{"id":17900,"date":"2010-04-09T08:40:15","date_gmt":"2010-04-09T14:40:15","guid":{"rendered":"http:\/\/proteinwisdom.com\/?p=17900"},"modified":"2010-04-09T08:40:15","modified_gmt":"2010-04-09T14:40:15","slug":"vat-are-vee-vaiting-for","status":"publish","type":"post","link":"https:\/\/proteinwisdom.com\/?p=17900","title":{"rendered":"VAT are vee vaiting for?"},"content":{"rendered":"

I suspect we’ll start seeing more “concern” over an unsustainable economy as the progressive push <\/a>begins for a VAT tax.<\/a> Key to the campaign will be to pretend that the unsustainable tax-and-spend economy just kinda happened — and that a VAT tax, which is the next step toward more complete bureaucratic control of the economy — is just the fix we need to avoid economic disaster.<\/p>\n

Will any mention be made of all the new<\/i> entitlement spending this Administration has burdened us with in the run up to this newest “crisis”? Of course not. At least, not by the mainstream press or Democrats. And sadly, one can see many in the GOP crossing over to support such an abomination as VAT, knowing as they must that it means more revenue for the government, even if in the process it means less revenue for the poor and middle class.<\/p>\n

It’s like we’re watching a really bad thriller — the kind where you know the villain after the first two minutes — and yet somebody has bolted the doors to the theater so that we can’t leave. From Politico<\/a>:<\/p>\n

The nation’s fiscal path is “unsustainable,” and the problem “cannot be solved through minor tinkering,” the head of the Congressional Budget Office said Thursday morning. <\/p>\n

Doug Elmendorf, best known for arbitrating the costs of various health care proposals, added his voice to a growing chorus of economic experts who predict dire consequences if political leaders don’t scale back spending, increase taxes or both \u2014 and soon. <\/p>\n

Elmendorf noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama’s fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53 percent to 90 percent, CBO forecasted. The last time the percentage was that high was right after World War II. <\/p>\n

Elmendorf’s remarks to reporters at a breakfast sponsored by the Christian Science Monitor echo the recent sentiments of a pair of Federal Reserve chiefs \u2014 the current head, Ben Bernanke, and former Chairman Paul Volcker. <\/p>\n

Volcker said earlier this week that the U.S. should consider adopting a value-added tax, an idea he described as being less toxic than it has been in the past. <\/p>\n

“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker said. <\/p>\n

On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes. <\/p>\n

“These choices are difficult, and it always seems easier to put them off \u2014 until the day they cannot be put off anymore,” Bernanke said. <\/p><\/blockquote>\n

Cut entitlements or raise taxes… Hmm. Which way do you think ObamaCo will go, given that choice…?<\/p>\n

(h\/t Get Liberty)<\/p>\n","protected":false},"excerpt":{"rendered":"

I suspect we’ll start seeing more “concern” over an unsustainable economy as the progressive push begins for a VAT tax. Key to the campaign will be to pretend that the unsustainable tax-and-spend economy just kinda happened — and that a VAT tax, which is the next step toward more complete bureaucratic control of the economy — is just the fix we need to avoid economic disaster. Will any mention be<\/p>\n

Read More<\/a><\/div>\n","protected":false},"author":9196393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17900","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=\/wp\/v2\/posts\/17900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=\/wp\/v2\/users\/9196393"}],"replies":[{"embeddable":true,"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17900"}],"version-history":[{"count":0,"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=\/wp\/v2\/posts\/17900\/revisions"}],"wp:attachment":[{"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/proteinwisdom.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}