xander

What if the Credit Crunch Is Just a Symptom?

The problem as I see it is that president Carter and the congressional democrats passed a law that deems rebates of value added taxes to not be an anti-competitive trade practice. Since then, exporting countries like Germany have increased their value added taxes to maximize their mercantilistic exploitation of the USA {20 % value added tax now} . I remember the justification used during the press articles on Carter's proposal as being the alleged necessity to keep western Europe"s income high to diminish the lure Communism had on Europe's working class. Maybe the policy was right while the USSR lived but now it is gone and unfortunately so is much of our working classes income. Time for a real change. We either replace our income tax with a value added tax or we repeal Carter,s exemption for their value added tax rebates in considering whether to impose trade sanctions. By way have our labor union economists had their heads up their rears since Carter,s policy was implemented?