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Volcker: Taxes likely to rise eventually to tame deficit

texmaster

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Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.


But..... the hope and change Obama promised us no new taxes for anyone making under 250k :roll::roll:

How many lies are we up to now? I lost count when it hit triple figures.

Volcker: Taxes likely to rise eventually to tame deficit | Reuters
 

Harry Guerrilla

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Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.


But..... the hope and change Obama promised us no new taxes for anyone making under 250k :roll::roll:

How many lies are we up to now? I lost count when it hit triple figures.

Volcker: Taxes likely to rise eventually to tame deficit | Reuters

I'm thinking the VAT tax is almost guarantee.

That's what happens when you promise people the world, you eventually have to make them pay for it.
 

Councilman

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Every move this AMATEUR Administration has made on the economy has been wrong and this is no exception.

Raising taxes kills any chance of recovery and will help to continue to kill jobs ad well.

Does this brainless bunch in D.C. not read can they not remember or learn from the past.

For all the hype about how brilliant Obama is he's done everything wrong from the minute he took office and is going to drive this Country into the toilet of time if he and his radical cabal of idiots are not stopped before he gets his way and we end up in a DEPRESSION of monumental proportions that will make stock market crash of 1929 look like a birthday party.

He is not going to just wreck our economy the whole world's economies are at stake.

This man and those who support him seem brain dead to reality.
 

Renae

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Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.


But..... the hope and change Obama promised us no new taxes for anyone making under 250k :roll::roll:

How many lies are we up to now? I lost count when it hit triple figures.

Volcker: Taxes likely to rise eventually to tame deficit | Reuters
Where do you think Obamas stash comes from eh?
 

Orion

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The government can raise taxes until everyone is in the poor house, but if it's not cutting back on spending it will make little difference.
 

zimmer

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Enter the Black Market Economy.

Just like any socialist state, people will seek to skirt the penalties imposed on them.

.
 

PeteEU

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Enter the Black Market Economy.

Just like any socialist state, people will seek to skirt the penalties imposed on them.

.

LOL you have some, if not the lowest tax rate in west and yet you still complain.

Control spending or/and raise income.. there is no other way.
 

donsutherland1

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Paul Volcker is absolutely correct in noting, "If at the end of the day we need to raise taxes, we should raise taxes." The U.S. cannot grow its way out of its structural budget deficits. Discretionary spending reductions, mandatory spending reform (with health care reform that addresses the excess cost growth issue), and some tax hikes will all be necessary if the U.S. is to address its fiscal challenges.

Having intimate experience with various international debt crises, Volcker well understands that the consequences of a U.S. debt crisis would be far worse than the impact of a tax hike. The rise in long-term interest rates would suffocate economic growth. Moreover, having battled rampant inflation, he also understands that partial default via inflation can also be ruinous to economic activity.
 
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washunut

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Paul Volcker is absolutely correct in noting, "If at the end of the day we need to raise taxes, we should raise taxes." The U.S. cannot grow its way out of its structural budget deficits. Discretionary spending reductions, mandatory spending reform (with health care reform that addresses the excess cost growth issue), and some tax hikes will all be necessary if the U.S. is to address its fiscal challenges.

Having intimate experience with various international debt crises, Volcker well understands that the consequences of a U.S. debt crises would be far worse than the impact of a tax hike. The rise in long-term interest rates would suffocate economic growth. Moreover, having battled rampant inflation, he also understands that partial default via inflation can also be ruinous to economic activity.

Something interesting to think about is that the choice could be made by others versus folks in the U.S.

Over time nations will move away from dollars like they did to the British pound. This can't/ won't happen overnight but will happen gradually. We could then wind up in the place we were in when Volker first became head of the Federal reserve. High Inflation, High Interest rates and slow economic growth. Called " Stagflation".
 

Deuce

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The government can raise taxes until everyone is in the poor house, but if it's not cutting back on spending it will make little difference.

Yeah, at this point you pretty much need to do both. However, doing so in a barely-starting-to-recover economy is going to hurt things. I figure wait a year or so.

But hey, all I took was Econ 101 and 201 and I got C's.
 

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LOL you have some, if not the lowest tax rate in west and yet you still complain.

Control spending or/and raise income.. there is no other way.

Are you kidding? No other way? Americans are smarter than those across the pond, I guess. We have been borrowing from the future for a long time now.
Spend now, let the grandkids figure out a way to fix the problems....:2razz:

In case I was too subtle, that was sarcasm aimed at the borrow and spend crowd (aka conservatives)....
 

Kushinator

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Something interesting to think about is that the choice could be made by others versus folks in the U.S.

Over time nations will move away from dollars like they did to the British pound. This can't/ won't happen overnight but will happen gradually. We could then wind up in the place we were in when Volker first became head of the Federal reserve. High Inflation, High Interest rates and slow economic growth. Called " Stagflation".

What factors do you believe will push the price level and output in opposite directions?
 

Renae

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Gee, cutting spending and lowering taxes is just too difficult to contemplate...
 

Erod

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In case I was too subtle, that was sarcasm aimed at the borrow and spend crowd (aka conservatives)....

LOL, wrong party. True conservatives believe quite the opposite.

It's the entitlement programs that need to go. Cut spending, cut taxes, cut welfare, cut foreign aid, and let capitalism work its magic.
 

Kushinator

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Gee, cutting spending and lowering taxes is just too difficult to contemplate...

Not difficult to contemplate, just not something within the tune of reality. Future liabilities have to be paid for somehow.
 

Dezaad

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Gee, cutting spending and lowering taxes is just too difficult to contemplate...

How would cutting taxes help? Please, please don't repeat the myth that cutting taxes always increases revenue. Please?
 

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LOL, wrong party. True conservatives believe quite the opposite.

It's the entitlement programs that need to go. Cut spending, cut taxes, cut welfare, cut foreign aid, and let capitalism work its magic.

True conservatives do not exist any more. They have not existed since WW2 if you ask me.

For one, so called "true conservatives" would never cut military and security spending and they would in fact even increase it.

Secondly, any cuts in so called welfare will be done to target the political opposition, hence hence corporate welfare will never end, but hurting the most vulnerable and usually those that vote against the conservatives will be just fine.

Thirdly, as soon as a so called true conservative gets to power, any cuts that will be made.. will go into the military and the net gain will be 0.

And at the same time the so called true conservatives will cut taxes on mostly the rich who avoid paying their full contribution any ways. Net gain will be an even more fragmented and higher income equality in society, which leads to so many other problems. And finally... much more debt.

Face it, so called true conservatives are hot air not willing to do what is needed to fix what is wrong when they finally are in power. Every so called true conservative president since WW2 has expanded the debt by a minimum of 100% in his term..
 

The Uncola

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Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax "was not as toxic an idea" as it has been in the past and also said a carbon or other energy-related tax may become necessary.

Though he acknowledged that both were still unpopular ideas, he said getting entitlement costs and the U.S. budget deficit under control may require such moves. "If at the end of the day we need to raise taxes, we should raise taxes," he said.


But..... the hope and change Obama promised us no new taxes for anyone making under 250k :roll::roll:

How many lies are we up to now? I lost count when it hit triple figures.

Volcker: Taxes likely to rise eventually to tame deficit | Reuters

Did Barack Obama change his name to Paul Volcker?

Thanks for the intellectually dishonest fresh steaming pile.

:shock:
 

Renae

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Not difficult to contemplate, just not something within the tune of reality. Future liabilities have to be paid for somehow.


Why not... cut those programs? Oh damn, what a concept. It's called WE CANNOT AFFORD THEM.

Not, "Can we raise tazes enough to maybe cover them". We flat out cannot afford these entitlement programs anymore. We couldn't to begin with, SS, Medicade, Medicare, now Obamacare... all PONZI SCHEMES.

There is a reason such are illegal, CAUSE THEY ALWAYS FAIL.
 

Renae

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How would cutting taxes help? Please, please don't repeat the myth that cutting taxes always increases revenue. Please?

I cannot repeat a myth, since JFK, Reagan and Bush proved it true...
 

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LOL, wrong party. True conservatives believe quite the opposite.

It's the entitlement programs that need to go. Cut spending, cut taxes, cut welfare, cut foreign aid, and let capitalism work its magic.

Cut spending, yes....cut corporate welfare and foreign aid for starters...
as for letting capitalism work its magic, it needs to be supervised.
Rampant unfettered capitalism is greed at work, and is responsible for the mess we are in now..Wall Street is the new face of organized crime...
 

