Gimme some good times, bro!

IBD on VAT. Excerpt:

It's been estimated that a 5% VAT would generate $250 billion in annual revenues. So to get rid of the $1 trillion annual deficits expected through 2020 would require a value-added tax of 20%. And that's in addition to all the taxes we already pay at every level of government. Such a tax burden would kill innovation, jobs and economic growth. Our economy would be more like those of the stagnant, debt-ridden European Union, where the VAT averages close to 20%.

A Chamber of Commerce study suggests that spending in countries with a VAT grows 45% faster than in non-VAT countries. A VAT, it seems, emboldens money-drunk politicians to spend even more on expanding the welfare state.

That's why, as unpopular as it is, Democratic politicians in the White House and Congress can't quite let go of the idea. White House spokesmen have insisted no VAT is in the cards, but President Obama on Wednesday left the door open, saying, "I want to get a better picture of what our options are."

This tax ain't gonna just "trickle down" either. It's going to hit people at the bottom like sacks of bricks.