That's just it. I have read both proposals, pro and con and both left me wanting. Having been very active in California's Proposition 13 initiative in the late 70's, I am no newcomer to tax issues. The problem with a detailed reply is that the schemes presented do not warrant the repetition of that already said elsewhere. You don't need me to tell you what's wrong with the FT or NRST. There are plenty of web sites that have that info and opinion.
My first post on this thread to this subject was that I believe a consumption tax will lead to a deep economic depression. I see no reason to defend that opinion. That is my opinion and as long as it is opposite to yours, any evidence to support my position will be dismissed out of hand. This thread is not a debate, but an inquisition, however, I am not compelled by anyones opinion of me to quote chapter and verse the facts and reasons for my opinion. Therefore, your position on my posts is irrelevant to me.
I've also worried about that (see the previous thread on this topic). The proponents of Fair Tax claim that perhaps $700B of inefficiency/compliance costs will be removed. I have pointed out that most of that is labor, and probably equates to 15-20 million jobs which would have to disappear to achieve that kind of savings. It's hard to see how that, plus a large new consumption tax, would not bring on a major recession.
You aren't alone in that conclusion. The unsupported idea that prices will drop 20% or more is ludicrous and the idea that consumers will continue to spend profligately when prices go up steeply is both a violation of basic economics and complete misunderstanding of consumer behavior with respect to pricing.