By Jim Sheridan
Hello again, and welcome to another attempt of mine to create a jewel of coherency in the mud of confusion we inhabit. The rhetoric surrounding this election (that’s being beamed out of TV sets forced in my face at every restaurant I frequent) is compelling me to comment this week…
Yes, it’s going to get controversial, so think and say what you will. I have my riot shield ready for your reaction!
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So, the dog and pony show we call elections approaches, and every citizen looks forward to exercising that little shred of perceived power known as a vote.
Who are you voting for? Will it make much of a difference? Are there enough choices available?
Are the two sides really that much different from each other? Is either of the candidates going to fix the immediate and extremely critical situation of the national debt? Does the national debt even matter??
You know, it’s funny, but I don’t see a lot changing from one president to another. For example, the healthcare system in this country is still an abominable nightmare that even many doctors don’t understand. Most of all, the progressive taxation system hasn’t changed.
What’s a progressive taxation system? It’s where the percentage rate of taxes you pay goes up the more you make, a sliding scale.
Should the rich pay more in taxes?
This is a question that seems to define which way people vote, one party apparently saying ‘yes’, and the other party apparently saying ‘no’. But what are both parties REALLY saying by their ACTIONS, not words…?
The fact of the matter is this:
The rich already DO pay more in taxes because of the progressive taxation system that BOTH parties have not, and will not change.
If you have a bigger house, you pay more in property tax, even though you use the same facilities as everyone else. Is that fair?
Even if the income tax was a flat 25% across the board the rich would still pay more because 25% of $200,000 a year is a lot more than 25% of $20,000 a year!
Let’s say two people go to the movies tonight, one earns $20k a year, and the other earns $200k a year. These two men stand at the ticket booth, and the conversation goes like this (if this scenario actually took place, this is how the conversation really would go):
Poor man: “I don’t think it’s fair that I have to pay the same as that rich man. We both have to pay $10, but I should pay less because I have less money than him.”
Ticket agent: “But you’re both going to see the same movie, you’re both going to enjoy the same facilities.”
Poor man: “Well, he earns more. And another thing, I can’t afford to buy popcorn from the concessions counter. That should be free for me.”
Ticket agent: “We don’t give out free popcorn to anyone, sir. Everyone has to pay.”
Rich man: “Is this going to take long? I’ll just go to another movie theatre if I get any more hassle, and I’ll take my money with me.”
Ticket agent: “Look, everyone pays the same, it’s that simple. If you want popcorn, then you need to get the money to pay for it. Now pay up, or go home.”
Rich man: “I downloaded this 10% discount coupon from the Internet for my admission.”
Ticket Agent: “That’s fine, sir. Now you only pay $9.”
Poor Man: “What? That’s outrageous! He actually pays LESS than me?”
Ticket Agent: “If you had taken the trouble to download that coupon you’d also get a discount.”
Is that movie theater being mean? Shouldn’t everyone have the RIGHT to watch the movie? And shouldn’t some people get free popcorn? If so, where’s the cut-off so people don’t scam the theater?
You tell me. You’re the voter.
What might help your decision is to consider the financial statements of movies theaters compared to the financial statements of America. For example, AMC Theaters posted a net income of $18 million for the last quarter. Uncle Sam didn’t do so well, and keeps digging himself deeper and deeper into a ludicrous amount of debt. To all intents and purposes, America is bankrupt.
Who has the best system, AMC Theaters or the American government?
But, my friend, don’t get too hot under the collar about this quandary because the choice has already been made for you. You see, whichever way you vote, you are still voting for a system that caters to the demand of that poor man at the movie theater, because both parties endorse progressive taxation.
The two parties merely nudge the scales of progressive taxation in slightly different ways, so that’s really the only choice you’re being given, neither way will make a drastic difference to your life. The power you have to vote is really a token gesture offered to you by the elite. Anyway, here’s a question that may help you make your decision, albeit a very diluted decision you have:
Do you want an economically healthy America?
The bond markets certainly do. What are the bond markets, and why should you care?
Well, look at it this way. How does America continue if it owes so much debt? Where’s the money coming from?
America borrows it by issuing bonds that anyone can buy, and pays interest on those bonds. If not enough people buy those bonds, interest rates go too high, and the debt becomes expensive. That happened a long time ago already. So America decides to print as much money as it needs to buy its own bonds. That’s why gold has been flying.
And this last week we had The Fed finally admit to something I predicted would happen months ago: that they would print an unlimited amount of money to buy their own debts for as long as it takes. This isn’t “QE3”, it’s “QE4ever”.
Once the bond markets finally react to this scam (and it’s coming), America’s debt will become too expensive, mortgage rates will rise, and no amount of legal counterfeiting will save us… unless a government really does decide to do something sensible like spend less money and actually attempt to balance a check book.
But that won’t happen. In a democracy, you have to pander to voters, and voters will simply not suffer higher taxes or less free money handouts. That leaves only one path for power-hungry politicians: PRINT MONEY.
And when the house of cards crumbles, perhaps triggered by a war somewhere, they will look for a scapegoat to blame, probably the rich.
Of course, none of what I say will make any difference to how you vote, and it really wasn’t my intention anyway. Most people will vote the same way they’ve always voted, perhaps the same way their parents voted, without really knowing what they’re voting for and how little difference it will make. They will accept a package deal of values without questioning them, and vote for the party that that package slots into most conveniently.
We know this much: a new president will get elected. And whoever this president is, and regardless of his lame promises, he will NOT make the tough choices this leader needs to make: to deal with America’s debt before this money-printing fiasco becomes a catastrophe that, ironically, will destroy the biggest section of the voters: the middle classes. But at least they will have got what they voted for.
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