I respectfully disagree on at least one point. The very wealthy do not, in these days, 'create jobs', except for their security services and servants. Job creation is a result of consumer spending. The very rich make their money by moving it around.
We now have the result in the US that the top 0.01% own something like 40% of the wealth in the country. That is a new aristocracy, and is just as unsustainable as 18th century France and Spain.
Point taken, that was too much of a generalisation. But the fact remains that they can run if they don't like the deal. Perhaps worse is the liberty of companies that make their money off us, being able to incorporate wherever taxes are lowest - like the onshore-offshore enclave in Dublin.
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I respectfully disagree on at least one point. The very wealthy do not, in these days, 'create jobs', except for their security services and servants. Job creation is a result of consumer spending. The very rich make their money by moving it around.
ReplyDeleteWe now have the result in the US that the top 0.01% own something like 40% of the wealth in the country. That is a new aristocracy, and is just as unsustainable as 18th century France and Spain.
Point taken, that was too much of a generalisation. But the fact remains that they can run if they don't like the deal. Perhaps worse is the liberty of companies that make their money off us, being able to incorporate wherever taxes are lowest - like the onshore-offshore enclave in Dublin.
ReplyDelete