(fmr.) Sen. Hollings: “Trade War, Like It or Not,” 10/12/10

If I feel frustrated about our inability to deal with off-shoring and the ultimate conclusion that we will have cut the bottom out of our economy, just imagine how (fmr.) Sen. Fritz Hollings feels.
Sen. Hollings represented South Carolina, and fought against the closing of plants and shipping of manufacturing to Asia, when the hand-writing was on the wall, but the rest of the country thought their jobs would be safe.  Now, just about everyone is worrying whether it is too late.

We have had a less than virtuous circle for shareholders, CEO’s, and politicians who were recipients of corporate largesse for political campaigns.  Let’s face it, the deck was stacked against the American worker. The fastest way for a CEO to augment the bottom line and increase the value of his/her stock options was to outsource the jobs. The downward spiral has accelerated, and now we all can see it and feel it.  It’s real.

Sen. Hollings calls for replacement of the Corporate Income Tax with a VAT, much as Jerry Brown had advocated when he ran for president in 1991.

But which politician has the clout and the courage to push for VAT, no matter how it would aid the economy and American workers?  “Tax” is a contentious 4-letter word in our political game.