Adopting a VAT is a Necessity for the US

[raja]

Re: Adopting a VAT is a Necessity for the US

The VAT might not sort out the black hole in finances. As 70% of the US economy is consumption, would it reduce the amount consumed negating the tax gains? People still have to eat, but maybe cheaper foods. That Ipad at $500 was too expensive for someone on this board. Would $620 with a 20% VAT rate be too expensive still? Fewer non-necessities bought, less tax income. Maybe if Americans were all relatively well-off first, they would be able to afford the $620 price tag.

I don't think the VAT is a "solution", as suggested above.

There is no solution.
We are all going to be poorer due to Peak Oil.

However, we will less poor if we stop the Financial Elite from gambling with our money, and siphoning off an obscene share of the wealth.