“He gave us a phone, he gon do more!”

Saw this lovely video posted on Drudge today and felt the need to share:

If that isn’t alarming in a society that now has over $16 trillion in debt (over $6 trillion accrued in the last four years alone), then I don’t know what is.  It is certainly anecdotal, but also suggestive.  One quote that was featured in the YouTube user comments was quite appropriate (though its attribution to Alexis de Tocqueville was probably incorrect):

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy….”

We are out of control.

 

The Argument for Tax-Free Repatriation of MNC Overseas Earnings

An objection that people frequently have regarding multinational corporations is their “avoidance” of taxes associated with money they make over seas.  Consider corporations like GE that have significant portions of their company in foreign countries.  GE makes about two thirds of their revenues from those foreign operations, and as such never pay US corporate tax on those profits, despite that they are a US-based company.  Quite frankly, the idea that they should pay should be abandoned by anyone who takes a rational view of the situation.  In fact, attempting to gather those taxes is one of the very concepts that is helping to stagnate the US economy, and is playing a key part in keeping lower standards of living in the US.  We shoot ourselves in the foot because of some skewed vision of “fairness.” Continue reading