Barack Obama has just completed a most inspiring piece of rhetoric – a brilliant pep talk encouraging Americans to do better.
Although the US President did touch upon closing loopholes and stopping rorts in the tax system (particularly those favouring the wealthiest 2% of Americans), he didn’t find a place to grease the wheels of productivity with economic rent.
Therefore, stuck with advisors steeped in their neoclassical economic training, Obama unfortunately won’t be able to deal with US debt nor meet his high-minded agenda.
Without the re-discovery of natural resource rents, the future is bleak for America. 🙁
At least, on Australia Day, Australians can celebrate that they have the Henry Review recommendations on the backburner.
[My other post today is below.]