How many times since the downturn in the later half of the Kondratieff Wave, from 1973, have Georgists been told “Land value taxation is an interesting idea – but there are no simple solutions.” ?
Meanwhile, as taxes on unearned incomes (economic rents in econospeak) have gradually been wound back, and earned incomes taxed more heavily, the downturn in wages and productivity has continued relentlessly, inevitably, towards its debt deflationary trough.
The productive economy and general prosperity has gradually given way to banks and rent-seekers feeding a series of bigger and bigger bubbles in land prices – and progressively worse recessions. Mortgage debt is at record levels as poverty and homelessness has increased.
This one is a doozie, eh Australia? Guess we must pay for it because “There is no panacea.” ?
Seems the Georgist case for taxing away unearned incomes is in the invidious position of being both “single issue” and a panacea for all economic ills. Surely, proof positive it has no merit?