Wednesday, May 12, 2021
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If You Vote Republican, You Have Nobody to Blame but Yourself...

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To paraphrase Herman Cain, "Don't blame Obama, don't blame the Democrats. If you vote Republican and then the economy collapses and you don't have a job...blame yourself!" That makes a lot more sense to me than what Cain said and what the teahadist crowd cheered. If it makes sense to you as well, then on November 8, whatever you do, don't vote Republican!

Republicans Shout Down Discussion of VAT

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Recently, we've seen a lot of fulmination over a suggestion by former Fed Chairman (under both the Carter and Reagan administrations) Paul Volcker regarding the so-called "Value Added Tax" (VAT). According to Volcker, a VAT is an option that might be considered to close this country's structural budget deficits. In brief, here's the argument for a VAT tax.
Economists across the political spectrum argue that a VAT, which taxes spending rather than income, should at least be on the table when a commission appointed by Obama meets next week to craft a plan to reduce soaring budget deficits. Providing federal support to a vast wave of retiring baby boomers is almost certain to require higher taxes, budget experts say, and a VAT would be efficient and easy to collect and could raise significant revenue without imposing additional taxes on earnings.
Whatever your view of this argument, you'd think that an intelligent, serious, open, adult discussion of a VAT might be in the cards, particularly in light of this nation's severe, long-term, structural budget deficit problem, and particularly in light of the fact that economists "across the political spectrum" think it's an idea worth considering.

Well, think again.