Paul Volcker says that the U.S. will probably need to raise taxes to curb the deficit.
Specifically, at a speech to the New York Historical Society, Volcker said that America should consider imposing a “value added tax” – a type of national sales tax used in Europe – and also carbon or other energy-related taxes.
Of course, Herbert Hoover raised taxes in 1932, with disastrous results for the economy.
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