Cameron Should Terminate Not Debt But Jealousy

Cameron quips that Arnie’s Going To Help Terminate The Deficit

Yet that again puts all the emphasis is on the accumulating debts, and none on the paucity of Britain’s ownership of assets.

If Britain tolerated wealth as do most other countries, our debts would not be hurting as badly.  Get rid of IHT or at least halve it.  Stop driving private wealth out of the country, and our debts might not need terminating quite as urgently.

To debts that are too high,  the answer is not merely less of them.  The better answer is having increasing wealth to offset.

California has huge debts but also huge wealth and wealthy individuals who enable Arnie to swagger around with his pockets empty.

It is Britain’s disconnected financial culture which sees debt as good and fair, and at all times necessary, but wealth, because it falls unequally across the population, as bad.  So what!  At least we would not be so bust as we are if we tolerated wealth.

If more people owned houses and other assets outright and were wealthy without debt, prices would not collapse as fast as they do in a slump.  Less people would be forced sellers of assets.

Governments always get into debt.  They are congenitally irresponsible.  Private people and families are far better recipients and holders of long term wealth, which benefits the whole country by keeping us creditworthy.

Cameron should not terminate debt, but terminate Britain’s inability to perceive wealth as a social benefit to all of us.  He should start by halving the rate of IHT.

http://iaindale.blogspot.com/2010/10/quote-of-day_14.html

http://www.mirror.co.uk/news/top-stories/2010/10/14/arnold-schwarzenegger-drops-in-on-prime-minister-david-cameron-115875-22633836/

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3 Responses to “Cameron Should Terminate Not Debt But Jealousy”

  1. Twig says:

    I suppose it’s a bit like turning a supertanker, it takes time, (especially when the previous captain has left you so close to the rocks). Hopefully the direction of travel is towards a low tax economy, with the emphasise increasingly on more self reliance.

    They should make an effort to stadardise the various tax rates, and simplify the system, but I think IHT should be phased out completely when the situation allows, it now affects people it was never originally aimed at.

    Most importantly, we desperately need to cut the 16 billion pound annual donation to french farmers.

  2. The times when I most despair is when envy rears it head.
    A colleague was aghast at the astonishing £135 million lottery win.
    “It shouldn’t be allowed”

    Why? The money for the lottery winner has already been given by the individuals who bought tickets.. The lottery fund has taken its chunk for ‘good euro causes’. The Tax man has had a slice of the sales. The individual outlets have all made money on the sale of tickets.

    So one person is millions better off. It doesn’t make the rest of us poorer. it doesn’t affect us at all. That person may give all the money to the miners for all we know.
    This type of evny can be heard everyday.
    When Nobby Stiles went to sell his ’66 world cup medal the phone ins were jammed with people demanding that footballers give Nobby money.

    Why? Because they have money.
    But its not the job of the FA to deal with people’s personal debts, any more than it is of the DWP to look after the pitch at the stadiums..
    Why didn’t those complaining all chip in a £5 note. If every one did Nobby’s debts are paid.

  3. Twig says:

    @Bill Quango MP
    On the question of large lottery wins, I don’t necessarily disagree, but £135m could be split into several small prizes, like £5m or £10m which could still be a life changing amount and would give me a slighter better chance of winning (if I remembered to buy a ticket that is).

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