The Obama administration and Congress will eventually have to agree to some watered-down measures that will enable the debt ceiling to be increased to ensure that the country’s creditors continue to be paid on time but that will only be a short-term political deal. The medium-term fiscal plans brought forward by Republicans (ready to slash spending but unwilling to consider tax increases) and by the White House (heavy reliance on sustained economic growth to reduce future deficits) currently fall well short of fiscal sustainability...[The bottom line is that] increases in taxes, combined with fundamental program redesign and a reduction in benefits, will eventually be required. Words: 744
Read More »Investors Should Prepare Now for Coming Inflationary Depression – Got Gold?
It is an old saying that the “road to hell is paved with good intentions”. Well, in recent years, that road has been changed to a super-highway! America was put on that super-highway a few years ago and right now we are traveling at break-neck speed toward the financial abyss. Words: 1132
Read More »Volcker: Tax Hikes Likely Needed to Tame Deficit
The United States should consider raising taxes to help bring deficits under control and may need to consider a European-style value-added tax and a carbon or other energy-related tax may become necessary says White House adviser Paul Volcker. Words: 758
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