Sunday, March 22, 2015
Wobbly times number 185
Workers produce the wealth of nations for wages.
The upper 10% own 80% of the wealth workers
produce. The social wage gets some of that
wealth back to the workers. The social wage
is funded by taxes on the wealth workers
produce. Trickle down economic theory states
that the taxes on the upper 10% should be cut.
This leads to the declaration of 'budget emergencies'
by conservative politicians and to calls for
either more regressive taxes e.g. widening and
raising the GST or cuts to public health, education
and welfare, including the age pension.
How much wealth would be produced in Australia
during the month of May, if everyone who depends
on wages to make a living went on general strike
from May 1st to May 31st?