trillion a year in a partially hidden way. A VAT is by its nature hidden, because no one files a tax return.
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That's crazy stuff... They see the economy start to come back (just a little bit) & they consider screwing us a bit more... I don't see us ever getting back to any kind of normalcy... simply disappointing.
