In response to the financial crisis of 2008, the United States has responded bynationalizing industries and electing a president who promised to raise taxes on entrepreneurial efforts. China, the nominally Communist nation, has responded by cutting business taxes to stimulate growth. Remind me which nation supposedly supports capitalism and free enterprise…
Which nation is capitalist? And which is Socialist? And which party is more of one than the other? It’s hard to tell, since 32 Republicans voted for partial nationalization [of the American automotive industry], and 20 Democrats voted against it. Perhaps Senate Republicans can make the distinction a little more clear with a filibuster to block this new direction in American economics.
When one looks to Beijing for rational tax policies … well, that’s just a sad day for Americans, even if it does portend a brighter future for China.
