Not holding out my empty jam jar though
Who was the primary cause of the decline of the economy in the American rust belt? Trump. Trump and people like him. Every dollar that should be paid in taxes but (usually quite legally) isn’t, means that to keep the roads open and the army financed ordinary people have to pay more tax, and every dollar they pay in tax is one that could have been spent on consumption. The chief economic problem in the world now is the immense gap between the few rich and the many poor, which means an imbalance between supply and demand when too many people are too poor to demand enough. We are now in the grotesque situation where the 8 richest people in the world have as much wealth as half the world’s population. Surely this is a surreal sketch by Monty Python, right up there with the dead parrot and the ministry for silly walks. No wonder economies are sluggish and wages low. All those people on zero contracts must be enjoying the comedy and laughing all the way to Davos. And what do these rich people do with the money they didn’t pay in taxes? All too often they invest it in posh properties in London at hugely inflated prices, which they are happy to pay because they can afford it and the more the property is worth the more valuable the investment. It has a knock on effect all down the chain, putting up property prices and the cost of mortgages, which again siphons of huge amounts of money that could have been spent on consumption. The Tories have been in power now for seven years and have talked a good deal about closing down tax havens. But of course it’s very difficult when the tax evaders are also party donors, so one cannot but sympathise with the valiant but unavailing efforts of the Government. What a quandary to find yourself in. And poor Mrs May who lies awake at night worrying about the plight of the jams. How can she help them? It’s easy. You just close down tax havens and transfer great spoonfuls of jam from the rich and transfer it to everybody else. I’m not holding out my empty jam jar though.