Starting to come down of Obama?

(Reuters) - The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax, White House adviser Paul Volcker said on Tuesday.

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.
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I've got a better idea for Mr. Volcker, how about we cut spending to bring the deficit under control. People have no idea yet how much Obamacare is going to cost us. Let me give you a hint, it's going to cost us all a lot more than you think it will.
I don't think he will have a choice. We had 70 trillion in unfunded entitlements BEFORE Obama. There is no choice other than to cut entitlements AND raise taxes which of course hurts the economy and puts more people out of work.

It may be generations before we are sustainable again.

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