Income Tax and Hudson on Obama’s Economy

by on January 27, 2010

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Read Hudson’s latest interpretation of Obama’s economic policies:

At stake now is President Obama’s credibility as an agent for change. Voters see his main “change” thus far to have been favoritism to Wall Street. Jay Leno jokes that Obama has done the impossible: resurrected the seemingly dying Republican Party and given it the coveted label of the “Party of Change,” running against Wall Street.

This is the political setting for what must certainly be a hastily rewritten State of the Union message. Instead of celebrating a Republican- and Lieberman-approved health care bill, Obama finds himself obliged to respond to voters who celebrated his first anniversary in office by choosing a Republican as their designated voice for change.

Those voters in Massachusetts last week who felt duped by Obama’s promise as a reform candidate did not really turn Republican, but obviously felt that at least they could throw out the Democrats for failing to make a credible start fixing the debt-strapped economy. The President has begged the banks to start lending again. But this means loading the economy down with yet more debt. The $13 trillion bailout was supposed to help them do this, but the banks have simply taken the money and run, paying it out in bonuses and salaries, stepping up their lobbying efforts to buy Congress, and buying out other banks to grow larger and increase their monopoly power.



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2 Comments

  1. Pat Donnelly29-01-2010

    Isn’t one of the difficulties with the taxation of land occupation that it assumes genuine democracy?

    I mean that it may be of no effect if as at present, governments are under thrall to “the money interest”?

  2. Karl Fitzgerald05-02-2010

    Hi Pat,
    if the financial oligopoly outlined in Hudson’s latest realised that boom-busts hurt their chances of driving down a public road safely (ie car jackings are an example of just how little freedom democracy delivers without economic justice), then a resource rent system could help all.

    Even if banks continue to fee-leece us, a RR would still have a massive effect. Land is a primary monopoly , money secondary.

    If you owned all the money in the world and I all the land, how much would i charge you for your first night’s rent?

    All of it!

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