Where Were These Guys When We Needed Them?

Last week Ben Bernanke, the Federal Reserve Chairman was in Dallas and brought the news that financially, the United States is in trouble if a) we don't raise taxes b) cut entitlements like Social Security, Medicare, etc.) and reduce spending.

Wow, we would have never guessed!

Then the ex-Chairman of the Federal Reserve, Mr. Greenspan testified that the Congressional Budget Office based their projection of the impact of the Health Care program on very narrow margins and everything needed to work together to make those projections come true. Another BIG SURPRISE!

I guess since Mr. Bernanke is still drawing a paycheck as the current Chairman and Mr. Greenspan is working only to improve or keep the memory of his time as active Chairman fragrant and sweet, we had better listen to Mr. Bernanke.

Let's see now; a) Raise taxes? b) Cut Social Security, Medicare and the new Health Care expenses (if and when they go into effect or maybe c) Cut future Spending. What a choice our sages in Washington must be mulling over!

Based on experience, options b) and c) are not going to happen so the option a) seems to be the only answer. Raise taxes but how is the question? Got to be careful, might complicate the present tax code and make it difficult to understand.

Then someone dusted off the idea of a Value Added Tax, a tax favored in Europe and the trial balloons have been released. There seems to be strong interest in that direction as this would be just one more step of Mr. Obama's effort to "Europeonize" the United States. More next time.