America Overdue For Socialism

If any country was due for a sharp dose of socialism, it is America.

 

 

It’s interesting to see that it’s the rich people in America who are beginning to revolt against the low-tax/shitty public services environment in the US.

“I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it,” said Warren Buffett on TV last year.

 

Echoing Buffett last week was Irwin Jacobs, co-founder of Qualcomm , who said that tax rates should be raised in the US to help pay for better education.

 

He added that the shortage of well-trained workers was a major constraint to the running of Qualcomm while he was building it up.

 

Another mega-rich American, Craig Barrett, has been complaining for years about the standard of US education and every American, rich or poor, seems to complain about the state of the roads.

 

Raising tax levels in the US is difficult because even poor Americans seem to feel it is ‘socialistic’ and socialism is a dirty word in America.

 

I was touched a while back to be told by a US cab driver that he didn’t agree with the health care bill because he thought the Founding Fathers would have expected every American to pay for his own health care.

 

I thought, but didn’t say, that the Founding Fathers would more likely be appalled that the US system is now rigged so much in favour of the rich  that ordinary working people can’t properly support themselves, let alone afford health care.

 

The  current aristocracy of America is just as adept at rigging the system to enrich themselves at the expense of ordinary people as were the European aristocracies which the Founding Fathers wished to put behind them.

 

A lot of US industry is owned by private equity companies which, by using debt capital rather than equity capital, avoid paying tax on their profits while keeping wages low.

 

The US worker has not seen a pay rise in a decade, half the population lives on some form of federal welfare, 24% of the national income goes to 1% of the population and rich Americans have  seen their personal taxes cut over the last decade,

 

It would be the first time in history that the rich have led a revolution to improve the lot of the majority of their fellow countrymen but, if  Buffett, Barrett, Jacobs and their ilk were to do just that, it would be a wondrous thing to see.

Tags: ordinary people, qualcomm

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12 Comments

  1. David Manners
    May 26, 2011 10:30

    Cheese that trailer makes it look like an excellent film. Thanks. I shall go to see it. But if the message is that Wall Street has found new ways to funel money from the many to to the few, then socialism remains the answer.

  2. May 26, 2011 07:32

    Is socialism the cure for the american malady? Methinks this is secondary. The primary question should be : What is it that ails America?
    The answer is best seen. “The inside job”.
    (for the imdb types, here it is: http://www.imdb.com/title/tt1645089/)
    Perhaps it is honesty, more than socialism, that average Americans miss.

  3. Anonymous
    May 25, 2011 20:57

    Well… you could instead say..
    The problem is capitalism is that, sooner or later, a few people end up with everyone elses money.

  4. David Manners
    May 25, 2011 15:11

    In that case, Anonymous, you’re the only humble sub-editor I’ve ever encountered

  5. Anonymous
    May 25, 2011 15:07

    Actually, spoken like a former prime minister. As much as I’d like to take credit for Lady Thatcher’s words, I am but a humble sub-editor.

  6. David Manners
    May 25, 2011 14:13

    Which is the most indebted nation? Anonymous, Answer: America – which is capitalist. Which nation has the most cash? Answer: China – which is a communist/socialist country. Who holds most of America’s debt? China. So are the socialists running through the capitalists’ money or vice versa?

  7. David Manners
    May 25, 2011 14:06

    Spoken like a true banker or private equity guy, [Anonymous] – both too narrowly educated to understand social glue.

  8. Anonymous
    May 25, 2011 13:29

    The problem with socialism is that, sooner or later, you run out of other peoples’ money.

  9. Anonymous
    May 25, 2011 11:36

    “the rich have abandoned responsibility for the poor.”
    Goodness what a quaint idea….but on second thought Naaa it’ll never catch on, me responsible for those poor loosers, forget-it. If they had an ounce of self respect they’d get a decent job and stop being so darn poor!

  10. David Manners
    May 25, 2011 11:20

    You’re so right, Dr Bob, many American seem like dogs who adore their masters despite being continually whipped by them. The US political classes have given up pursuing the national interest in favour of partisanship, while the rich have abandoned responsibility for the poor.

  11. Dr Bob
    May 25, 2011 11:14

    There is a big difference between a State looking after it’s citizens and a State controlling it’s citizens. The latter being communism. The US seems to have convinced it’s citizens that the former is the latter and the more wealthy tend to avoid paying their taxes anyway (just like here) by apparently ‘legal’ (dubious) means.

  12. greg
    May 24, 2011 22:46

    Dave, IMO, the whole generation of boomers in the US were seriously brainwashed growing up back in the 50′s and 60′s during the height of the coldwar. That generation, IMO need to check out as soon as possible. Its not so much that they consider public healthcare socialism, they consider it downright communism, even the homeless ones.

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