Monday, August 8, 2011

George Monbiot – How the Billionaires Broke the System


 George Monbiot – How the Billionaires Broke the System

"There are two ways of cutting a deficit: raising taxes or reducing spending. Raising taxes means taking money from the rich. Cutting spending means taking money from the poor. Not in all cases of course: some taxation is regressive; some state spending takes money from ordinary citizens and gives it to banks, arms companies, oil barons and farmers. But in most cases the state transfers wealth from rich to poor, while tax cuts shift it from poor to rich.
So the rich, in a nominal democracy, have a struggle on their hands. Somehow they must persuade the other 99% to vote against their own interests: to shrink the state, supporting spending cuts rather than tax rises. In the US they appear to be succeeding".

Sound like New Zealand.
18% rise in the wealth of the top 0.5 % this year. the rest officially minus 5.4 to 2.4 %. (Depending on if you got the 2% wage rise that some strongly unionised workers had or not).

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