So we were conned about the “trickle down” effect. In the name of “creating employment”, the movers and shakers and their financial hacks, especially the financial hacks, took it all and laid waste to world economies.
They don’t accept this responsibility, of course, but we’ve been well and truly rorted, or scammed as the Yanks say.
The one-third of the economy that is the economic rent of our natural resources–owed equally to each and every one of us–was permitted to filter up to the 1%, such that they now own 40% of the wealth of the USA, and probably something similar in Australia.
President Obama scratches his head over it and endeavours to get Democrats and Republicans together in Washington to put things together again. Fat chance unless someone is prepared to suggest public capture of the unmentionable: natural resource rents!
The Henry Tax Review tried to educate us to this fact in Australia, but when the Rudd government endeavoured to institute one aspect of it, the mining tax, the 1% had Kevin Rudd sacked.
It’s time the 1% paid their fair share.