The Drudge Report is currently blaring the headline, “Obama Man: Raise Taxes, Start European-style VAT,” in his signature red, scare font.

However, as per usual with Drudge, the article to which he links--a two-paragraph Reuters blurb on comments White House aide Paul Vockler made at a recent event-- isn't nearly as direct. Reuters reported that “Volcker, answering a question from the audience at a New York Historical Society event, said the value-added tax 'was not as toxic an idea' as it has been in the past.” According to Reuters, he expressed an identical sentiment about “a carbon or other energy-related tax.” The Reuters article also noted that though “both were still unpopular ideas, Volkler said getting entitlement costs and the U.S. budget deficit under control may require such moves. 'If at the end of the day we need to raise taxes, we should raise taxes,' he said.” Notice the caveat: If the only way to get the deficit “under control” is to raise taxes, then we should raise taxes. Drudge sees the article and bam! An Obama adviser declared it is time to “raise taxes” and “start [a] European-style VAT.”

But, given Drudge's history of false headlines, we shouldn't be surprised.