IS HE MAD? – AT 7:39 P.M. ET:  You have to wonder if Bill Clinton is trying to sink his wife's career.  If he isn't trying, he may do it anyway.  From The Hill:

The U.S. needs more immigrants and a value-added tax to help reduce the deficit, former President Bill Clinton said Friday.

Clinton said the country was "mortgaging out a lot of our sovereignty" by using foreign creditors to pay for an "exploding" debt.

His recipe? More growth and revenue, fueled by immigrant workers and a controversial value-added tax.

How do you think that will play out in the heartland?

"I think we're going to have to have more taxpayers, which is why I favor, in a disciplined way, immigration reform and letting more immigrants come to the country," Clinton told CNBC. "I think it would make more jobs for people who are unemployed, not fewer."

Second, Clinton said, more tax revenue could be collected by imposing a value-added tax, which taxes products at each stage of the manufacturing or distribution process.

"I think they ought to look at a progressive value-added tax, just because — and I think it's important the American people understand this — most of our competitors have tax systems like this," Clinton said.

Wha?  I think they call that a smoking gun.  It's an absolute confirmation of what we suspect – that the Democratic Party is in awe of European countries.  Yeah, they have a VAT (value added tax).  And look at the shape they're in.

And if you think the receipts from a VAT would go to drawing down the debt, you're smokin' something.  It will be grabbed by politicians and be used for their favorite pork-laden programs. 

The VAT has depressed Europe.  Don't let it happen here.

May 14, 2010