Capitalism – Oligarchies – Socialism | Armstrong Economics

COMMENT #1: Hey Marty, I’ve never written you in this vein, but (always extremely talented) rich guys saying “Let the chips fall, free market capitalism” are gonna get washed away by this wave and we both know it. When the mass of people don’t even own a vegetable plot despite working their rears off for the dream, you know socialism is here however bad (Marxist) it is. If “capitalism” can’t offer a life (a living wage and a damn plot to park your ass on, not mountains of debt and stress, unless you happen to be born with a certain set of Republican talents) then “capitalism” is out however great it really and truly is. I will never mention politics again but revert to philosophy which is where we really live, and the only thing I really know anyway. RF COMMENT#2: Are you blind, Mr. Armstrong? Don’t you see, that wealth equality is going out of hands? It cannot be, that a 8 people control (Oxfam 2017) as much wealth as 50% of earth’s population and it get’s more extreme each year. All life is one and it is a responsibility of the heart to share. Capitalism has failed as the majority is not benefitting anymore from it. REPLY: You are confusing capitalism with oligarchies. Disposable income has been declining because of taxes. Under Marxism, we pay between 300 and 800 times more than previous historical periods of taxes. The Roman Empire had taxes that would rise from 1% to 7% — not 50%+. ALL Republics collapse into oligarchies because once one person pretends to represent many, they will NEVER put the interests of the many before themself. The lack of term limits means these politicians need money to sustain their position and therein allows the oligarchy to grow with power and influence. CAPITALISM is the freedom to decide your own fate — not that oligarchies get to own everything. Under a Greek Democracy, only the head of the household voted. They were the Congressman representing everyone in that house. Under SOCIALISM, income taxes were invented meaning every person had to account to the government for what they earned. Women, who didn’t previously vote, suddenly were entitled to vote because they were being held accountable for their individual earnings and government began passing laws to protect people which then dictated things such as abortion or whatever. So do not confuse an oligarchy with capitalism. They’re on opposite sides of the table. As for the disparity in wealth, I volunteered in Washington to convert Social Security to a wealth fund during the ’90s. The Democrats would not vote for it because they wanted to change the fund manager when they came into power. The wealth disparity is NOT created by income but by investment. The government regulations restrict investments for the private citizen. The reason there are hedge funds offshore is very simple. We are over-regulated, so a fund manager who complies with the SEC goes to jail with the CFTC. You cannot hire a fund manager to make the decisions for you, so you have to decide between all the various investments yourself. Hedge fund managers make all those decisions but they cannot raise money domestically.
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Great job and historical perspective. We have crony capitalism not free market capitalism.

Newsalert: 1.7 million public employees earned $100,000 or more. There were 105,000 local and state government employees out-earning every governor of the 50 states at a salary of $190,000 or more.

Newsalert: 1.7 million public employees earned $100,000 or more. There were 105,000 local and state government employees out-earning every governor of the 50 states at a salary of $190,000 or more.
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……this is why they hunt for more taxes

No relief in sight for taxpayers denied deductions for state and local taxes | Washington |

WASHINGTON — President Donald Trump again indicated this week that he might be open to revisiting the new limit on state and local tax deductions that hits many middle-income residents
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This was one of the aspects of the tax bill that I liked best. The rest of the country should not have to subsidize high tax states and cities. JohnBarleycorn

The Netflix Tax | Armstrong Economics

I have warned that once one state taxes something, the idea spreads like a contagion. Illinois and California wanted to tax movies or anything you stream. Now, Georgia is looking at the same thing. This is all part of the economic decline. The states are broke. Their pensions are consuming everything. It is no longer about servicing the people, it is all about exploiting the people to fund themselves. There is no rationale behind this. It is all about needing more to cover this year’s budget. What about next year? They basically simply say they will deal with that when it comes. With every new tax, they simply reduce disposable net income, which in turn lowers living standards. This process is not sustainable. A child with a simple calculator can easily figure out that everything will come crashing down. We have politicians who are career people and have rarely ever been on the side of people. It is beyond comprehension, for the bottom line is always the same. NO POLITICIAN WILL VOTE AGAINST THEIR SELF
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Brexit & Pi | Armstrong Economics

We are approaching 31.4 months this February from the original Brexit referendum on June 23, 2016.After such a period, the British government’s incompetence is shining through. The EU wants a hard border in Ireland all because they fear that goods could creep from the North to the South without them getting their hands on taxes. Meanwhile, Scotland keeps pushing for a separatist movement because the politicians there are also brainwashed to believe leaving the EU is somehow bad. Yet, most of their trade in the UK represents such a small portion of GDP. If Scotland took such a step, the EU would also demand a hard border for taxes. It always boils down to money for politicians. They can’t help it. Government creates ZERO wealth and are called “public servants” because they live off of the private sector who creates national wealth.
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The bottom line in this article is the crux of the biscuit. JohnBarleycorn

It’s time to tax the super rich – Here is Why I Disagree

It’s time to tax the super rich – UnHerd
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Taxing the rich sounds great to many people who buy into big government fixes for free market problems. Taxes will benefit politicians with more income to redistribute. Taxes take money and opportunities out of the private sector. The rich can afford to move and take their money with them.

I would eliminate tax loopholes that disproportionately help the Uber wealthy. Government contractors and contracts are not held accountable for cost over runs. An roi needs to be done on all government run or funded programs. Campaign contributions from rich donors and corporations should be banned or capped at a very low level, with no loopholes. The revolving door between holding government office and the corporate, media, defense, tech, any lobbying groups should be stopped.

AOC is probably well intended but she is very new to the game and not aware of the root problems that are systemic.

Stop bringing in thousands of migrants who keep downward pressure and wages. There is a causes and effect correlation here.