Obama’s War on Economic Liberty

Paul Volcker’s call for European-style taxes threatens America
By Nile Gardiner World
Last updated: April 7th, 2010

The relentless drive by the Obama administration to undercut economic freedom in the United States continued yesterday with Paul Volcker’s call for the possible introduction of European-style value-added taxes as well as energy or carbon taxes. Volcker, the former Federal Reserve chief, is currently the most powerful economic adviser to the president after Treasury Secretary Timothy Geithner, and sits as the chairman of the president’s Economic Recovery Advisory Board.

This is not empty, throw away rhetoric, but a call to arms by an aggressively interventionist and uncompromisingly left-wing US administration that is actively seeking to refashion the United States in the image of the European Union, both in terms of foreign and economic policies.

Volcker made the remarks at the New York Historical Society, and his comments were picked up here by Reuters.

In addition to regulatory reform, Volcker said lawmakers would likely have to make some tough choices in the coming years to bring U.S. deficits under control and prevent inflationary pressure from building.

While highly unpopular, he said the United States should consider raising taxes and consider introducing a European-style value-added tax and perhaps an energy or carbon tax.

The value-added tax “was not as toxic an idea” as it has been in the past, he said, adding it may be necessary to fund entitlement costs and decrease U.S. deficits.

“If at the end of the day we need to raise taxes, we should raise taxes,” he said.

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