In SA, anyone with over the equivalent of $20,000 dollars a year pays into a 40% tax bracket. God knows what the super-rich pay.
Andon the video- WHY THE FUCK CAN'T THE NARRATOR BLOW HIS FUCKING NOSE!!! IT'S FUCKING DISGUSTING, HEARING THE WHINY LITTLE SHIT SNIFFLINF AWAY!!
dipshit narrator said:
Any economist would say: Allow the banks to fail.
Any economist with 3/4s of their brain removed, that is. The last time America had a large-scale bank failure was the Great Deppression. Ask your grandparents -unless they were millionaires, they probably didn't have such a good time...
In short: Bank Failure screws everyone, because
a) The Government has to far more money in preserving savings than bailing out banks.
b) If the government chooses not to, then a lot of hardworking people lose their money through no fault of their own. And if that's capitalism, then you can hand me that hammer and sickle if you please.
c) It precipitates a massive withdrawal of money from said economy, thus strengthening the tendancy towards protectionsim and speeding up the collapse of economies globally.
dipshit narrator said:
If we tax the top too much, they will tighten up there liquidity and slow economic growth in America
So,if we tax the rich less, then demand will shift to the right, but if we tax the poor less, demand will not shift to the right.
Spectacular load of shit. S.P.E.C.T.A.C.U.L.A.R. The facts are
A) The poor and lower middle classes constitute the largest consumer base. By reducing there taxes, Obama is in essence creating a dramatic increase in the demand curve of the entire American economy towards the right. By increasing demand, he will stimulate growth in the sectors that matter-consumer goods, basic neccesities and, in essence, 'real investements' (Factories, farms-actual production.)
B) By decreasing taxes on the rich, who historically have a much higher propesnity to save, we will not stimulate a great increase in demand (as the rich generally represent a saturated and minimal market for most products-there are only so many TVs you can use, and only so many kilos of food you can eat.). What will admittedly increase is the demand for stocks, shares and 'paper investments', as more moneygoes into the finacial sector. This in turn could produce a slight increase on the supply side of the curve, as credit becomes cheaper, but without the increasing demand it will simply result in lower prices, driving smaller businesses out of business and, in the longer-term, once again reducing supply.
I must say this: This gentlemen with the nasal problem really needs to pick up an economics textbook sometime.
Also: During reccesion, you do not reduce government spending. A balanced budget is not an neccesity during times of economic crisis-in fact, by increasing government spending, one can increase demand and help roll back the effects of reccesion much faster.
