Saturday, February 5, 2011

Causes of the French Revolution Resemble Current US Economy

Costly involvement in foreign wars for decades. Check.

More regressive tax structure over decades of Republican rule, cutting top tier income tax rate, raising Social Security withholding rates while keeping a $100,000 limit on the amount taxed. Check.

Almost complete disregard by elites of the commonweal of the United States. Check.

Oh, we deserve the obscene compensation and stratospheric bonuses prattle those with the most income failing to ask themselves the basic question whether they could make so much money absent the government regulations and legal framework which prevents the hoi polloifrom storming their Madison Avenue pentouses.

[Louis XVI ascended to the throne amidst a financial crisis; the nation was nearing bankruptcy and outlays outpaced income.[6] This was because of France’s financial obligations stemming from involvement in the Seven Years War and its participation in the American Revolutionary War.[7] In May 1776, finance minister Turgot was dismissed, after he failed to enact much needed reforms. The next year, Jacques Necker, a foreigner, was appointed Comptroller-General of Finance. He could not be made an official minister because he was a Protestant.[8] Necker realized that the country's tax system, which was perceived as quite regressive, subjected the lower classes to a heavy burden;[8] while numerous exemptions existed for the nobility and clergy.[9] He argued that the country could not be taxed higher, that tax exemptions for the nobility and clergy must be reduced, and proposed that borrowing more money would solve the country's fiscal shortages.]


No comments: