http://blogs.wsj.com/economics/2009/...be-considered/

The U.S. federal budget deficit is so large that the nation must
consider tax increases, including a value-added tax, former Federal
Reserve Board Chairman Alan Greenspan said Friday.
Former Fed Chairman Alan Greenspan is worried about the debt. (Getty
Images)

€œI dont like the value-added tax, but its the least worst
way€� to raise revenue, Greenspan said at forum sponsored by the
Atlantic magazine and the Aspen Institute. He said introduction of a
VAT, or national sales tax, could be paired with broader tax reform
and cuts in federal spending.

Medicare, a federal health program for older Americans, is one source
of budget strain, and Greenspan suggested significantly increasing
co-payments for wealthier Medicare recipients as a way to curb federal
spending.

Greenspan expressed concern about the ever-expanding owing borrowing
by the U.S. government, predicting that if it isnt checked, the
value of the U.S. dollar, compared to gold and others currencies, will
decline.

Greenspan doesnt see inflationary signs yet, but cautioned that the
Fed eventually will have to start unwinding massive financial aid to
U.S. markets that has doubled the size of assets on its balance sheet.

While disinflationary effects of the recession are likely to linger
until sometime next year, giving the Fed some leeway, Greenspan said
the central bank cant wait too long, €œbecause that will create a
major increase in inflation€� probably in 2012.

€œTheres no doubt what has to be done and people at the Fed are
very acutely aware of this,€� he said.

Turning to the recent market meltdown, Greenspan said it demonstrated
that capital standards for financial companies were too low and must
be raised. But, he said regulators should not be expected to forecast
or prevent future financial meltdowns, since €œwhat happens in a
crisis cannot be anticipated€� even by the best-informed regulators.

Greenspan defended the use of derivative instruments such as credit
default swaps as an important hedging tool, while urging changes in
the way they are traded and tracked. He also urged policy-makers to
eliminate federal protections for financial firms deemed to be too
large or too important to be allowed to fail, or failing that, to
impose fees or taxes on such firms.

On Oct 7, 5:45*pm, Ignoramus30647 ignoramus30...@NOSPAM.
30647.invalid wrote:
http://blogs.wsj.com/economics/2009/...icit-means-tax...

The U.S. federal budget deficit is so large that the nation must
consider tax increases, including a value-added tax, former Federal
Reserve Board Chairman Alan Greenspan said Friday.
Former Fed Chairman Alan Greenspan is worried about the debt. (Getty
Images)

“I don’t like the value-added tax, but it’s the least worst
way” to raise revenue, Greenspan said at forum sponsored by the
Atlantic magazine and the Aspen Institute. He said introduction of a
VAT, or national sales tax, could be paired with broader tax reform
and cuts in federal spending.

Medicare, a federal health program for older Americans, is one source
of budget strain, and Greenspan suggested significantly increasing
co-payments for wealthier Medicare recipients as a way to curb federal
spending.

Greenspan expressed concern about the ever-expanding owing borrowing
by the U.S. government, predicting that if it isn’t checked, the
value of the U.S. dollar, compared to gold and others currencies, will
decline.

Greenspan doesn’t see inflationary signs yet, but cautioned that the
Fed eventually will have to start unwinding massive financial aid to
U.S. markets that has doubled the size of assets on its balance sheet.

While disinflationary effects of the recession are likely to linger
until sometime next year, giving the Fed some leeway, Greenspan said
the central bank can’t wait too long, “because that will create a
major increase in inflation” probably in 2012.

“There’s no doubt what has to be done and people at the Fed are
very acutely aware of this,” he said.

Turning to the recent market meltdown, Greenspan said it demonstrated
that capital standards for financial companies were too low and must
be raised. But, he said regulators should not be expected to forecast
or prevent future financial meltdowns, since “what happens in a
crisis cannot be anticipated” even by the best-informed regulators.

Greenspan defended the use of derivative instruments such as credit
default swaps as an important hedging tool, while urging changes in
the way they are traded and tracked. He also urged policy-makers to
eliminate federal protections for financial firms deemed to be too
large or too important to be allowed to fail, or failing that, to
impose fees or taxes on such firms.

Saw Peter Peterson on the Charlie Rose show a few months ago.
http://www.pgpf.org/about/nationaldebt/
Government spending is truly out of control.

On Oct 7, 4:45*pm, Ignoramus30647 ignoramus30...@NOSPAM.
30647.invalid wrote:
http://blogs.wsj.com/economics/2009/...icit-means-tax...

The U.S. federal budget deficit is so large that the nation must
consider tax increases, including a value-added tax, former Federal
Reserve Board Chairman Alan Greenspan said Friday.
Former Fed Chairman Alan Greenspan is worried about the debt. (Getty
Images)

“I don’t like the value-added tax, but it’s the least worst
way” to raise revenue, Greenspan said at forum sponsored by the
Atlantic magazine and the Aspen Institute. He said introduction of a
VAT, or national sales tax, could be paired with broader tax reform
and cuts in federal spending.

Medicare, a federal health program for older Americans, is one source
of budget strain, and Greenspan suggested significantly increasing
co-payments for wealthier Medicare recipients as a way to curb federal
spending.

Greenspan expressed concern about the ever-expanding owing borrowing
by the U.S. government, predicting that if it isn’t checked, the
value of the U.S. dollar, compared to gold and others currencies, will
decline.

Greenspan doesn’t see inflationary signs yet, but cautioned that the
Fed eventually will have to start unwinding massive financial aid to
U.S. markets that has doubled the size of assets on its balance sheet.

While disinflationary effects of the recession are likely to linger
until sometime next year, giving the Fed some leeway, Greenspan said
the central bank can’t wait too long, “because that will create a
major increase in inflation” probably in 2012.

“There’s no doubt what has to be done and people at the Fed are
very acutely aware of this,” he said.

Turning to the recent market meltdown, Greenspan said it demonstrated
that capital standards for financial companies were too low and must
be raised. But, he said regulators should not be expected to forecast
or prevent future financial meltdowns, since “what happens in a
crisis cannot be anticipated” even by the best-informed regulators.

Greenspan defended the use of derivative instruments such as credit
default swaps as an important hedging tool, while urging changes in
the way they are traded and tracked. He also urged policy-makers to
eliminate federal protections for financial firms deemed to be too
large or too important to be allowed to fail, or failing that, to
impose fees or taxes on such firms.

Taxes WILL go up.

The question is which ones and how high.

I remind everyone that George Bush should have raised taxes and did
not.

He left America a 1.3 TRILLION deficit after starting with a surplus
of ~1.3 billion.

This was BEFORE the bottom falling out of the economy.

Knowing that taxes WILL be going up, which ones SHOULD go up?

TMT

On Oct 7, 6:23*pm, "Denis G." wrote:
On Oct 7, 5:45*pm, Ignoramus30647 ignoramus30...@NOSPAM.





30647.invalid wrote:
http://blogs.wsj.com/economics/2009/...icit-means-tax...

The U.S. federal budget deficit is so large that the nation must
consider tax increases, including a value-added tax, former Federal
Reserve Board Chairman Alan Greenspan said Friday.
Former Fed Chairman Alan Greenspan is worried about the debt. (Getty
Images)

“I don’t like the value-added tax, but it’s the least worst
way” to raise revenue, Greenspan said at forum sponsored by the
Atlantic magazine and the Aspen Institute. He said introduction of a
VAT, or national sales tax, could be paired with broader tax reform
and cuts in federal spending.

Medicare, a federal health program for older Americans, is one source
of budget strain, and Greenspan suggested significantly increasing
co-payments for wealthier Medicare recipients as a way to curb federal
spending.

Greenspan expressed concern about the ever-expanding owing borrowing
by the U.S. government, predicting that if it isn’t checked, the
value of the U.S. dollar, compared to gold and others currencies, will
decline.

Greenspan doesn’t see inflationary signs yet, but cautioned that the
Fed eventually will have to start unwinding massive financial aid to
U.S. markets that has doubled the size of assets on its balance sheet.

While disinflationary effects of the recession are likely to linger
until sometime next year, giving the Fed some leeway, Greenspan said
the central bank can’t wait too long, “because that will create a
major increase in inflation” probably in 2012.

“There’s no doubt what has to be done and people at the Fed are
very acutely aware of this,” he said.

Turning to the recent market meltdown, Greenspan said it demonstrated
that capital standards for financial companies were too low and must
be raised. But, he said regulators should not be expected to forecast
or prevent future financial meltdowns, since “what happens in a
crisis cannot be anticipated” even by the best-informed regulators.

Greenspan defended the use of derivative instruments such as credit
default swaps as an important hedging tool, while urging changes in
the way they are traded and tracked. He also urged policy-makers to
eliminate federal protections for financial firms deemed to be too
large or too important to be allowed to fail, or failing that, to
impose fees or taxes on such firms.

Saw Peter Peterson on the Charlie Rose show a few months ago.http://www.pgpf.org/about/nationaldebt/
Government spending is truly out of control.- Hide quoted text -

- Show quoted text -

I too have been watching Charlie Rose ...I started a couple months
before last year's crash.

The parade of characters discussing economics and the future of this
Country has been informative..and very sobering.

A recent one was Paul Volcker...his interview was a very sobering one.

The transcript is on line...well worth reading.

TMT

"Too_Many_Tools" wrote in message
...
On Oct 7, 4:45 pm, Ignoramus30647 ignoramus30...@NOSPAM.
30647.invalid wrote:
http://blogs.wsj.com/economics/2009/...icit-means-tax...

The U.S. federal budget deficit is so large that the nation must
consider tax increases, including a value-added tax, former Federal
Reserve Board Chairman Alan Greenspan said Friday.
Former Fed Chairman Alan Greenspan is worried about the debt. (Getty
Images)

“I don’t like the value-added tax, but it’s the least worst
way” to raise revenue, Greenspan said at forum sponsored by the
Atlantic magazine and the Aspen Institute. He said introduction of a
VAT, or national sales tax, could be paired with broader tax reform
and cuts in federal spending.

Medicare, a federal health program for older Americans, is one source
of budget strain, and Greenspan suggested significantly increasing
co-payments for wealthier Medicare recipients as a way to curb federal
spending.

Greenspan expressed concern about the ever-expanding owing borrowing
by the U.S. government, predicting that if it isn’t checked, the
value of the U.S. dollar, compared to gold and others currencies, will
decline.

Greenspan doesn’t see inflationary signs yet, but cautioned that the
Fed eventually will have to start unwinding massive financial aid to
U.S. markets that has doubled the size of assets on its balance sheet.

While disinflationary effects of the recession are likely to linger
until sometime next year, giving the Fed some leeway, Greenspan said
the central bank can’t wait too long, “because that will create a
major increase in inflation” probably in 2012.

“There’s no doubt what has to be done and people at the Fed are
very acutely aware of this,” he said.

Turning to the recent market meltdown, Greenspan said it demonstrated
that capital standards for financial companies were too low and must
be raised. But, he said regulators should not be expected to forecast
or prevent future financial meltdowns, since “what happens in a
crisis cannot be anticipated” even by the best-informed regulators.

Greenspan defended the use of derivative instruments such as credit
default swaps as an important hedging tool, while urging changes in
the way they are traded and tracked. He also urged policy-makers to
eliminate federal protections for financial firms deemed to be too
large or too important to be allowed to fail, or failing that, to
impose fees or taxes on such firms.

Taxes WILL go up.

The question is which ones and how high.

I remind everyone that George Bush should have raised taxes and did
not.

He left America a 1.3 TRILLION deficit after starting with a surplus
of ~1.3 billion.

This was BEFORE the bottom falling out of the economy.

Knowing that taxes WILL be going up, which ones SHOULD go up?

TMT

There never was a surplus. And the economy was starting a downward spiral
in October, before Bush took office. Bush harmed us by not vetoing excess
spending bills.

On Wed, 07 Oct 2009 16:45:47 -0500, Ignoramus30647 wrote:

http://blogs.wsj.com/economics/2009/...be-considered/

The U.S. federal budget deficit is so large that the nation must consider
tax increases, including a value-added tax, former Federal Reserve Board
Chairman Alan Greenspan said Friday. Former Fed Chairman Alan Greenspan is
worried about the debt. (Getty Images)

"I don't like the value-added tax, but it's the least worst way"
to raise revenue,

The least worst way to get revenue would be a purchase tax. That way,
the bureaucrats would have to pay their "fair share", and the "rich"
would be deprived of their loopholes. It's the only "fair" tax - if
you don't like the tax, don't buy the stuff!

Of course, grocery store food and anything from a thrift shop or
liquidator wouldn't be taxed.

But this makes entirely too much sense for anyone in power to even
consider it.

Cheers!
Rich