People are frustrated because there's all talk and no action on jobs and deficits. People are frustrated because our competitive country is not competing in globalization. To compete, to create jobs, a value added tax is necessary.
Today, the U.S. has the export profile of an eighteenth century colony. Because we've suffered a $5.8 trillion trade deficit in the last decade, Obama should levy a 10% surcharge on imports like Nixon did.
For now, we can solve the problems of our fiscal and trade deficits by eliminating the corporate income tax and replacing it with a 3% value added tax. This actually cuts taxes and raises more revenue.