Firstly, anyone who let’s Benn and Teller decide the vote for them, best keep their vote. “Bullshit” is hardly an awe inspiring speech on policy matters. Secondly, this was a highly edited youtube video made by someone at home probably using iMovie, so to be taken with a large dose of salt.
CGT at 20%? Are we forgetting AMT, and the effect that gains have on income tax? This is one of the craziest tax laws I’ve ever seen. Although it was introduced in 1969, it was Regan that expanded it.
Spending? Bush hasn’t spent his way into oblivion, with multi-billion dollar bailouts and wars? The Federal balance sheet is already in very serious trouble. It’s believed that by 2017 social security surpluses, which have been used to pay for other things, will be in the red, and will eventually be exhausted. Government borrowing to fund current spending, just seems to pass the problem on further down the line. How are the anticipated increases in spending on Medicare, Medicaid and Social Security going to be paid for? My guess is it won’t just come from cuts, but also increases in taxes. With a declining manufacturing base, and an economy increasingly dependent on volatile financial services, US debt in foreign hands, where is the future growth going to come from to pay for everything? Didn’t this happen in the 70’s …a large spending program, huge war, and fear of raising taxes which led to a run in US money. Is the large trade imbalance a problem? Some say no, because dollars bought are reinvested, but what has happened to savings that the government used to turn to? Is it going to take a long term effect on the economy? Probably. One deficit will hopefully be resolved very soon, that of leadership.
It doesn’t matter who is in power, what color, creed, or political persuasion, as long as the very serious problems are firstly acknowledged, and imparted without fear to the voting public, and consensus building starts immediately to find solutions. Part of the problem is that politicians don’t want to tell voters the truth, or worry them with complex problems. That’s a mistake in my view. Education on matters that concern everyone is the key to finding and implementing solutions without fear of public backlash which inevitably leads to short termism.
