Millioniares, Billionaires, Deficits and Debt. The Mendacity Of The Political Class

Listening to the political class making excuses about the sad state of the European and American economies one gets the impression that it was some mysterious force of nature that caused the lack of growth, the debt mountains and the subsequent austerity.

If the Greek politicians are to be believed then hard left socialist Prime Minister George Papandreou and his colleagues had no idea that they were spending billions more than the country collected in revenue wracking up unsustainable debts in the process.

Because of their incompetence Greece is now insolvent, impoverished and Papandreou has been removed from office in a European Union coup and replaced by a Gauleiter.

Career politician and Irish Prime Minister ( Taoiseach ) Brian 'Biffo' Cowen obviously had no idea that an unfunded 9% increase in spending in his first budget would increase the national debt or that decreasing taxes in his second budget would have a similar non effect on the national debt.

In a typical act of political populism that has become so familiar of late, Biffo Cowen increased taxes on 'millionaires', a species of which Ireland is not over endowed, supposedly to help fund this largess.

Biffo Cowen's third budget, his pre-election budget, was described as the largest spending spree in the history of the Irish state.

In a cynical attempt to buy votes regardless of the disastrous effect on the economy, Biffo Cowen increased pensions, entitlements and social welfare allowances and he even gave a tax break to the previously demonised 'millionaires'. 

To Biffo Cowen's undoubted shock and surprise the Irish economy collapsed under the weight of his debt and as was the case with Greece, Ireland is now insolvent and impoverished, democracy has been suspended and the country is now being run by the European Union.

We are also being led to believe that Berlisconi and the politicians of Italy, likewise Aznar Lopez and Zapatero of Spain together with Barroso and de Sousa of Portugal were totally unaware that their economic policy of spending billions more than they collected in revenue would lead to unsustainable debts, insolvency and financial collapse.

In Great Britain former Prime Minister and now universally acknowledged sociopath Gordon Brown absolved himself and his henchman, the odious political thug Ed Balls, of any blame for the current economic disaster by claiming that it all started in America.

Brown and Balls conveniently ignore the fact that it was their deliberate actions in office that expanded the already bloated public sector at the top of the economic cycle without the resources to pay for it and by increasing entitlements, borrowing and debt on such a massive scale they left the country vulnerable in the face of the recession that everybody except those two incompetents knew was coming.

These two economic geniuses auctioned off half of Great Britain's gold reserves at the bottom of the market and by announcing the sale in advance they cost the British taxpayers between 8 and 10 billion pounds.

Brown and Balls introduced over one hundred new taxes, mostly by stealth, destroying the best pension schemes in Europe in the process. They signed up to the European Union Constitution/Lisbon Treaty while at the same time they managed to negotiate away Great Britain's contribution rebate while getting nothing in return costing the taxpayers some seven billion per year.

For social engineering purposes and in an act of wanton destruction they opened up the borders to unlimited immigration which put an unbearable strain on the social infrastructure such as housing, schools and health care, the cost of which is incalculable.

The current abysmal state of the British economy and the suffering of the people can be laid squarely at the door of these two incompetents and the thirteen years of the Labour Party's socialist economic meddling.

In the USA President Obama is blaming former President Bush for their economic woes ignoring the fact that it was Clinton and his Democrat bag carriers Dodds and Frank that forced the banks together with Fanny Mae and Freddy Mac to give loans and mortgages to people who had no prospect of paying them back.

It was President Obama who increased spending and accumulated more debt in his first term than all the other Presidents since George Washington combined. President Obama tries to blame Congress but for the first two years of his presidency the Democrats controlled all three branches of government and in the second two years they controlled the White House and the Senate.

In addition to the massive tax increases needed to finance socialised medicine (Obamacare), the American economy is about to go over the fiscal cliff which will trigger even more tax increases and automatic mandatory spending cuts.

Unbelievably, in response to this crisis, Obama and the Democrats are asking for trillions more in tax hikes and spending increases with no plans for entitlement reform or any spending cuts whatsoever. They also want the removal of the debt limit giving them unlimited spending authority. Needless to say this will be a disaster and not only for America but for the world economy at large.

All these politicians from across the world have several things in common, they all describe themselves as 'progressives', which translated into every day language means that they all believe the state can mandate equality and fairness by confiscating the wealth of their people and redistributing it as they see fit.

In addition to being 'progressives' they are all accomplished spinners, sophists and liars. The latest line of spin is that millionaires and billionaires are not paying their fair share.

In Great Britain the current leader of the socialist Labour Party who took over when the lunatic Gordon Brown was kicked out is Red Ed Miliband, a member of the notorious North London Marxist family.

Like Obama he is spinning that the 'rich' are not paying their fair share despite the fact that when he was in government the top rate of income tax was 40%. In an act of pure cynical political manoeuvring and regardless of the negative effect on the economy they raised it to 50%  just weeks before they were removed from office.

As predicted after this raise in the rate the number of people registering income of 1 million dropped by over 50% costing the Treasury tens of millions in lost revenue.

As planned, Red Ed and his socialist cronies are spinning that the present government favours millionaires because they lowered the top limit from 50% to 45% and increasing revenue in the process.

In basket case France their newly elected socialist President Hollande has raised the top rate for millionaires and billionaires to 75% triggering a predictable exodus of talent and job creators increasing the deficit and adding to the national debt.

Like all socialists the political elite demonise the 'rich' which in the USA is now anyone making $250,000 or more. In Great Britain anyone earning $67,000 or more will qualify for the 40% income tax rate and when the National Insurance Contributions are deducted a staggering 52% of a workers salary is confiscated by the government at source.

'Progressive' politicians like to use the false scale of Relative Poverty as a measure for poverty and inequality. In the not too distant future anyone earning over the minimum wage will replace the extinct millionaires and billionaires and they will be made to pay the top rate to ensure they are paying their 'fair share' to the government so that they in turn can provide the services 'upon which we all depend '.

This new worldwide crop of professional career politicians all refuse to cut government spending, they all indulge in tax, spend, borrow and debt. When the ready cash runs out they just print some more and call it quantitative easing. They are driven by their ideology so the don't know any other way.

Their ultimate goal is a society free from inequality and injustice as they see it and as a consequence it will be a society where individual liberty is replaced by subservience to the state.

 If this perfect state is to be achieved then there will have to be a levelling down instead of levelling up therefore there will be no place for millionaires and billionaires or anyone making over $67,000 per year and what we are seeing now is the beginning of the end for private wealth.

In the words of the Iron Lady in response to the pathetic Simon Hughes MP when he bleated on about inequality during her Premiership:

"All sections of society are better off ( under her government ) the Honourable Gentleman would rather see the poor poorer just so long as the rich are less rich"

Amen