Renae

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Cut spending, yes....cut corporate welfare and foreign aid for starters...
as for letting capitalism work its magic, it needs to be supervised.
Rampant unfettered capitalism is greed at work, and is responsible for the mess we are in now..Wall Street is the new face of organized crime...

Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.
 

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Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.
no, that's not waht happened. washington did not force anyone to make bad loans.
 

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Gee, cutting spending and lowering taxes is just too difficult to contemplate...

The size of the nation's long-term imbalances is too great to allow for only cuts in discretionary spending. Indeed, virtually all discretionary spending, including the Defense budget, would need to be eliminated to have a chance to cover the nation's long-term imbalances.

Fiscal sustainability will require a combination of discretionary spending reductions, mandatory spending reform, and tax hikes. The combination of significant discretionary spending cuts and mandatory spending reform (including fundamental health care reform) would assure that any tax hikes could be relatively modest.

IMO, the biggest problem with the recent health care law is not what the legislation contained, but that it failed to address the chronic excessive growth in national health expenditures. Such expenditures have been rising at a multiple of GDP for a prolonged period of time and such excessive growth is expected to continue. That path is not sustainable in the longer-term. Indeed, one can argue that the recent health legislation worked around the problem by expanding coverage without addressing the fundamental issue that has been a leading driver of the high incidence of uninsured persons.

There's no way around it. The U.S. health care system as it is currently designed is unsustainable. Its performance shortcomings in certain categories of care, the incidence of uninsured persons, etc., are symptoms of its fundamental problems. It is that situation that is fueling the imbalances in Medicare and Medicaid. In its most recent long-term budget outlook, the CBO declared, "Slowing the growth rate of outlays for Medicare and Medicaid is the central long-term challenge for federal fiscal policy."

Far-reaching reform is needed. The sooner such reform happens, the easier the transition will be.

In the absence of such reform, Medicare and Medicaid will impose a growing burden on the nation's public finances and rising health costs, in general, will impose a growing burden on employers and individuals, alike. The employer-centered private model will implode, as that model would begin to fundamentally undermine the competitiveness of U.S. firms vis-a-vis their international rivals. Even with the individual mandate and health exchanges, a growing number of individuals would find coverage prohibitively costly. Under such a scenario, the incidence of uninsured persons would increase in the longer-term following whatever reductions might occur from the recently-enacted health care law (CBO projections point to reductions in the number of uninsured persons over the next 10 years).

I suspect that the fundamental challenges facing the nation's health care system were ignored largely due to the political difficulty involved with reducing benefit growth. Indeed, some political leaders even complained about modest reductions in growth in Medicare spending.

Needless to say, fundamental health care reform will require very difficult decisions. Those decisions will include a dramatic restructuring the health care industry (particularly the hospital sector where much of the excessive cost growth has been occurring per medical inflation data), regularly reporting on health industry productivity (no BLS reporting is done on that issue), opening all sectors of health care to international competition, eliminating interstate barriers to competition, legal/jedical malpractice reform, and closing rules that prevent price arbitrage e.g., the current ban on drug reimporation, etc. Nonetheless, difficult as such choices might be, policy makers cannot continue to punt the proverbial health care football indefinitely. Acting as cheerleaders for a system that is failing badly, once the basic issue of excessive cost growth is considered, is not helpful, as it only nurtures an environment that makes far-reaching reform more difficult.
 

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Now, the mess we're in now was caused by WASHINGTON dictating to lenders who to give homeloans too. Freddie Mac and Fannie Mae are the culprits, not wall street.

Brainwash alert. Have you even read up on the whole crisis, or have you just read the RNC talking points being mailed to you?

You do know that a huge portion of the bad mortgages were not in Fannie and Freddie right? You do know that these bad mortgages outside Fannie and Freddie were unregulated thanks to a republican congress and Bill Clinton right?

Or are you ignoring the facts and like many conservatives trying to (and some have succeeded) to rewrite historical fact on what caused the credit crunch..

Wall Street had a HUGE part in the crisis we are in now. They are the ones who paid off government to lessen the oversight and transparency so greed could run amok, and they are the ones who paid the credit ratings agencies to put an AAA rating on junk so they could sell it across the world.
 
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